Belrise Industries Limited (BELRISE)
₹231.51 +0.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Belrise Industries' revenue was ₹2,546 Cr (+12.6% year on year, -0.3% on the previous quarter), and net profit ₹122 Cr (+8.9% year on year); the operating margin was 11.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,546 | +12.6% | -0.3% |
| Operating profit | ₹293 | +4.5% | +1.1% |
| Net profit | ₹122 | +8.9% | -6.4% |
| EPS (₹) | 1.37 | -8.7% | -6.2% |
| Operating margin | 11.5% | — | — |
BELRISE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 28.45% of the BELRISE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.86%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 35.4% · 41.2% · 49.4% · 45.4% · 28.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Belrise Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by its Registrar and Transfer Agent MUFG Intime India Private Limited on October 03, 2026, confirms the standard processing of dematerialisation requests. The filing is purely administrative in nature and contains no operational or financial updates.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 03, 2026
- Reported to stock exchanges on October 14, 2026
Belrise Industries Limited announced that its shareholders approved an increase in the authorized share capital at the Annual General Meeting held on September 30, 2026. The authorized share capital has been amended to ₹550 crore, divided into 110 crore equity shares with a face value of ₹5 each. Consequently, Clause V of the company's Memorandum of Association (MOA) has been altered to reflect this change. This provides the company with headroom for future equity-based capital actions, though no specific fundraise or issuance was detailed in this filing.
- Authorized share capital increased to INR 550,00,00,000 (₹550 crore)
- Share capital divided into 110,00,00,000 equity shares of face value INR 5 each
- Approval granted by members via Ordinary Resolution through remote e-voting at the AGM on September 30, 2026
- Clause V (Capital Clause) of the Memorandum of Association stands substituted
Belrise Industries Limited announced the scrutinizer's report and voting results for its 30th Annual General Meeting held on September 30, 2026. A total of 80,83,47,714 votes were cast across 6 ordinary resolutions, representing 83.58% voter turnout on outstanding shares. All resolutions, including the adoption of FY26 financials, declaration of dividend, and an increase in authorized share capital, were approved with over 99.3% majority.
- Overall voter participation stood at 83.5802% with 80,83,47,714 votes polled out of 96,71,51,919 total shares
- Resolution to increase authorized share capital was passed with 99.9999% votes in favor (80,83,47,249 votes)
- Declaration of dividend approved with 99.9999% votes in favor and only 465 votes against
- Re-appointment of retiring director Mrs. Supriya Sadye approved with 99.3398% votes in favor
Belrise Industries Limited held its 30th Annual General Meeting on September 30, 2026, with 41 shareholders attending in person or by proxy. The company placed six ordinary resolutions before shareholders, including the adoption of FY26 financial statements, final dividend approval, joint statutory auditor appointments, and an increase in authorized share capital. Total shareholder base stood at 2,36,934 as of the cut-off date of September 23, 2026. Official voting results will be submitted separately via Regulation 44 disclosures.
- 30th AGM held on September 30, 2026, with a total of 41 shareholders present (7 promoter, 34 public)
- Total registered shareholder count stood at 2,36,934 as of the cut-off date on September 23, 2026
- Transacted 6 resolutions including adoption of FY26 financials, final dividend, and increasing authorized share capital
- Appointed M/s Shailesh Haribhakti & Associates and M/s Rathi Rathi and Co as Joint Statutory Auditors
Belrise Industries Limited has notified the stock exchanges regarding its participation in an investor conference organized by Jefferies. The meetings are scheduled for September 16, 2026, from 10:00 AM to 6:00 PM in Gurugram. The interactions will involve 1x1 and group meetings with analysts and institutional investors. The company stated that discussions will rely strictly on publicly available information without sharing any unpublished price-sensitive information.
- Investor conference scheduled for September 16, 2026, from 10:00 AM to 6:00 PM
- Format includes 1x1 and group meetings organized by Jefferies
- Location of the investor conference is Gurugram
- No unpublished price sensitive information (UPSI) will be disclosed
Belrise Industries Limited has fixed Tuesday, September 15, 2026, as the record date for determining shareholder eligibility for a final dividend of ₹0.55 per equity share (11% on face value of ₹5) for FY 2025-26. The 30th Annual General Meeting is scheduled for September 30, 2026, where the dividend will be put to vote, with payouts slated on or before October 29, 2026. Additionally, the company has proposed an increase in its authorized share capital from ₹500 crore to ₹550 crore. On the current share price of ₹228.2, the dividend represents a modest yield of approximately 0.24%.
- Final dividend recommended at INR 0.55 (11%) per equity share of face value ₹5 for FY 2025-26
- Record date set for Tuesday, September 15, 2026
- Dividend payment scheduled on or before Thursday, October 29, 2026, post AGM approval
- 30th Annual General Meeting to be held on Wednesday, September 30, 2026
- Proposal to increase authorized share capital from INR 500,00,00,000 to INR 550,00,00,000
Belrise Industries Limited has notified exchanges that its 30th Annual General Meeting (AGM) will be held on September 30, 2026. The company has fixed September 15, 2026, as the record date for a recommended final dividend of ₹0.55 per share (11% of face value ₹5) for FY 2025-26, payable on or before October 29, 2026. Key special business includes a proposal to increase the authorized share capital from ₹500 crore to ₹550 crore. Additionally, the AGM agenda seeks approval to appoint M/s Shailesh Haribhakti & Associates and M/s Rathi Rathi & Co. as joint statutory auditors for a 5-year term.
- Final dividend of ₹0.55 per equity share (11% on face value of ₹5) recommended for FY 2025-26
- Record date for dividend entitlement set as September 15, 2026; dividend payable by October 29, 2026
- 30th AGM scheduled for September 30, 2026, with remote e-voting cut-off date on September 23, 2026
- Proposal to increase Authorized Share Capital from ₹500 crore (100 crore shares) to ₹550 crore (110 crore shares)
Belrise Industries Limited announced a proposed change in its statutory auditors due to the term expiration of its current auditor, M/s. GSA & Associates LLP, at the upcoming 30th AGM. The Board has recommended appointing M/s. Shailesh Haribhakti & Associates and M/s. Rathi Rathi and Co. as Joint Statutory Auditors for a 5-year term from FY27 to FY31 (spanning the 30th to 35th AGM). The appointments are subject to shareholder approval at the ensuing Annual General Meeting. This represents a routine statutory rotation following the completion of GSA & Associates' 5-year second term.
- Expiration of incumbent auditor M/s. GSA & Associates LLP's second 5-year term at the 30th AGM
- Recommendation of M/s. Shailesh Haribhakti & Associates and M/s. Rathi Rathi and Co. as Joint Statutory Auditors
- Appointed for a 5-year term from FY 2026-27 to FY 2030-31 (holding office until the 35th AGM)
- Requires approval from shareholders at the ensuing Annual General Meeting
Belrise Industries Limited has informed the exchanges that company officials will attend a virtual group meeting with analysts and institutional investors on September 8, 2026, from 3:00 PM to 4:00 PM. The discussions will strictly cover publicly available information with no unpublished price-sensitive information (UPSI) shared. This is a routine statutory disclosure under Regulation 30(6) of SEBI LODR Regulations.
- Virtual group investor meeting scheduled for September 8, 2026
- Meeting time window set from 3:00 PM to 4:00 PM IST
- Discussions to rely strictly on publicly available information without UPSI
- Intimation filed pursuant to Regulation 30(6) of SEBI LODR Regulations
Belrise Industries released the transcript of its Q1 FY27 earnings call, reporting total revenue from operations of ₹2,546.5 Cr (up 13% YoY) and manufacturing revenue of ₹2,197.9 Cr (up 20% YoY). EBITDA stood at ₹293.3 Cr with an 11.5% margin, while PAT came in at ₹121.7 Cr. The company highlighted new business wins including a ₹150+ Cr peak annual revenue solar tracker assembly project (2.5 GW capacity) and a ₹65+ Cr annual revenue 2W chassis order, both commencing in Q4 FY27. Management reiterated guidance for mid-teens revenue growth and aims for aerospace and defense to reach 10% of consolidated revenue in the medium term.
- Q1 FY27 total revenue grew 13% YoY to ₹2,546.5 Cr, with manufacturing revenue up 20% YoY to ₹2,197.9 Cr.
- Reported Q1 FY27 EBITDA of ₹293.3 Cr (11.5% margin) and PAT of ₹121.7 Cr.
- Secured solar tracker assembly program (2.5 GW capacity) for a US client with peak annual revenue expected >₹150 Cr, starting production in Q4 FY27.
- Bagged chassis program for a fast-growing 2W/3W OEM generating >₹65 Cr annual revenue starting Q4 FY27.
- Targeting Aerospace & Defense to account for at least 10% of consolidated revenue in the medium term.
Belrise Industries Limited issued a clarification regarding its Board meeting outcomes from May 24, 2026, and August 14, 2026. The Board has recommended a final dividend of Rs 0.55 (@ 11%) per equity share for the financial year ended March 31, 2026. The clarification explicitly notes that this dividend applies to all equity shares, including new shares issued and allotted under its Qualified Institutional Placement (QIP). The dividend remains subject to shareholder approval at the upcoming Annual General Meeting.
- Board recommended final dividend of Rs 0.55 per equity share (@ 11%) for FY26
- Clarified eligibility applies to all equity shares, including those issued under the recent QIP
- References prior Board meeting outcomes dated May 24, 2026, and August 14, 2026
- Dividend payment remains subject to shareholder approval at the ensuing AGM
Belrise Industries Limited has made available the audio recording of its earnings conference call held on August 17, 2026. The call pertained to the discussion of the unaudited financial results for the quarter ended June 30, 2026, where the company recorded revenue of Rs 2,546.47 Cr and a net profit of Rs 121.67 Cr. The recording has been hosted on the company's investor relations website pursuant to SEBI Listing Regulations. This is a standard statutory compliance filing with no new operational or financial data disclosed.
- Audio recording of the earnings call held on August 17, 2026, is now accessible to investors.
- The call discussed the unaudited financial results for the quarter ended June 30, 2026.
- Filing follows prior intimations submitted on August 12, 2026, and August 14, 2026.
Belrise Industries reported a 12.6% YoY growth in consolidated revenue from operations to ₹2,546.47 Cr (₹25,464.68 Mn) for Q1 ended June 30, 2026, while consolidated net profit grew 8.9% YoY to ₹121.67 Cr (₹1,216.67 Mn). The Board recommended a final dividend of ₹0.55 per share (11% on face value of ₹5) for FY26 on equity shares issued under its recent Qualified Institutions Placement (QIP). The company completed a ₹1,700 Cr QIP on July 17, 2026, issuing 7.73 Cr shares at ₹220 per share. Filings also disclosed strategic acquisitions including UK aerospace supplier Chester Hall for £13.20 million and Hyva India's tipper body business for ~$5.65 million.
- Q1 Consolidated revenue from operations grew 12.6% YoY to ₹25,464.68 Mn from ₹22,622.08 Mn in Q1 FY26.
- Q1 Consolidated net profit increased 8.9% YoY to ₹1,216.67 Mn compared to ₹1,116.80 Mn in Q1 FY26.
- Recommended final dividend of ₹0.55 per equity share (@ 11%) on shares allotted under the QIP.
- Completed ₹17,000 Mn (₹1,700 Cr) QIP on July 17, 2026, allotting 7,72,72,727 shares at ₹220 per share.
- Acquired 100% of UK-based Chester Hall Precision Engineering for £13.20M and agreed to buy Hyva India Tipper Body Business for ~$5.65M.
Belrise Industries Limited submitted its quarterly statement of deviation or variation under Regulation 32 for the quarter ended June 30, 2026. The company confirmed zero deviation in the utilization of funds raised from its Initial Public Offering. Gross proceeds raised stood at Rs. 21,500 million (net proceeds of Rs. 20,286.12 million). The filing was reviewed by the Audit Committee on August 14, 2026, with nil comments from auditors and the monitoring agency, CRISIL Ratings Limited.
- Zero deviation reported in utilization of IPO funds for the quarter ended June 30, 2026
- Total gross proceeds raised through IPO amounted to Rs. 21,500 million
- Net proceeds after issue expenses stood at Rs. 20,286.12 million
- CRISIL Ratings Limited acts as the monitoring agency with nil adverse comments
Belrise Industries disclosed its consolidated Key Performance Indicators for the quarter ended June 30, 2026, reporting revenue from operations of ₹25,464.68 million (₹2,546.47 Cr), up 12.57% YoY from ₹22,622.08 million. EBITDA grew 4.5% YoY to ₹2,932.59 million, though EBITDA margins contracted by 88 bps YoY to 11.52%. Consolidated PAT rose 8.9% YoY to ₹1,216.67 million compared to ₹1,116.80 million in the previous year quarter. The company expanded its manufacturing footprint to 27 operating plants, up from 17 plants in June 2025.
- Revenue from operations grew 12.57% YoY to ₹25,464.68 million in Q1 FY27
- EBITDA margin stood at 11.52% compared to 12.40% in Q1 FY26
- PAT increased to ₹1,216.67 million with a PAT margin of 4.74%
- Total manufacturing plant footprint expanded to 27 plants as of June 30, 2026 from 17 plants a year ago
- Two-wheeler segment continues to dominate, contributing 78.34% of manufacturing revenue
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 11% YoY to INR 8,290.8 Cr in FY25. Manufacturing revenue, the core segment, grew 9% YoY to INR 6,593.8 Cr in FY25 and accelerated to 22% YoY growth in H1 FY26 reaching INR 3,692.3 Cr. Trading revenue contributed 20.5% of total revenue in FY25. The H-One business subsidiary recorded INR 60 Cr in Q2 FY26 with plans to double this to INR 400-450 Cr within 24 months.
Geographic Revenue Split
The business is primarily domestic-focused with exports contributing 5.6% to manufacturing revenue in H1 FY26, amounting to INR 205.2 Cr. Q2 FY26 export contribution was 5.7% (INR 106.7 Cr).
Profitability Margins
Gross Profit margins remained stable between 19.0% and 19.5% in FY25. PAT margins improved significantly from 3.5% in Q2 FY25 to 5.7% in Q2 FY26, an 82% YoY increase in absolute PAT to INR 132.98 Cr, driven by operational efficiencies and reduced interest burdens.
EBITDA Margin
Consolidated EBITDA margin stood at 12.3% for FY25 (INR 1,021.1 Cr) and improved to 12.6% in Q2 FY26. Manufacturing-specific EBITDA margins are higher at 14.3% as of Q2 FY26, up from 13.4% in the previous year, reflecting better operating leverage.
Capital Expenditure
Net cash used in investing activities was INR 981.14 Cr in FY25, primarily for property, plant, and equipment additions (INR 867.7 Cr). The company is currently ramping up four new facilities in Chennai (two units), Pune, and Bhiwadi to support future volume growth.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook. Interest coverage is projected to improve to over 5.5 times in FY26 from 3.5 times in FY25. Total outstanding borrowings were INR 2,904.5 Cr as of March 31, 2025, but were significantly reduced following the INR 2,150 Cr IPO in May 2025.
Operational Drivers
Raw Materials
Precision sheet metal (steel), polymers for plastic components, and electronic components for EV motors and chargers. Cost of Goods Sold (COGS) represents approximately 80.9% of total revenue.
Capacity Expansion
Current capacity utilization at the H-One subsidiary is 40-45%, with plans to double revenue with minimal additional capex. New facilities are being commissioned in Chennai and Rajasthan to handle new project pipelines.
Raw Material Costs
COGS increased 11.4% to INR 6,711.6 Cr in FY25, tracking revenue growth. Procurement strategies focus on maintaining gross margins in the 19-20% range despite material cost fluctuations.
Manufacturing Efficiency
ROCE improved from 14.4% to 15.3% over the six months ending September 2025, with a target to reach high-teens (17-19%) within 18-24 months through better capacity utilization.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by doubling H-One subsidiary revenue to INR 450 Cr, ramping up new plants in Chennai and Bhiwadi, and increasing the share of high-margin proprietary products like steering columns and suspension systems. The company is also targeting the EV segment with in-house developed motors and chargers.
Products & Services
Precision sheet metal parts, polymer components, suspension systems, steering columns, braking systems, filtration systems, EV motors, motor controllers, and EV chargers.
Brand Portfolio
BELRISE, H-One India (Subsidiary).
New Products/Services
Proprietary EV components including motors, controllers, and chargers are in development to increase the kit value per vehicle.
Market Expansion
Expansion of manufacturing footprint in Chennai, Pune, and Bhiwadi to serve regional OEM hubs and increase market share in the Passenger Vehicle (4.7% current share) and Commercial Vehicle (8.5% current share) segments.
Market Share & Ranking
Distinguished market leader in the precision sheet metal segment.
Strategic Alliances
Acquisition of H-One India Private Limited (completed March 2025) to bolster technical capabilities and customer reach.
External Factors
Industry Trends
The industry is shifting toward Electric Vehicles (EVs) and premiumization. Belrise is positioning itself by developing proprietary EV motors and chargers to capture the growing 0.06% EV revenue share.
Competitive Landscape
Competes with other large-scale auto-component manufacturers like Endurance Technologies (where some management previously worked).
Competitive Moat
Moat is built on long-standing OEM relationships, high switching costs due to integrated manufacturing, and ownership of intellectual property for critical components like steering and suspension.
Macro Economic Sensitivity
Highly sensitive to domestic consumer demand and macro-economic events affecting the automobile industry.
Consumer Behavior
Shift toward EVs and higher safety standards in vehicles driving demand for advanced braking and suspension systems.
Geopolitical Risks
Exposure to trade barriers affecting the 5.6% export segment and potential global supply chain disruptions for electronic components.
Regulatory & Governance
Industry Regulations
Subject to automotive safety standards and environmental norms (BS-VI and upcoming regulations) which dictate component specifications.
Environmental Compliance
Committed to carbon-neutral operations and renewable energy adoption as part of ESG principles.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 23.6% (INR 75.53 Cr tax on INR 320.19 Cr PBT).
Risk Analysis
Key Uncertainties
Cyclicality of the auto sector could impact revenue by over 10-15% during economic slowdowns. Margin pressure from simultaneous plant startups is a near-term risk.
Geographic Concentration Risk
High concentration in India, with specific clusters in Chennai, Maharashtra, and Rajasthan.
Third Party Dependencies
Dependent on major OEMs for order flow; loss of a top customer would significantly impact the 81.9% 2W/3W revenue base.
Technology Obsolescence Risk
Risk of traditional sheet metal parts being replaced or modified in the EV transition, mitigated by R&D into EV-specific motors and controllers.
Credit & Counterparty Risk
Trade receivables stood at INR 1,184.6 Cr in H1 FY26; debtor days increased to 70 days in FY25 from 60 days in FY24, indicating slight working capital stretching.
