External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes.</li><li>Exports form lion’s share of its sales at ~80% of its revenues</li><li>Channel mix: replacement account for ~70% while OEM share is pegged at ~28%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes.Exports form lion’s share of its sales at ~80% of its revenuesChannel mix: replacement account for ~70% while OEM share is pegged at ~28%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries (BALIND) - Light to Emerge at End of Tunnel Starting from Q4FY23

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Autos (Q2FY23 Results Preview): Margins likely to bottom out

<div><div><div><ul><li>While Balkrishna Industries (BKT) enjoys a sustainable competitive advantage over global peers in the OHT segment, the global OHT demand outlook remains uncertain, given the erratic weather conditions in Europe and recessionary trends in the US and Europe.</li><li>Further, BKT margin has declined to a multi-quarter low of 20% due to (1) high input costs; (2) a sharp increase in freight costs; and (3) adverse currency movement.</li><li>We assume its margin would normalise gradually to 27.5% by FY25E as these cost headwinds normalise. </li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

While Balkrishna Industries (BKT) enjoys a sustainable competitive advantage over global peers in the OHT segment, the global OHT demand outlook remains uncertain, given the erratic weather conditions in Europe and recessionary trends in the US and Europe.Further, BKT margin has declined to a multi-quarter low of 20% due to (1) high input costs; (2) a sharp increase in freight costs; and (3) adverse currency movement.We assume its margin would normalise gradually to 27.5% by FY25E as these cost headwinds normalise. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries - Macro Challenges Hurt Earnings Visibility

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li><span style="font-size: var(--content-font-size);">Demand holds reasonably well: Demand continued to hold strong across segments and regions.</span></li></ul><div><div><div><div><div><ul><li>Cost pressures to persist in the near term; reiterates sustainable margin guidance</li></ul><div><div><div><div><ul><li>Rs22.5bn capex to cater to medium term demand: BKT has decided to keep on hold investment of Rs3.5bn to continue operating the old Walunj plant and operations in the plant will continue, taking its total capacity to 360k MT by the end of FY23. Project capex for FY23 will likely be at ~Rs9bn each.</li></ul></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Demand holds reasonably well: Demand continued to hold strong across segments and regions.Cost pressures to persist in the near term; reiterates sustainable margin guidanceRs22.5bn capex to cater to medium term demand: BKT has decided to keep on hold investment of Rs3.5bn to continue operating the old Walunj plant and operations in the plant will continue, taking its total capacity to 360k MT by the end of FY23. Project capex for FY23 will likely be at ~Rs9bn each.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Balkrishna Industries - Margin Pressure to Sustain; Valuation Remains Attractive

India

Balkrishna Industries Ltd. manufactures automobile tires and tubes. The Company also manufactures different varieties of paper & paper boards and processes synthetic textiles.

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Balkrishna Industries (BIL IN)

Balkrishna Industries (BALIND) - Light to Emerge at End of Tunnel Starting from Q4FY23

Balkrishna Industries (BIL) is the leader in the niche tyre segment used in heavy machinery for mining and agriculture purposes.

ICICI Securities Limited

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

Balkrishna Industries - Macro Challenges Hurt Earnings Visibility

Further, BKT margin has declined to a multi-quarter low of 20% due to (1) high input costs; (2) a sharp increase in freight costs; and (3) adverse...

HDFC Securities

Balkrishna Industries - Margin Pressure to Sustain; Valuation Remains Attractive

Balkrishna Industries’ (BKT) revenue in 4QFY22 came in ahead of our estimate, led by strong volume growth of 13% YoY vs our expectation of 6.5% YoY.

Nirmal Bang

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