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Two-wheeler revenue underperformance
View Risks →Belrise Industries Limited — Q3 FY26
Belrise Industries reported Q3 FY26 revenue of INR 2,340.5 million, up 8% YoY, with EBITDA of INR 286.9 million (margin 12.3%) and adjusted PAT of INR 126.8 million, up 26% YoY.
bullish
high
Financial stats pending filing verification
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Belrise Industries reported Q3 FY26 revenue of INR 2,340.5 million, up 8% YoY, with EBITDA of INR 286.9 million (margin 12.3%) and adjusted PAT of INR 126.8 million, up 26% YoY. Growth was driven by steady two-wheeler volumes and new program wins, though two-wheeler revenue was flat sequentially due to OEM shutdowns. The company announced a merger with promoter entities Badve Autoforms and Eximus Infratech, expected to add INR 1,000 million in revenue and increase content per vehicle by INR 3,000 to INR 20,300. It also entered aerospace/defense via SDM acquisition and Plasan partnership. Guidance: maintain mid-teens revenue growth and double PV/CV revenue by FY27 vs FY25. Risk: execution delays in new facilities or slower-than-expected merger closure.
बेलराइज इंडस्ट्रीज ने वित्त वर्ष 2026 की तीसरी तिमाही में 234 करोड़ रुपये का कारोबार किया, जो पिछले साल से 8% ज्यादा है। कंपनी ने 28.7 करोड़ रुपये का परिचालन लाभ (EBITDA) कमाया, जो बिक्री का 12.3% है। शुद्ध लाभ 12.7 करोड़ रुपये रहा, जो पिछले साल से 26% बढ़ा। दोपहिया वाहनों की बिक्री स्थिर रही, लेकिन कारखानों के बंद रहने से पिछली तिमाही के मुकाबले कोई बढ़ोतरी नहीं हुई। कंपनी ने बड़ी कंपनियों के साथ विलय का ऐलान किया है, जिससे कारोबार में 100 करोड़ रुपये और हर वाहन में 3,000 रुपये की बढ़ोतरी होगी। साथ ही, रक्षा और एयरोस्पेस क्षेत्र में भी कदम रखा है। कंपनी का लक्ष्य अगले साल तक कारोबार को दोगुना करना है। जोखिम: नई फैक्ट्रियों में देरी या विलय में समय लग सकता है।
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Two-wheeler market share (post-merger)
25%
+15pp YoY
Combined entity will command ~25% market share in two-wheeler plastic components, up from ~10% standalone.
Content per vehicle (post-merger)
INR 20,300
+INR 3,000 YoY
Consolidated CPV increases from INR 17,300 to INR 20,300, driven by merger and new product wins.
Related party transaction reduction
INR 1,150 crore
N/A
Merger will reduce related party transactions by approximately INR 1,150 crore, simplifying structure.
SDM acquisition revenue guidance (FY27)
€3-4 million
N/A
SDM expected to generate €3-4 million in FY27, acquired at ~0.1x sales, providing European aerospace foothold.
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Guidance and risk preview
Management reiterated guidance to outperform industry and achieve mid-teens revenue growth for FY26.
Q3 two-wheeler revenue was flat sequentially despite industry growth, raising concerns about market share loss.
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