{"id":182582,"date":"2026-05-09T02:34:58","date_gmt":"2026-05-09T06:34:58","guid":{"rendered":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-balkrisind-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-09T02:34:58","modified_gmt":"2026-05-09T06:34:58","slug":"balkrishna-industries-ltd-balkrisind-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/balkrishna-industries-ltd-balkrisind-q4-2026-earnings-call-transcript\/","title":{"rendered":"Balkrishna Industries Ltd (BALKRISIND) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Balkrishna Industries Ltd (NSE: BALKRISIND) Q4 2026 Earnings Call dated May. 09, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

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

Madhusudan Bajaj<\/strong> \u2014 Senior President, Director and Chief Financial Officer<\/em><\/p>\n

Satish Sharma<\/strong> \u2014 Senior President and Director of Business Development & Strategy<\/em><\/p>\n

Analysts:<\/h2>\n

Raghunandhan N. L.<\/strong> \u2014 Analyst<\/em><\/p>\n

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

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

Unidentified Participant<\/strong><\/p>\n

Joseph George<\/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 Q4NFY 26 earnings conference call. This conference call may contain forward looking statements about the company which are based on 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.<\/p>\n

Should you need assistance during the conference 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 Podal, joint Managing Director. Thank you. And over to you sir.<\/p>\n

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

Thank you, Yusuf. Good morning everyone and thank you for joining us today. Along with me I have Mr. Bajaj, Senior President Director Commercial and our CFO Mr. Satish Sharma, Senior President and Director of Strategy and Business Development Mr. Ravi Joshi, our Deputy CFO Mr. Sushil Mishra, Head of Accounts and SGA RI Advisors. At the onset, let me start by saying we have seen resilient. We have been resilient in a challenging external environment. While macroeconomic uncertainties continue to persist at bkt, we remain confident in our ability to to deliver sustainable and profitable growth over the medium to long term.<\/p>\n

Our financial performance has remained stable reflecting the strength of our integrated business model and disciplined cost management. We are now witnessing raw material price upticks due to supply chain disruptions and are closely monitoring the situation while maintaining a steady balance between the supplier between superior product mix and price hikes. To partially offset this impact, I shall now discuss the performance updates of each of our business. Let me first begin with our OHG business.<\/p>\n

We are pleased to report a quarter marked by continued sequential improvements in volumes supported by gradual normalization across key markets. H2 performance was significantly better than H1. This resulted in a strong operational year for the company where we delivered our highest ever quarterly volumes in Q4 and also the highest ever volumes annually in the financial year 26. From end market perspective, in Europe, H2 showed good recovery over H1 driven by easing in channel inventories. Similarly in the Americas market we were witnessing improving traction supported by higher channel activity.<\/p>\n

We have created a sharper focus in our go to market strategy for Americas in order to realize the true potential of the BKT product range in that market. India continues to outperform all markets and witness a sustained market momentum. We are cautiously optimistic for the geography given the weather Forecast of IMD for the upcoming monsoon season I shall now share some insights of our Carbon black business for the financial year 26 our carbon black business recorded marginal revenue growth on year on year basis with third party sales at 9% of overall business.<\/p>\n

In December 25th we commissioned our new line for carbon black taking the total capacity available to us at 265km. I am pleased to share that we have witnessed full utilization levels for the new lines supported by a mix of internal consumption and external third party sales. To ensure Energy Circularity Model Company increase the captive power plant capacity at Bhuji to 64 megawatt during February 26th. We are now targeting the balanced part of carbon black capacity to come on stream in Q1 of financial year 27 in specialty carbon black.<\/p>\n

We have already secured approvals for select grades across plastics, pressure pipes and power cables and inks. Moving to our onboard highway business during the quarter, we continue to make progress on our long term growth roadmap with a strong focus on product diversification and market expansion. We have entered the truck bus radial segment with the new product launches in February 26th. This segment is aligned with infrastructure growth, increasing radialization trends thereby helping us to tap the replacement market opportunities that lie for us.<\/p>\n

Further, we have relaunched the two wheelers tires where we have introduced select products targeting domestic market. The distribution network and channel infrastructure for the on highway segment is being built with products being placed in the market starting April 26th along with focused marketing campaigns with Ranveer Singh, our brand ambassador to popularize our entry in these newer segments. The early response from the market has been encouraging reflecting acceptance of our product quality and performance.<\/p>\n

Building on this momentum, the company plans to introduce the passenger car radial or PCR tires by the end of the current calendar year. Following a phased and calibrated approach at bkt, we see our entry in these new segments as a strategic adjacency that complements our existing strengths at overall level. While macroeconomic uncertainties persist, we remain focused on the following volume growth with margin discipline, leverage our carbon black capabilities to improve efficiency and quality and lastly to scale up progressively our own highway business.<\/p>\n

Let me now share an update on the BKT brand. During the year we undertook a repositioning of the BKT brand architecture by differentiating the corporate and the regular lines by adding tyres and carbon to product branding aimed at making it more contemporary and emotional engaging while retaining its core attributes of performance and reliability. The same must have been noticed by all of you during the ongoing T20 league in India Integrated Product and brand building initiatives across major digital and print platforms.<\/p>\n

Under the campaign Elevate youe Drive with our Brand Ambassador Ranveer Singh has received strong engagement and positive customer response. These initiatives have enhanced brand recall, supported new product launches and strengthened BKT’s positioning across domestic and international markets. Now let me quickly share insights on sustainability as highlighted in our FY25 report. As part of our long term strategy, sustainability continues to remain a core focus area. As at Balkishna Industries during 25 the financial year 25 we have made steady progress across our ESG priorities.<\/p>\n

During the year our S and P Global Corporate Sustainability Assessment or the CCSA score improved to 58 reflecting the steady progress of sustainability initiatives taken by us and reinforcing BKT’s position among the leading Indian tire manufacturers on sustainability performance. As a part of our CASR activities, we have entered into a partnership for establishing Narsi Monji Skill Tech University in Mumbai through a committed contribution of rupees 25 crores staggered over the next few years.<\/p>\n

As a part of this initiative, a dedicated BKT School of Engineering and Technology will be set up reinforcing the company’s focus on promoting skill based higher education aligned with our industry needs. Lastly, an important development as a part of commitment to robust governance, transparency and global best practices, the Board has approved the appointment of Deloitte Haskins and Sells Chartered Accountant LLP has joined Statutory Auditor on the recommendation of the Audit Committee and subject to approval shareholder at the ensuing AGM Moving on to our ongoing and new CAPEX programs As a part of our ongoing CAPEX plans we have completed the following A new line of Carbon Black facility in BHUTJ taking our capacity to 265,000 km increase the power plant capacity in Bhut from 40 to 64 megawatts.<\/p>\n

In February 26th we completed phase one of this commercial vehicle radial tire project with a capex of 750 crore adding fungible capacity of 800 tires per day. For CBRN OHT we are now working on the completion of the Balance Carbon Black project which will take our overload capacity to 360,000 KTA or phase two end phase two of the commercial radial vehicle tire project and also the PCR tire project which is scheduled to launch in FY27. These projects are expected to be completed as per schedule.<\/p>\n

The Board of Directors has approved an additional capex of 2000 crore which will support capacity expansion and infrastructure development across both OHT and on road tire categories. AI enabled automation across on highway tire category and also the company’s sustainability initiatives. This spend is intended to drive long term cost efficiency, enhance operational resilience, improve sustainable performance and create scalable platform for future growth. With this I now move onto operational highlights.<\/p>\n

For the quarter our OHG sales volume stood at 85,280% metric tonnes, a growth of 5% year on year. For the financial year 26 our volumes stood at 317,356 metric tonnes. Our standalone revenue for the quarter stood at 2,894 crores registering a growth of 2% year on year. This however includes a realized loss on foreign exchange pertaining to 47 crores for the financial year 26 standalone revenue today at Rupees 10,656 crores registering flattish performance on year on year basis. This however includes realized loss on foreign exchange pertaining to sales of rupees 164 crores.<\/p>\n

The standalone EBITDA for the quarter was at 663 crores with a margin of 22.9%. The margin was particularly impacted towards the end of the quarter on account of headwinds faced due to geopolitical scenario and its impact on supply chain. For the financial year 26 the standalone EBITDA was at 2,423 crores registering a degrowth of 10% on year on year basis. The margin however stood at 22.7%. Profit after tax for the quarter was recorded at 295 crores while for financial year we have recorded a PAT of 1222 crores.<\/p>\n

Our CAPE expense for the year was 2,800 crores approximately as on 31st March. The gross debt and cash and cash equivalents were 4,049 crores and 3,154 crores crores respectively. Accordingly, we have a net debt of 895 crores. The Board of Directors has recommended a final dividend of rupees four per equity share subject to shareholder approval at the upcoming AGM. This is in addition to the 12 rupees that we have paid per share for the previous three quarters. With this I now conclude my opening remarks and leave the floor open to Q and A.<\/p>\n

Thank you.<\/p>\n

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

Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch on telephone. If you wish to withdraw yourself from the question queue you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles first question is from the line of Raghunathan from Nuama Research. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Raghunandhan N. L.<\/strong><\/p>\n

Good morning sir and thank you<\/p>\n

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

Very much for the opportunity for FY26. How much was the contribution of us to volume? And considering that now the tariff is 10%. Will we see us going back to to 10% of volume in FY27?<\/p>\n

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

That is our ambition and that is what we are targeting for the year.<\/p>\n

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

And how much was it in FY26? Sir? Broad approximately. If you can indicate<\/p>\n

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

It was just. It was just short of 10% but close to that number.<\/p>\n

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

Understood. On the commodity basket, how much was the impact in Q4 and the expectation for Q1? And if you can also indicate how much price hike has been taken so far.<\/p>\n

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

So price hike we have taken between 3 to 5% already across various geographies. And we are targeting round two in the coming in this very month towards the end of this month. And we’ll have. We’ll continue to watch this and maybe we may have to take further price hikes. Regarding the impact, I’ll hand over to Mr. Bajaj.<\/p>\n

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

Price metal prices has gone up by approximately 4 or 5% for the last quarter. The quarter which we ended.<\/p>\n

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

And what would be the expectation for this quarter? Sir, that is June quarter<\/p>\n

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

It should approximately. It may go up around 7 to 8% more.<\/p>\n

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

Understood sir. And when you say 7 to 8% it is as a percentage of revenue or the raw material basket increasing by 7 to 8%.<\/p>\n

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

This is the on raw material prices.<\/p>\n

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

So does that answer your question?<\/p>\n

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

Yes. Thank you. On the freight cost, how much was the freight cost in Q4<\/p>\n

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

As per percentage of revenue given the geopolitics. And how do you see it for future?<\/p>\n

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

It was about four and a half to 5%. And we expect it to go up much the way things are subject to no further disruption.<\/p>\n

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

Got it. Sir, one question.<\/p>\n

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

Sorry to interrupt. Mr. Raghunandan may please request you to rejoin the queue sir for the follow up question.<\/p>\n

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

Sure.<\/p>\n

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

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

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

Thank you sir. Ladies and gentlemen, in order to ensure that the management is able to address all the questions from the participant please restrict yourself to two questions only. Should you have a follow up question, please rejoin the queue. Next question is from the line of Siddhartha Bera from Nuama. Please go ahead.<\/p>\n

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

Yeah, thanks. The opportunity, sir. So first question is on this outlook. You said that in the second half you have seen pickup in Europe as well as North America is also improving. Given this backdrop for the next year, would it be possible to give some volume Guidance, how much are we expecting for the OHT business? And on that, I mean given that we have now started CV Radiant tires also some color there. How much are we expecting to sort of send in FY27?<\/p>\n

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

So we stopped giving guidance due to the geopolitical scenarios and uncertainties. But we are of course expecting growth. But we don’t give guidance on that. Thank you.<\/p>\n

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

And about the Sir CV radial tires,<\/p>\n

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

The business has just begun and we are hopeful to reach our stated vision by 2030. And we are working towards that.<\/p>\n

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

Understood sir. On Capex side. So you said additional 2,000 crore capex which has been announced now. So with that how much are we expecting the total capex for FY21.<\/p>\n

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

In. In this financial year? About between 1500-1800 crores.<\/p>\n

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

Okay, understood.<\/p>\n

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

Thank you. Next question is from the line of Pramod Amte from Incorrect capital. Please go ahead.<\/p>\n

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

Yeah. Hi. Thanks for taking my question. So if I have to look at your presentation slide 16, you are talking about overall CapEx till FY29 of 6800 crores. This includes the recent announcement of 2000 crores.<\/p>\n

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

Yes.<\/p>\n

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

And where is this incremental 2000 crores going into? Because your vision was anyway put out for FY30. Is it going into some<\/p>\n

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

Surprises in Capex cost or you are adding more molds? What is the extreme of almost 30% in CAPEX?<\/p>\n

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

As I’ll read my commentary again, the board has approved additional capex of rupees 2000 crores which will create capacity extension and infrastructure development across both OHT and on highway tire categories. AI enabled automation across on highway tire categories and the company’s sustainability initiatives. This spend is intended to drive long term cost efficiency and enhance operational resilience. Improve sustainability performance across the company and also create a scalable platform for the future growth.<\/p>\n

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

So it’s a combination of both CAPEX and the productivity improvement. If I heard you right.<\/p>\n

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

Yes. Yes sir.<\/p>\n

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

Okay. Thanks. And the second one since the capacity is coming on stream now for CV almost ready and car should be end of the year. What is your current distribution network? How much you plan to increase by end of the year? Can you give some sense?<\/p>\n

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

I’m Satish Sharma Desai. The primary distribution in the form of distributors is nearly complete for both the categories and the number of dealerships will be added. As for the ramp up of sales<\/p>\n

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

But it need to be significant. Sorry, I didn’t get.<\/p>\n

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

Will be in line with the sales ramp.<\/p>\n

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

Okay,<\/p>\n

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

Sure. Thanks.<\/p>\n

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

Thank you. Next question is from the line of Arjun Khanna from Kotak Mutual Fund. Please go ahead.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Thank you for taking my question. So the first question is on the American piece. So there is a refund of the reciprocal tariffs. Just want to understand, have we filed for the refund? Will we get part of it or will the importer distributor get. If you could throw some color on this matter, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So in us we are the importer on record. So whatever process is required, we have already filed. But as of now we have not received anything<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Fair. And what is the quantum that we would have filed, sir?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Quantum as of now, I’m not handy with the number.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Sure. And since you’re imported of the record, ideally it should come back to us. That’s the fair understanding. Or do we need to pass part of it to our dealer distribution?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So as a PR practice, obviously we are supposed to pass back part of it. What what was recovered from the customers.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

The second query is regarding the two wheeler tires segment which we have done a lot of marketing. Also on what would our capacities be at this point in time?<\/p>\n

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

Presently we are having a capacity about 100,000 tyres a month. And again it will go up as per the market response.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Sure. And in terms of the outsourcing arrangements, what is the peak scale up that we can do on this front?<\/p>\n

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

At the moment we don’t see it as a limiting factor.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Okay, perfect. Sir. Just the last queries on the PCR side which we have endeavored to launch by the end of this calendar year. As mentioned in the opening remarks, in the presentation you talked of premium positioning. Could you help us understand what does this mean? Are we planning only on certain inch rim sizes? Are we looking at premium to the market leader, which I understand is Bridgestone or if you could just explain a little bit on the product positioning,<\/p>\n

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

What it implies is that we are not discounting our products will be in line with the market leaders. That’s what it means.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Sure. Fair enough. Thank you and wishing you all the best.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Sagar Parikh from Renaissance Investments Managers. Please go ahead.<\/p>\n

Satish Sharma<\/strong><\/p>\n

Yeah, hi. Am I audible?<\/p>\n

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

Yes, please go ahead. Hi,<\/p>\n

Satish Sharma<\/strong><\/p>\n

Thanks. Thanks for taking my question. My question is on the on highway tire strategy. So just wanted to make some sense to do like firstly give us qualitative aspect of how you are planning to, you know, scale up your on highway overall, what would be the peak revenue and between tbr, PCR and the two wheelers and currently how many distributors are on board? If something on the qualitative side will be helpful.<\/p>\n

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

So Our stated vision is 5,000 crore revenue by 2030. We are holding on to that position.<\/p>\n

Satish Sharma<\/strong><\/p>\n

The<\/p>\n

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

Distribution like I said the primary distributors are all complete. We are about 90 in all for this these categories and the dealerships will be expanded as please as per the sales.<\/p>\n

Satish Sharma<\/strong><\/p>\n

Right. And how would be the margins in this versus our off highway?<\/p>\n

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

As we have mentioned in the past we are as a company looking to keep a sustained EBITDA levels which we will continue to do<\/p>\n

Satish Sharma<\/strong><\/p>\n

For 23 to 25% is sustainable in your view in spite of the on highway scale up.<\/p>\n

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

That is a company as a whole. Yes it is. That is we are yet maintaining our position.<\/p>\n

Satish Sharma<\/strong><\/p>\n

Right. And in terms of like near term if I have to look at FY27 because of the raw material cost pressures is it fair to say that near term there could be some margin pressure or do you think that the price price increases would fully, you know mitigate the impact of the RM pressure?<\/p>\n

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

So at this moment we are seeing the pressure to come. We are evaluating the situation and see how much we can pass on. But at this moment we may have some price pressures.<\/p>\n

Satish Sharma<\/strong><\/p>\n

All right, thanks for taking my question. That’s it.<\/p>\n

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

Thank you. Next question is from the line of Vijay Kumar Pandey from Access Capital. Please go ahead<\/p>\n

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

Before taking my question. Couple of questions<\/p>\n

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

Mr. Vijay, your voice is very low.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

Am I audible now?<\/p>\n

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

Yes, please go ahead.<\/p>\n

Raghunandhan N. L.<\/strong><\/p>\n

So sir wanted to check the on the<\/p>\n

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

TBR tire. So do you expect the this segment to start generating revenue from this quarter or will it be only in the later part of this year or later part of FY27? You can just let us know.<\/p>\n

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

The impact will be very very insignificant in the first quarter but thereafter it will start gaining dominance.<\/p>\n

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

Okay. And the critic in terms of the export guy, the export demands of Europe in Europe so some certain OST players they are guiding for mid to mid slightest to mid single digit growth. So is our expectation also around that level to grow for FY27 or will it be lower? Because just want to understand the dynamics in play there. As I mentioned earlier<\/p>\n

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

We. We don’t give. It’s too volatile to give any guidance and we’ll continue to monitor. We are. All we can say is that we are geared up to support the market as and when required. We are doing everything that we need to do to make sure we’re in the best position to get market share whenever the market is there. And this was firmly demonstrated in H2 of this last financial year.<\/p>\n

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

Answer this 2000 crore capex which we plan to do. This will be entirely for FY27 or it will be segregated between next two years.<\/p>\n

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

It will be staggered over the next few years.<\/p>\n

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

Okay.<\/p>\n

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

Okay. Thank<\/p>\n

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

You.<\/p>\n

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

Thank you. Next question is from the line of Joseph George from IIFL Capital. Please go ahead.<\/p>\n

Joseph George<\/strong><\/p>\n

Thank you. Am I audible?<\/p>\n

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

Yes, please go ahead.<\/p>\n

Joseph George<\/strong><\/p>\n

Yeah. So my question is in relation to the CAPEX guidance that I put out 6800 cross. So two questions on that. One is does this amount 6800 crores include anything that you have already spent or is that the number that we should think of from FY27 to 29? That is the first question. Second question is. Sorry<\/p>\n

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

To answer the first question. First is yes, this is including what we have already spent.<\/p>\n

Joseph George<\/strong><\/p>\n

So how much of the 6,800 have you already spent?<\/p>\n

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

Around 3,000 crores.<\/p>\n

Joseph George<\/strong><\/p>\n

Okay, so only 3,800 crores is left for the remaining three years which is 27, 28, 29.<\/p>\n

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

Yes.<\/p>\n

Joseph George<\/strong><\/p>\n

Okay. And the second part of the question is this is entirely project Capex or does it include maintenance as well? And if it doesn’t include maintenance, how much would we think of maintenance per hour?<\/p>\n

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

This is only project and maintenance is about 200 odd every year which will be extra which is also in the past has been always mentioned extra.<\/p>\n

Joseph George<\/strong><\/p>\n

Understood sir. Thank you.<\/p>\n

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

Thank you. Next question is from the line of Yash Agarwal from Narwhal Bank Securities. Please proceed.<\/p>\n

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

Hi sir, thank you for the opportunity. I just wanted to understand in the carbon black business if you could share the split between captive consumption and the external sale. Additionally what are the expected revenue contribution and EBITDA margin for this business?<\/p>\n

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

30% we are consuming locally from the current capacity and 70% is sold in the market and margins are as per industry average.<\/p>\n

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

And also the second on your revenue growth guidance by 2030 as you have mentioned in the PPT like the five year category 17% and Singh in FY26 last year sales versus last year sales was flat. So can you assume that the four year Kaggle would be above 20% to reach our revenue growth expectations? As<\/p>\n

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

The projects come on board, as the projects and capacities come on board, you will see the jumps coming up. So that is why it would be closer to the second part of the stated five year vision.<\/p>\n

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

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

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

Thank you. Next question is from the line of Siddharth from I thought wealth analytics llp. Please proceed. Hi sir, my first question is what is the company’s thought on the on highway tire segment like long term thought process behind Entering this segment.<\/p>\n

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

Long term thought is that in. I mean we are entering into an adjacent business which we see as a growth intensive which provides sufficient growth levers to the company.<\/p>\n

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

Okay, so like you, you, like you will be able to make the same kind of return on capital in the off highway and on road.<\/p>\n

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

As we have mentioned, we look at it as a company as a whole and we have maintained we will be able to keep our sustained levels of EBITDA between 23 and 25%. That is our endeavor.<\/p>\n

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

Okay, my second question is like what is BKT’s positioning in US and Europe in the VS Tire category?<\/p>\n

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

In what ways are you asking?<\/p>\n

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

Like, like what is BKT’s market position? Who are, who’s the number one? Who’s the number two? Like that. Where does BKT stand there?<\/p>\n

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

We have positioned ourselves as a premium player in that category. That’s all we can answer for that.<\/p>\n

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

Okay, thank you.<\/p>\n

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

Thank you. Next follow up question is from the line of<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Raghunand<\/p>\n

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

From Nuama Research. Please go<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Ahead.<\/p>\n

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

Thank you sir. For the opportunity. Sir, on the Euro INR, what was the realization for Q4 and what is the hedge rate for FY27?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rs99 for this quarter.<\/p>\n

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

Thank you. And how do you see the head straight for FY27? Given that current price is about 111<\/p>\n

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

It will be higher than this. But it is not full here so we are unable.<\/p>\n

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

But we should get a better realization compared to 99. Hopefully that will act as a support.<\/p>\n

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

Definitely<\/p>\n

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

Understood, sir. And just a clarification. The TBR capacity you mentioned was 800 tires per day. Would that be right? Sir,<\/p>\n

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

That is for the phase one. Sorry, how<\/p>\n

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

Much will it increase to?<\/p>\n

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

To about 3,800.<\/p>\n

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

So 800 tires per day now and it will increase to 3,800 tires per day. Is that understanding correct?<\/p>\n

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

Yes, yes,<\/p>\n

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

Got it. And on the PCR tires, how much capacity you’ll be starting with then this year?<\/p>\n

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

Oh, we will start around the end of the year calendar year mentioned. And in the first phase we should be getting to 6700,<\/p>\n

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

6700 tires per day capacity. Correct. Thank you sir. And on the channel inventory, with the channel inventory at be at normal levels currently or do you see that there was destocking which happened in FY26 and that would be an opportunity to do some restocking this year?<\/p>\n

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

No, we see it at normal levels.<\/p>\n

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

Last question. In your opening remarks you alluded to improving product mix as and price hikes as your efforts to, you know, support the Margins, if you can elaborate on that. How is the product mix improving for us?<\/p>\n

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

So we are moving more towards the high end radialized products, the specialized products like IFVF technology products. So we are working on those as a product mix.<\/p>\n

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

And what would be the share, sir, of radial tires in our mix?<\/p>\n

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

I don’t have that handy with me.<\/p>\n

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

Okay,<\/p>\n

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

Sir, thank you. Thank you for all the input, sir. Very helpful.<\/p>\n

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

Thank you. Next question is from the line of Hardik Sharda from Mavira emc. Please go ahead.<\/p>\n

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

Thank you for taking my question. Sir, my question is regarding recycling of tires. So how much of the content is. I mean some percentage point of view is required to be used in raw materials?<\/p>\n

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

Hello. Am I audible?<\/p>\n

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

No, no, it’s not. Your voice is coming muffled.<\/p>\n

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

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

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

Better.<\/p>\n

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

Yeah. So my question is from a recycle point of view. So as a total raw material cost or content, how much is your. How much is the percentage of recycle content?<\/p>\n

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

We are as per industry norms.<\/p>\n

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

So is it from. So from a government policy point of view, is it stringent or how is the on ground, you know, replication of the policy?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The government doesn’t mandate anything on the recycled product to be used in the tires. Whatever mandate is there related to that is EPR when the producer is supposed to buy the certificate from the recycler which is we are buying as per the norms. Hope that helps.<\/p>\n

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

Okay. Yeah, yeah, yeah. And does it affect the performance of the tire?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No. Why<\/p>\n

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

Should it? Otherwise why would we use it?<\/p>\n

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

Yeah, no, I thought it’s from a, you know, circular economy point of view. So that clears my question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sorry, sorry to interject again. I am repeating. Government doesn’t mandate any recycled product to be used in the tire. Hope I’m clear. Government only mandate to buy a certificate, not the material. And those certificate are being used as per the bought as per the norms.<\/p>\n

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

If I’m not<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Using any recycled product or there is no mandate then now it will affect the performance. Right?<\/p>\n

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

Okay. Got it. Got it. Understood. Understood. Sir. Thought to buy<\/p>\n

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

The credits and not the recycled product. Understood. Thank you. That was no question.<\/p>\n

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

Thank you. Next question is from the line of Sriram R from Sampada Capital. Please go ahead.<\/p>\n

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

Thank<\/p>\n

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

You for the opportunity. So what will be the value proposition for us in the on highway business? Like in terms of retail pricing, what will be the average cost advantage versus the other players?<\/p>\n

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

I mean it will be at par with the industry. What, What? What do you expect me to tell you on this?<\/p>\n

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

Yeah, sure. In terms of retail Pricing, whether we will be like 15% cheaper than the market leader. Something on those lines. I mean what are your thoughts on<\/p>\n

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

Positioning is at par with the market leaders.<\/p>\n

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

On par with the market leader. Okay. Okay. And so then how do you expect to gain market share over there? What is your route to entry?<\/p>\n

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

We have faith on our product quality and the value proposition that the product and the other operations excellence points which are embedded in our strategy. It’s. I mean in this earnings call possibly we can’t be explaining all those points to you.<\/p>\n

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

Okay. And you did mention that we need to incur about 3,800 crores of capex. So what will be the source of funding for the same? Sir,<\/p>\n

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

It’ll be a mix of both. We are yet working on it.<\/p>\n

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

Okay, so but so then in that case like we have about 4000 crores of debt in the book. So can we assume that it. Speak debt that we have in the books today.<\/p>\n

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

Sorry.<\/p>\n

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

Can we assume that 4000 crores is our peak level of debt or will it go? We<\/p>\n

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

Can’t assume any. We can’t assume anything. It’s a volatile world. It’s a moving world. Projects are being announced. So we can’t assume anything. We’ll keep on making announcements as and when we make changes to it.<\/p>\n

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

Thank you.<\/p>\n

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

Thank you. Next question is from the line of Vijay Kumar Pandey from Access Capital. Please go ahead. Just a follow up. Wanted to understand about the other expenses. So the other expenses has moved significantly in this quarter and also for Kudia. So if you can just highlight what is driving that and how do you see that going forward?<\/p>\n

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

So as you. As I mentioned in my opening remarks this was our highest ever quarter and the best number. So it is in line with that increased production, the other expenses to make those conversion costs etc which has taken. Which has been accounted for. So there is no theoretical jump. It is just the increased numbers because of the increased production.<\/p>\n

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

Okay. Okay. Thank you. Next question is from the line of Siddharth from I thought wealth analytics llp. Please go ahead.<\/p>\n

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

My question is answered. Thank you.<\/p>\n

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

Thank you, sir. Ladies and gentlemen, we will take this as the last question for the day. I now hand the conference over to the management for the closing comments.<\/p>\n

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

Thank you everyone for taking time out and joining us. We look forward to meeting you next quarter. Thank you.<\/p>\n

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

Thank you so much sir. On behalf of Balkrishna Industries Ltd. That concludes this conference. Thank you all for joining us. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Balkrishna Industries Ltd (NSE: BALKRISIND) Q4 2026 Earnings Call dated May. 09, 2026 Corporate Participants: Rajiv Poddar \u2014 Joint Managing Director Madhusudan Bajaj \u2014 Senior President, Director and Chief Financial Officer Satish Sharma \u2014 Senior […]<\/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-182582","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":148003,"url":"https:\/\/alphastreet.com\/india\/earnings-balkrishna-industries-limited-nse-balkrisind-q4fy23-results-out-total-income-fell-2-yoy\/","url_meta":{"origin":182582,"position":0},"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. 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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. 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