Belrise Industries Ltd

Financial Performance

• Total revenue: INR 25,465 million, up 13% YoY.
• Manufacturing revenue: INR 21,979 million, up 20% YoY.
• EBITDA: INR 2,933 million; margin 11.5%.
• PAT: INR 1,217 million; margin 4.8%.
• Exports contributed 4.5% to manufacturing revenue.

Segment Trends

• Two-/three-wheeler share of manufacturing revenue: 81.4%.
• PV share 4.6%; CV 8.5%; Others 5.5%.
• Aerospace and defense momentum gaining with new wins.
• H-One high-tensile steel capability supports EV/defense applications.

Orders and Growth Projects

• Chassis system order from fast-growing two-/three-wheeler OEM; annual revenue > INR 650 million; production Q4 FY27.
• Renewable energy sheet-metal assemblies expansion; peak revenue > INR 1,500 million.
• Suspension/braking orders from a fifth OEM; Vietnamese entrant; timelines confidential.
• Legacy 3-wheeler brake assemblies; supplies begin Q4 FY27; south India entry.
• EV localization: 59 assemblies for leading Indian EV OEM; Maharashtra expansion.
• Hyva India tipper acquisition; 3 facilities; closing by Q3 FY27.
• Sambhajinagar two-wheeler chassis; ramp from Q4 FY27; revenue ~ INR 500 million.

Funding and Acquisitions

• QIP raised approximately INR 17,000 million in the quarter.
• Majority of proceeds to inorganic opportunities and select organic growth in FY27.
• Hyva India tipper acquisition expected to complete in Q3 FY27.
• Acquisitions to be EPS and ROCE accretive from day one.

Guidance and Outlook

• EBITDA margins to remain broadly stable vs FY26.
• Worst cost pressures behind; pass-through of raw materials to occur in coming quarters.
• Renewable energy and aerospace remain strategic growth areas.

Q&A Highlights

• Margin trajectory: worst behind; raw-material pass-through to occur in coming quarters.
• Two-wheeler OEM order book around INR 1,550 million; potential INR 2,000 million run-rate.
• H-One high-tensile steel capability enables EV/defense opportunities.
• Trading business impacted by Middle East crisis; recovery expected.

Dividend proposal

• Final dividend of Rs 0.55 per equity share (11%) proposed for FY ended 31 March 2026.
• Dividend payable on all equity shares including those issued under QIP.
• Proposal subject to approval by shareholders at the ensuing AGM.
• Board recommended the dividend in meetings on May 24, 2026 and August 14, 2026.

Meeting Details

• Date: Aug 17, 2026; Event: Earnings call; Purpose: discuss unaudited June 30, 2026 results; Recording: available on website.

IPO fund utilisation status

• IPO proceeds of ₹21,500m raised May 20–23, 2025; no deviation; Crisil monitoring; unutilised proceeds parked.

Issue Overview

• IPO of equity shares; issue size Rs 21,500 million.
• Net proceeds revised to Rs 20,650.67 million.
• Main objectives: debt repayment and general corporate purposes.

Utilisation of Proceeds

• Utilisation as disclosed; no material deviations observed.
• Net proceeds revised upward due to lower issue expenses; GCP adjusted.
• Repayment of borrowings: fully utilised.
• GCP utilisation: partially utilised; end-quarter balance 4,685.85 million.
• Issue expenses utilised; end-quarter unutilised 63.62 million.
• Unutilised proceeds parked in ICICI Bank accounts totaling 68.23 million.

Governance and Compliance

• Approvals status: not explicitly stated.
• No material events or issues reported affecting viability.
• Monitoring agency relies on issuer-provided information; no independent verification implied.

GCP

• GCP utilisation: 364.21 million for working capital.
• Board approval for allocation not explicitly reported; Board to determine quantum.
• GCP revised upward due to lower expenses; aligns with offer document flexibility.

Financial highlights

• Consolidated revenue from operations ₹25,464.7 Mn, up 12.6% YoY.
• Gross profit ₹5,093.1 Mn, up 16.3% YoY.
• EBITDA ₹2,932.6 Mn; EBITDA margin 11.5% (vs 12.4%).
• Profit after tax ₹1,216.7 Mn; PAT margin 4.8%.
• Manufacturing revenue up 20% to ₹21,979 Mn; EBITDA up 10% to ₹2,793 Mn.
• QIP raised ₹17,000 Mn to strengthen the balance sheet.
• Chassis order from a fast-growing 2W/3W OEM; annual revenue potential ₹650+ Mn.
• Production to start in Q4 FY27 at Bangalore facility.
• Renewable energy facility for a US solar tracker; revenue potential ₹1,500+ Mn.
• Hyva India's tipper body acquisition adds three facilities.
• EV localization program: 59 assemblies for a leading Indian 4W OEM.
• FY27 roadmap: mid-teens revenue growth, broadly stable EBITDA margins, disciplined capex.
• Balance sheet strengthened through QIP to fund capacity and capabilities.

Business & Strategy

• Automotive components maker with powertrain-agnostic portfolio.
• Leading Indian 2W metal components market share around 24%.
• Growth pillars: deeper 2W presence, premium products, 4W/CV expansion; Tier 0.5 shift.
• M&A: BAPL and EITSPL merger with EPS accretion; close to book value.
• Global footprint: 27 facilities in 13 cities across 3 countries.

Operational Highlights

• Q1 FY27 revenue ₹25,465 Mn; EBITDA ₹2,933 Mn; PAT ₹1,217 Mn.
• Chassis orders from 2W/3W OEM; SOP Bangalore & Sambhajinagar in FY27.
• EV program: 59 assemblies; tooling/automation awarded.
• Hyva India tipper acquisition: 3 new facilities; completion expected Q3 FY27.
• Brownfield expansions: Bangalore-2 SOP Q2 FY27; Bhiwadi-2 SOP Q4 FY27.
• Renewable energy: 2.5 GW solar-tracker sheet-metal supply.

Financial Performance

• Consolidated Q1 FY27 revenue ₹25,465 Mn; gross margin 20.0%.
• EBITDA margin 11.5%; EBIT margin 8.4%; PAT margin 4.8%.
• Cash PAT ₹2,204.5 Mn; PBT ₹1,663.8 Mn; PAT ₹1,216.7 Mn.
• FY26 annual revenue ₹95,091 Mn; EBITDA ₹11,537.7 Mn; PAT ₹4,968.6 Mn.

Capital Structure & Liquidity

• Total equity as of Mar-26 ₹52,262.8 Mn; equity share capital ₹4,449.4 Mn.
• Non-current borrowings ₹7,501.8 Mn; current borrowings ₹6,889.1 Mn.
• Cash and equivalents ₹8,060.1 Mn; strong cash position supported by operations.

Strategic Priorities & Outlook

• 4W/CV revenue growth target of 40-45% in FY27.
• Shift toward Tier 0.5 system supplier with major customers.
• Expand exports to Europe/US with premium OEMs.
• Leverage H-One India and MagFilters to broaden capabilities.
• Diversify into renewable energy components and defense programs.

Risks & Governance

• Auto demand cyclicality and OEM concentration risk.
• Integration risk from Hyva acquisition and other deals.
• Execution risk on SOP schedules and capacity ramp-ups.

Governance & Leadership

• Board of 9 directors; independent directors form majority.
• Merger of BAPL and EITSPL with Belrise completed; EPS accretion noted.
• Key management: Shrikant Shankar Badve (MD) and Supriya Badve (WTD).

Meeting Details

• Date and time: Aug 17, 2026 at 11:00 IST.
• Earnings conference call; group virtual meeting.
• Event organized by Belrise Industries Limited for Q1 FY27 results.
• Presentation to be uploaded on the company website prior to call.

Participants

• Managing Director will participate.
• President, Strategy, will participate.
• General Manager will participate.
• Chief Financial Officer will participate.
• Chief Marketing Officer will participate.

Purpose

• Discuss Q1 FY27 unaudited results for quarter ended June 30, 2026.
• Facilitate investor Q&A with analysts.

Additional Notes

• RSVP handled by Strategic Growth Advisors Pvt. Ltd.
• Presentation to be uploaded on the company website prior to call.

Meeting Details

• Date: 14 August 2026; Time: not disclosed; Location: 501-502, 5th Floor, Cello Platina, Pune.

Key Agenda Items

• Unaudited standalone and consolidated results for quarter ended June 30, 2026.
• Increase in authorised share capital of the Company.
• Recommendation of final dividend for FY 2025-26 on QIP equity shares, subject to AGM approval and record date.

Other Notes

• Intimation of board meeting also available on the company website under Investor Relations.