Belrise Industries Limited filed a regulatory disclosure under SEBI Listing Regulation 30 containing audited financial results for Q4 and FY26 ended March 31, 2026.

Financial Performance (Q4 FY26 vs Q4 FY25)

  • Total Revenue: ₹25,528.3 Mn (up 12.2% from ₹22,743.5 Mn)
  • Gross Profit: ₹4,899.3 Mn (up 14.9% from ₹4,262.6 Mn)
  • EBITDA: ₹2,901.3 Mn (up 5.1% from ₹2,759.8 Mn)
  • EBITDA Margin: 11.4% (down from 12.1%)
  • Profit Before Tax (PBT): ₹1,745.0 Mn (up 25.2% from ₹1,393.6 Mn)
  • Adjusted Profit After Tax (PAT): ₹1,289.5 Mn (up 17.2% from ₹1,100.2 Mn)
  • Adjusted PAT Margin: 5.1% (up from 4.8%)

Financial Performance (FY26 vs FY25)

  • Total Revenue: ₹95,091.0 Mn (up 14.7% from ₹82,908.2 Mn)
  • Gross Profit: ₹18,292.2 Mn (up 15.8% from ₹15,792.1 Mn)
  • EBITDA: ₹11,537.7 Mn (up 13.0% from ₹10,211.4 Mn)
  • EBITDA Margin: 12.1% (down from 12.3%)
  • Profit Before Tax (PBT): ₹6,657.7 Mn (up 49.4% from ₹4,455.8 Mn)
  • Adjusted Profit After Tax (PAT): ₹5,020.0 Mn (up 41.2% from ₹3,554.4 Mn)
  • Adjusted PAT Margin: 5.3% (up from 4.3%)

Operational Highlights (Q4 FY26)

  • Manufacturing Revenue: ₹21,763 Mn (up 21% from ₹17,991 Mn in Q4 FY25)
  • Manufacturing EBITDA: ₹2,800 Mn (up 9% from ₹2,573 Mn in Q4 FY25)
  • Manufacturing EBITDA Margins: 13.0%
  • 73.8% of manufacturing revenue from powertrain-neutral products

Operational Highlights (FY26)

  • Manufacturing Revenue: ₹77,346 Mn (up 17% from ₹65,938 Mn in FY25)
  • Manufacturing EBITDA: ₹10,577 Mn (up 15% from ₹9,181 Mn in FY25)
  • Manufacturing EBITDA Margins: 13.7%
  • One-time operational loss of ₹94.7 Mn in Q4 FY26 in subsidiary Belrise Aerospace & Defense due to startup costs related to machinery overhauling, legal & professional expenses, and personnel expenses relating to the SDM acquisition in France

Strategic Developments

Aerospace Acquisition: Completed second international acquisition in aerospace sector with Chester Hall Precision Engineering (UK-based specialist in aerospace, defense, and space manufacturing) for consideration of £13.2 million.

  • Chester Hall reported revenues of over £18.5 million in CY2025 with EBITDA of approximately £2.1 million (valuation ~6x EBITDA)
  • Supplies to world's largest aircraft OEM and leading aircraft engine manufacturer
  • Single-source supplier for space satellite components for major OEM's satellite programme
  • Specializes in manufacturing with precision tolerances below 0.1–0.2 microns
  • Single-source supplier for key reverse thruster engine and nacelle components
  • Among OEM's top five UK suppliers by quality

New Order Wins

  • Secured large order from fast-growing two-wheeler and three-wheeler OEM for exhaust systems and fuel tanks for highest-selling model
  • Supported through brownfield expansion at Bangalore facility
  • Start of production expected from Q2 FY27
  • Secured major order from Japanese OEM for complete exhaust systems and multiple other components
  • Expected peak annual revenues of approximately ₹220 crore
  • Start of production expected from Q4 FY27

Management Commentary

Mr. Shrikant Badve, Managing Director, commented:

  • FY26 marked Belrise's first full year as a listed company with mid-teens revenue growth and stable EBITDA margins
  • Content per vehicle improved ~65–70% in 2-wheelers and ~40-45% in 4-wheelers and CVs
  • Board approved merger of two group entities into listed company to simplify structure and improve operational efficiency
  • Management in advanced discussions to transfer portions of Chester Hall's subcontracted manufacturing to India
  • Developed required parts for Japanese OEM within eight weeks during supply disruption
  • Focused on driving sustainable growth, maintaining operational resilience, and prudent investment

Company Overview

Belrise Industries Limited is a leading automotive component company based in Pune, India offering safety-critical systems and engineering solutions for various vehicle segments. Product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems. Has 24 manufacturing facilities across 9 states in India and 2 countries outside India, with relationships with more than 38 OEMs. Diversifying into non-automotive segments like aerospace & defense and renewable energy.