Balkrishna Industries Vision 2030: ₹23,000 crore plan

A strategic shift after decades of off-highway dominance

For nearly three decades, Balkrishna Industries Ltd (BKT) built its identity around a focused model: manufacturing specialised off-highway tyres (OHT) in India and selling them across global markets. That export-heavy positioning helped BKT develop a global reputation in tyres used in agriculture, mining and construction. But the external environment is changing. Tariff wars, slowing western markets and geopolitical disruptions are reshaping trade flows and planning cycles for exporters. Against this backdrop, BKT is recalibrating its growth plan with a sharper focus on India, on-road tyres, and adjacent businesses such as carbon black.

The transition is visible in the company’s changing sales mix. BKT’s dependence on international off-highway tyre sales has steadily reduced, with export contribution in the segment falling to 64% in FY26 from 71% a year earlier and 82% in FY22. The shift also comes with capital allocation and portfolio expansion, signalling that BKT is preparing for a materially different growth path than the one that defined its earlier years.

Entry into India’s consumer tyre market

BKT has officially entered India’s consumer tyre market with the launch of its On-Highway portfolio. The announcement was made on February 24, 2026, and the initial lineup focuses on two-wheelers (motorcycles and scooters) and medium and heavy commercial vehicles (M&HCV). The company has also said it will soon bring out its offering for the passenger vehicle space.

This is a notable change for a company best known for off-highway tyres, where products are typically positioned around specialised use-cases and international distribution. The on-highway market, by contrast, is a high-volume B2C space in which replacement cycles, brand recall, dealer reach and price competition play a larger role. BKT’s move indicates an effort to translate its engineering and manufacturing base into a broader domestic footprint.

What BKT is launching and how it will sell

In the two-wheeler segment, BKT has indicated that ZENOVA is designed for city commuting, while THYROS is engineered for on-off-road surfaces. The company has said it plans to begin with two primary product categories: a pure on-road tyre and an on-off-road tyre.

For the commercial on-road segment, BKT has announced two products:

• BKT m.Loadxpert (11.00R20)
• BKT Milexpert RG (295/90R20)

The launch timeline for this commercial radial range is Q1 FY2026-27 (April-June 2026). The company has described the range as being developed for high-demand applications such as cement transport, construction logistics and regional cargo movement.

Distribution will use BKT’s existing nationwide distributor-dealer network, with a phased rollout that begins with high-demand markets. BKT has also referenced established global networks in Europe and the United States for B2C markets as part of the broader distribution logic behind the move.

Vision 2030: revenue target and mix

Under Vision 2030, BKT has set a revenue target of approximately ₹23,000 crore by FY30. The company has also outlined the intended mix: around 70% from off-highway tyres, 20% from on-highway tyres, and 10% from third-party carbon black sales. In one statement, management described the FY30 revenue objective as a 2.2x increase from FY25 levels, without specifying the FY25 base number.

The mix suggests that the company does not intend to dilute its core identity as an off-highway tyre leader. Instead, on-highway tyres and carbon black are being positioned as adjacent growth engines, with the off-highway franchise still expected to account for the majority of revenue.

Capex and investment commitments

BKT has committed ₹3,500 crore (USD 400 million) to strengthen its presence across India’s mobility ecosystem. The company has linked this investment to capacity expansion, advanced R&D capabilities and other supporting initiatives.

Separately, Balkrishna Industries has also approved an additional capex of ₹2,000 crore to expand capacities across off-highway and on-highway tyre categories. And at the facility level, the company has said it successfully commissioned the first phase of its ₹750 crore investment programme at its Bhuj facility, adding 800 tyres daily production capacity for commercial vehicle radial tyres and off-highway mining truck tyres.

Brand architecture and carbon black push

As it expands beyond industrial and export-led strengths, BKT is also restructuring its brand architecture. The company is creating two verticals: BKT Tyres and BKT Carbon. This separation is intended to support consumer ambitions while continuing the industrial legacy associated with off-highway categories.

Carbon black is also built into the Vision 2030 model, with the company projecting around 10% of FY30 revenue from third-party carbon black sales. The inclusion of carbon black alongside tyre categories indicates a broader approach to vertical integration and adjacent product economics.

Market positioning: a crowded segment and clear targets

BKT’s on-highway entry spans two-wheelers and M&HCVs, segments characterised by high volumes and entrenched competitors. Management has said it is targeting a 5% market share by FY30 in domestic on-highway segments.

The company has also referenced brand-building as part of the transition, including a national campaign featuring actor Ranveer Singh. That signals a deliberate push to build recall in the consumer market, where purchase decisions can be more brand-led than in specialised off-highway niches.

Why export exposure is being reduced

BKT’s strategic pivot is taking place as global trade dynamics become less predictable. The company has linked its changing approach to tariff wars, slowing western markets and geopolitical disruptions. The numbers support the narrative of a gradual rebalance: export contribution in off-highway tyre sales fell to 64% in FY26, down from 71% in FY25 and 82% in FY22.

This does not imply an exit from exports, but it shows a clearer attempt to build a stronger domestic pillar. For a manufacturer with a long export runway, the domestic on-highway category can act as a counter-cyclical buffer when overseas demand slows or trade costs rise.

Key facts table

What to watch next

The next visible milestone is the commercial on-road radial range rollout scheduled for April-June 2026. Execution will hinge on how quickly BKT can expand dealer coverage in high-demand markets while maintaining product availability across categories.

Over the medium term, the clarity of the Vision 2030 mix will be tested by how the on-highway portfolio scales, how carbon black contributes to the targeted 10% share, and how the company deploys the committed ₹3,500 crore and the additional ₹2,000 crore capex. For now, BKT has laid out a quantified plan, product roadmap and timeline that investors can track through FY27 and beyond.