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BALKRISHNA INDUSTRIES LTD. Investor Presentation November ‘26
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Investor Presentation 2 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Balkrishna Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the tire industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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Investor Presentation 3 Table of Contents • Q2 & H1FY27 HIGHLIGHTS • GROWTH ROADMAP: GOALS AND STRATEGY • BKT AT A GLANCE • RECENT ACHIEVEMENTS & MILESTONES • SUSTAINABILITY AT BKT
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Q2 & H1FY27 Highlights
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Investor Presentation 5 Performance Snapshot – Q2FY27 Tire Sales Volume 91,397 MT 30% YoY Rs. 3,450 cr 49% YoY Revenue EBITDA Rs. 629 cr 26% YoY EBITDA Margin 18.2% -329 bps YoY Net Profit Rs. 291 cr 10% YoY Dividend* Rs. 4 per equity share * 2nd Interim Dividend All Figures on Standalone basis
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Investor Presentation 6 Performance Snapshot – H1FY27 Tire Sales Volume 185,167 MT 23% YoY Rs. 6,859 cr 35% YoY Revenue EBITDA Rs. 1,332 cr 15% YoY EBITDA Margin 19.4% -332 bps YoY Net Profit Rs. 723 cr 31% YoY Dividend Rs. 8 per equity share * Total of 1st and 2nd Interim Dividend All Figures on Standalone basis
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Investor Presentation ▪ Supports BKT’s expansion into the passenger car tire segment and creates potential in domestic and international markets. ▪ Combines Pirelli’s premium positioning and technology with BKT’s manufacturing scale and local industrial base. ▪ India car registrations estimated to grow 5–7% annually from 2025–30; premium car tire market projected to grow almost fivefold. ▪ BKT and Pirelli have entered into a strategic agreement to address opportunities in India’s passenger car tire market. ▪ BKT will manufacture Pirelli-branded PCR tires at its Bhuj plant, to Pirelli’s specifications. ▪ A separate service agreement provides Pirelli technical support for testing BKT-branded tires. Strategic Partnership with Pirelli OVERVIEW ▪ Production to begin in 2027. ▪ Supplies to increase gradually to reach 800,000 Pirelli-branded tires in 2030. ▪ Pirelli has a minimum annual offtake commitment, with corresponding capacity commitment from BKT. OFFTAKE ARRANGEMENT ▪ 50:50 joint venture is envisaged, subject to agreed conditions. ▪ The JV is intended to establish a new India plant for PCR tires under Pirelli and BKT brands respectively. ▪ JV agreement and incorporation targeted by 31 December 2030, subject to conditions precedent. PROPOSED JV STRATEGIC RATIONALE Arvind Poddar, Chairman and Managing Director of Balkrishna Industries Ltd. (BKT) “This partnership brings together complementary strengths to capture the opportunities of a growing market while creating value for both companies”.
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Investor Presentation 8 Tire Sales Volume Profile All Figures on Standalone basis Sales volumes in MT 60.5% 36.2% 3.3% FY24 59.9% 36.6% 3.5% FY25 58.8% 37.5% 3.7% FY26 58.4% 34.6% 7.0% H1FY27 292,628 315,273 317,356 185,167 Segmental Sales Channel Sales Geographical Sales Agricultural OTR Others 47.1% 16.9% 26.8% 9.3% FY24 45.1% 15.2% 28.6% 11.1% FY25 40.0% 13.2% 36.3% 10.5% FY26 39.2% 12.4% 39.4% 9.0% H1FY27 292,921 315,273 317,356 185,167 Europe Americas India RoW 71.1% 27.0% 1.9% FY24 72.8% 25.7% 1.5% FY25 70.1% 28.7% 1.2% FY26 70.6% 28.0% 1.4% H1FY27 292,628 315,273 317,356 185,167 Replacement OEM Others
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Investor Presentation 9 Profit & Loss Particulars (Rs in Cr) Standalone Q2FY27 Q2FY26 YoY H1FY27 H1FY26 YoY FY26 Sales (MT) 91,937 70,252 31% 185,167 150,916 23% 3,17,356 Revenue from Operations 3,491 2,389 6,935 5,149 10,820 Realized Gain on Foreign Exchange -41 -68 -76 -70 -164 Total Income 3,450 2,320 49% 6,859 5,079 35% 10,656 Raw Material 2,055 1,145 3,990 2,431 5,301 (Increase) / Decrease in Stock -72 12 -273 65 -51 Employee Expenses 155 126 308 257 522 Other Expenses 683 537 1,502 1,172 2,462 EBITDA 629 500 26% 1,332 1,155 15% 2,423 EBITDA Margin 18.2% 21.5% 19.4% 22.7% 22.7% Other Income 38 71 106 175 248 Unrealized Gain / (Loss) 8 -1 65 -155 -144 Interest & Finance Charges (Net) 70 32 113 61 147 Depreciation 216 190 420 376 764 Profit Before Tax 388 347 12% 970 738 31% 1,617 Tax 96 83 246 187 395 Profit After Tax 291 265 10% 723 552 31% 1,222 PAT Margin 8.4% 11.4% 10.5% 10.9% 11.5% All Figures on Standalone basis
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Investor Presentation 10 Balance Sheet Particulars (Rs. Cr.) Sep’26 Mar’26 Particulars (Rs. Cr.) Sep’26 Mar’26 ASSETS EQUITY AND LIABILITIES Non-current assets 14,174 12,581 EQUITY 11,665 10,966 Property, Plant and Equipment 7,695 7,297 Equity Share Capital 39 39 Capital work-in-progress 3,741 2,472 Other Equity 11,627 10,928 Investment Property 83 56 Other Tangible Assets 5 3 Non-Current Liabilities 2,559 1,718 Right of use Assets 17 17 Financial Liabilities Financial Assets (i)Borrowings 1,616 888 (i) Investments 1,751 1,797 (ii)Other Financial Liabilities 177 281 (ii) Other Financial Assets 44 38 Provisions 47 51 Income Tax Assets (Net) - 25 Deferred Tax Liabilities (Net) 395 317 Other non-current assets 837 875 Other Non-Current Liabilities 323 180 Current assets 6,405 5,132 Inventories 2,423 1,714 Current liabilities 6,355 5,029 Financial Assets Financial Liabilities (i) Investments 1,292 1,327 (i) Borrowings 4,370 3,161 (ii) Trade Receivables 2,135 1,622 (ii) Trade Payables 1,013 918 (iii) Cash and cash equivalents 53 27 (iii) Other Financial Liabilities 560 584 (iv) Bank Balances other than (iii) above 3 4 Other Current Liabilities 362 360 (v) Loans 9 10 Provisions 7 6 (vi) Others 34 13 Tax Liabilities 44 - Other Current Assets 457 415 TOTAL 20,579 17,713 TOTAL 20,579 17,713 All Figures on Standalone basis
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Investor Presentation 11 Cash Flow Particulars (Rs. Cr.) H1FY27 FY26 Operating profit before working capital changes 1,372 2,445 Changes in working capital -1,224 165 Cash generated from operations 147 2,610 Direct taxes paid (net of refund) and others -148 -386 Net Cash from Operating Activities -1 2,224 Net Cash from Investing Activities -1,804 -2,504 Net Cash from Financing Activities 1,831 251 Net Change in cash and cash equivalents 26 -30 All Figures on Standalone basis
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Growth Roadmap: Goals & Strategy
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Investor Presentation 2.2x Revenue Growth by 2030 13 2025 2030 5year CAGR : ~17% ~ Rs. 23,000 cr~ Rs. 10,600cr ~70% OHT Business ~10% 3rd Party sales of Carbon Black ~20% On-Road Business ~ Rs. 23,000 cr by FY30
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Investor Presentation 2.2x Revenue Growth by 2030 14 + = Achieve 8% global market share in OHT segment 2.2x Revenue by FY30 Overall Capex till FY29: Rs. 6,800cr
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Investor Presentation OHT Strategy 15 ▪ Agricultural Tires: To sustain and further consolidate global leadership ▪ Mining Tires: Only Indian manufacturer to develop All-Steel Radial technology up to 57 inches. With full range in both Bias and Radial technologies, the global mining tire market offers a clear runway for accelerated growth ▪ Established a strong portfolio in Tracks, Industrial and Construction tires ▪ Tracks: Expanding of dedicated manufacturing facility for Tracks ▪ The on-going capex of 35,000 MTPA along with De-bottlenecking efforts, the OHT tire capacity will increase to 425,000 MTPA enabling us to reach 8% global market share ▪ Reaching 10% global market remains a strategic goal, to be pursued through modular, carefully phased investments.
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Investor Presentation OHT Strategy ~70% Revenue Contribution by FY30 Achieve ~8% global market share 16
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Investor Presentation Expand Carbon Black capacity 17 ▪ To capitalize on synergies with tire operations and leverage energy and raw material integration, engaged in expansion of Carbon Black plant ▪ Expansion ensure Raw material availability, Energy circularity and support sustainability efforts ▪ Capacity increased to 360,000 MTPA along with co-gen power capacity of 64 MW at Bhuj ▪ Further strengthens market position as a high-quality reliable supplier of Carbon Black to Tire companies in Domestic and International markets Investor Presentation
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Investor Presentation Investor Presentation Expand Carbon Black capacity 18 ~10% Revenue Contribution by FY30 To become a preferred supplier for Tire & Non-Tire segment
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Investor Presentation On-Road Business strategy for India 19 ▪ Planned a modular entry into: ▪ Premium Passenger Car Radial Tires ▪ Commercial Vehicles Radial Tires ▪ Initial focus in on Indian Replacement Market for both the categories. ▪ CV Radial tires pilot launched in Q4FY26 and will ramp up gradually ▪ PCR tires pilot will follow in January 2027 and will ramp up gradually
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Investor Presentation 20 ~20% Revenue Contribution by FY30 Achieve ~5% market share On-Road Business strategy for India
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Investor Presentation 21 BKT: Competitive Advantages Sufficient land and upstream equipment in place. Also possess the talent and systems required to scale the business SCALABLE INFRASTRUCTURE Investments in brand building will now generate greater value across a wider revenue base STRONGER BRAND EQUITY The Carbon Black plant generates power for tire facilities, reducing a major manufacturing cost and ensuring control over a key raw material INTEGRATED CARBON BLACK PLANT 22
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Investor Presentation 2223 BKT: Result of Competitive Advantages On enhanced revenue backed by a superior product mix and operational strengths, do not anticipate a significant decline in ROCE as full potential is achieved. Expect blended margins post full commercialization to be in the range of 23-25% allowing absolute EBITDA to grow significantly ROBUST PROFITABILITY OUTLOOK
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BKT At A Glance
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Investor Presentation 24 Global Leadership in Off-Highway Tires India’s foremost exporter in the Off-Highway tire segment, with a solid presence across agriculture, construction, mining, and industrial applications Wide and comprehensive product portfolio A deep understanding of customer needs has led to the development of over 3,600 SKUs, enabling tailored solutions across a wide range of specialised applications Global distribution network Sales to over 160 countries through Distribution network in the Americas, Europe, India and the rest of the world Current Capacities Tire manufacturing capacity: Achievable output of 3,60,000 MTPA Carbon Black: In-house achievable capacity of 3,60,000 MTPA, including 30,000 MTPA of high-value advanced carbon material FY26 Financials Revenue: Rs. 10,656 Cr PAT: Rs.1,222 Cr No. of facilities Tire Manf. : 4 Carbon Black Manf.: 1 Mould Manf. : 1 Drum Manf. : 1 Wind Farm: 1 BKT: Wheels of Excellence Established in 1987
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Investor Presentation 25 BKT: Through the Years 1987 - 1st Plant in Aurangabad inaugurated by our Founder Chairman, Late Mr. M P Poddar 1995 - Started Production of Off- Highway Tires 2002 - Plant in Bhiwadi, Rajasthan 2003 - Production of ATV, Gardening and earthmoving Tires 2004 - Launch of Radial Agrimax Tires 2006 - Plant in Chopanki, Rajasthan 2011 - Rebranding of BKT 2015 - Started Greenfield Plant in Bhuj, Gujarat 2021 - Commercialized new replacement plant at Waluj (Waluj 2) with capacity of 30,000 MTPA 2022 – Commercialized brownfield tire plant at Bhuj with capacity of 50,000 MTPA 2008 - Launch of Earthmax Tires 2009 - Crosses Rs. 1,000 cr Turnover 2018 - Announced Capex at Waluj and Bhuj 2020 - Self Reliant on Carbon Black with the completion of Phase 2 at Bhuj in Gujarat 2023 – Increased capacity at Waluj to reach 55,000 MTPA 2024 – Completed capex for Advanced Carbon materials 2025 – Announced capex for premium passenger car segment and commercial vehicle radial tire segment 1987-1995 2004-2006 2011-2015 2021-2022 2002-2003 2008-2009 2018-2020 2023-2025
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Investor Presentation Waluj, Maharashtra Bhiwadi, Rajasthan Chopanki, Rajasthan Bhuj, Gujarat 26 Manufacturing Footprint: Tires & Carbon BlackIndia Our Manufacturing Base Note – Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accurac y, timeliness or completeness Tire Carbon Black
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Investor Presentation 27 Serving Global OEMs The Brand Names and logos mentioned are the property of their respective owners and are used here for identification purposes only
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Investor Presentation Board of Directors 28 Chairman, Managing Director and member of Business Responsibility and Sustainability Committee Arvind Poddar Joint Managing Director and member of Business Responsibility and Sustainability Committee Rajiv Poddar Director and Company Secretary Vipul Shah Non-Executive — Non- Independent Director Vijaylaxmi Poddar Non-Executive – Independent Director Shruti Shah Laxmidas Merchant Non-Executive – Independent Director Rahul Dutt Non-Executive – Independent Director Pankaj Ghadiali Non-Executive — Independent Director and Chairman of Business Responsibility and Sustainability Committee Non-Executive — Non- Independent Director Ashok Saraf Natarajan Gnanaskandan Tanjore Non-Executive – Independent Director
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Investor Presentation Strengthening BKT Brand: India Investor Presentation 29 Ravichandran Ashwin is the Brand Ambassador of BKT
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Investor Presentation Well recognized International Brand 30
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Investor Presentation Immagine che contiene persona, vestiti, uomo, aria aperta Descrizione generata automaticamente Click here for the BKT Video Strengthening BKT Brand: India Investor Presentation 31 Ranveer Singh is the Brand Ambassador of BKT
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Investor Presentation Launch of On-Highway Business in India Investor Presentation 32 Click here for the Brand Film
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Investor Presentation 33 BKT 2.0 – The New Brand Architecture IDENTITY FOR TYRES BUSINESS (OHT + ON-HIGHWAY) IDENTITY FOR CARBON BUSINESS “Strong companies evolve not because something is broken, but because the future demands more.”
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Achievements & Milestones
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Investor Presentation 35 BKT Receives Caterpillar “Excellence Level” Recognition for Fourth Consecutive Year BKT received the “Excellence Level” award from Caterpillar’s Global Supplier Excellence Recognition (SER) program for outstanding performance in quality, delivery, and customer support 35
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Investor Presentation 36 BKT Sets Up Advanced R&D Base at NATRAX BKT inaugurated a dedicated Vehicle Dynamics & Testing (VD&T) base at the National Automotive Test Tracks (NATRAX) in Indore, Asia’s second largest and longest test track facility 36
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Investor Presentation 37 BKT Bhuj Plant Achieves Five-Star Rating from British Safety Council BKT Bhuj plant achieved a Five-Star grading in the British Safety Council’s Occupational Health and Safety Audit, reflecting best-in-class standards in workplace safety, health management, and risk control systems 37
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Investor Presentation BKT Tires has extended partnership with Cricket Australia through to the 2028-29 seasons Collaborating with Cricket Australia is not just about expanding our reach. It is about proving that lasting impact is built on long-term vision and unwavering commitment A long-term strategic partnership is never just about visibility. It is about continuity, shared values, and building deep-rooted trust over time BKT extends partnership with Cricket Australia 38 38
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Investor Presentation BKT Tires has introduced a 24x7 journey assistance programme called BKT YOU FORWARD for two-wheeler riders The initiative marks the company’s shift from a pure tyre manufacturer to a comprehensive mobility partner, offering support that extends well beyond the point of sale and aligns with its Elevate Your Drive philosophy Veteran actor Rakesh Bedi brings this story to life in BKT's new digital campaign - because the everyday realities of Indian riders deserve more than a product. They deserve a partner BKT introduces ‘YOU FORWARD’ for two-wheeler riders 39 39 Click here for the Brand Film
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Sustainability at BKT
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Investor Presentation 41 ESG Approch • Sustainable Strategy for Climate Resilience • Energy Management • Emission Management • Waste Management and Circular Economy • Water Stewardship • Biodiversity Protection ENVIRONMENT SOCIAL • Labour Management and Human Rights • Training, Education and Wellbeing • Diversity, Equity and Inclusion • Prioritising Occupational Health and Safety • Education • Health • Rural Development GOVERNANCE • Economic Performance • Corporate Governance • Business Ethics and Compliance • Ethical Procurement • Sustainable Supply Chain • Innovation and Digitisation
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Investor Presentation 42 FY25: ESG Priorities & Progress - Environment
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Investor Presentation 43 FY25:ESG Priorities & Progress – Social & Governance
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Investor Presentation 44 Advancing Healthcare, Education Community Well-being • Donated robotic surgery systems to AIMS Thane & KEM Hospital Mumbai • Supported Tata Memorial Hospital for cancer care access • Partnered with BAVP to strengthen rural healthcare & expand Hedgewar Hospital • Donated ambulances to boost emergency care in Daman & Silvassa • With Akshaya Patra, served over 20,000 mid-day meals to children in Bhuj • Supported Muktangan Education Trust for inclusive learning & teacher training • Constructing a Community Hall for Ahir Samaj in Bhuj to promote social and educational engagement • Extended support to several grassroots NGOs including Child Welfare Trust (Bhuj), Sapna Shikshalaya (Delhi), Sunshine Society (Noida) and others Healthcare Access & Technology Nutrition & Education Community Development
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Investor Presentation 45 Sharing with society BKT Foundation inaugurated a state-of-the-art Sports Injury and Rehabilitation Centre at KEM hospital in Mumbai
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Investor Presentation 46 Sharing with Society BKT Foundation has been featured on the Wall of Giving at TATA MEMORIAL HOSPITAL, in recognition of its long-standing commitment to supporting access to high quality, evidence based and affordable cancer care
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Investor Presentation 47 Ratings S&P Global ESG score: 58 Top among Indian Industry Peers CRISIL Rating: AA/Positive to AA+/Stable Crisil ESG Rating: 57 (+3), Adequate 47
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All images, texts and graphics contained in this document are the copyright of BKT. Permission to print hard copies of this material and to share it with interested people is granted unless otherwise provided by the Author of the document. It is forbidden to extract parts of the presentation without the express consent of the author. Balkrishna Industries Limited (BKT) cannot be held responsible for any incorrect data contained in this document. Any other form of reproduction, electronic or otherwise, as well as the application of any changes, partially or entirely, to images, texts, graphs and data is strictly prohibited without prior written permission from BKT. Balkrishna Industries Limited (BKT) reserves itself the right to alter any details contained in the document without prior notice. Balkrishna Industries Ltd. CIN - L99999MH1961PLC012185 Mr. Saroj Khuntia– CFO saroj.khuntia@bkt-tires.com investors@bkt-tires.com www.bkt-tires.com Company Strategic Growth Advisors Pvt. Ltd. CIN - U74140MH2010PTC204285 Mr. Shogun Jain shogun.jain@sgapl.net +91 77383 77756 www.sgapl.net Investor Relations Advisor