Sharekhan's research report on Balkrishna Industries
Strong earnings beat on robust volume growth (+12.8% q-o-q), healthy realisations (+3.9% q-o-q), and sharp gross margin expansion (+160bps q-o-q). Revenue and EBITDA exceeded estimates by 16.2% and 18.2%, respectively. With volume growth assumption in FY2025, management is planning for a price hike in the near term.
Outlook
We upgrade our rating from Hold to BUY with a revised PT of Rs. 3,195 in expectation of demand revival, sustenance of EBITDA margin, and its market share gain strategies. The stock is trading at a P/E multiple of 23.6x and EV/EBITDA multiple of 16.3x its FY2026 estimates.
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