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Revenue
₹2,894 Cr
verification pending
Revenue YoY
2%
reported change
EBITDA
₹663 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided capex for FY27 between ₹1,500 and ₹1,800 crore, part of the ₹6,800 crore plan through FY29.
- Management reiterated its endeavor to sustain EBITDA margins in the 23-25% range for the company as a whole.
- Company plans to introduce passenger car radial tires by end of calendar year 2026, with initial capacity of 6,700 tires per day.
- Management reiterated its stated vision of achieving ₹5,000 crore revenue from on-highway tire segment by 2030.
Risks flagged
- 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 scenarios impacted supply chains and freight costs (4.5-5% of revenue), with further marginal increases expected.
- Company has filed for refund of reciprocal tariffs in the US but has not yet received any amount; quantum and timing remain uncertain.
- Entry into TBR, PCR, and two-wheeler segments may pressure overall margins if ramp-up costs or competitive pricing impact profitability.
Key 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.
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