Balkrishna Tyres is India’s largest Off-the-Road / Highway tyre company. Revenues are largely from exports (EU + US) where it has a price advantage. The company is strong in the replacement market and it gradually increasing its marketing spends to expand its market share. Company has been adding capacity at regular intervals which has driven growth and improved margins through scale of operations. Backward integration into carbon black has increased margins and assured supply of key raw material. Despite good fundamentals, we have a neutral weight rating due to fair valuations – 14-05-2021 Price: 1898.55 Rating: Neutral Recommendation: Hold
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