ICICI Direct has given Buy recommendation for Balkrishna Industries with a target price of Rs. 2650 in its research report issued on Feb 16, 2021

ICICI Direct’s research report on Balkrishna Industries

Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes. Exports form a lion’s share of its sales at ~80% of its revenues Channel mix: replacement accounts for ~70% with OEM share pegged at ~26%. Agriculture accounts for ~64% of volumes with OTR share at ~32% It has consistently operated with high (>20%) margins & return ratios


We retain BUY on BIL amid robust demand prospects, healthy financials We value BIL at a revised target price of Rs 2,650 i.e. 32x P/E on FY23-24E average EPS of Rs 82.9 (earlier target price Rs 2,900).

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At 13:55 hrs Balkrishna Industries was quoting at Rs 1,959.00, down Rs 17.90, or 0.91 percent.

It has touched an intraday high of Rs 1,980.75 and an intraday low of Rs 1,893.00.

It was trading with volumes of 26,533 shares, compared to its thirty day average of 16,870 shares, an increase of 57.28 percent.

In the previous trading session, the share closed down 1.44 percent or Rs 28.80 at Rs 1,976.90.

The share touched its 52-week high Rs 2,724.40 and 52-week low Rs 1,516.80 on 23 September, 2021 and 23 February, 2021, respectively.

Currently, it is trading 28.09 percent below its 52-week high and 29.15 percent above its 52-week low.

Market capitalisation stands at Rs 37,870.84 crore.


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