Belrise Industries (BELRISE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹27,463.82m and reported net profit was ₹1,665.47m; H1 revenue reached ₹52,928.50m and reported net profit ₹2,882.15m.

• Growth priorities include deeper 2W/3W penetration, proprietary products, 4W/CV expansion and integrated system supply, alongside aerospace and defense diversification.

• Board approvals advanced the H One India amalgamation scheme, a PM SETU project SPV and an agreement to acquire Hyva India’s tipper body business.

Financial highlights

• Q2 FY27 revenue from operations was ₹27,463.8m (+17% YoY); manufacturing revenue rose 26% to ₹23,441.4m, while trading revenue declined 18% to ₹4,022.4m.

• H1 FY27 revenue from operations increased 15% to ₹52,928.5m; manufacturing revenue rose 23% to ₹45,420.2m, while trading revenue declined 19% to ₹7,508.3m.

• Q2 EBITDA increased 12% to ₹3,306.2m and H1 EBITDA rose 8% to ₹6,238.7m; EBITDA margins were 12.0% and 11.8%, down 60 bps and 70 bps YoY, respectively.

• Adjusted PAT grew 25% to ₹1,662.5m in Q2 and 18% to ₹2,879.2m in H1; reported consolidated net profit was ₹1,665.47m and ₹2,882.15m, respectively.

• Consolidated Q2/H1 PBT was ₹2,207.48m/₹3,871.24m; standalone revenue was ₹22,258.46m/₹43,141.24m and net profit ₹1,587.25m/₹2,729.94m.

Outlook and guidance

• FY27 4W/CV revenue target is 40–45% growth from the FY25 base, supported by new customers, deeper penetration, exports and cross-selling.

• Bangalore facilities are scheduled to start production in Q3 FY27; Dharwad, Sambhajinagar and Bhiwadi facilities are scheduled for Q1 FY28.

• Suspension product launches are planned for Q3 and Q4 FY27; chassis/body assembly programs at Sambhajinagar and Dharwad are planned for Q1 FY28.