BALKRISIND · Automobile and Auto Components
Balkrishna Industries Ltd. reported revenue of ₹2,737 cr for October to December 2025, +6.9% on the year and +14.4% on the quarter. Over the last four quarters revenue comes to ₹10,642 cr, +2.6% on the four before.
Operating profit (EBITDA) was ₹643 cr, a margin of 23.5%, +2 bps on the year and +214 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.3% to 25.4%, averaging 22.8%. Operating costs grew +6.9%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹382 cr, −14.9% on the year and +39.9% on the quarter, with earnings per share of ₹19.77. Profit before other income, one-offs and tax grew faster, at +0.2%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹1,312 cr, −26.0% on the four before.
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 ₹67.87 over the last four quarters, the stock at ₹2,050.10 trades at 30.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,253 cr | ₹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 |
| YoY | — | — | — | +26% | +7% | +13% | +3% | +2% | −1% | +7% | +7% | +25% |
| EBITDA margin | 23.7% | 23.8% | 25.4% | 24.5% | 24.0% | 23.5% | 22.3% | 18.3% | 21.4% | 23.5% | 21.8% | 21.5% |
| Other income, % of PBT | 23% | 16% | 26% | 25% | 19% | 31% | 20% | 27% | 20% | 16% | −1% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 25% | 25% | 23% | 25% | 25% | 24% | 27% | 24% | 22% | 25% | 25% |
| Net profit | ₹347 cr | ₹305 cr | ₹487 cr | ₹490 cr | ₹347 cr | ₹449 cr | ₹369 cr | ₹288 cr | ₹273 cr | ₹382 cr | ₹299 cr | ₹451 cr |
| YoY | — | — | — | +48% | 0% | +47% | −24% | −41% | −21% | −15% | −19% | +57% |
| Core profit YoY | — | — | — | +48% | +7% | +20% | −19% | −40% | −23% | +0% | +5% | +75% |
| EPS | ₹17.97 | ₹15.80 | ₹25.18 | ₹25.35 | ₹17.95 | ₹23.25 | ₹19.06 | ₹14.91 | ₹14.13 | ₹19.77 | ₹15.49 | ₹23.32 |
| Flags | · | · | · | ✓ | ✓ | 2 | 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 ₹2,737 cr (+6.9% on the year) and net profit of ₹382 cr (−14.9% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +0.2% on the year, against −14.9% for reported profit.
None of the 7 checks that could run raised a question.
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