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...
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.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
US volume contribution in FY26 and FY27 target
Asked by Rakunandhan, Noama Research
Management gave a range ('just short of 10%') but not the precise figure.
no exact number givenapproximate only
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Question
for FI26 how much was the contribution of US to volume and considering that now the tariff is 10% will we see us going back to 10% of volume in FI27
Management (unidentified)
that is our ambition and that is what we are targeting for the year and how much was it in FI26 broad approximately if you can indicate it was just it was just short of 10% but close to that number
Answered
High priority
Raw material impact in Q4 and price hikes taken
Asked by Rakunandhan, Noama Research
Management provided specific percentages for price hikes and raw material impact.
Read the exchange
Question
how much was the impact in Q4 and the expectation for Q1 and if you can also indicate how much price hike has been taken so far
Management (unidentified) and Mr. Price (CFO?)
So price hike we have taken between 3 to 5% already across various geographies... raw material prices has gone up by approximately 4 5% for the last quarter... this quarter it should approximately it may go up around 7 to 8%
Answered
Medium priority
Freight cost as percentage of revenue in Q4 and outlook
Asked by Rakunandhan, Noama Research
Management gave a specific range and qualitative outlook.
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Question
how much was the freight cost in Q4 as percentage of revenue given the geopolitics and how do you see it for future
Management (unidentified)
It was about 4 and a half to 5% and we expect it to go up marginally the way things are subject to no further disruption
Declined
High priority
Volume guidance for FY27 and CV radial tires outlook
Asked by Siddharta, Noama
Management explicitly declined to provide volume guidance.
refused to give guidance
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Question
would it be possible to give some volume guidance how much are we expecting for the OT business and on that I mean given that we have now started CV radial tires also some color there
Management (unidentified)
We stopped giving guidance due to the geopolitical scenarios and uncertainties But we are of course expecting growth but we don't give guidance on that
Answered
High priority
Total capex for FY27
Asked by Siddharta, Noama
Management provided a specific range for capex.
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Question
how much are we expecting the total cap for FI20 in in this financial year
Management (unidentified)
about between 1500 to 1,800 crores
Answered
High priority
Purpose of incremental 2,000 crore capex
Asked by Promote, Incorrect Capital
Management explained the purpose of the additional capex.
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Question
where is this incremental 2,000 crores going into because your vision was anyway put out for FI30 is it going into some surprises in capex cost or you are adding more mods
Management (unidentified)
the board has approved additional capex of rups 2,000 kores which will create capacity extension and infrastructure development across Ross both OD and on-highway tire categories...
Partial answer
Medium priority
Refund of reciprocal tariffs in US and quantum
Asked by Arjun Ka, Kotak Mutual Fund
Management confirmed filing but could not provide the quantum.
quantum not provided
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Question
have we filed for the refund or will we get part of it or will the importer distributor get if you could throw some color on this matter sir
Management (unidentified)
So in US we are importer on record. So whatever process is required we have already filed but as of now we have not received anything
Answered
Medium priority
Two-wheeler tire capacity and scale-up
Asked by Arjun Ka, Kotak Mutual Fund
Management provided current capacity figure.
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Question
What would our capacities be at this point in time?
Management (unidentified)
Presently we are having a capacity about 100,000 tires a month and again it'll go up as per the market response
Answered
High priority
On-highway tire strategy, revenue target, and margin sustainability
Asked by Sagar Parik, Renaissance Investments Managers
Management provided revenue target and margin range.
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Question
could you like firstly give us qualitative aspect of how you are planning to scale up your on highway overall? What would be the peak revenue and between TBR PCR and the two wheelers
Management (unidentified)
So our stated vision is 5,000 cr revenue by 2030. we are holding on to that position... we are as a company looking to keep a sustained EBITDA levels which we will continue to do for 23 20 to 25%
Answered
High priority
Capex breakdown: spent vs remaining, maintenance vs project
Asked by Joseph George, IIFL Capital
Management provided specific breakdown of capex spent and maintenance.
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Question
does this amount 6,800 crores include anything that you have already spent or is that the number that we should think of from FI27 to 29?
Management (unidentified)
yes this is including what we have already spent... Around 3,000 crores... This is only project and maintenance is about 200 odd every year which will be extra
Answered
Medium priority
Carbon black business split and revenue/margin
Asked by Yash Agarwal, Narval Bank Securities
Management provided split and margin indication.
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Question
I just wanted to understand in the car black business. If you could share the split between captive consumption and the external sales. Additionally, what are the expected revenue contribution and the margin for this business
Management (unidentified)
30% we are consuming locally from the current capacity and 70% is sold in the market and margins are as per industry average
Partial answer
Medium priority
Euro/INR realization for Q4 and hedge rate for FY27
Asked by Ragun, Noama Research
Management gave Q4 rate but only qualitative outlook for FY27.
no specific hedge rate given
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Question
what was the realization for Q4 and what is the hedge rate for FI27
Management (unidentified)
99 rupees for this quarter... It will be higher than this but it is not fully here. So we are unable to but we should get a better realization compared to 99
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin sustainable at 23-25% | 24% | 22.9% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.