BALKRISIND · Automobile and Auto Components
Balkrishna Industries Ltd. reported revenue of ₹3,472 cr for July to September 2026, +45.1% on the year and +0.5% on the quarter. That is faster than this quarter has grown in recent years (+3.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹12,597 cr, +20.4% on the four before.
Operating profit (EBITDA) was ₹634 cr, a margin of 18.3%, −309 bps on the year and −327 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 18.3% to 23.5%). Operating costs grew +50.8%, faster than revenue at +45.1%, so operating profit grew less than sales.
Net profit was ₹293 cr, +7.3% on the year and −35.0% on the quarter, with earnings per share of ₹15.14. Profit before other income, one-offs and tax grew faster, at +20.6%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,425 cr, +3.3% on the four before.
Of the 31 companies in Automobiles and components that have reported Q2 FY27 so far, Balkrishna Industries Ltd. ranks 7th on revenue growth; the sector median is +28.9%. Its margin moved −309 bps on the year against a sector median of −119 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹73.72 over the last four quarters, the stock at ₹2,343.60 trades at 31.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,274 cr | ₹2,682 cr | ₹2,714 cr | ₹2,420 cr | ₹2,560 cr | ₹2,752 cr | ₹2,760 cr | ₹2,393 cr | ₹2,737 cr | ₹2,933 cr | ₹3,455 cr | ₹3,472 cr |
| YoY | — | — | +26% | +7% | +13% | +3% | +2% | −1% | +7% | +7% | +25% | +45% |
| EBITDA margin | 23.8% | 25.4% | 24.5% | 24.0% | 23.5% | 22.3% | 18.3% | 21.4% | 23.5% | 21.8% | 21.5% | 18.3% |
| Other income, % of PBT | 16% | 26% | 25% | 19% | 31% | 20% | 27% | 20% | 16% | −1% | 17% | 11% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 23% | 25% | 25% | 24% | 27% | 24% | 22% | 25% | 25% | 25% |
| Net profit | ₹305 cr | ₹487 cr | ₹490 cr | ₹347 cr | ₹449 cr | ₹369 cr | ₹288 cr | ₹273 cr | ₹382 cr | ₹299 cr | ₹451 cr | ₹293 cr |
| YoY | — | — | +48% | 0% | +47% | −24% | −41% | −21% | −15% | −19% | +57% | +7% |
| Core profit YoY | — | — | +48% | +7% | +20% | −19% | −40% | −23% | +0% | +5% | +75% | +21% |
| EPS | ₹15.80 | ₹25.18 | ₹25.35 | ₹17.95 | ₹23.25 | ₹19.06 | ₹14.91 | ₹14.13 | ₹19.77 | ₹15.49 | ₹23.32 | ₹15.14 |
| Flags | · | · | ✓ | ✓ | 2 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Balkrishna Industries Ltd. reported revenue of ₹3,472 cr (+45.1% on the year) and net profit of ₹293 cr (+7.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +20.6% on the year, against +7.3% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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