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Belrise Industries Results: Latest Quarterly Results & Analysis

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Belrise Industries Ltd. 25 May 2026 12:06 PM
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Q4FY26 & FY26 Result Announced for Belrise Industries Ltd.

Auto Parts & Equipment company Belrise Industries announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from operations: For Q4FY26, revenue stood at Rs 25,528.30 million, reflecting a YoY growth of 12.24% from Rs 22,743.48 million in Q4FY25, and a QoQ increase of 9.07% from Rs 23,405.24 million in Q3FY26. Annual revenue for FY26 was Rs 95,091.02 million, marking a 14.69% YoY growth compared to Rs 82,908.16 million in FY25.
  • Total Income: Total income for Q4FY26 was Rs 25,729.39 million, up 12.62% YoY against Rs 22,846.42 million in Q4FY25, and an increase of 8.37% QoQ from Rs 23,742.08 million in Q3FY26. The total income for FY26 reached Rs 96,188.60 million, up 15.16% YoY from Rs 83,524.48 million in FY25.
  • Profit/(Loss) for the period (Net Profit): In Q4FY26, net profit grew by 18.37% YoY to Rs 1,302.25 million compared to Rs 1,100.17 million in Q4FY25, and recorded a QoQ rise of 6.77% from Rs 1,219.73 million in Q3FY26. For the full year FY26, the net profit surged by 39.79% YoY to Rs 4,968.60 million against Rs 3,554.43 million in FY25.

Standalone Financial Highlights:

  • Revenue from operations: Q4FY26 revenue was Rs 21,069.63 million, registering a YoY increase of 17.11% from Rs 17,991.14 million in Q4FY25, and reflecting a 15.68% QoQ growth from Rs 18,213.99 million in Q3FY26. Annual revenue for FY26 increased by 14.17% YoY to Rs 75,283.30 million from Rs 65,938.07 million in FY25.
  • Total Income: Total income for Q4FY26 grew by 17.37% YoY to Rs 21,260.93 million against Rs 18,113.81 million in Q4FY25, while growing 14.65% QoQ from Rs 18,544.26 million in Q3FY26. For FY26, total income increased by 14.49% YoY to Rs 76,234.19 million compared to Rs 66,585.83 million in FY25.
  • Profit/(Loss) for the period (Net Profit): Q4FY26 net profit jumped by 23.55% YoY to Rs 1,362.65 million from Rs 1,102.93 million in Q4FY25, alongside a 16.72% QoQ rise from Rs 1,167.49 million in Q3FY26. Annual profit for FY26 stood at Rs 4,784.04 million, a strong 43.89% increase from Rs 3,324.76 million in FY25.

Business Highlights:

  • Fund Raising: The Board of Directors approved the raising of funds aggregating up to Rs 20,000.00 million by way of issuance of equity shares or any other equity-linked instrument through a Qualified Institutions Placement (QIP), subject to shareholder approval.
  • Dividend: The Board recommended a final dividend of Rs 0.55 (@ 11%) per equity share for the financial year ending March 31, 2026.
  • Corporate Guarantee: The Company approved a Corporate Guarantee in connection with an External Commercial Borrowing (ECB) facility to be availed by its wholly-owned subsidiary, Belrise Defence and Aerospace Private Limited, aggregating up to EUR 3,300,000 (representing 110% of the ECB facility amount).
  • Scheme of Amalgamation: The Board approved a Scheme of Amalgamation amongst Badve Autocomps Private Limited, Eximius Infra Tech Solutions Private Limited (Transferor Companies), and Belrise Industries Limited (Transferee Company), subject to NOC from stock exchanges and approval from the NCLT.
  • Acquisition of Aerospace Equipment: The Company, through its subsidiaries, acquired certain aerospace-related equipment for a total consideration of Euro 350,000 pursuant to an Order of Private Sale passed by the Commercial Court of Arras, France.
  • Subsidiary Incorporation: Belrise Defence and Aerospace Private Limited (a wholly-owned subsidiary) incorporated a step-down subsidiary named Belrise UK Holdings Limited in London, England, on February 6, 2026.
  • Segment Performance: The operating segment of the Company is exclusively identified as 'Automotive Components'. Therefore, separate segment-wise disclosure is not applicable as the company operates within this single primary segment.

Shrikant Badve, Managing Director, Belrise Industries, said: “FY26 marked Belrise's first full year as a listed company, and the team has delivered broadly on all the commitments made at the time of the IPO. Revenue grew at mid-teens, with EBITDA margins stable, validating the operating model and the company's ability to grow sustainably.

Q4FY26 was a strong quarter for Belrise with adjusted PAT reaching Rs 1,290 million, up 17% YoY. Total revenue from operations for Q4FY26 stood at Rs 25,528 million, up 12% YoY, including manufacturing revenue of Rs 21,763 million, which grew 21% YoY.

Content per vehicle also improved meaningfully, up ~65–70% in 2-wheelers and ~40-45% in 4-wheelers and CVs, the latter aided by the consolidation of H-One. The board also approved the merger of two group entities, at close to book value, into the listed company to simplify structure and improve operational efficiency.

In Q4FY26, Belrise completed the acquisition of Chester Hall Precision Engineering, a UK-based manufacturer of aero engine and aerostructure components. Chester Hall supplies to the world's largest aircraft OEM and a leading engine manufacturer, and serves as a single-source supplier of space satellite components for a major OEM's satellite programme. The business specialises in machining advanced materials such as titanium and aluminium grade 7, with precision tolerances below 0.1–0.2 microns and a component rejection rate of just 0.5–1%.

This follows the earlier acquisition of SDM in France, and together the two assets meaningfully deepen Belrise's presence in global OEM aerospace supply chains. Management is in advanced discussions to transfer portions of Chester Hall's subcontracted manufacturing to India to leverage cost and engineering advantages, while preserving precision standards.

Q4FY26 saw a few significant order wins. Belrise secured a new programme with a fast-growing 2/3- wheeler OEM for exhaust systems and fuel tanks, with production slated to begin from a brownfield Bangalore expansion in Q2FY27. Secondly, Belrise stepped in when a Japanese OEMs faced supply disruption when a smaller Tier-1 supplier faced financial distress, developing the required parts within eight weeks. Parallelly, Belrise also won a major follow-on order for complete exhaust systems and other components, expected to generate peak annual revenues of ~Rs 220 crore from Q4FY27.

Looking ahead, we remain focused on driving sustainable growth, maintaining operational resilience, and investing prudently to support long-term value creation. We are confident in our ability to execute on our strategic priorities.”

Result PDF

Result PDF

Auto Parts & Equipment company Belrise Industries announced Q3FY26 results

  • Manufacturing Revenue up 8% to Rs 23,405 million as compared to Rs 21,668 million in Q3FY25.
  • Manufacturing EBITDA up 11% to Rs 2,579 million as compared to Rs 2,316 million in Q3FY25.
    • Manufacturing EBITDA Margins stood at 14.0%.
  • Exports contributed 5.8% to our manufacturing revenue.
  • 73.9% of manufacturing revenue is from powertrain-neutral products.

Shrikant Badve, Managing Director, Belrise Industries, said: “Q3FY26 saw sustained operational momentum and continued progress in executing our long-term diversification strategy to evolve into a precision engineering company. Our focused organic and inorganic growth initiatives are accelerating the shift towards Tier-0.5 system assemblies, enabling us to deliver more integrated, system-level solutions to our OEM partners. Within our core automotive business, we strengthened our market position through higher content per vehicle and deeper OEM partnerships. This has translated into securing an order to set up a new manufacturing facility in Haridwar for one of India’s largest two-wheeler OEMs, with production expected to commence in Q4FY26.

The merger of Badve Autocomps and Eximius Infra Tech with BIL at close to book value and at a significant discount to the Belrise’s P/E ratio will enable a simplification of group structure, higher wallet share, greater vertical integration, increased content per vehicle, and overall EPS accretion at the consolidated level.

Beyond automotive, the quarter marked further progress in expanding into high-technology, safety-critical segments like Aerospace & Defense. We entered into a collaboration with Israel’s Plasan Sasa to localize advanced armored vehicle technology and the Autonomous Electric Mission Module (ATEMM) in India. Additionally, we completed the acquisition of SDM, a European high-precision manufacturer, which provided us access to the supply chains of the largest global commercial aircraft manufacturer, and a leading French fighter aircraft OEM, amongst others. This acquisition will form a base to strengthen our ambition to position India as a best-cost aerospace manufacturing hub

 As we move into the final quarter, we remain focused on scaling high-value engineered systems across automotive, defense, and aerospace, while continuing to create sustainable long-term value for all stakeholders.”

Result PDF

Auto Parts & Equipment company Belrise Industries announced Q2FY26 results

  • Manufacturing Revenue up 17% to Rs 18,601 million. as compared to Rs 15,899 million. in Q2FY25.
    • Manufacturing Revenue as a % of Total Revenue stood at 79.0%.
  • Manufacturing EBITDA up 25% to Rs 2,663 million. as compared to Rs 2,138 million. in Q2FY25.
    • Manufacturing EBITDA Margins stood at 14.3%.
  • Exports contributed 5.7% to our manufacturing revenue.
  • 73.1% of manufacturing revenue is from powertrain-neutral products.

Shrikant Badve, Managing Director of Belrise Industries, said: “We are pleased to announce that our H1FY26 performance was marked by strong execution and growing customer confidence. We continued to build on our strengths in innovation, quality, and system integration.

Total revenue from operations for Q2FY26 stood at Rs 23,535 million, up 14% year-on-year, including manufacturing revenue of Rs 18,601 million, up 17% YoY. This growth was driven by increasing content per vehicle, a higher share of premium and proprietary products in the manufacturing sales mix, better utilization of existing assets and rising contributions from newly commissioned facilities.

The positive demand environment, aided by the festive period, the GST 2.0 rollout, and favorable monsoon, further lifted industry sentiment, translating into solid business traction for us.

Our EBITDA stood at Rs 2,962 million, up 22% with margin at 12.6% and manufacturing EBITDA stood at Rs 2,663 million with margin at 14.3%. The Company utilized IPO proceeds to repay debt of Rs 15,960 million, resulting in substantial interest cost savings and driving an 82% growth in PAT to Rs 1,330 million.

During the quarter, Belrise secured multiple new orders across segments, including a major EV platform win from a leading two-wheeler OEM and a new suspension order from a fast-growing two and threewheeler manufacturer. A key milestone for Q2FY26 was the commencement of production at the new Bhiwadi facility for a Japanese four-wheeler OEM, alongside a new chassis order for a premium exportoriented two-wheeler model for a Japanese two-wheeler OEM.

The company also began supplies of solar structures to a global solar tracker player, marking its entry into the renewable segment. In another major order win, Belrise secured key incremental orders for armored vehicle programs from a leading Indian Defense OEM, reinforcing our position as a trusted partner in the defense segment. These new orders, though modest in near-term revenue contribution, lay the groundwork for meaningful scale-up over the next few quarters.

At Belrise, we intend to focus our investments across auto and non-auto applications including EVs, consumer durables, defense, renewables and other high-value engineered systems to steadily expand our addressable market and position us for the next phase of growth.”

Result PDF

Auto Parts & Equipment company Belrise Industries announced Q1FY26 results

  • Total Revenue: Rs 22,622.1 million compared to Rs 17,809.7 million during Q1FY25, change 27%.
  • EBITDA: Rs 2,805.2 million compared to Rs 2,401.0 million during Q1FY25, change 17%.
  • EBITDA Margin: 12.4% for Q1FY26.
  • PBT: Rs 1,395.2 million compared to Rs 892.0 million during Q1FY25, change 56%.
  • PAT: Rs 1,116.8 million compared to Rs 715.6 million during Q1FY25, change 56%.
  • PAT Margin: 4.9% for Q1FY26.
  • EPS: Rs 1.5 for Q1FY26.

Shrikant Badve, Managing Director, Belrise Industries, said: “Q1FY26 marked a strong start to the year for Belrise Industries, building on the momentum from our listing and further strengthening our position as one of India’s leading integrated automotive component suppliers. The quarter also saw continued progress on strategic priorities, operational expansion, and portfolio diversification.

Total revenue from operations was Rs 22,622 million, up 27% year-on-year, including manufacturing revenue of Rs 18,323 million, which grew 29% YoY, supported by increasing content per vehicle, higher order rollouts from our proprietary product portfolio, commercialisation of the new Chennai facility and successful integration of H-One India into our basket of offerings. Our EBITDA stood at Rs 2,805 million with margins at 12.4%.

A significant highlight this quarter was the commissioning of our new facility in Chennai, which is now commercially supplying a marquee two-wheeler OEM and a marquee commercial vehicle OEM as a single-source supplier across multiple components. This adds to our ongoing capacity expansion initiative, with new plants in Pune and Bhiwadi on track to ramp up operations in the coming quarters.

Our strategic transition from a Tier-1 component supplier to a Tier-0.5 system supplier continues to gain traction.

The acquisitions of H-One India and the plastic components business of Mag Filters are now being integrated into our operations. These bring specialised capabilities in high-tensile steel fabrication and proprietary filtration technology, enabling lightweighting and greater relevance across PV, CV, and 2W segments.

Looking ahead, the Indian auto component industry is expected to grow at a steady pace in FY26, led by the 2W and PV segments. With our expanded manufacturing footprint, diversified portfolio, and strong OEM relationships, Belrise is well placed to outpace industry growth and deliver favourable growth over the years. Our focus remains on penetrating further into our core 2W portfolio, scaling the 4W and CV segments, deepening OEM partnerships, driving proprietary product growth, and maintaining financial discipline.”

Result PDF

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