Belrise Industries (BELRISE) Q4 25/26 earnings summary

Executive summary

• Achieved strong mid-teen revenue growth and stable EBITDA margins in FY26, driven by manufacturing expansion, new customer wins, and global acquisitions, including entry into aerospace and defense supply chains.

• Board approved and completed mergers of group entities to simplify structure, improve efficiency, and deliver immediate EPS accretion.

• Audited standalone and consolidated financial results for FY26 were approved with unmodified opinions from statutory auditors.

• Final dividend of Rs. 0.55 per share recommended for FY26, subject to shareholder approval.

• Board approved raising up to INR 20,000 million via QIP to support growth initiatives.

Financial highlights

• FY26 consolidated revenue: Rs. 96,188.60 million, up from Rs. 83,524.48 million in FY25; manufacturing revenue: INR 77,346 million, up 17% YoY.

• Q4 FY26 revenue: INR 25,528 million, up 12% YoY; Q4 EBITDA: INR 2,901 million (11.4% margin); adjusted PAT: INR 1,290 million, up 17% YoY.

• FY26 EBITDA: INR 11,538 million (12.1% margin); adjusted PAT: INR 5,020 million, up 41% YoY.

• Earnings per share (consolidated, basic) for FY26 was Rs. 5.82, up from Rs. 5.46 in FY25.

• Net debt/equity reduced to 0.11x in FY26 from 1.01x in FY25.

Outlook and guidance

• Expect mid-teen revenue growth and stable EBITDA margins for FY27; targeting 40-45% revenue growth in 4W/CV segment.

• CapEx to remain at 6%-6.5% of manufacturing revenue, including R&D investments.

• Aerospace and defense targeted to contribute upwards of 10% of revenue in the medium term.

• QIP of up to INR 20,000 million planned to strengthen capital base and support growth.