Balkrishna Industries share price: ICICI Securities maintains Buy rating with target price of Rs 1937
Balkrishna Industries key export markets have reported robust demand (Feb’21 industry exports grew 24% YoY). The latest industry export data (Feb’21) maintained a balance with agri (Ag) demand (up 23% YoY), while OTR (off-the-road) grew at 25%. The latest data continues to support the V-shaped demand rebound: YTD/QTD industry exports are up 11%/27% YoY respectively.
Balkrishna Industries reaches peak utilisation in FY23E (assuming 18% revenue CAGR over FY20-FY23E), ICICI Securities expect the strong RoICs of >25%, justifying its valuation premium vis-à-vis peers: Reuters