Belrise Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Manufacturing Revenue (Q1 FY27): ₹21,979 million (up 20.0% YoY)
  • Total Revenue (Q1 FY27): ₹25,465 million (up 12.6% YoY)
  • Manufacturing EBITDA (Q1 FY27): ₹2,793 million (up 10% YoY)
  • Manufacturing EBITDA % (Q1 FY27): 12.7% (13.8% in Q1 FY26)
  • 27 Manufacturing facilities in 13 cities across 10 states and 3 countries
  • Serves 38 OEMs with 4.5% export contribution
  • 71% powertrain-agnostic product portfolio

Key drivers of operational performance: Accelerating penetration with existing customers, onboarding new marquee customers, defense & aerospace pivot, creating new verticals including steering columns, high-tensile products, and suspensions.

Segment-wise Performance

  • 2-Wheelers/3-Wheelers Segment: Secured additional chassis order from fast-growing 2W & 3W OEM for high-volume model (SOP: Q4 FY27 at Bangalore facility)
  • Won chassis order for existing model of leading Indian 2W OEM (SOP: Q4 FY27 at Sambhajinagar facility)
  • Proprietary & Premium Products: Added new 2W OEM for suspension systems and braking systems
  • Secured order for complete brake assemblies from leading 3W OEM
  • 4W/CV Segment: Won significant program from leading Indian 4W OEM for 59 assemblies for high-selling EV
  • Awarded tooling, fixtures and automation for the 4W program
  • Acquired Hyva India's tipper business adding 3 facilities (Pune, Jamshedpur, Bengaluru)

Explanation of significant changes in segment performance: Growth driven by new customer acquisitions, expansion into 4W/CV segment, and diversification into proprietary products.

Financial Highlights

Revenue: ₹25,464.7 million

EBITDA: ₹2,932.6 million

PAT: ₹1,216.7 million

EPS: Not Specified

Margins: Gross Profit Margin 20.0% (up 60 bps YoY), EBITDA Margin 11.5% (down 90 bps YoY), PAT Margin 4.8% (down 10 bps YoY)

YoY/QoQ comparison: Revenue up 12.6% YoY, PAT up 8.9% YoY, EBITDA up 4.5% YoY

Drivers of financial performance: Higher revenue growth, operational efficiencies

Comparison to market estimates: Not Specified

Key Risks: Raw material price fluctuations, regulatory changes

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Domestic revenue constitutes majority (95.5%), Export: 4.5%

Regional Breakdown: Key markets include India, Austria, Slovakia, United Kingdom, Japan and Thailand

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: ₹47,813.5 million (Mar-26)

Current Assets/Liabilities: Current Assets ₹48,174.6 million, Current Liabilities ₹24,423.1 million (Mar-26)

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong cash flow generation, improved liquidity with cash and cash equivalents of ₹8,060.1 million (Mar-26)

Capex & Cash Flow Health

Capital Expenditure: Not Specified for current period

Free Cash Flow: Not Specified

Operating Cash Flow: Net Cash from Operating Activities ₹8,756.0 million (FY26)

Net Debt Movement: Not Specified

Investment Rationale: Focus on capacity expansion, technology upgrades, aerospace and defense pivot

Strategic & R&D Initiatives

Investments in Innovation: Acquired Chester Hall Precision (UK-based aerospace manufacturer) for £13.2M GBP at ~6x EV/EBITDA

Acquired SDM (French aerospace specialist) for €350K at ~0.1x Est. FY27 Sales

Alliance with Plasan Sasa for defense armored vehicle parts

Acquisition of H-One India providing high-tensile steel manufacturing up to 1,100 MPa

Acquisition of MagFilters adding plastic molding and filtration capabilities

Renewable energy manufacturing setup for US solar tracker OEM supplying sheet-metal assemblies for 2.5 GW annually

Expected impact on growth: Aerospace acquisitions expected to contribute estimated revenues of £18.5M GBP (Chester Hall) and €3M-€4M (SDM) annually

Hyva India acquisition expected to complete in Q3 FY27

Strategic Rationale: Expanding into high-growth aerospace and defense markets, reducing operational costs through vertical integration, transitioning from Tier-1 to Tier-0.5 system supplier

Industry Trends & Business Environment

Macro/Industry Trends: Premiumization in 2W industry with share of >=125cc motorcycles increasing from 38% to 52% (FY19-FY24) and 125cc scooters from ~20% to ~47%

Indian 4W automotive components market (₹3,037bn) is 2.7x larger than 2W automotive component market

National focus on self-reliance in critical defense systems

Growing exports in defense sector

Impact on Company: Positioning as preferred multi-product vendor for OEMs, expanding addressable market through 4W/CV segment entry, benefiting from defense sector growth

Management Commentary & Growth Outlook

Strategic Outlook: Aim to grow 4W/CV segment revenue by 40-45% in FY27

Transitioning from component supplier to system supplier (Tier-0.5)

Increasing content per vehicle (CPV) by ₹15,000 in 4W and ₹1,000 in 4W through acquisitions

FY Guidance: Not Specified

Market Share Targets: Current market share of 24% in Indian 2W metal components

Risks and Opportunities: Raw material price fluctuations, regulatory changes, competition

ESG Updates

  • Effluent treatment plants and sewage treatment plants across manufacturing facilities
  • 'Zero liquid discharge' wastewater management system
  • 1.6 MW solar power plant generating approximately 200,000 kWh of electricity per month
  • Trained and employed over 1,000 workers across manufacturing facilities in FY23
  • Scholarships to women students, blood donation camps, donations to industrial training institutes
  • Robust governance standards with majority of Independent Directors on board

Corporate Structure Update

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

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