Belrise Industries (BELRISE) Q3 25/26 earnings summary

Executive summary

• Achieved 8% YoY revenue growth in Q3 FY26 and 16% YoY growth for 9M FY26, with manufacturing revenue and adjusted PAT up 16% and 51% respectively.

• Completed merger of Badve Autocomps/Eximius Infra Tech (BAPL/EITSPL), simplifying structure, boosting market share in two-wheeler plastic components to 25%, and delivering immediate EPS accretion.

• Expanded into aerospace and defense through SDM acquisition and strategic alliances, including Plasan Sasa.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY26 were approved, with an unmodified auditor opinion.

• Issuance of commercial papers aggregating to Rs.100 Crores was approved.

Financial highlights

• Q3 FY26 revenue: INR 23,405 million (+8% YoY); EBITDA: INR 2,869 million (+10% YoY); adjusted PAT: INR 1,267–1,268 million (+26% YoY); margin improved to 5.2–5.4%.

• 9M FY26 revenue: INR 69,563 million (+16% YoY); EBITDA margin: 12.4%; adjusted PAT: INR 3,714 million (+51% YoY); ROACE: 15.1%.

• Net debt as of Dec 2025: INR 7,767 million; net debt/equity at 0.15x.

• Consolidated net profit for Q3: INR 1,218.25 million, up from INR 1,011.08 million YoY.

• Earnings per share for Q3: INR 1.45 (basic/diluted).

Outlook and guidance

• Maintains guidance to outperform industry growth in two-wheelers and achieve mid-teen revenue growth.

• Expects merger to be EPS and value accretive from day one, with margin uplift and higher wallet share.

• Targeting revenue doubling in four-wheeler/commercial vehicle segment in 2–2.5 years.

• New facilities in India and France to commence production in FY26.

• Monitoring regulatory changes, especially new Labour Codes, and will adjust accounting as needed.