Balkrishna Industries Ltd. benchmarking: Performance to industry peers

Financial

	Balkrishna Inds.	MRF	Apollo Tyres
Operational Metrics
Auto Ancillary
Quarterly Sales Volume - Tyres Sold	0.86 Lakh MT	n/a	n/a
Manufacturing Capacity - Tyres	285000.0 MTPA	n/a	n/a
Chemicals
Manufacturing Capacity - Carbon black	115000.0 MTPA	n/a	n/a
Unclassified
R&D as a % of Total Sales	0.57 %	0.11 %	1.0 %
Financials
5 yr Average ROE	17.37 %	8.42 %	7.36 %
5yr average Equity Multiplier	1.53	1.64	2.18
5yr Average Asset Turnover Ratio	0.72	0.88	0.83
5yr Avg Net Profit Margin	16.01 %	5.92 %	4.08 %
Price to Book	3.91	2.6	1.48
P/E	34.47	22.49	17.97
5yr Avg Cash Conversion Cycle	49.31 Days	56.61 Days	35.97 Days
Inventory Days	56.3 Days	63.9 Days	65.04 Days
Days Receivable	51.31 Days	39.94 Days	40.01 Days
Days Payable	62.39 Days	58.51 Days	86.09 Days
5yr Average Interest Coverage Ratio	82.61	6.47	3.75
5yr Avg ROCE	21.6 %	11.8 %	10.5 %
5yr Avg Operating Profit Margin	24.09 %	14.16 %	14.71 %
5 yr average Debt to Equity	0.33	0.16	0.41
5yr CAGR Net Profit	7.04 %	7.92 %	26.21 %
5yr Average Return on Assets	11.48 %	5.16 %	3.55 %
Shareholdings
Promoter Holding	58.29 %	27.77 %	36.93 %
Share Pledged by Promoters	0.0	0.09 %	0.01 %
Change in Promoter Holding (3 Yrs)	0.0	-0.07 %	-0.41 %
Change in Mutual Fund Holding (3 Yrs)	6.45 %	0.91 %	2.82 %

	Balkrishna Inds.	MRF	Apollo Tyres
Segment Break-Up	Segment Break-Up Tyres 100.0	-	-
Location Wise Break-Up	Location Wise Break-Up Europe 39.7 India 35.8 North America 13.9 APMEA 0 Others 10.6	Location Wise Break-Up Europe 0 North America 0 India 91.69 APMEA 0 Others 8.31	Location Wise Break-Up Europe 32.12 North America 0 India 0 Asia Pacific 63.44 Others 4.44
OEM vs Aftermarket	OEM vs Aftermarket After market 71.0 OEM 27.7 Replacement 0 Others 1.3	OEM vs Aftermarket Aftermarket 73.0 After market 0 OEM 0 Others 27.0	OEM vs Aftermarket Replacement 0 After market 0 OEM 20.0 Others 80.0
Customer Segment	Customer Segment Agricultural 58.2 OTR 38.1 ATV and lawn and garden 0 Light Truck 0 Off Highway 0 Truck-Bus 0 Passenger Vehicles 0 Others 3.7	-	Customer Segment Light Commercial Vehicles 7.0 Agricultural 0 4 Wheeler 37.0 OTR 0 Truck and Bus 40.0 ATV and lawn and garden 0 Off Highway 10.0 Others 6.0
Asset Break-Up	Asset Break-Up India 99.66 Outside India 0.34 India 0 Europe 0 APMEA 0	Asset Break-Up India 99.91 APMEA 0 Outside India 0 Europe 0 Others 0.09	Asset Break-Up India 0 APMEA 60.97 Outside India 0 Europe 35.29 Others 3.74