Hold Balkrishna Industries; target of Rs 2163: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Balkrishna Industries

Benefit of decline in freight cost was eaten away by high-cost raw material inventory in Q3FY23. Significant improvement would be led more by the volume uptick than a correction in input cost as the partial pass on of the cost benefit in a competitive market can’t be ruled out. Given the end of large capex cycle and benign RM basket coupled with its brand equity the structural story is intact amidst near term clouds.

Outlook

Considering the near-term volatility in demand and challenging business situation in European market, we retain our Hold rating on the stock with target price of Rs 2,163. The stock trades at a P/E multiple of 22.9x and EV/EBITDA multiple of 16.0x its FY2025E estimates.

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Balkrishna Industries - 10 -03 - 2023 - khan