Sector: Auto Ancillaries /Mid-Cap | Earnings Update 1QFY19 Background: Balkrishna Industries (BIL) is focused solely on 'off-highway' tyres catering to agricultural & industrial segments. A low ~5% share of the global market makes us believe reasonable room exists for several years of growth. While OTR forms ~65% of the global market, for BIL, it only contributes ~33% to its revenue. With the completion of the new 140,000 MT facility at Bhuj, BIL is looking to expand in the OEM, OTR segments. The company has been undertaking vari ous actions like setting up warehouses in markets in North America and Europe to be closer to the customer and have a just in time (JIT) system. The company sales to over 130 countries through Distribution network in Americas, Europe, India and Rest of the world. BIL has also strong partnership with OEMs. Mining tyres accounted for 13% of the company's revenue in FY18....