Balkrishna Industries share price: Sharekhan is downgrading the stock to Hold with an unchanged price target of Rs 1800
Balkrishna Industries reported another quarter strong operational performance, beating our earnings estimates. Net revenue grew by 26.5% yoy to Rs 1497 cr in Q3 FY21, largely driven by 26% volume growth at 59,810 MT tyres. Management has witnessed strong demand in the agriculture segment across geographies. In the other segments, Balkrishna Industries witnessed demand recovery in most markets such as industrial, construction, and mining segments.
Balkrishna Industries has planned a capex of Rs 1900 cr for the brownfield project to increase tyre capacity and carbon-black capacity at Bhuj plant: Reuters