On consolidated basis
Quarter ended June 2026 compared with Quarter ended June 2025.
Net sales (including other operating income) of Belrise Industries has increased 12.57% to Rs 2546.47 crore. Operating profit margin has declined from 12.40% to 11.52%, leading to 4.54% rise in operating profit to Rs 293.26 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 63.61% to 67.77%. Purchase of finished goods cost fell from 16.94% to 12.19%. Employee cost increased from 3.61% to 4.54%. Other expenses rose from 3.38% to 3.96%. Other income fell 36.72% to Rs 18.39 crore. PBIDT rose 0.67% to Rs 311.65 crore. Provision for interest fell 41.94% to Rs 46.48 crore. PBDT rose 15.53% to Rs 265.17 crore. Provision for depreciation rose 9.75% to Rs 98.79 crore. Profit before tax grew 19.25% to Rs 166.38 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 44.71 crore, compared to Rs 27.84 crore. Effective tax rate was 26.87% compared to 19.95%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 8.95% to Rs 121.67 crore. Promoters’ stake was 66.46% as of 30 June 2026 ,compared to 73.01% as of 30 June 2025 .
Full year results analysis.
Net sales (including other operating income) of Belrise Industries has increased 14.69% to Rs 9509.1 crore. Operating profit margin has declined from 12.32% to 12.13%, leading to 12.99% rise in operating profit to Rs 1,153.77 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 61.72% to 63.69%. Purchase of finished goods cost fell from 19.32% to 17.06%. Employee cost increased from 3.53% to 3.58%. Other expenses rose from 3.17% to 3.52%. Other income rose 78.10% to Rs 109.76 crore. PBIDT rose 16.69% to Rs 1263.53 crore. Provision for interest fell 24.65% to Rs 231.67 crore. Loan funds declined from Rs 2,963.70 crore as of 31 March 2025 to Rs 1,520.84 crore as of 31 March 2026. Inventories rose to Rs 919.20 crore as of 31 March 2026 from Rs 769.73 crore as of 31 March 2025. Sundry debtors were higher at Rs 1,753.65 crore as of 31 March 2026 compared to Rs 1,591.13 crore as of 31 March 2025. Cash and bank balance rose to Rs 841.36 crore as of 31 March 2026 from Rs 148.93 crore as of 31 March 2025. Investments rose to Rs 113.03 crore as of 31 March 2026 from Rs 108.82 crore as of 31 March 2025 . PBDT rose 33.09% to Rs 1031.86 crore. Provision for depreciation rose 9.46% to Rs 360.95 crore. Fixed assets increased to Rs 3,341.27 crore as of 31 March 2026 from Rs 3,161.25 crore as of 31 March 2025. Intangible assets increased from Rs 1.68 crore to Rs 2.55 crore. Profit before tax grew 50.57% to Rs 670.91 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 168.91 crore, compared to Rs 90.13 crore. Effective tax rate was 25.37% compared to 20.23%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 39.79% to Rs 496.86 crore. Equity capital increased from Rs 325.50 crore as of 31 March 2025 to Rs 444.94 crore as of 31 March 2026. Per share face Value remained same at Rs 5.00. Promoters’ stake was 66.46% as of 31 March 2026 ,compared to 99.81% as of 31 March 2025 . Cash flow from operating activities increased to Rs 875.60 crore for year ended March 2026 from Rs 704.40 crore for year ended March 2025. Cash flow used in acquiring fixed assets during the year ended March 2026 stood at Rs 617.80 crore, compared to Rs 867.72 crore during the year ended March 2025. Other highlights
The company successfully completed its Rs 1,700 crore
QIP, strengthening its financial capacity to support expansion, acquisitions
and capability-building initiatives. Post-QIP, Belrise’s paid-up share capital
increased from Rs 444.94 crore to Rs 483.57 crore following the allotment of
7.73 crore equity shares.
The Board recommended a final dividend of Rs 0.55 per
equity share (11%) for FY26 on the equity shares issued and allotted under the
QIP, subject to approval.
The company proposed to increase its authorized share
capital from Rs 500 crore to Rs 550 crore, comprising 110 crore equity shares
of Rs. 5 each, subject to shareholders’ approval.
In Q1 FY27, Manufacturing Revenue increased 20% to Rs
166.4 crore. Manufacturing EBITDA Margins stood at 12.7%. 71% of manufacturing
revenue is derived from powertrain-neutral products.
The company announced the acquisition of Hyva India’s
tipper business in August 2026, adding three manufacturing facilities across
Pune, Jamshedpur and Bengaluru and strengthening Belrise’s heavy-fabrication
capabilities. The acquisition provides access to a new European Commercial
Vehicle OEM, supports the company’s Tier-0.5 systems strategy, and creates
potential synergies with its emerging defence and armored vehicle
opportunities.
In Q1 FY27, the company secured an additional chassis
order from one of the fastest-growing 2W & 3W OEMs for a high-selling model,
with annual revenue potential of Rs 65+ crore. Production is expected to start
in Q4 FY27 from the existing Bangalore facility, further increasing wallet
share with the customer.
The company is expanding its manufacturing in the
renewable energy sector through a new facility for a leading US-based solar
tracker manufacturer. The facility will manufacture sheet-metal assemblies
supporting approximately 2.5 GW of annual supplies, with peak revenue potential
of Rs 150+ crore.
In Q1 FY27, 2W + 3W contributed 81.4% to sales, CVs 8.5%,
PVs 4.6%, and others 5.5%.
In Q1 FY27, 2W+3W revenue grew 18% YoY, PV revenue up 22%
YoY, CV revenue grew 16% YoY, and others fell 69% YoY.
Management Comments :
Mr.
Shrikant Badve, Managing Director of Belrise Industries said, “Q1 FY27 was a
strong start to the year, with Belrise continuing to deliver growth while
simultaneously broadening the base for its next phase of expansion. Our focus
remains on moving beyond individual components towards larger assemblies and
proprietary products, while increasing our content per vehicle and deepening
our relationships with leading OEMs. Manufacturing revenue grew 20% to Rs 21,979
million, while EBITDA stood at Rs 2,933 million, with margins at 11.5%, keeping
us on track with our commitment to deliver growth without compromising the
underlying profitability of the business. To support this ambition, we also
strengthened our financial capacity during the quarter through the Rs 17,000
million QIP. The fund raise provides us with the agility to invest in capacity
and capabilities, and pursue acquisitions that can accelerate our strategic
objectives for long-term growth. The business transfer agreement of Hyva
India`s tipper-body business is a good example of this approach. It adds three
state-of-the-art manufacturing facilities and expands our commercial vehicle
capabilities into heavy fabrication and provides access to established customer
relationships. More importantly, it strengthens our ability to participate in
larger, integrated vehicle systems and supports our progression towards a
Tier-0.5 supplier. Our order wins during the quarter further demonstrate this
shift. We are gaining more wallet share with existing customers, adding new OEM
relationships and taking on a broader range of products from chassis,
suspension and braking systems to complex assemblies for EV localization. The
renewable energy order further demonstrates that our sheet-metal and
manufacturing capabilities can be deployed beyond automotive applications.
Importantly, these opportunities are increasing the breadth of our addressable
market while deepening our role with customers. We remain confident in our FY27
roadmap, with mid-teens revenue growth, broadly stable EBITDA margins and
disciplined capex. With a stronger balance sheet, expanding capabilities and a
growing order pipeline, our focus remains firmly on converting these
investments into sustainable growth and higher value creation over the medium
term.”
| Belrise Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202606 | 202506 | Var.(%) | 202603 | 202503 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,546.47 | 2,262.21 | 12.57 | 9,509.10 | 8,290.82 | 14.69 | | OPM (%) | 11.52 | 12.40 | -88 bps | 12.13 | 12.32 | -18 bps | | OP | 293.26 | 280.52 | 4.54 | 1,153.77 | 1,021.14 | 12.99 | | Other Inc. | 18.39 | 29.06 | -36.72 | 109.76 | 61.63 | 78.10 | | PBIDT | 311.65 | 309.58 | 0.67 | 1,263.53 | 1,082.77 | 16.69 | | Interest | 46.48 | 80.05 | -41.94 | 231.67 | 307.44 | -24.65 | | PBDT | 265.17 | 229.53 | 15.53 | 1,031.86 | 775.33 | 33.09 | | Depreciation | 98.79 | 90.01 | 9.75 | 360.95 | 329.76 | 9.46 | | PBT | 166.38 | 139.52 | 19.25 | 670.91 | 445.57 | 50.57 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 166.38 | 139.52 | 19.25 | 670.91 | 445.57 | 50.57 | | EO Income | 0 | 0 | - | -5.14 | 0 | - | | PBT after EO | 166.38 | 139.52 | 19.25 | 665.77 | 445.57 | 49.42 | | Taxation | 44.71 | 27.84 | 60.60 | 168.91 | 90.13 | 87.41 | | PAT | 121.67 | 111.68 | 8.95 | 496.86 | 355.44 | 39.79 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 121.67 | 111.68 | 8.95 | 496.86 | 355.44 | 39.79 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 121.67 | 111.68 | 8.95 | 496.86 | 355.44 | 39.79 | | EPS (Rs)* | 1.26 | 1.15 | 8.95 | 5.18 | 3.68 | 40.86 | | | * EPS is on current equity of Rs 483.58 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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