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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why are two-wheeler and passenger vehicle revenues declining YoY?
Asked by Nitage Mangal, Jeff
Explained flat sequential but did not address YoY decline directly; cited seasonality and timing.
attributed to industry seasonalityno specific customer breakdown
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Question
my first question is on the core business where we have seen some dependent two-heer revenues uh as well as passenger vehicle revenues on a Y basis. uh could you explain uh what is leading to this and uh what how do you see the trend in these uh uh businesses going forward?
Ash (management)
in terms of revenues the company two revenues remains largely flat on a sequential basis. So we were around 15,85 million in the quarter 2 of FI 26 and right now we're at around 15,41 million in quarter 2 FI 26.
Partial answer
High priority
How will new components like suspensions scale over next few years?
Asked by Nitage Mangal, Jeff
Gave qualitative ambition but no quantitative contribution or timeline specifics.
no specific revenue contribution numbers
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Question
I do see you winning quite a number of orders and the uh new components like suspensions, steering columns uh height and style products etc over the last one one and a half year. Uh how do you see these business scaling up uh uh let's say over the next few years and how much can these uh components start to contribute to the top in a few years?
Ash (management)
each of these three verticals, so suspension, steering columns and high tensile components, each of them can be a growth vertical of its own. I think uh it would be pretty fair to say that each of them going forward can be multiund businesses and uh this we're speaking about kind of a medium-term perspective in the next two to three years.
Evasive
High priority
Why did two-wheeler revenue underperform peers when Bajaj Auto grew 7%?
Asked by Vijay Pande, Nuama
Repeated earlier explanation without addressing peer comparison; no concrete reason for underperformance.
no specific reason givenrefused to comment on OEMs
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Question
the other suppliers which have reported the numbers uh they have seen a good level of growth especially for the two wheeler segment even Bajage auto their sales was up around 7% in quarter. So I'm a bit confused that where our underperformance is coming from is it like uh any particular model or how is it uh because I'm just not able to get that sense why we have underperformed
Ash (management)
we answered on why we think two wheel numbers have been uh fairly stagnant as compared to uh last year. Of course, there can be a bit of impact of mix, but that being said, it's not like we're losing any programs.
Declined
Medium priority
What is the demand outlook for Q4? Mid-single digit growth?
Asked by Vijay Pande, Nuama
Explicitly declined to provide quarterly outlook, citing annual guidance only.
refused quarterly guidance
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Question
how do you say currently the demand looking? So uh for the fourth quarter do you expect it to be uh like uh positive mids singledigit growth going into the fourth quarter or so but we expect a flattish growth
Ash (management)
we won't be commenting on quarterly guidance we have an annual guidance that we give uh to all analysts and investors and we maintain that going forward
Declined
Medium priority
What is the inventory situation at OEM level?
Asked by Vijay Pande, Nuama
Directly declined to answer, citing policy not to comment on customers.
refused to comment on OEMs
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Question
how is the inventory situation at the OEN level? uh because some of the OEMs have guided that the inventory level is digits.
Ash (management)
We don't comment on we don't comment on OEMs for our customers.
Answered
High priority
Progress on increasing CPV from 12.5k to 17.5k for top OEMs?
Asked by Jimit Sha, Motila Los Financial Services Limited
Provided specific CPV progression and future target for one OEM; answered directly.
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Question
one of the key growth strategies for us was uh taking the CPV for the number one and number two OEM from 12 a half,000 to 17 half,000. Now it would go to 20 and a half thousand without with the inclusion uh and for number three number four to go to 12 a half,000 first. So uh where are we in that journey? Is there traction from the OEMs?
Ash (management)
with one of the larger OEMs that we work with. We've already gone from say 12 a.5,000 to 14,000 with the addition of steering columns and uh with this acquisition with the same OEM we've gone close to uh 17,000 and as we speak we're also in discussions with them uh for two new products which we think can take it from 17,000 to say upwards of 18,000 over this fiscal year.
Evasive
Medium priority
Are OEMs ramping up schedules for two-wheelers given strong demand?
Asked by Jimit Sha, Motila Los Financial Services Limited
Did not confirm or deny ramp-up; pointed to public data without giving internal view.
refused to comment on schedulesdeferred to public data
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Question
two wheels have been very congruent on the demand going ahead. So EU4 numbers expected to be very strong for all two wheel or three wheel OEMs. U and relatively low base of H1 for the next year also bs well for the industry growth. So is there any ramp up of schedules from the OEMs that you've seen or anything on the demand front that we are expecting?
Ash (management)
in general we don't comment on the schedules that we get from OEMs. I think the numbers are out for everyone to see in terms of the January uh production numbers for OEMs. I think as you mentioned correctly uh you know the numbers seem positive and seem to be going in the right trajectory.
Partial answer
Medium priority
How will defense and aerospace business scale? What is normalized tax rate?
Asked by Shubam Jen, Invest
Defense answer lacked quantification; tax rate guidance was direct.
no specific numbers for defensequalitative only
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Question
My first question was on defense and aerospace growth prospects. Uh how do we see this business scaling up over the next few years and the second question was a bookkeeping bookkeeping question. Uh the tax rate this quarter seems to be high at about 29%. Uh like what should be the tax rate number that we should work with?
Ash (management) for first; management for second
From a defense perspective, I think um as we mentioned on the call, fundamentally we started working with six new OEMs. There is very very positive traction... I unfortunately cannot comment on on the specific numbers but it'll be a meaningful contributor in a short time. ...over the course of the year we'll see this normalize around uh 20 to 24% of corporate tax rate.
Answered
High priority
What is the customer profile and CPV change for four-wheelers post-merger?
Asked by Vira Sanvi, Ambit Capital
Provided specific revenue addition, percentage mix, and CPV increase; answered directly.
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Question
we've mentioned in the merger presentation that the post merger uh exposure to four wheelers is uh rising sharply uh than what we have currently. So, can you provide more color as to what is the customer profile over here? Is it largely uh E4heer OEMs and what are the kind of products and what is uh the change in CPV on the four-wheeler side uh post merger.
Ash (management)
we'll be adding close to a,000 crores of revenue or 10,000 million INR of revenue uh post merger and around 34% of this would be geared towards passenger vehicle as well as commercial vehicles. ...the content per vehicle increase that uh we can see in four-wheelers would be slightly higher uh would be close to 5,000 rupees that we'll be able to see.
Answered
High priority
Why did PV revenue decline this quarter?
Asked by Vira Sanvi, Ambit Capital
Provided specific reasons: supply chain issues and plant relocation; answered directly.
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Question
from this quarter's uh perspective we've seen a decline in the PV uh revenue as well. So uh could you shed uh some details on how the two wheeler performed but uh any color on why the decline was there on the PV side?
Ash (management)
on the PV side a couple of factors coming together uh you know contribute to it. So firstly uh in the last quarter this quarter there was some supply chain issues with one of our largest Europe based four-wheeler OEM which is a premium automaker... second was as we announced last time we are setting up a facility in Baji for uh plastic molding... during the shifting of course uh there was a bit of loss of production.
Answered
Medium priority
What is the split between two-wheeler and three-wheeler in the 64% mix?
Asked by Naven Mata, Mahindra Manul Life Investment Management Private Limited
Provided approximate split despite not having exact number; answered directly.
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Question
when we look at your mix is two wheeler plus three-wheer is about uh 64%. Uh just if is it possible for you to split this between two wheeler and three-wheer or what would be the composition of this?
Ash (management)
this would largely be two wheeler. Uh while I don't have the exact number in front of me, I think it would be close to 60% uh two wheelers probably 3 or 4% three wheelers.
Declined
Medium priority
What is the growth of Bway Autocomp and Eximus Infra in 9M FY26?
Asked by Raman KV, Sequent Investments
Explicitly declined to provide any growth numbers for the entities.
refused to comment on growth
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Question
this Bway autoco comp and Eximus Infra they did around 2,100 crores of revenue in FI25. Uh I just want to understand how how they performed in the current 9 month period for the financial year FI26 and what do you expect the growth of these two entities to be in the next one or two years?
Ash (management)
in general we'll not be uh commenting on the growth for these uh companies of now once a clarity of when and how these companies we'll speak more about it then.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Two-wheeler revenue flat sequentially at ~15,41 million in Q2 FY26 | 15.41 | 2,341 | Understated vs filing |
| Two-wheeler 9-month YoY growth of 12% | 12% | 8% | Overstated vs filing |
| Post-merger revenue addition of ~1,000 crores | ₹1,000 cr | ₹2,341 cr | Understated vs filing |
| PV revenue up 24% YoY in 9 months | 24% | 8% | Overstated vs filing |
| Merged entities EBITDA margin ~12-13% | 13% | 12% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.