Balkrishna Industries Ltd.

Financial

	Balkrishna Inds.	MRF	Apollo Tyres
Operational Metrics
Auto Ancillary Sector
Quarterly Sales Volume - Tyres Sold	0.81 Lakh MT	n/a	n/a
Manufacturing Capacity - Tyres	285000.0 MTPA	n/a	n/a
Chemical Sector
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	4.46	3.18	1.86
P/E	31.89	32.64	33.03
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 %	27.78 %	36.95 %
Share Pledged by Promoters	0.0	0.0	0.07 %
Change in Promoter Holding (3 Yrs)	0.0	-0.16 %	-0.39 %
Change in Mutual Fund Holding (3 Yrs)	7.24 %	1.49 %	5.18 %

Business

	Balkrishna Inds.	MRF	Apollo Tyres
Segment Break-Up	Segment Break-Up Tyres 100.0	-	-
Location Wise Break-Up	Location Wise Break-Up Europe 43.5 India 29.14 North America 17.82 APMEA 0 Others 9.54	Location Wise Break-Up Europe 0 North America 0 APMEA 0 India 91.69 Others 8.31	Location Wise Break-Up Europe 24.48 North America 0 Asia Pacific 60.18 India 0 Others 15.34
OEM vs Aftermarket	OEM vs Aftermarket After market 72.8 OEM 25.7 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 20.0 Replacement 0 Others 80.0
Customer Segment	Customer Segment Agricultural 59.9 OTR 36.6 ATV and lawn and garden 0 Light Truck 0 Off Highway 0 Truck-Bus 0 Passenger Vehicles 0 Others 3.5	-	Customer Segment Truck and Bus 41.0 Off Highway 9.0 4 Wheeler 38.0 ATV and lawn and garden 0 Agricultural 0 OTR 0 Light Commercial Vehicles 6.0 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 Europe 0 Outside India 0 APMEA 0 India 99.91 Others 0.09	Asset Break-Up Europe 30.52 Outside India 0 APMEA 63.17 India 0 Others 6.31