OHT Sales Volume
85,280 MT
+5% YoY
Record quarterly volume; FY26 total volume 317,356 MT.
BALKRISHNA
Diversified
15 May 2026
Balkrishna Industries Ltd — Q4 FY26
Balkrishna Industries reported Q4 FY26 revenue of ₹2,894 crore (+2% YoY) and EBITDA of ₹663 crore (margin 22.9%), impacted by raw material cost headwinds and forex losses of ₹47 crore.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Balkrishna Industries reported Q4 FY26 revenue of ₹2,894 crore (+2% YoY) and EBITDA of ₹663 crore (margin 22.9%), impacted by raw material cost headwinds and forex losses of ₹47 crore. OHT volumes hit a record 85,280 MT (+5% YoY), driven by H2 recovery in Europe and improving traction in the Americas. The company is navigating raw material inflation (4-5% in Q4, expected 7-8% in Q1 FY27) with price hikes of 3-5% and plans further increases. Management maintained its 23-25% EBITDA margin target but flagged near-term pressure. The board approved an additional ₹2,000 crore capex for capacity expansion and AI automation, with FY27 capex guided at ₹1,500-1,800 crore. Entry into TBR and PCR segments is progressing, with TBR capacity at 800 tires/day and PCR launch by end of CY26. Key risk: inability to fully pass on raw material cost increases could compress margins.
Key Numbers
US Volume Contribution
~10%
flat YoY
US was just short of 10% of total volume in FY26; targeting 10% in FY27.
TBR Capacity (Phase 1)
800 tires/day
new
Phase 1 completed; eventual capacity target 3,800 tires/day.
Carbon Black Capacity
265,000 kta
new line added
New line commissioned Dec 2025; full utilization achieved; targeting 360,000 kta.
Management Guidance
FY27 Capex of ₹1,500-1,800 crore
Management guided capex for FY27 between ₹1,500 and ₹1,800 crore, part of the ₹6,800 crore plan through FY29.
Management guidance capexEBITDA Margin Target 23-25%
Management reiterated its endeavor to sustain EBITDA margins in the 23-25% range for the company as a whole.
Management guidance marginsPCR Tire Launch by End of CY2026
Company plans to introduce passenger car radial tires by end of calendar year 2026, with initial capacity of 6,700 tires per day.
Management guidance expansionOn-Highway Revenue Vision of ₹5,000 crore by 2030
Management reiterated its stated vision of achieving ₹5,000 crore revenue from on-highway tire segment by 2030.
Management guidance revenueKey Risks
Raw Material Cost Inflation
Raw material prices rose 4-5% in Q4 and are expected to increase 7-8% in Q1 FY27, potentially pressuring margins if price hikes are insufficient.
high · management_commentaryGeopolitical and Supply Chain Disruptions
Geopolitical scenarios impacted supply chains and freight costs (4.5-5% of revenue), with further marginal increases expected.
medium · management_commentaryUS Tariff Refund Uncertainty
Company has filed for refund of reciprocal tariffs in the US but has not yet received any amount; quantum and timing remain uncertain.
medium · analyst_questionOn-Highway Segment Margin Dilution
Entry into TBR, PCR, and two-wheeler segments may pressure overall margins if ramp-up costs or competitive pricing impact profitability.
low · data_observationNotable Quotes
We are cautiously optimistic for the geography given the weather forecast of IMD for the upcoming monsoon season.
We are not discounting our products. We'll be in line with the market leaders.
As the projects and capacities come on board, you'll see the jumps coming up. So that is why it would be closer to the second part of the stated 5-year vision.
Frequently Asked Questions
What was Balkrishna Industries's revenue in Q4 FY26?
Balkrishna Industries reported revenue of ₹2,894 Cr in Q4 FY26, representing a +2% change compared to the same quarter last year.
What guidance did Balkrishna Industries management give for FY27?
FY27 Capex of ₹1,500-1,800 crore: Management guided capex for FY27 between ₹1,500 and ₹1,800 crore, part of the ₹6,800 crore plan through FY29. EBITDA Margin Target 23-25%: Management reiterated its endeavor to sustain EBITDA margins in the 23-25% range for the company as a whole. PCR Tire Launch by End of CY2026: Company plans to introduce passenger car radial tires by end of calendar year 2026, with initial capacity of 6,700 tires per day. On-Highway Revenue Vision of ₹5,000 crore by 2030: Management reiterated its stated vision of achieving ₹5,000 crore revenue from on-highway tire segment by 2030.
What are the key risks for Balkrishna Industries in FY27?
Key risks include Raw Material Cost Inflation — Raw material prices rose 4-5% in Q4 and are expected to increase 7-8% in Q1 FY27, potentially pressuring margins if price hikes are insufficient.; Geopolitical and Supply Chain Disruptions — Geopolitical scenarios impacted supply chains and freight costs (4.5-5% of revenue), with further marginal increases expected.; US Tariff Refund Uncertainty — Company has filed for refund of reciprocal tariffs in the US but has not yet received any amount; quantum and timing remain uncertain.; On-Highway Segment Margin Dilution — Entry into TBR, PCR, and two-wheeler segments may pressure overall margins if ramp-up costs or competitive pricing impact profitability..
Did Balkrishna Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Balkrishna Industries Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.