Key Metrics of Balkrishna Industries
About Balkrishna Industries
Sectors
Company details
- Website
- bkt-tires.com
- Founded
- 1987
- Registered office
- B - 66, Waluj Midc Waluj Industrial Area, Waluj, Aurangabad, In-mh, 431136
- Listed
- NSE: BALKRISIND · ₹2,109.80
Operational Areas of Balkrishna Industries
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 Aug 2026 | ICRA | Assigned | AA+ | — | Stable | ₹550 Cr | View |
| 05 Mar 2026 | CARE | Assigned | AA+ | — | Stable | ₹750 Cr | View |
| 23 May 2025 | CARE | Other | — | — | — | — | View |
| 03 Jul 2024 | CARE | Reaffirmed | AA | — | Positive | ₹325 Cr | View |
| 04 Jul 2023 | CARE | Reaffirmed | AA | — | Positive | ₹500 Cr | View |
| 06 Jul 2022 | CARE | Revised | AA | — | Positive | ₹1,000 Cr | View |
| 29 Sep 2021 | CARE | Assigned | AA | — | Stable | ₹1,000 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established position in off-highway tyre industry with diversified product portfolio in OHT segment
BKT is one of the leading global manufacturers of OHT tyres with a diversified presence across agriculture (59% of FY2026 OHT volumes) and off-the-road segments, which includes earthmoving, industrial and construction and mining, among others.
+ Backward integration into carbon black manufacturing supports margins
BKT's integrated carbon black operations, with a capacity of 3,60,000 MTPA (including 30,000 MTPA of specialty carbon black), support cost efficiencies and raw material supply reliability for its tyre business, while also generating third -party sales (around 60% of the volumes presently).
+ Strong financial risk profile
The company's financial risk profile remains strong, supported by healthy operating profitability, robust cash flow generation and a conservative capital structure.
Credit challenges
− Susceptibility of margins to fluctuations in raw material prices and forex rates
The company's profitability remains exposed to volatility in key raw material prices, including natural rubber and other crude-linked derivatives, which constitute a significant proportion of operating costs.
− Exposure to regulatory risks
BKT remains exposed to evolving environmental, sustainability and trade-related regulations across key markets, including the European Union Deforestation Regulation (EUDR), which is scheduled to come into effect www.icra.in Sensitivity Label : Public Page |2 from January 2027, and the extended producer responsibility (EPR) framework in India.
Could lead to an upgrade
ICRA could upgrade BKT’s rating if it demonstrates a significant increase in the scale of operations and earnings, led by material ramp-up of on-highway tyre segments and continued volume growth in OHT, leading to an improvement in debt metrics, while maintaining healthy
Could lead to a downgrade
Pressure on the rating could arise if there is any sustained decline in the earnings on account of raw material cost inflation or weak demand. Stretched working capital cycle or delays in ramp-up of new capacity, adversely impacting debt metrics or
Agency-reported financials (ICRA, 25 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (OI) | ₹10,447 Cr | ₹10,823 Cr |
| PAT | ₹1,655 Cr | ₹1,243 Cr |
| OPBDIT/OI | 23.9% | 24.3% |
| PAT/OI | 15.8% | 11.5% |
| Total outside liabilities/Tangible net worth (times) | 0.50× | 0.60× |
| Total debt/OPBDIT (times) | 1.30× | 1.60× |
| Interest coverage (times) | 22.30× | 23.70× |
| Revenue growth (YoY) | — | 3.6% |
| EBITDA (margin × income) | ₹2,497 Cr | ₹2,630 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹3,246 Cr | ₹4,208 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹112 Cr | ₹111 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible debentures | Debentures & bonds | — | ₹750 Cr | — | AA+ (Stable) | Assigned | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE787D08021 | convertible Oct Apr | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹750 Cr | CARE AA+; Stable |
Credit assessment · Auto components
Rating Methodology – Auto Components and Equipment (Oct 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 76% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 23.7×
- ₹550 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors • Significant volume growth supported by geographical and product diversification, resulting in growth in the global market share in specialty tyres, with operating margin sustaining at 26-28% on a sustained basis. • Sustained robust financial risk profile with net debt free profile and strong liquidity.
From the report
Liquidity: Strong The company’s liquidity position is strong as evinced by cash and liquid investments of ₹1,392 crore as on December 31, 2025.
From the report
In FY25, it generated gross cash accruals of ₹2,401.61 crore, comfortably covering the ₹334.78 crore of debt repayment obligations falling due in the next four quarters.
From the report
Average utilisation of fund -based and non-fund-based working capital limits together remained moderate at 71% for 12 months ended January 2026.
From the report
Liquidity: Strong The company’s liquidity position is strong as evinced by cash and liquid investments of ₹1,428.99 crore as on March 31, 2024.
From the report
The company is expected to earn cash accruals of over ₹2,000 crore in FY25.
From the report
As against the same, the company has principal term debt repayment obligations of ₹350 crore in FY25 out of which ₹175 is already repaid in Q1FY25.
From the report
Press Release Liquidity: Strong The liquidity position of the company is strong as evinced by cash and cash equivalents of ₹ 843.90 crore as on March 31, 2023.
From the report
The company is expected to earn cash accruals of over ₹2,100 crore in FY2 4.
From the report
Liquidity: Strong The liquidity position of the company is strong as evinced by cash and cash equivalents of ₹730.44 crore as on March 31, 2022.
From the report
The company is expected to earn cash accruals of over ₹2,100 crore in FY23.
From the report
Liquidity: Strong The liquidity position of the company is strong as evinced by cash and cash equivalents of Rs.447 crore as on March 31, 2021.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Balkrishna Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Tata Motors Passenger Vehicles |
Gears, Steering, Brakes & Systems · Auto Components, Forging & Casting | tata.cars | 1945 | Mumbai, India |
 Maruti Suzuki India |
Passenger Cars · Automobile Manufacturers | marutisuzuki.com | 1981 | New Delhi, India |
 Tata Motors |
Outlets operated by Sri Lakshmi Motors. | tatamotors.com | 1945 | Mumbai, India |
 Hyundai Motor India |
Part of Hyundai Motor Company. | hyundai.com/in/en | — | Kanchee- -puram, India |
 Bajaj Auto |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | bajajauto.com | 1945 | Pune, India |
 Ashok Leyland |
Commercial Vehicles & Buses · Automobile Manufacturers | ashokleyland.com | 1948 | Chennai, India |
 TVS Motor Company |
Two-Wheelers & Three-Wheelers · Automobile Manufacturers | tvsmotor.com | 1979 | Chennai, India |
 Hero MotoCorp |
Outlets operated by Avi Bhatiya. | heromotocorp.com | 1984 | New Delhi, India |
 Skoda Auto Volkswagen India |
Part of Volkswagen Group. | skoda-vw.co.in | 2007 | Pune, India |
| Electricals, Wiring & Electronics · Auto Components, Forging & Casting | unominda.com | — | Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
tire, automotive industry
Filings
No filings on record yet.