Balkrishna Industries Q3 Revenue Grows 4% to ₹2,682 Crores, Declares ₹4 Dividend
Balkrishna Industries delivered Q3 revenue growth of 4% to ₹2,682 crores with volumes rising 6% to 80,620 MT, while maintaining EBITDA margin at 22.5%. The company expanded carbon black capacity, declared ₹4 interim dividend, and reported strong India market performance despite global headwinds.
*this image is generated using AI for illustrative purposes only.
Balkrishna Industries has reported comprehensive Q3 and 9-month FY26 financial results, demonstrating resilient performance amid challenging global conditions. The company held its earnings conference call on January 29, 2026, providing detailed insights into operational performance and strategic developments.
Financial Performance Overview
The company delivered solid financial metrics for Q3 FY26, with revenue growth supported by sequential volume improvements and stable profitability margins.
| Metric: | Q3 FY26 | Q3 FY25 | Change |
|---|---|---|---|
| Revenue: | ₹2,682 crores | ₹2,578 crores | +4% |
| EBITDA: | ₹605 crores | ₹640 crores | -5.5% |
| EBITDA Margin: | 22.50% | 23.46% | -96 bps |
| PAT: | ₹375 crores | - | - |
| Volumes: | 80,620 MT | 76,075 MT | +6% |
Nine-Month Performance Metrics
For the 9-month period, the company maintained steady operational performance despite market headwinds.
| Parameter: | 9M FY26 | 9M FY25 | Performance |
|---|---|---|---|
| Revenue: | ₹7,762 crores | ₹7,762 crores | Flat |
| EBITDA: | ₹1,760 crores | ₹1,978 crores | -11% |
| EBITDA Margin: | 22.70% | - | Stable |
| PAT: | ₹927 crores | - | - |
| Volumes: | 231,536 MT | 233,873 MT | -1% |
Operational Highlights and Market Performance
Joint Managing Director Rajiv Poddar highlighted the company's sequential improvement during Q3, with overall sales volume increasing approximately 15% quarter-on-quarter. The India market continued its strong performance, sustaining positive momentum from Q2 following GST reduction benefits.
In the U.S. market, despite ongoing tariff challenges, the company regained sales momentum through strong product quality, brand positioning, and cost-sharing arrangements with channel partners. The European market showed positive trends, supported by anticipated better seasonal demand and normalized destocking levels.
Strategic Developments and Capacity Expansion
The company commissioned a new carbon black production line during the quarter, increasing total capacity to 265,000 metric tons per annum. Capex spending for the 9-month period reached approximately ₹2,200 crores, with an additional ₹300-400 crores expected for the full year.
| Development: | Details |
|---|---|
| Carbon Black Capacity: | 265,000 MT per annum |
| 9M Capex: | ₹2,200 crores |
| Expected FY26 Capex: | ₹2,500-2,600 crores |
| Commercial Vehicle Launch: | On schedule for Q4 |
Financial Position and Dividend Declaration
As of December 31, 2025, the company maintained a strong balance sheet with gross debt of ₹3,649 crores and cash equivalents of ₹3,012 crores, resulting in net debt of ₹637 crores. The Board declared a third interim dividend of ₹4 per equity share, adding to the ₹8 already distributed in previous quarters.
The company's EUR-INR realization rate improved to approximately ₹97 for Q3, compared to ₹91-92 in the previous quarter, supporting export realizations despite regional market challenges.
Historical Stock Returns for Balkrishna Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.55% | -5.55% | +2.60% | +2.85% | -6.76% | +60.93% |
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