{"id":12865,"date":"2023-01-11T14:52:57","date_gmt":"2023-01-11T09:22:57","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=12865"},"modified":"2023-01-12T12:48:14","modified_gmt":"2023-01-12T07:18:14","slug":"balkrishna-industries-detailed-report","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/","title":{"rendered":"Balkrishna Industries- Detailed report"},"content":{"rendered":"<p>High Conviction Long-Term Idea<br \/>\nUpside Potential: 45%<br \/>\nPositive Triggers: Raw material prices cooling, expansion plans, multi-country exports<br \/>\nRed Flags: Instability in the largest export market, change in raw material prices, and delay in expansion plans<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#About_the_Company\" title=\"About the Company\">About the Company<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#What_brings_this_company_in_focus\" title=\"What brings this company in focus?\">What brings this company in focus?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Management_commentary_on_the_last_quarters_performance\" title=\"Management commentary on the last quarter&#8217;s performance\">Management commentary on the last quarter&#8217;s performance<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Data_as_on_10_Jan_2023\" title=\"Data as on 10 Jan 2023\">Data as on 10 Jan 2023<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Expansion_Plans\" title=\"Expansion Plans\">Expansion Plans<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Bhuj\" title=\"Bhuj\">Bhuj<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Carbon_Black_and_Captive_Power_plant\" title=\"Carbon Black and Captive Power plant\">Carbon Black and Captive Power plant<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Waluj\" title=\"Waluj\">Waluj<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#Strong_financial_management\" title=\"Strong financial management\">Strong financial management<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#What_do_the_charts_say\" title=\"What do the charts say?\">What do the charts say?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/balkrishna-industries-detailed-report\/#ABOUT_THE_AUTHOR\" title=\"ABOUT THE AUTHOR\">ABOUT THE AUTHOR<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"About_the_Company\"><\/span><strong><span data-preserver-spaces=\"true\">About the Company<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Balkrishna Industries Ltd is the flagship company of the Siyaram Poddar Group. It specialises in the manufacture of OTR (Off-The-Road) tyres, a niche tyre segment. These tyres are used in various sectors like agriculture (tractors, trailers, farm equipment), industrial and construction equipment (dump trucks, loaders, etc.), and for utility vehicles (golf carts, All Terrain Vehicles, etc.).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company exports around 80% of its total production. Almost 50% of total production is sold in Europe while other major markets are North America, Asia, Middle East with a significant presence in South America, Africa, and Australia. It has four manufacturing facilities located at Bhiwadi &amp; Chopanki in Rajasthan, Waluj in Maharashtra, and Bhuj in Gujarat.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_brings_this_company_in_focus\"><\/span><strong><span data-preserver-spaces=\"true\">What brings this company in focus?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Despite having seen a challenging situation in its key market, Europe, the company has consistently been able to improve its revenues in the last three quarters. The softening of raw material prices also builds optimism about the forthcoming quarterly results. In addition, the company\u2019s expansion plan is expected to reap benefits over the next few quarters. On the technical charts, it has given a reversal signal hinting that the current downtrend has ended, and a new uptrend is about to begin.<\/p>\n<h3><strong><span data-preserver-spaces=\"true\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-12866 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/balkrishna-1-e1673428441389.png\" alt=\"Past 5 quarter data\" width=\"620\" height=\"354\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-1-e1673428441389.png 620w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-1-e1673428441389-300x171.png 300w\" sizes=\"(max-width: 620px) 100vw, 620px\" \/><\/span><\/strong><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Management_commentary_on_the_last_quarters_performance\"><\/span><strong><span data-preserver-spaces=\"true\">Management commentary on the last quarter&#8217;s performance<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><span data-preserver-spaces=\"true\">\u201cLooking at the current geo-political challenges across the globe especially in Europe, which is also our biggest market, there are strong headwinds. Despite these challenges during the quarter, the Company could deliver a good performance and registered sales volumes of 78,872 M\u201d<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The current situation in Europe continues to be challenging and thereby may have an effect on our performance in H2FY23. The demand pattern has been relatively better in North America however recession fears have impacted the growth rates. India continues to be stably supported by a better economic environment backed by good monsoons.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The recent price correction in raw materials and logistics costs bode well for our margin profile. However, as guided the benefits are expected to kick in from early Q4.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"wp-image-12867 size-full aligncenter\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/balkrishna-2-e1673428624179.png\" alt=\"CAGR data\" width=\"593\" height=\"327\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-2-e1673428624179.png 593w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-2-e1673428624179-300x165.png 300w\" sizes=\"(max-width: 593px) 100vw, 593px\" \/><\/p>\n<h6><span class=\"ez-toc-section\" id=\"Data_as_on_10_Jan_2023\"><\/span><i><span style=\"font-weight: 400;\">Data as on 10 Jan 2023<\/span><\/i><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>One of the factors that we look for while investing is consistency in the growth of the company over the past few years. It is also important that growth is also accompanied by profitability in equal measure. On this account, Balkrishna Industries&#8217; 3-year and 5-year CAGR for revenue growth and profitability stand out among the best in its industry.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-12868 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/balkrishna-3-e1673428742985.png\" alt=\"Annual revenue \" width=\"601\" height=\"313\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-3-e1673428742985.png 601w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-3-e1673428742985-300x156.png 300w\" sizes=\"(max-width: 601px) 100vw, 601px\" \/><\/p>\n<p>Looking at the revenue growth over the past three years, FY21 ending Mar-21 had a YoY growth of 17.6%, and the subsequent year, FY22 saw a YoY growth of 46.6%. The TTM (trailing twelve months) data as on date points to another year of higher growth ending in FY23 if the subsequent quarters deliver accordingly. We expect the next quarters to be significant given the cooling of raw material prices as well as the fructification of expansion plans.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expansion_Plans\"><\/span><strong><span data-preserver-spaces=\"true\">Expansion Plans<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Bhuj\"><\/span><strong><span data-preserver-spaces=\"true\">Bhuj<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Commissioned the 50,000 MTPA brownfield tire plant at Bhuj in Q2FY23. The company expects a ramp-up in production in H2FY23. Project Capex Cost stands at Rs. 800cr.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Carbon_Black_and_Captive_Power_plant\"><\/span><strong><span data-preserver-spaces=\"true\">Carbon Black and Captive Power plant<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The management expects commissioning for 55,000 MTPA Carbon Black capacity along with Power Plant in December 2022. The Project of advanced carbon material for 30,000 MTPA will be commissioned in Q4FY23. Project Capex cost stands at Rs. 650cr.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Waluj\"><\/span><strong><span data-preserver-spaces=\"true\">Waluj<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">The Board had earlier intended to replace the Old Waluj plant with the newly commissioned Greenfield Plant, but given the subsequent business outlook, it was decided to continue operations at both plants along with the modernization of the Old Plant.<\/span><\/p>\n<p>The Board has now decided to revert to its earlier decision of ceasing operations at the old plant. The earlier approved Capex of Rs. 350 crores for the modernization of the old plant will now be utillised at the new brownfield plant site to bring in economies of scale, which is expected to be completed by H1F124. The Waluj location will accordingly have an overall capacity of 55,000 MTPA at a single site<\/p>\n<p>This will increase total production capacity to 360,000 MTPA by H1FY24 post-commissioning of the Waluj brownfield project.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Strong_financial_management\"><\/span><strong><span data-preserver-spaces=\"true\">Strong financial management<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">A key metric for ascertaining the financial health of a company is the ROCE (Return on Capital Employed). Balkrishna Industries has been consistently generating ROCE of above 20% for the past 4 years. This metric builds confidence in the overall ability of the company in prudently managing its finances.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The next quarter&#8217;s results will confirm whether it will continue its growth trajectory from here on or would there be other factors that could adversely affect performance.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12869 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/balkrishna-4-e1673428827651.png\" alt=\"ROCEs\" width=\"593\" height=\"292\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-4-e1673428827651.png 593w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-4-e1673428827651-300x148.png 300w\" sizes=\"(max-width: 593px) 100vw, 593px\" \/><\/span><\/strong><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"What_do_the_charts_say\"><\/span><strong><span data-preserver-spaces=\"true\">What do the charts say?<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While there are many factors that are favourable towards investment, one check is whether the technical charts are supporting the fundamentals and if any positive news is being built into the price at this stage.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12870 size-full\" src=\"https:\/\/univest.in\/blogs\/wp-content\/uploads\/2023\/01\/balkrishna-5-e1673428944632.png\" alt=\"Weekly charts\" width=\"575\" height=\"329\" srcset=\"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-5-e1673428944632.png 575w, https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2023\/01\/balkrishna-5-e1673428944632-300x172.png 300w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/p>\n<p>Balkrishna Industries had a stellar run in 2020 where it rose from levels of 700 to reach a high of around 2600 in October 2021, gaining more than 3X in price in that period. Post reaching this peak, the stock went into a downtrend testing the sloping long-term resistance line a few times. This week, for the first time after a year, the price has closed above this line supported by rising volumes.<\/p>\n<p>This is an indication of a trend change and if this sustains, we could see the stock test levels of 2600, which would be the first resistance level. On crossing this level, the stock has the potential to touch levels of 3200 over a period of one year, implying a 45% upside from here.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"ABOUT_THE_AUTHOR\"><\/span>ABOUT THE AUTHOR<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Ketan Sonalkar (SEBI Rgn No INA000011255<\/p>\n<p>Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at\u00a0<a href=\"https:\/\/univest.in\/\">Univest<\/a>. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.<\/p>\n<p><em>Note \u2013 This channel is for educational and training purpose only &amp; any stock mentioned here should not be taken as a tip\/recommendation\/advice<\/em><\/p>\n<p><em>You may also like: <a href=\"https:\/\/univest.in\/blogs\/weekly-update-31st-december-2022\/\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Weekly update 31st December &quot;}\" data-sheets-userformat=\"{&quot;2&quot;:769,&quot;3&quot;:{&quot;1&quot;:0},&quot;11&quot;:3,&quot;12&quot;:0}\">Weekly update for 31st December <\/span><\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>High Conviction Long-Term Idea Upside Potential: 45% Positive Triggers: Raw material prices cooling, expansion plans, multi-country exports Red Flags: Instability in the largest export market, change in raw material prices, and delay in expansion plans About the Company Balkrishna Industries Ltd is the flagship company of the Siyaram Poddar Group. It specialises in the manufacture<\/p>\n","protected":false},"author":10,"featured_media":26915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[711,714,713,712],"class_list":["post-12865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market","tag-balkrishna-industries","tag-balkrishna-industries-expansion-plan","tag-balkrishna-industries-growth","tag-balkrishna-industries-results"],"metadata":{"_edit_lock":["1673507752:10"],"_edit_last":["10"],"_nectar_gallery_slider":["off"],"_nectar_quote_author":[""],"_nectar_quote":[""],"_nectar_link":[""],"_nectar_video_m4v":[""],"_nectar_video_ogv":[""],"_nectar_video_poster":[""],"_nectar_video_embed":[""],"_nectar_audio_mp3":[""],"_nectar_audio_ogg":[""],"_post_item_masonry_sizing":["regular"],"_nectar_header_bg":[""],"_nectar_header_parallax":["off"],"_nectar_header_bg_height":[""],"_nectar_page_header_bg_alignment":["top"],"_nectar_header_bg_color":[""],"_nectar_header_font_color":[""],"_wpb_vc_js_status":["false"],"_yoast_wpseo_title":["Balkrishna Industries%%title%% %%page%% %%sep%% %%sitename%%"],"_yoast_wpseo_metadesc":["Balkrishna Industries Ltd is the flagship company of the Siyaram Poddar Group. 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