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Revenue
₹2,341 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹286.9 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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.
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Guidance to track
- Management reiterated guidance to outperform industry and achieve mid-teens revenue growth for FY26.
- Target to double passenger vehicle and commercial vehicle revenue in two years compared to FY25 base.
- Merger of Badve Autoforms and Eximus Infratech expected to close within 10-12 months, subject to approvals.
- Acquired aerospace company SDM expected to generate €3-4 million in revenue in FY27.
Risks flagged
- Q3 two-wheeler revenue was flat sequentially despite industry growth, raising concerns about market share loss.
- PV revenue fell due to supply chain disruptions at a key European OEM and plant relocation, though management expects recovery.
- Merger requires multiple approvals; any delay could postpone expected synergies and EPS accretion.
- Management did not provide specific revenue targets for defense/aerospace, making it difficult to assess near-term impact.
Key quotes
- This transaction will be EPS and value accretive for all shareholders of Belrise Industries Limited from day one.
- We've already initiated prototype and initial supplies for select platforms. And over time, we expect to become one of Plasan's key partners globally for components catering to their global exports.
- We maintain our guidance of outperforming the industry in two wheelers substantially and also kind of maintaining that mid-teens kind of revenue growth going forward.
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