Neutral Balkrishna Industries; target of Rs 2229: Motilal Oswal

About this update from Balkrishna Industries Limited

Motilal Oswal's research report on Balkrishna IndustriesBalkrishna Industries’ (BIL) 3Q earnings at INR3.8b were above our estimate of INR2.8b, primarily due to MTM gains of INR360m and higher other income. However, despite a healthy pick-up in volume on a QoQ basis, its margin remained under pressure at 22.9% (vs. our est. of 23.1%) due to adverse mix and the impact of US tariffs.OutlookWe have not changed our target multiple for BIL yet and continue to value it at 22x Dec’27E. However, this may warrant a revision going forward if BIL’s returns plunge due to this foray. Reiterate Neutral with a TP of INR2,229.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Balkrishna Industries_01022026_Motilal Oswal

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