Revenue from Operations: ₹27,463.8 million, up 17% from ₹23,535.4 million in Q2 FY26.
Gross Profit: ₹5,582.6 million, up 23% from ₹4,534.7 million.
Gross Profit Margin: 20.3%, improved by 100 bps from 19.3%.
EBITDA: ₹3,306.2 million, up 12% from ₹2,961.9 million.
EBITDA Margin: 12.0%, decreased by 60 bps from 12.6%.
Profit Before Tax (PBT): ₹2,207.5 million, up 22% from ₹1,806.7 million.
Adjusted Profit After Tax (PAT): ₹1,662.5 million, up 25% from ₹1,329.8 million. This excludes an exceptional gain of ₹2.9 million from a reversal of provision in Belrise SDM.
Adjusted PAT Margin: 6.1%, improved by 40 bps from 5.7%.
Cash PAT (Adj. PAT + Depreciation): ₹2,692.9 million, up 23% from ₹2,195.2 million.
Financial Highlights – H1 FY27 (YoY)
Revenue from Operations: ₹52,928.5 million, up 15% from ₹46,157.5 million in H1 FY26.
Gross Profit: ₹10,675.7 million, up 20% from ₹8,912.9 million.
Gross Profit Margin: 20.2%, improved by 90 bps from 19.3%.
EBITDA: ₹6,238.7 million, up 8% from ₹5,767.1 million.
EBITDA Margin: 11.8%, decreased by 70 bps from 12.5%.
Profit Before Tax (PBT): ₹3,871.2 million, up 21% from ₹3,201.9 million.
Adjusted Profit After Tax (PAT): ₹2,879.2 million, up 18% from ₹2,446.6 million. This excludes an exceptional gain of ₹2.9 million.
Adjusted PAT Margin: 5.4%, improved by 10 bps from 5.3%.
Cash PAT (Adj. PAT + Depreciation): ₹4,897.4 million, up 16% from ₹4,212.1 million.
ROACE (H1 FY27): Calculated as annualized operating profit before interest, exceptional items, and taxes divided by average capital employed. The unutilized cash of ~₹12,000 million from the QIP was excluded from this calculation.
Segmental Revenue Breakdown – Q2 FY27
2-Wheelers: 63%
4-Wheelers / CV: 17%
3-Wheelers: 10%
Others: 10% (Subsidies were re-grouped to 'Others' in FY27)
Segmental Revenue Breakdown – H1 FY27
2-Wheelers: 62%
4-Wheelers / CV: 17%
3-Wheelers: 11%
Others: 10% (Subsidies were re-grouped to 'Others' in FY27)
Strategic and Operational Updates
New Orders and Customer Onboarding
2-Wheelers/3-Wheelers: Secured an order for complete body and chassis assemblies for one of the highest-selling 3W models of a leading Indian 2W & 3W OEM. Start of Production (SOP) is scheduled for Q1 FY28 at the Sambhajinagar facility.
Proprietary & Premium Products: Onboarded a 6th suspensions OEM, a leading premium 2W maker in South India (SOP: Q3 FY27). Won additional suspension orders from a fast-growing 2W & 3W OEM (SOP: Q4 FY27). Entered a license and technical tie-up with Yamato Co., Japan for air filters, oil filters, and resin intake manifolds.
4W/CV Segment: Won complete chassis assembly for HCV platforms of a leading Indian CV OEM (SOP: Q1 FY28 at Dharwad Facility). Secured sheet metal orders from a leading Japanese PV OEM and a large European PV OEM.
Diversification: Entered consumer electronics with a maiden CNC fixtures order from the contract manufacturing ecosystem of a leading American smartphone company. Won an additional track beams order for a major platform of a leading aircraft OEM.
Update on New Facilities (FY26-27)
Dharwad – 1: Facility to serve a leading Indian CV OEM across its HCV platforms, manufacturing chassis assemblies and long members. SOP: Q1 FY28.
Sambhajinagar – 4: Facility to serve one of India's largest 3W OEMs for a high-selling model, manufacturing body and chassis assemblies. SOP: Q1 FY28.
Bangalore – 2 (Brownfield): Facility serving a fast-growing 2W & 3W OEM for a high-selling model, manufacturing exhaust systems and fuel tanks. SOP: Q3 FY27.
Bhiwadi – 2 (Brownfield): Facility serving a large Japanese 2W OEM for a high-selling model, manufacturing exhaust systems and BIW parts. SOP: Q1 FY28.
Mergers & Acquisitions Update
The merger of promoter-owned entities Badve Autocomps Pvt. Ltd. (BAPL) and Eximius Infra Tech Solution Pvt. Ltd. (EITSPL) with Belrise has been completed.
The transaction was executed at close to book value, implying a P/E of 8.3x (based on FY25 numbers for the entities) versus the listed entity's P/E of 30.9x (as of the intimation date, January 31, 2026, based on TTM profits). This is stated to be immediately EPS accretive.
BAPL (FY25): Revenue ₹14,211m, EBITDA ₹1,873m (13.2%), PAT ₹793m (5.6%).
EITSPL (FY25): Revenue ₹6,956m, EBITDA ₹848m (12.2%), PAT ₹330m (4.7%).
Acquisitions Summary
Chester Hall Precision (UK): Acquired for £13.2M GBP at ~6x EV/EBITDA (based on estimated CY25 EBITDA). Specialist in precision machining for aerospace and space. Key customers include the world's largest Aircraft & Space OEM and a leading French Aircraft Engine OEM. Est. CY25 Revenue: ~£18.5M GBP, Est. EBITDA: £2.1-2.2M GBP.
SDM (France): Acquired for €350K at ~0.1x Est. FY27 Sales. Specializes in machined aerostructure and aero-engine parts. Key customers include a leading combat aircraft OEM and a leading French helicopter OEM. Est. FY27 Revenue: €3-4M.
H-One India and MagFilters: Acquisitions previously completed, adding capabilities in high-tensile steel manufacturing (up to 1,100 MPa), plastic moulding, and design. Added new Japanese 4W and 2W OEMs to the customer base.
Capital Structure and Balance Sheet (Consolidated as of Sep-26 vs. Mar-26)
Total Assets: ₹109,048.4 million (Mar-26: ₹85,497.9 million)
Equity Share Capital: ₹4,835.8 million (Mar-26: ₹4,449.4 million)
Total Equity: ₹71,271.8 million (Mar-26: ₹52,262.8 million)
Cash and Cash Equivalents: ₹10,306.1 million (Mar-26: ₹8,060.1 million)
Investments (Current): ₹8,285.2 million (Mar-26: ₹0.0 million)
Total Borrowings: ₹12,990.7 million (Mar-26: ₹14,390.9 million), split between Non-Current (₹6,560.5m) and Current (₹6,430.2m).
The increase in equity and investments is attributed to the successful completion of a QIP issue that raised ₹17,000 million. Approximately ₹12,000 million of this raised capital remains unutilized as of September 30, 2026.
Cash Flow Statement (H1 FY27)
Net Cash from Operating Activities: ₹3,538.6 million
Net Cash used in Investing Activities: (₹14,662.2) million
Net Cash from Financing Activities: ₹13,369.7 million
Net Increase in Cash and Cash Equivalents: ₹2,246.1 million
Guidance and Outlook
The company aims to grow its 4W/CV segment revenue by 40-45% in FY27 (from the FY25 base).
The unutilized QIP proceeds of ~₹12,000 million are stated to be utilized in the coming quarters.
Corporate Actions
The company conducted a QIP issue, raising ₹17,000 million.
The merger of BAPL and EITSPL with the company has been completed.
