Belrise Industries (BELRISE) Q1 25/26 earnings summary

Executive summary

• Achieved up to 27% year-on-year revenue growth in Q1 FY26, reaching INR 22,622.1 million, with manufacturing revenue up 29% and strong gains across vehicle segments.

• PAT increased 56% year-on-year to INR 1,116.8 million, with PAT margin improving by 90 bps to 4.9%.

• IPO proceeds enabled full repayment of INR 15,950 million debt, strengthening the balance sheet and financial flexibility.

• Commissioned new Chennai facility, expanded capacity in Pune and Bhiwadi, and integrated H-One India as a wholly owned subsidiary.

• Declared first dividend post-listing at 11% of face value for FY 2024/2025.

Financial highlights

• Revenue from operations for Q1 FY26 was INR 22,622.1 million, up from INR 17,809.7 million in Q1 FY25 (+27%).

• EBITDA for Q1 FY26 stood at INR 2,805.2 million, up 17% year-on-year, with a margin of 12.4%.

• PAT for Q1 FY26 was INR 1,116.8 million, up from INR 715.6 million in Q1 FY25 (+56%).

• Net debt as of June 30, 2025, was INR 7,698 million after significant repayment from IPO proceeds.

• ROCE at 14.4% as of June 30, 2025.

Outlook and guidance

• Guidance to double four-wheeler and commercial vehicle revenue within 2–2.5 years compared to FY 2025.

• CapEx guidance of up to INR 8,000 million over two years, with INR 1,061 million spent in Q1 FY26.

• Focus on expanding proprietary product portfolio and leveraging acquisitions to increase content per vehicle.

• Stable consolidated EBITDA margin expected going forward.