Belrise Industries LtdAutomobilesBELRISE
Q1 FY27 concall · earnings callBelrise Industries Ltd
Belrise delivered resilient Q1 growth driven by automotive order wins and strategic expansion into aerospace & defense, renewables, and heavy fabrication via acquisition.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Revenue | ₹2,546.5 Cr | 13% | |
| Manufacturing Revenue | ₹2,197.9 Cr | 20% | |
| EBITDA | ₹293.3 Cr | 5% | |
| EBITDA Margin | 11.5% | — | |
| PAT | ₹121.7 Cr | 9% | |
| PAT Margin | 4.8% | — |
TL;DR
- Total revenue grew 13% YoY to INR25,465 million with PAT up 9% to INR1,217 million.
- EBITDA margin at 11.5%; management expects margins to remain stable vs FY26.
- Multiple new order wins across 2W/3W, 4W, commercial vehicles, and renewable energy.
- Acquired HYVA India's tipper business to expand commercial vehicle presence and heavy fabrication.
- Raised INR17,000 million via QIP for inorganic growth, targeting aerospace & defense.
- Management states the worst of cost pressures (commodity, staff, energy) is behind them.
Said on the call
“I can say with a great amount of confidence that the worst is behind us in terms of cost pressures.”
From the Q&A
| Topic | What management said |
|---|---|
| Order Win Clarification | Confirmed a new INR650 million chassis system order is on top of last quarter's ~INR900 million wins with a fast-growing 2W/3W OEM, bringing the cumulative annual run rate with this OEM to ~INR1,550 million. |
| Renewable Energy Order | The INR1,500 million annual revenue solar tracker assembly order is recurring, starting production in Q4 FY27, with potential to scale. |
| Margin Trajectory & Cost Pressures | Management stated the worst of commodity, staff, and energy cost pressures is behind; pass-through of Q1 commodity costs expected in coming quarters, and hiring for new facilities has largely peaked, expecting margins to improve to maintain FY26 levels. |
| Growth with Fast-Growing 2W OEM | Content per vehicle with the new OEM has risen fast across fuel tanks, exhaust, chassis, suspension, and braking; order run rate is already ~INR2,000 million with further conversations ongoing. |
| Aerospace & Defense Revenue Target | Aiming for aerospace and defense to reach 10% of manufacturing revenue in the medium term; actively pursuing acquisitions in Europe, North America, and India. |
| Lower 2W/3W Segment Growth vs Industry | Attributed slower growth to customer mix (some faster-growing OEMs were not historically key partners), but penetration into these OEMs now positions the company for faster-than-industry growth from Q3/Q4 onwards. |
| Trading Business Decline | The 19% YoY decline in trading revenue was due to Middle East crisis impacting logistics and demand; the worst is seen as over, but no specific guidance given. |
| H-One High-Tensile Steel Capability | The technology enables light-weighting and localization; the recent 59-assembly EV order will largely be manufactured in the H-One plant, and the capability also allows designing tooling and automation to handle spring back in high-tensile manufacturing. |
Guidance
- Expect EBITDA margins to remain broadly stable compared to FY26 levels.
- Intend to deploy a significant majority of the INR17,000 million QIP proceeds within this fiscal year, primarily towards high-quality inorganic opportunities.
- Targeting aerospace and defense to reach 10% of manufacturing revenue in the medium term.
- Guidance for the company as a whole is mid-teens revenue growth with stable EBITDA margins.
Source
Summary written from the transcript filed by Belrise Industries Ltd for the call held on 17 Aug 2026; published 21 Aug 2026, 23:12 IST.
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