Sell Balkrishna Industries, target price Rs 2092: HDFC Securities

HDFC Securities has issued a sell recommendation for Balkrishna Industries with a revised target price of Rs 2092. Despite strong volume growth in Q3FY25 and better-than-expected EBITDA margins, uncertainties persist due to higher raw material and freight costs. The brokerage maintains a cautious outlook, valuing the company at 19x Dec-26 EPS.