Balkrishna Paper Mills Limited — Q3 FY26
Balkrishna Industries reported Q3 FY26 standalone revenue of ₹2,682 crore (+4% YoY) and EBITDA of ₹605 crore (22.5% margin).
neutral
medium
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
54%Questions answered2Evaded / deflected12Questions audited
Partial answer
Medium priority
Factors behind Europe rebound despite macro challenges.
Asked by Mummandala, Anand Rati
Management gave a generic reason (season anticipation, restocking) without quantifying or detailing.
vague reasonno specifics
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Question
I just want to understand you mentioned about macro challenges but still we've seen a very good growth in the Europe what could be factors that led to the rebound sir.
Management (name not specified)
So I think overall they're anticipating the season to begin from this year. So that could have been the course and as I mentioned in my earlier comments during the last quarter that lot of the restocking had leveled out.
Partial answer
High priority
US volume and tariff impact on margins.
Asked by Mummandala, Anand Rati
Management acknowledged US sales down but didn't provide volume numbers; tariff impact mentioned but not quantified.
no exact numbersvague on tariff impact
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Question
On America volume sir how much would be now say US sir and has the volume started there and any impact of a tariff on the margins sir.
Management (name not specified)
Overall America's is being there in the investor presentation the exact US sales is down as compared to previous year but the exact numbers are not handy. And any impact of tariffs in our margin number sir? Yeah, obviously because we have shared with distributors but the large portion is being born by them.
Answered
High priority
Capex guidance for current and next year.
Asked by Mummandala, Anand Rati
Management provided a specific capex figure (3400 crores more) and timeline.
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Question
On the capic side this year already have done 2200 K which was the guidance last year for the year. Can you update or what is the check for the full year now? And also any expectations for next year?
Management (name not specified)
So maybe about 3 400 crores more in the current financial year and the balance would be in the next year.
Answered
Medium priority
Euro rate for Q3 and outlook.
Asked by Mummandala, Anand Rati
Management gave a specific euro rate (97 rupees) and a directional outlook.
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Question
If you can share the euro in a dep in rate for the Q3 and how do you see the edges ahead?
Management (name not specified)
So the euro rate for Q3 was at approximately 97 rupees. And how do you see it? Should marginally improve from here.
Partial answer
High priority
Why European realizations not improving despite euro rise.
Asked by Sedartha
Management cited lower Europe share and hedging but didn't quantify impact on realizations.
no quantificationblamed mix shift
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Question
We had close to 91 last year and it has gone up to 97 now so can you talk about how the European realizations have been because it's a significant improvement on the hedge dates but we have not seen much change in our ASPs or margin.
Management (name not specified)
So firstly the Europe share has gone down. So that has had an impact also as we maintain that we always have a forward booking forward hedge. So that is also playing out and for next year also the same hedge would be continuing.
Partial answer
High priority
Drivers of strong India business growth.
Asked by Sedartha
Management attributed growth to GST reduction and auto sector, but didn't address customer additions or market share.
no specifics on customer additions or market share
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Question
We have seen a pretty strong growth consistently now for the last few years this quarter seems to be even stronger. So anything here which is driving this apart from the industry growth any customer additions or market share gain.
Management (name not specified)
As I mentioned in my opening comments, the positive impact by the government's role in reducing the GST has driven the sentiments and that is what is driving in the entire auto sector and we are getting the benefits of that.
Partial answer
Medium priority
Impact of higher India share on ASPs and margins.
Asked by Sedartha
Management acknowledged lower ASP but claimed overall effect nullified without numbers.
no quantification of ASP or margin impact
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Question
Does higher India share have a negative impact on the ASPs or margins or there is no much change if you can just guide us.
Management (name not specified)
Yes, it does have a slightly lower ASP. But if you see after all that also with the enhanced level of India, the IITA levels are at par with what they've been in the past. So it is nullifying the overall effect.
Evasive
High priority
CV 4A pilot update and volume expectations.
Asked by Sedartha
Management confirmed schedule but refused to give volume expectations, calling it too early.
no volume percentagedeferred to future
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Question
On the CV 4A. We had talked about that the pilot with will start from this quarter. So any thoughts now how should we think about the damper to the next year what percentage of our volumes can come from this segment.
Management (name not specified)
So as we have mentioned all in my opening comments the all the projects are going as per schedule. So the CV u will also come up in this quarter. You should we'll make the announcements as once we are ready. So we not anticipating any delay on that.
Partial answer
Medium priority
Existing duty on Europe deal and expected reduction.
Asked by Ragun, Nama
Management gave current duty (4%) but couldn't specify reduction, citing need to see agreement.
no clarity on reduction
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Question
With reference to the Europe deal, can you indicate what is the existing duty and how much reduction in duty can be anticipated because of the deal?
Management (name not specified)
This is current duty is 4% and it is not very clear what will be the duty after this duty unless we see the imprint of the agreement.
Answered
Medium priority
Freight cost as percentage of revenue in Q3 and outlook.
Asked by Ragun, Nama
Management provided a specific percentage (5%) and stable outlook.
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Question
How much would be the freight cost as a percentage of revenue in Q3 and how do you see the outlook forward?
Management (name not specified)
I think it's around 5% and we look at it to be stable at the moment.
Evasive
High priority
Current inventory in US and Europe and Q4 outlook.
Asked by Abhishek Jen, Alpha Accurate Advisors
Management gave a vague 'at par' without numbers and refused to provide outlook due to volatility.
no inventory numbersdeclined to give outlook
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Question
How much is the current inventory in the US and European market and how would be the outlook for the US and Europe in the fourth quarter.
Management (name not specified)
So we are seeing that the channel stock is at par at where it should be and going forward it is difficult to comment because of the volatility across the world with the geopolitical scenarios how it plays out.
Partial answer
High priority
Strategy for US market amid tariffs and volume decline.
Asked by Abhishek Jen, Alpha Accurate Advisors
Management mentioned brand and tariff sharing but didn't outline a clear strategy or quantify impact.
no specific strategy details
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Question
We have seen a strong growth on a quarter on quarter on US but still it is declined 30% y on y basis. So just wanted to understand what is your strategy for the US market.
Management (name not specified)
Because of our strong brand positioning and quality and some major chunk of the tariffs to be shared between us and our channel partners, we have been able to gain some of the momentum that we had lost in the Q2 has come back in Q3.