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Revenue
₹2,682 Cr
verification pending
Revenue YoY
4%
reported change
EBITDA
₹605 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Balkrishna Industries reported Q3 FY26 standalone revenue of ₹2,682 crore (+4% YoY) and EBITDA of ₹605 crore (22.5% margin). Volume grew 6% YoY to 80,620 MT, driven by strong India demand post-GST cut and a 15% QoQ recovery in US volumes despite tariffs. Europe saw a rebound due to restocking, but US volumes remain down ~30% YoY. Management shared tariff costs with channel partners to regain momentum. Capex of ~₹2,200 crore in 9M FY26, with ₹300-400 crore more expected in Q4 and balance in FY27. Carbon black capacity expanded to 265,000 MTPA, with external sales ramping up. CV/PV4A projects on track but no volume guidance. Key risk: US tariff uncertainty could pressure margins and volume recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to spend ₹300-400 crore more in the current financial year, with the balance of committed capex in FY27.
- Commercial vehicle and passenger vehicle 4A projects are progressing as per schedule, with announcements expected once ready.
- Sample approvals for carbon black are progressing; volumes should improve in coming quarters.
Risks flagged
- US tariffs continue to pressure volumes (down ~30% YoY) and margins, as management shares part of the tariff cost with channel partners.
- Despite euro appreciation, forward hedges prevent full realization of forex benefits, capping margin improvement.
- Analyst questioned BKT's ability to gain share in competitive CV/PV tire market; management cited 'better value proposition' but gave no specifics.
Key quotes
- Despite these headwinds, we delivered a strong sequential improvement during the quarter. Our overall sales volume increased by around 15% quarter on quarter in the US market.
- India continues to outperform all markets. The positive momentum witnessed in Q2 post the GST reduction has sustained into Q3 as well.
- We are keeping everything ready to come back to that market when things improve there.
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