Balkrishna Industries Limited (BALKRISIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.1%

₹1,138.82

vs ₹2,194.80 price

Levered DCF

₹2,927.72

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	32.4×	29.48×	30.02×	35.68×	28.77×	27.72×	15.95×	24.76×
P/B	3.68×	4.7×	4.99×	4.99×	5.96×	5.44×	3.06×	4.12×
P/S	3.72×	4.71×	4.75×	3.91×	5.03×	5.75×	3.25×	3.8×
EV / EBITDA	17.36×	17.45×	17.53×	20.02×	17.9×	16.95×	10.63×	13.14×
Gross margin	39.0%	48.3%	48.2%	46.4%	51.3%	56.2%	70.9%	67.3%
Operating margin	14.1%	17.2%	17.3%	11.9%	18.9%	24.6%	19.2%	19.3%
Net margin	11.5%	16.0%	15.8%	11.0%	17.5%	20.7%	20.4%	15.4%
Current ratio	1.01×	1.32×	1.27×	1.17×	1.2×	1.31×	1.23×	1.7×
Debt / equity	0.38×	0.31×	0.35×	0.44×	0.36×	0.17×	0.19×	0.19×
Interest coverage	11.42×	15.91×	15.62×	25.62×	169.87×	118.64×	83.51×	87.48×
Dividend yield	0.8%	0.6%	0.7%	0.8%	1.4%	0.7%	3.3%	0.9%
Payout ratio	24.9%	18.7%	21.0%	29.2%	39.0%	19.7%	53.4%	22.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.3%	15.9%	16.6%	14.0%	20.7%	19.6%	19.2%	16.6%
Return on invested capital	7.3%	9.4%	9.8%	7.5%	11.5%	14.5%	12.3%	10.9%
Return on assets	7.0%	10.6%	10.8%	8.6%	13.1%	14.4%	14.1%	11.9%
Free cash flow yield	-1.9%	0.6%	2.1%	-0.8%	-1.7%	1.3%	2.5%	0.4%
Earnings yield	3.1%	3.4%	3.3%	2.8%	3.5%	3.6%	6.3%	4.0%
Enterprise value	₹443.2B	₹519.7B	₹471.9B	₹410B	₹437.8B	₹335.9B	₹161.9B	₹199.8B
Net debt / EBITDA	1.59×	1.07×	1.12×	1.6×	1.02×	0.48×	0.58×	0.54×
Cash conversion cycle (days)	99	124	95	125	126	90	108	121