{"id":173457,"date":"2026-01-22T10:01:30","date_gmt":"2026-01-22T15:01:30","guid":{"rendered":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-balkrisind-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T10:01:30","modified_gmt":"2026-01-22T15:01:30","slug":"balkrishna-industries-ltd-balkrisind-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-balkrisind-q3-2025-earnings-call-transcript\/","title":{"rendered":"Balkrishna Industries Ltd (BALKRISIND) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Balkrishna Industries Ltd (NSE: BALKRISIND) Q3 2025 Earnings Call dated Jan. 27, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rajiv Poddar<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Madhusudan Bajaj<\/strong> \u2014 Senior President (Commercial) and Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Siddhartha Bera<\/strong> \u2014 Analyst<\/em><\/p>\n

Raghunandhan NL<\/strong> \u2014 Analyst<\/em><\/p>\n

Mumuksh Mandlesha<\/strong> \u2014 Analyst<\/em><\/p>\n

Pramod Amthe<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhishek Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Jinesh Gandhi<\/strong> \u2014 Analyst<\/em><\/p>\n

Abhinav G<\/strong> \u2014 Analyst<\/em><\/p>\n

Ravi Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Ajox Frederick<\/strong> \u2014 Analyst<\/em><\/p>\n

Viraj Kacharia<\/strong> \u2014 Analyst<\/em><\/p>\n

Ganesh Nagarsekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankit Kanodia<\/strong> \u2014 Analyst<\/em><\/p>\n

Sonal Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Lokesh Manik<\/strong> \u2014 Analyst<\/em><\/p>\n

Chirag<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Balkrishna Industries Limited Q3 and Nine-Month FY ’25 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on a touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Rajiv Podar, Joint Managing Director. Thank you, and over to you, sir.<\/p>\n

Rajiv Poddar<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Thank you, Reyo. Good morning, everyone and thank you for joining us today. Along with me, I have Mr Bajaj, Senior President, Commercial and CFO; Mr Ravi Joshi, Deputy CFO; Mr Sushil Mishra, Head Accounts; and SGA, our Investor Relationships Advisors. Let me begin with performance updates. The market scenario continues to be challenging. However, our strong product profile backed by brand investments have led us to achieve minor sales growth on a year-on-year basis in Q3. We are confident and hold-on to our forecast of achieving minor sales volume growth in this financial year. Post the completion of capex of 30,000 metric ton per annum of high-value advanced carbon material plant in September last year, we are undergoing testing with end-customers. This advanced carbon black material is for non-ty non-tyre grade carbon black to be used in plastics, ink paint industry. The capex for 35,000 metric ton per annum of OTI range of tires was announced in August last year. The first phase of this capex is progressing as per schedule and we expect to complete it in the first-half of financial year ’26.<\/p>\n

In-line with our vision to achieve a global market-share of 10% in off-highway tire market over the next few years, we are continuously strengthening our senior management team. In this connection, I’m happy to welcome Mr Satish Sharma to our team as Senior President for Strategy and Business Development. He brings with him a rich experience of over three decades in the tire industry. With this, I now move on to operational highlights. For the quarter, our volumes stood at 76,343 metric ton, a growth of 5% year-on-year. For nine months, volumes stood at 2,33,211 metric ton, a growth of 11% year-on-year. Our standalone revenue for the quarter stood at INR2,571 crores, registering a growth of 11% year-on-year. This includes realized gain on foreign-exchange pertaining to sales of INR31 crores. For nine months, standalone revenue stood at INR7,778 crores, registering a growth of 16% year-on-year. This includes realized gains on foreign-exchange pertaining to sales of INR11 crores. For the nine months of financial year ’25, approximately 43% of the sales came from Europe, 29% from India and 16% from Americas. The balance comes from rest of the world. In terms of channel contribution, roughly 73% was contributed from replacement segment, while OEM contributed to about 25% and the balance came from offtake. In terms of category, agricultural contributed to 59%, OTR industrial construction contributed to 38% and the balance came from other segments. The standalone EBITDA for the quarter was at INR639 crores, registering a growth of 9% year-on-year. The margin came at 24.8%. For nine months, the standalone EBITDA was at INR1979 crores, registering a growth of 22% year-on-year. The margin for nine months stood at 25.4%. Other income stood for the quarter at INR24 crores, while for nine months, it was INR211 crores. Profit-after-tax for the quarter stood at INR439 crores. For nine months, we have recorded INR1,266 crores, registering a growth of 32%.<\/p>\n

Our capex for this financial year — nine months of this financial year were at approximately INR968 crores. Our gross debt stood at INR3,045 crores at the end of 31st December ’24. Our cash-and-cash equivalents were at INR2,942 crores. Accordingly, we have a net-debt of approximately INR103 crores. The Board of Directors has declared a third interim dividend of INR4 per equity share. This brings a total dividend for this financial year to INR12 per share, including the earlier two interim dividends. With this, I conclude my opening remarks and leave the floor open for Q&A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask questions may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Siddhartha Beira from Nomura. Please go-ahead.<\/p>\n

Siddhartha Bera<\/strong><\/p>\n

Yeah. Thanks for the opportunity, sir. Sir, my first question is slightly more color if you can give on the demand outlook across regions. We do see that Europe mix has come down further, implying that it probably has declined in the quarter. So any signs you are seeing there in terms of recovery by when can we expect growth to sort of come back there? And second is, similarly, if you look at the other regions, for example, especially the rest of the world, we have seen a very strong growth in that segment. So some color there, there, which country is probably driving this and how to think about the outlook here?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Yeah. So as I mentioned my — mentioned in my opening scenario, the market scenario continues to remain challenging. And as you have noticed, yes, rightly that Europe has been very challenging and you are seeing the impact of that. However, Americas has grown in India has grown. So these are the two areas which we have been earlier mentioning in our quarterly calls that these are the areas of concern and focus for us and you’re seeing the response in those two areas.<\/p>\n

Siddhartha Bera<\/strong><\/p>\n

And any color on the rest of the world, sir, which countries probably driving that and how sustainable the growth there is, any one-offs otherwise?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So I think it’s sustainable in those regions and that is all part of our overall branding and investments that we have done across the globe, which is now coming into play.<\/p>\n

Siddhartha Bera<\/strong><\/p>\n

Got it. Second, sir, is on the OE side as well, while globally we have seen companies talking about channel destocking and weak demand, our OE volumes have grown. So any particular sort of company where we have gained market-share or do you think this segment also can see some softness going ahead. So some color there?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No, I think, I mean, OE was something that we’ve been focusing on and that’s why it is there, but there is no substantial increase of a player or market-share, it’s just general business which is growing?<\/p>\n

Siddhartha Bera<\/strong><\/p>\n

Okay. And what about your channel inventory levels now? Have they gone down even further? What are the levels? And how should we think about the ramp-up there?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

It is at same levels. So I think everybody is waiting and watching what happens with the — on the geopolitical scenarios, what happens on the shipping times and cost both. So I think there is a lot of wait-and-watch scenario for us to really comment on that.<\/p>\n

Siddhartha Bera<\/strong><\/p>\n

Understood, sir. Thanks a lot. I’ll come back-in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Before we take the next question, we’d like to request participants to please limit your questions to two per participant so that the management is able to address questions from all participants. The next question is from Nanel from Nuvama. Please go-ahead.<\/p>\n

Raghunandhan NL<\/strong><\/p>\n

Thank you, sir, for the opportunity. Sir, firstly, compared to the company expectation of marginal growth in FY ’25, we have done very well. YTD growth for us is at 11%. As you indicated, brand investments have supported growth. One clarification. In opening remarks, did you indicate marginal growth for Q4 FY ’25 or full-year FY ’25?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Full-year, full-year. I repeat my statement. We are confident and hold-on to our forecast of achieving minor sales of volume growth in the whole financial year ’25.<\/p>\n

Raghunandhan NL<\/strong><\/p>\n

Understood there. So we still hold that concern on the challenging environment as you highlighted even for the answer in the previous participant.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Yes.<\/p>\n

Raghunandhan NL<\/strong><\/p>\n

Thank you, sir. Secondly, on the cost side to Mr Bajaj. Sir, if you can indicate on the Q3, how much was the impact of raw-material cost and what is your expectation for Q4? Another cost item, freight cost seems to have reduced in Q3. What is the expectation here for Q4?<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

So on raw-material, we indicated that the prices going up 100 to 100 points, it should impact the margins, but the major impact of that cost will be coming in the coming quarter because of the lag of the shipping time, the material comes in this quarter, so that 100% to 100% cost is likely to go up in the next quarter. And coming forward, the raw-material prices are stable.<\/p>\n

Raghunandhan NL<\/strong><\/p>\n

I understood. And on the freight, sir,<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

Freight cost, whatever has been reduced that we have indicated in last and now it is on the fleet.<\/p>\n

Raghunandhan NL<\/strong><\/p>\n

On the freight side. Got it, sir. Thank you. I’ll come back-in the queue.<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question is from Mumuksh Mendesha from Anand Rathi. Please go-ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yes, sir. Thank you so much for the opportunity, sir. Sir, in Europe, particular, can you speak how has been the growth for the agri and the OEM segment, sir? And sir, in the near-term, considering the base of Q4 last year, do you see a Q4 being flattish or do you see some growth in Q4 also, sir.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So I can’t comment on individual breakup of Europe at the moment. I don’t have the numbers. Regarding the upcoming quarter, as I said, the market scenario continues to be challenging and hence, I would not like to comment on this quarter. But for the whole year, we are confident of achieving minor sales volume growth for this financial year. So we are quite confident of that.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, sir. Sir, in this quarter, the fleet costs have come down. Is there any freight surcharge also been changed, sir? Has the freight surcharge also been coming down along with the freight cost, sir?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No, only the freight — I mean, freight cost has been coming down.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay. So the benefit is coming to our numbers.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Yes.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it. And sir, this quarter, the employee cost has increased by 10% Q-on-Q. Any reason for the increase, sir?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So yeah, as we mentioned, the capex done, which has come into play, so we have — that is — had an impact on the employee cost.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, sir. And lastly, sir, what was the euro INR rate for the Q3 quarter and what is expected ahead, sir?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So it was 91% for the last quarter and all of the year. And for the balanced period, we expect 92 to 93.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, sir. Thank you so much for this.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Pramod from Incred Equities. Please go-ahead.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. Sir, first question is, do you see any opportunity to expand into domestic tire sub-segments<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Not at this stage.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay and in that context the new hirings which are made both in the strategy and in the R&D, how do they fit-in?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So that’s — I mean that has nothing to do with this. So R&D, it’s an ongoing business call and for the new hiring edge strategies, as I mentioned is towards achieving our vision in off-highway.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay. Okay. And sir, this is with regard to the carbon lac project. What is to be expected in terms of tonnage or sales contribution for FY ’26, the new carbon project? And will it be day-one EBITDA neutral or how to look at it.<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

So the specialt carbon business is very less 30,000 tonnes and it is initially is there. Samples are being given and tested so it will get time to ramp-up.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay. And anything on the profitability side?<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

Probably par it with the industry may be slight better.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay and so in that sense it will be still below the corporate average is that the fair assumption.<\/p>\n

Madhusudan Bajaj<\/strong><\/p>\n

Can be.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Okay. Thanks. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Abhishek Jain from Alpha Accurate Advisors. Please go-ahead.<\/p>\n

Abhishek Jain<\/strong><\/p>\n

Thanks for the opportunity and congratulate for decent set of numbers. Sir, in the US market, we have seen a very impressive growth in this quarter. So just wanted to understand what is the outlook ahead is there any concern on the tariff side in the US and what is the current structure of the tariff?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So too early to comment. We’ll have to wait-and-watch what comes then only we can comment other is at the moment we can’t comment what he will do.<\/p>\n

Abhishek Jain<\/strong><\/p>\n

And what is the current structure?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

What is the current?<\/p>\n

Abhishek Jain<\/strong><\/p>\n

Structure of the tariff in US from Indian tariff?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

There is no tariff too.<\/p>\n

Abhishek Jain<\/strong><\/p>\n

Okay. And sir, in how much percentage of the volume comes from the and Canada in overall US volume.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

I don’t have the breakup of geographies, so I can’t share that with you. Okay. Thanks Americas, which I’ve shared.<\/p>\n

Abhishek Jain<\/strong><\/p>\n

Okay. Thank you. That’s all from my side yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Jinesh Gandhi from Ambit Capital. Please go-ahead.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Yeah, hi, sir. Couple of questions from my side. One is, did we take any price hikes in this quarter in own<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

We can’t hear you. Your voice is very muffled.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Yeah, is it better now?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Slightly, yeah.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Yeah. So did we take any price hike in 3Q?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

And in 4th-quarter so-far, any price hikes or prices have been stable?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Sorry.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Any price hikes in any price hikes in 4th-quarter so-far in January so-far.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Okay. Second question pertains to advanced carbon Black 30,000 tonne capacity. So what could be the peak revenue potential from this plant and should we expect that to play-out in FY ’26 or it will take — it will ramp it up.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

It may take little more time also and difficult to make out currently because the — there are many products. So which product will be developed fast so price depends on product-to-product. So maybe two quarters later, we will able to give you the fair projections.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Got it, got it. And lastly, any sense on what should be the capex for FY ’26 or we’ll have to wait for — I mean, as we finalize that —<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

At the moment, we have got that first phase of the 35,000 metric ton of OPI range of tires, which is ongoing. So at the moment only that is lined-up.<\/p>\n

Jinesh Gandhi<\/strong><\/p>\n

Okay. Got it. Got it. Great, sir. Thanks and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Abinav Jee from SBI Pension Funds. Please go-ahead.<\/p>\n

Abhinav G<\/strong><\/p>\n

So thank you. Thank you for your time and thank you for the opportunity. Just wanted some clarification on two things. First is on the ROW market, if you can just mention geographically which countries are this? And also on your on your channel side, when you say others, are we talking about mining tires or what is that if you can just clarify?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

On the ROW, it is everything apart from Europe, Americas and India. So it is Africa, Middle-East, Asia, Australia and New Zealand. So I mean geography, those are — that is what is covered. On the others, we have some — mining is coming under OPR set of tires, but it is that your smaller golf carts and ATVs and all of that. So that is all what is — I mean, some other solids and all which are there, which contribute in that.<\/p>\n

Abhinav G<\/strong><\/p>\n

Okay. So that is quite clear. Thank you for the clarity. One more thing just wanted to understand now this on the European deforest regulations, last-time we had mentioned that has got postponed by one year. So are we getting any clarity that it will get applicable Q3 next year or is this still work-in progress? And do we see any channel filling before these regulations kick-in? What’s?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

It is not Q3, it is deferred to 1st Jan of next year. But apart from that, there is no further update on them.<\/p>\n

Abhinav G<\/strong><\/p>\n

Okay. Okay. Appreciate the color. Thank you for the clarification. That’s all from my side. Thank you. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Ravi Gupta from InCred Equities. Please go-ahead.<\/p>\n

Ravi Gupta<\/strong><\/p>\n

Thank you for the opportunity.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

We can’t hear you at you all<\/p>\n

Ravi Gupta<\/strong><\/p>\n

Is it clear now?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Yeah.<\/p>\n

Ravi Gupta<\/strong><\/p>\n

So as Trump elected in the USA, the recession fear for the USA has been eased also the concern over geopolitical tension also eased. Does this give you a confidence to achieve double-digit volume in FY ’26 as we have done in this nine months?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

I think it’s too early let things start rolling out. We are hopeful and we are ready, as I mentioned earlier also, we have production capacity, we are doing all our investments. We are developing products, we are focusing on everything that we can do. As soon as the scenarios improve, we will be able to do. But we are fingers crossed and we are hopeful things — I mean, everybody prays for things to improve. So let’s see, but it’s too early to what happens in the market scenario, who — where things get resolved, no other geopolitical scenario should turn up. So it’s too early to comment.<\/p>\n

Ravi Gupta<\/strong><\/p>\n

Thank you. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Fredrick from Sundera Mutual Fund. Please go-ahead.<\/p>\n

Ajox Frederick<\/strong><\/p>\n

Hi, sir. Thanks for the opportunity. Sir, my question is on rest of the world. We seem to be doing very well quarter-on-quarter. So can you help me understand what exactly is driving this? And you mentioned that they are sustainable as well. So which country is driving it or some more color basically on the rest of the world.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

I mean it’s very difficult to give a breakup of particular country. It’s all over. I mean, as I mentioned, there is a product profile which helped us get these numbers. There is brand investments which are going on across the globe, which is now — we’ve always mentioned that, that will play up and help us be recognized, which is coming in. So these are the things. It’s very difficult to say a country or B country or C country, it’s all over. It’s a mix of things which is — mix of geographies with the rest of the world, which has come — we’ve always mentioned about America being an area of focus for us and you’re seeing the changes. We mentioned India is an area of focus where the branding because we are based in India is more visible to all of you. So that is helping us get recognition.<\/p>\n

Ajox Frederick<\/strong><\/p>\n

But sir —<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

As these all these countries, the base is also lower than in Europe. So that is also helping see the numbers in percentage go up.<\/p>\n

Ajox Frederick<\/strong><\/p>\n

Understood, sir. So your branding budget for rest of the world has increased phenomenal versus the others?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No, no, no. It is what we have always had the same, but it — it takes a few years for it to start getting recognized.<\/p>\n

Ajox Frederick<\/strong><\/p>\n

Okay. Okay, sir. Got it. And sir, secondly, on the overall outlook, you mentioned the marginal growth, but right now we are running at very strong rates, right? So what — I mean again, except for Europe, others are also doing well. So where-is this concern coming from in for the year?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So as you can see, our largest geography yet continues to be Europe and the concern is from Europe you know-how that will play-out?<\/p>\n

Ajox Frederick<\/strong><\/p>\n

Okay. Okay. Understood, sir. Very helpful. Helpful and congrats once again. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Viraj from SIMPL. Please go-ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah. Thanks for the opportunity. Just two questions. One is, and I think you made a commentary on the OE demand in Europe and the rest of the markets, North-America. I missed that. Can you just give some perspective what is that you’re in terms of OE demand in ag and you know the mining construction space. That is one. And second, the concern for Europe, can you just elaborate more in terms of what are the dynamics playing out there?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So if I’ve understood your question correctly, asking me for what is my breakup, so I’ll repeat my commentary. For the nine months, 43% of sales has come from Europe, 29% has come from India, 16% has come from Americas and rest has come from balance — balance has come from rest of the world. In terms of channel contribution, this was your second question. So 73% came from replacement segment, 25% came from OE and the balance came from offtake.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

No, sir, actually, I was asking what is the OE demand trends you’re seeing currently across major markets Europe and North-America that is my first question.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So flattish, stable and flattish.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So going-forward, what is the — what is the communication you’re hearing both in the aftermarket and the OE demand in major markets, North-America, Europe in both agriculture and the construction mining segment.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So as I said in my opening commentary, the market scenario continues to be challenging. We are that same thing. So we are also waiting and watching to comment on anything in the future.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay. Sorry.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

However, that said, we are confident to hold to our forecast that we had made at the start of the year of achieving minor sales volume growth in this financial year.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

And in terms of the whole supply-chain lead times being longer because of the Red Sea, given that is now easing, do you see any issues in terms of higher inventory levels or any of that? Because last few months you also seen a lot of higher order placements from the channel. So do you see any of those issues surfacing again?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No, not at this stage.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Ganesh Nagar Sekar from Bharat Beth Research. Please go-ahead.<\/p>\n

Ganesh Nagarsekar<\/strong><\/p>\n

All right. Sir, my question was regarding our Americas demand. So broadly, you said you’ve been seeing some improvement there. So could you kind of highlight the top two drivers for that? And going into the next few quarters, do you see that trend continuing or what’s your kind of visibility into that?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So the top two drivers has been the focus that we’ve been doing over the years in terms of product for Americas, in terms of infrastructure for America. So that is now kicking. Going-forward, we are quite hopeful that this should stabilize and continue to grow over there. I mean, the American market should stabilize and we should see some growth from rest of — I mean the whole of America.<\/p>\n

Ganesh Nagarsekar<\/strong><\/p>\n

Understood. And just one second question. So on capex, for the year, I think we had guided, say, 800 crore to 1,000 CR and I think nine months we are at 970. So broadly for the year, what’s the span — kind of spend that we’re looking at? And for next year, if you could kind of provide some guidance as such?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Roughly about — between INR1,100 crore and INR1,200 crores for next year.<\/p>\n

Ganesh Nagarsekar<\/strong><\/p>\n

Understood. Thank you so much, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Ankit Kanodia from Smart Sync Services. Please go-ahead.<\/p>\n

Ankit Kanodia<\/strong><\/p>\n

Thank you for taking my question. Most of my questions have been answered, sir. I just had one question. What I mean is that over the last three, 3.5 years, stock price has almost been. We are at the same level. And from a business perspective, from peaking the volumes in FY ’23, the volumes came down and now we are slowly seeing the volumes inching up. And given that the strong cash flows we have, the kind of cash we have on books and the high dividend payout, at the Board level, do we also discuss about a about possible buyback at some point of time?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

No, not at this stage.<\/p>\n

Ankit Kanodia<\/strong><\/p>\n

Any reason you would want to share why you are not looking at?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

We are constantly investing in the capex and growth of the company, whether it is in terms of promotion, in terms of product mix, in terms of setting up new capacities, so which will continue. So we will use the money for those purposes.<\/p>\n

Ankit Kanodia<\/strong><\/p>\n

Okay. Thank you so much, sir. And all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Sonal Gupta from HSBC Mutual Fund. Please go-ahead.<\/p>\n

Sonal Gupta<\/strong><\/p>\n

Hi, sir, good afternoon. Good morning and thanks for taking my question. Just on this, I mean, just overall on the European market side, could you give us a sense of like on a calendar year, say, CY ’24 versus ’23, what sort of a decline would you have seen in the market on the underlying basis.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Minor degrowth is there. I don’t have the exact numbers, but it is a very minor degrowth what I recollect.<\/p>\n

Sonal Gupta<\/strong><\/p>\n

Okay. So — okay. And in terms of channel inventory also, I mean, is it above-normal or where do you see it currently?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

It is at normal level.<\/p>\n

Sonal Gupta<\/strong><\/p>\n

Normal levels. And just lastly on the India side, I mean like we continue to do extremely well in India. So I mean like in the markets that we are catering to, I mean, roughly what sort of market-share would we now have in India?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So overall in the — both the off-highway full — off-highway would be similar to international levels of 6% to 7%, agri would be closer to 10% and the others are growing up. So — but approximately 6% to 7%, I would say for the whole business.<\/p>\n

Sonal Gupta<\/strong><\/p>\n

Got it. Sorry. So could you — I mean off-highway and agri thin, what is the others, sorry, which other segments we are looking at?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

So industrial construction mining is there in the off-high business. So those sectors is lower. Agri is at 10% and those sectors would be between 3% and 4%. But cumulatively in the whole Indian market, we would be at about 6% roughly between 6% and 7%, but closer to 6%.<\/p>\n

Sonal Gupta<\/strong><\/p>\n

Okay. Got it, sir. Great. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from Lokesh Manik from Capital. Please go-ahead.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Yeah, hi, good morning, Rajiv and team. My question was, in 2015, India, we were doing sales volume of about 20,000 25,000 tons and we’ve been able to scale that successfully today to about 80,000 90,000 tonnes. Three to five years down the line, do you see the same trajectory for rest of the world or for US, whichever your focus area is?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

And for Americas, for sure, we are focusing and we believe there is tremendous area of growth, which will continue. Rest of the world, we are looking at it geography-by-geography. So it will be difficult to give you a generic answer for that.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

So would it be fair to understand US would be implemented first and then rest of the world would follow after five years?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Will happen simultaneously. It’s not that we’ll do this first and that second. Both are going to happen simultaneously.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

But five years, you see the market for 80,000 tonnes for each of these geographies for BKT down the line.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

For US?<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Yeah. US and rest of the world.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Rest of the world will have to club it up separately. I mean, we can’t give you a clubbed answer because too many geographies put together. We’ll have to — I mean, if any one particular geography becomes big, then we will separate that out into another one and leave the rest of the world separate.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Fair enough. Just a to that, within the rest of the world, do you see any market having that size potential like India or US in your view?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Yeah. Yeah. I mean Asia has, Australia has you know Africa, there are a lot of — I mean all the geographies have. So it’s very difficult to say this one or that one, but all the geographies have pretty just where we will start — we are working on also which one reacts faster is what working?<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Understood. Got it. Got it. That’s it from my side. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from Chirag from Keynote Capital. Please go-ahead.<\/p>\n

Chirag<\/strong><\/p>\n

Yeah. Thank you for the opportunity. Most of my questions are answered. Just a couple of them. One is that, sir, what is our revenue for the — for 9M from Carbon Black?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Approximately 9%. Less than 10%.<\/p>\n

Chirag<\/strong><\/p>\n

Okay. And secondly, just wanted to know, currently from the advanced carbon glad, we are targeting three industries, right, plastic, ink and paint. Any thoughts of getting into a — or the carbon glad that we are going to manufacture, are there any usage of this product into lithium-ion batteries?<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Not yet.<\/p>\n

Chirag<\/strong><\/p>\n

Okay. Thank you. Thank you so much, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. We’ll take that as the last question. I would now like to hand the conference back to the management team for closing comments.<\/p>\n

Rajiv Poddar<\/strong><\/p>\n

Thank you once again to everybody for your time and we look-forward to meeting you in the next quarter. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. On behalf of Balkishta Industries, that concludes the conference. Thank you for joining us. Ladies and gentlemen, you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Balkrishna Industries Ltd (NSE: BALKRISIND) Q3 2025 Earnings Call dated Jan. 27, 2025 Corporate Participants: Rajiv Poddar \u2014 Joint Managing Director Madhusudan Bajaj \u2014 Senior President (Commercial) and Chief Financial Officer Analysts: Siddhartha Bera \u2014 Analyst Raghunandhan NL \u2014 Analyst Mumuksh Mandlesha \u2014 Analyst Pramod Amthe \u2014 Analyst Abhishek Jain \u2014 Analyst Jinesh Gandhi \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-173457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":170787,"url":"https:\/\/alphastreet.com\/india\/balkrishna-industries-q1-fy26-earnings-results\/","url_meta":{"origin":173457,"position":0},"title":"Balkrishna Industries Q1 FY26 Earnings Results","author":"Divyansh_Kasana","date":"August 29, 2025","format":false,"excerpt":"Balkrishna Industries Ltd (BKT), established in 1987, specializes in off-highway tyres catering to agricultural, construction, industrial, earthmoving, port, mining, ATV, and gardening applications. Presenting below its Q1 FY26 Earnings Results. Q1 FY26 Earnings Results Revenue: \u20b92,760 crore, up 1.69% year-on-year (YoY) from \u20b92,714 crore in Q1 FY25. Total Expenses: \u20b92,473\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"BALKRISIND Q1 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/08\/BALKRIS.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":141315,"url":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-nse-balkrisind-q3-fy23-results-out-total-income-rises-2-yoy\/","url_meta":{"origin":173457,"position":1},"title":"Balkrishna Industries Ltd.(NSE: BALKRISIND): Q3 FY23 Results Out; Total Income rises 2% YoY","author":"Divyansh_Kasana","date":"February 13, 2023","format":false,"excerpt":"Balkrishna Industries Limited (NSE:BALKRISIND) is an Indian multinational company that specializes in the manufacture of off-highway tires and rubber products. The company is headquartered in Mumbai, India and has operations in multiple countries across the world. The company has a strong presence in the Indian market and is known for\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/02\/d25ea8b3-b6bd-41e7-addf-f13f66f9126b.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":148003,"url":"https:\/\/alphastreet.com\/india\/earnings-balkrishna-industries-limited-nse-balkrisind-q4fy23-results-out-total-income-fell-2-yoy\/","url_meta":{"origin":173457,"position":2},"title":"Earnings | Balkrishna Industries Limited (NSE: BALKRISIND) | Q4FY23 Results Out; Total Income fell 2% YoY.","author":"Divyansh_Kasana","date":"June 1, 2023","format":false,"excerpt":"Balkrishna Industries Limited entered the Off-Highway Tyre business in 1987 and has since established itself as a prominent player in the industry. Over the course of three decades, BKT has achieved success by concentrating on specialized segments including agriculture, construction, industrial, earthmoving, port and mining, ATV, and gardening applications. The\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/06\/4b0b185d-fd09-4e7e-947d-ef141089055f-2.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":129586,"url":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":173457,"position":3},"title":"Balkrishna Industries Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 17, 2022","format":false,"excerpt":"https:\/\/youtu.be\/5ZH1ze-EJCE Key highlights from Balkrishna Industries Ltd (BALKRISIND) Q4 FY22 Earnings Concall Q&A Highlights: Ashutosh Tiwari from Equirus asked about the realized hedge rate for 4Q22. Rajiv Poddar Joint MD said the realized hedge rate was 86.5. Ashutosh Tiwari of Equirus asked if Waluj machinery is still usable or if\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":141436,"url":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-balkrisind-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":173457,"position":4},"title":"Balkrishna Industries Ltd (BALKRISIND) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 14, 2023","format":false,"excerpt":"Balkrishna Industries Ltd (NSE:BALKRISIND) Q3 FY23 Earnings Concall dated Feb. 13, 2023. Corporate Participants: Rajiv A. Poddar\u00a0--\u00a0Joint Managing Director Madhusudan Bajaj\u00a0--\u00a0President of Commercial & Chief Financial Officer Analysts: Annamalai Jayaraj\u00a0--\u00a0Batlivala & Karani Securities India Private Limited -- Analyst Binay Singh\u00a0--\u00a0Morgan Stanley -- Analyst Ashutosh Tiwari\u00a0--\u00a0Equirus Securities -- Analyst Arvind Sharma\u00a0--\u00a0Citigroup\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":141550,"url":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-q3-fy23-earnings-conference-call-insights\/","url_meta":{"origin":173457,"position":5},"title":"Balkrishna Industries Ltd Q3 FY23 Earnings Conference Call Insights","author":"Praveen","date":"February 14, 2023","format":false,"excerpt":"Key highlights from Balkrishna Industries Ltd (BALKRISIND) Q3 FY23 Earnings Concall Q&A Highlights: [00:11:53] Binay Singh from Morgan Stanley asked about current inventory levels and its outlook. Rajiv Poddar Joint MD said that for RM the company would ideally like to be around 45 days and currently BALKRISIND is between\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/173457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=173457"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/173457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=173457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=173457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=173457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}