Motilal Oswal's research report on Balkrishna Industries
Balkrishna Industries (BIL) delivered an operationally in-line performance in 3QFY25, with Fx gains driving an Adj. PAT beat at INR4.4b (up 43% YoY, vs. est. INR3.8b). Current weakness in demand in European markets is likely to be offset by growth in America, India, and other regions, supported by BIL’s focus on product development and network expansion.
Outlook
Given the uncertain global demand macro, we have lowered our estimates by 5.5% for FY26E. We maintain our Neutral rating with a TP of INR2,630, based on ~22x Dec’26E EPS.
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