Belrise Industries FY26 Revenue Up 14.7% YoY

Revenue from Operations: ₹25,528.3 million (up 12.2% YoY from ₹22,743.5 million in Q4 FY25)
Gross Profit: ₹4,899.3 million (Gross Profit Margin: 19.2%, up 50 bps YoY)
EBITDA: ₹2,901.3 million (EBITDA Margin: 11.4%, down 70 bps YoY)
EBIT: ₹2,187.2 million (EBIT Margin: 8.6%, down 30 bps YoY)
Profit Before Tax: ₹1,745.0 million (up 25.2% YoY)
Profit After Tax: ₹1,302.3 million (PAT Margin: 5.1%, up 30 bps YoY)
Adjusted PAT (excluding exceptional item): ₹1,289.5 million (up 17.2% YoY)
Exceptional Item: Gain of ₹12.7 million in Q4 FY26 due to re-measurement of employee benefit obligations from implementation of New Labour Code.
Cash PAT (Adj. PAT + Depreciation): ₹2,217.4 million (up 15.0% YoY)

Revenue from Operations: ₹95,091.0 million (up 14.7% YoY from ₹82,908.2 million in FY25)
Gross Profit: ₹18,292.2 million (Gross Profit Margin: 19.2%, up 20 bps YoY)
EBITDA: ₹11,537.7 million (EBITDA Margin: 12.1%, down 20 bps YoY)
EBIT: ₹9,025.8 million (EBIT Margin: 9.5%, up 40 bps YoY)
Profit Before Tax: ₹6,657.7 million (up 49.4% YoY)
Profit After Tax: ₹4,968.6 million (PAT Margin: 5.2%, up 90 bps YoY)
Adjusted PAT (excluding exceptional item): ₹5,020.0 million (up 41.2% YoY)
Exceptional Item: Expense of ₹51.4 million in FY26 due to re-measurement of employee benefit obligations from implementation of New Labour Code.
Cash PAT (PAT + Depreciation): ₹8,578.1 million (up 25.2% YoY)
ROACE: 11.0% (up from 1.01x in FY25)

By Customer Type: 2-Wheelers (74%), 4-Wheelers (17%), Commercial Vehicles (5%), Others (4%)
By Powertrain: Internal Combustion Engine (91%), Electric (6%), Hybrid (3%)

By Customer Type: 2-Wheelers (74%), 4-Wheelers (17%), Commercial Vehicles (5%), Others (4%)
By Powertrain: Internal Combustion Engine (91%), Electric (6%), Hybrid (3%)

Acquired UK-based aerospace manufacturer for £13.2 million.
Estimated CY25 Revenue: ~£18.5 million GBP.
Estimated CY25 EBITDA: £2.1–2.2 million GBP.
ROCE: >20%.
Acquisition multiple: ~6x EV/EBITDA (based on CY25 management accounts).
Certifications: AS/EN 9100 (aerospace and defense), ISO 9001.
Marquee Customers: World's largest Aircraft & Space OEM, Leading French Aircraft Engine OEM.
Specializes in precision machining of aerostructures, aero-engine parts, and satellite parts using aerospace alloys and exotic metals.
Case Studies: Single-source supplier for thrust reverser and nacelle parts for leading aircraft engine OEM; single-source supplier for satellite structural parts for world's largest aircraft OEM's space program.

Deepening 2-Wheeler Presence: Initiated trial orders in Haridwar for a leading 2W OEM; won brownfield project in Bangalore for fast-growing 2W & 3W OEM; secured brownfield facility in Bhiwadi for large Japanese 2W OEM.
Proprietary & Premium Products: Commenced development of chassis system for ultra-premium 650cc bike for Italian OEM as single source.
Expanding in 4W/CV Segment: Expanded order book at H-One Greater Noida plant for designing complete manufacturing set-up for upcoming EV model for large Japanese 4W OEM.
Diversification: Entry into aerospace via Chester Hall acquisition.

FY 25-26 Facilities:

Chennai-2: SOP Q1 FY26 – serving premium 2W OEM and large CV OEM. Key products: chassis systems, exhaust systems, ATS brackets & BIW parts.
Pune-5: SOP Q2 FY26 – serving large CV OEM. Key products: high-tensile long member components for M&HCVs.
Bhiwadi-3: SOP Q2 FY26 – serving Japanese 2W and 4W OEMs. Key products: plastic molded products and premium chassis systems.
Chennai-3: SOP Q3 FY26 – serving EV portfolio of large 2W OEM. Key products: chassis systems & BIW parts.

FY 26-27 Facilities:

Bangalore-1 (Brownfield): SOP Q2 FY27 – serving fast-growing 2W & 3W OEM. Key products: exhaust system and fuel tank.
Bhiwadi-2 (Brownfield): SOP Q4 FY27 – serving Japanese 2W OEM. Key products: exhaust systems and BIW parts.
Haridwar-1: SOP Q4 FY26 – trial parts dispatched to largest two-wheeler OEM customer.
Lille, France-1: SOP Q4 FY26 – first facility outside India, serving largest aircraft OEM globally and leading combat aircraft OEM. Key products: aerostructure, aeroengine parts and robotics parts.

Total Assets: ₹85,497.9 million (vs. ₹72,254.8 million in Mar-25)
Total Equity: ₹52,262.8 million (vs. ₹26,967.3 million in Mar-25)
Equity Share Capital: ₹4,449.4 million (vs. ₹3,255.0 million in Mar-25)
Non-Current Liabilities: ₹8,811.9 million (vs. ₹17,583.2 million in Mar-25)
Current Liabilities: ₹24,423.1 million (vs. ₹27,539.8 million in Mar-25)
Borrowings (Non-Current + Current): ₹14,390.9 million (vs. ₹28,996.7 million in Mar-25)
Cash and Cash Equivalents: ₹8,060.1 million (vs. ₹773.3 million in Mar-25)
Trade Receivables: ₹17,536.5 million (vs. ₹15,911.3 million in Mar-25)
Inventories: ₹9,192.0 million (vs. ₹7,697.3 million in Mar-25)

Merger of Badve Autocomps Pvt. Ltd. (BAPL) and Eximius Infra Tech Solution Pvt. Ltd. (EITSPL) with Belrise.
BAPL FY24-25 Revenue: ₹14,211 million; EBITDA: ₹1,873 million (13.2% margin); PAT: ₹793 million (5.6% margin).
EITSPL FY24-25 Revenue: ₹6,956 million; EBITDA: ₹848 million (12.2% margin); PAT: ₹330 million (4.7% margin).
Transaction executed at close to book value, implying 8.3x P/E versus 30.9x P/E for listed entity.
Expected immediate EPS accretion.

Effluent treatment plants and sewage treatment plants across facilities with 'zero liquid discharge' system.
1.6 MW solar power plant generating ~200,000 kWh monthly.
Trained and employed over 1,000 workers in FY23.
Scholarships for women students, blood donation camps, donations to industrial training institutes.

Board with majority of independent directors.
Key Directors: Girish Kumar Ahuja, Milind Pralhad Kamble, Sangeeta Singh, Dilip Bindumadhav Huddar, Supriya Shrikant Badve, Shrikant Shankar Badve, Ashok Vishnu Tagare.

IR Agency: Strategic Growth Advisors Pvt. Ltd. – Mr. Deven Dhruva / Ms. Krisha Shrimankar