Balkrishna Industries (BKT) beat our and street estimates with 4QFY15 APAT of Rs 1.61bn ( 4.5% YoY, 22% QoQ). While volumes came in lower than expected with a 4% YoY decline, BKT?s operating performance surprised positively with healthy gross margin improvement driving 160bps QoQ rise in adjusted EBITDA margin to 28.6%.