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Nirmal Bang Report
We remain cautious on Balkrishna Industries Ltd. as the global off-highway-tyres demand outlook remains uncertain given the erratic weather conditions in Europe and ongoing geopolitical uncertainties.
We also believe that competitive intensity is rising in the global OHT market from low-cost producers in India and also the narrowing pricing gap with MNCs which could limit incremental market share gains.
We also factor in the margin pressure over the medium term and believe that margins will stabilise ~26% by FY27-end.
Furthermore, due to higher capex expectation for off-the road tyre capacity, carbon black and mould facility, we expect the return ratios to remain constrained.
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