Balkrishna Industries Ltd.

Financial

	Balkrishna Inds.	MRF	Apollo Tyres
Operational Metrics
Auto Ancillary Sector
Manufacturing Capacity - Tyres	285000.0 MTPA	n/a	n/a
Carbon Black
Manufacturing Capacity - Carbon black	115000.0 MTPA	n/a	n/a
Tyres
Quarterly Sales Volume - Tyres Sold	0.76 Lakh MT	n/a	n/a
Unclassified
R&D as a % of Total Sales	0.79 %	0.11 %	1.0 %
Financials
5 yr Average ROE	18.02 %	8.73 %	6.8 %
5yr average Equity Multiplier	1.5	1.64	2.33
5yr Average Asset Turnover Ratio	0.73	0.86	0.76
5yr Avg Net Profit Margin	16.83 %	6.35 %	3.8 %
Price to Book	5.5	3.23	2.12
P/E	29.16	32.51	23.52
5yr Avg Cash Conversion Cycle	51.06 Days	47.84 Days	14.3 Days
Inventory Days	55.86 Days	64.32 Days	66.88 Days
Days Receivable	49.76 Days	38.48 Days	37.06 Days
Days Payable	65.09 Days	59.9 Days	90.45 Days
5yr Average Interest Coverage Ratio	100.32	6.08	3.45
5yr Avg ROCE	21.93 %	11.48 %	9.26 %
5yr Avg Operating Profit Margin	24.19 %	14.19 %	14.35 %
5 yr average Debt to Equity	0.3	0.16	0.5
5yr CAGR Net Profit	8.93 %	7.91 %	29.3 %
5yr Average Return on Assets	12.18 %	5.36 %	3.1 %
Shareholdings
Promoter Holding	58.29 %	27.78 %	37.36 %
Share Pledged by Promoters	0.0	0.0	1.16 %
Change in Promoter Holding (3 Yrs)	0.0	-0.17 %	0.02 %
Change in Mutual Fund Holding (3 Yrs)	4.97 %	2.29 %	4.15 %

Business

	Balkrishna Inds.	MRF	Apollo Tyres
Segment Break-Up	Segment Break-Up Tyres 100.0	-	-
Location Wise Break-Up	Location Wise Break-Up Europe 42.64 North America 18.24 India 11.2 APMEA 0 Others 27.92	Location Wise Break-Up India 92.45 North America 0 Europe 0 APMEA 0 Others 7.55	Location Wise Break-Up India 0 North America 0 Europe 28.99 Asia Pacific 56.36 Others 14.65
OEM vs Aftermarket	OEM vs Aftermarket After market 73.3 OEM 25.2 Replacement 0 Others 1.5	OEM vs Aftermarket After market 0 OEM 0 Aftermarket 73.0 Others 27.0	OEM vs Aftermarket After market 0 OEM 22.0 Replacement 0 Others 78.0
Customer Segment	Customer Segment Agricultural 59.0 OTR 37.6 ATV and lawn and garden 0 Light Truck 0 Off Highway 0 Truck-Bus 0 Passenger Vehicles 0 Others 3.4	-	Customer Segment OTR 0 Truck and Bus 42.0 ATV and lawn and garden 0 Agricultural 0 4 Wheeler 38.0 Light Commercial Vehicles 6.0 Off Highway 8.0 Others 6.0
Asset Break-Up	Asset Break-Up India 99.56 Outside India 0.44 India 0 Europe 0 APMEA 0	Asset Break-Up India 99.92 Outside India 0 Europe 0 APMEA 0 Others 0.08	Asset Break-Up India 0 Outside India 0 Europe 29.18 APMEA 64.89 Others 5.93