Belrise Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Belrise Industries Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Belrise Industries reported Q4 FY26 total revenue of INR25,528 million, up 12% year-on-year, with manufacturing revenue growing 21% to INR21,763 million, while FY26 total revenue rose 15% to INR95,091 million. The company completed the acquisition of Chester Hall Precision Engineering in the UK during the quarter, following the earlier SDM acquisition in France, expanding its aerospace and defense capabilities. Management also disclosed a one-time operational loss of INR94.7 million in its aerospace subsidiary due to startup and acquisition-related costs, and announced a final dividend of INR0.55 per share.
Numbers mentioned
Adjusted PAT: INR1,290 million (Q4 FY26)
p. 5
“we had a strong quarter with our adjusted PAT reaching INR1,290 million.”
Shrikant Badve, page 5 of the filed PDF · View the filing
Total revenue from operations: INR25,528 million (Q4 FY26)
p. 5
“Total revenue from operations for Q4 FY26 stood at INR25,528 million, up by 12% year-on-year, including manufacturing revenue of INR21,763 million, which grew 21% year-on-year.”
Shrikant Badve, page 5 of the filed PDF · View the filing
EBITDA and manufacturing EBITDA: INR2,901 million and INR2,800 million, margins at 11% and 13% (Q4 FY26)
p. 5
“Our EBITDA and manufacturing EBITDA stood at INR2,901 million and INR2,800 million respectively, with margins at 11% and 13%.”
Shrikant Badve, page 5 of the filed PDF · View the filing
One-time operational loss: INR94.7 million (Q4 FY26)
p. 5
“we had a one-time operational loss of INR94.7 million in Q4 FY26 in our subsidiary, Belrise Aerospace and Defense, due to startup costs related to overhauling of machinery, legal and professional expenses, and personnel expenses related due to our acquisition, Belrise SDM, which we did in France.”
Shrikant Badve, page 5 of the filed PDF · View the filing
Final dividend: INR0.55 per share (FY26)
p. 5
“the Board has declared a final dividend of INR0.55 per share for all existing shareholders.”
Shrikant Badve, page 5 of the filed PDF · View the filing
Four-wheeler business growth: 71% in Q4, 37% in FY26 (Q4 FY26 and FY26)
p. 3
“Our four-wheeler business segment recorded a growth of 71% in Q4 of the current year and 37%1 in the full year '26, while the commercial vehicle segment grew by 32%”
Shrikant Badve, page 3 of the filed PDF · View the filing
Total revenue: INR95,091 million, up 15% year-on-year (FY26)
p. 9
“The total revenue stood at INR95,091 million, up by 15% year-on-year from INR82,908 million.”
Rahul Ganu, page 9 of the filed PDF · View the filing
Adjusted PAT: INR5,020 million, up 41% year-on-year (FY26)
p. 9
“Adjusted PAT stood at INR5,020 million, up 41% year-on-year from INR3,554 million.”
Rahul Ganu, page 9 of the filed PDF · View the filing
Net debt: INR5,977 million (as of 31st March 2026)
p. 9
“Net debt as of 31st March 2026 stood at INR5,977 million.”
Rahul Ganu, page 9 of the filed PDF · View the filing
ROCE: 14.7% (FY26)
p. 9
“ROCE stood at 14.7%.”
Rahul Ganu, page 9 of the filed PDF · View the filing
Chester Hall revenue: over GBP18.5 million (calendar year 2025)
p. 8
“Chester Hall delivers revenues of over GBP18.5 million in calendar year 2025, with an EBITDA of approximately GBP2.1 million and a ROCE or return on capital employed of over 20%.”
Sumedh Badve, page 8 of the filed PDF · View the filing
Chester Hall acquisition price: GBP13.2 million
p. 8
“We acquired it for GBP13.2 million, a valuation we believe is extremely compelling relative to the quality of the asset and its long-term earnings potential that we foresee.”
Sumedh Badve, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — mid-teens · FY27
stated firmly by Swastid Badve
p. 7
“We expect to continue delivering mid-teens revenue growth, consistent with our track record and momentum in our order book.”
Swastid Badve, page 7 of the filed PDF · View the filing
EBITDA margins — broadly stable compared to FY26 levels · FY27
stated firmly by Swastid Badve
p. 7
“We expect EBITDA margins to remain broadly stable as compared to our FY26 levels.”
Swastid Badve, page 7 of the filed PDF · View the filing
Capex as percentage of manufacturing revenue — 6% to 6.5%
stated firmly by Swastid Badve
p. 7
“We expect capex to remain in the range of 6% to 6.5% of our manufacturing revenue, reflecting ongoing investments in capacity and capability.”
Swastid Badve, page 7 of the filed PDF · View the filing
Belrise SDM EBITDA — EBITDA positive · 2027
stated firmly by Shrikant Badve
p. 5
“We expect this loss to be one-time and expect SDM to be EBITDA positive in the year 2027.”
Shrikant Badve, page 5 of the filed PDF · View the filing
Aerospace and defense revenue contribution — upwards of 10%
stated as an aspiration by Sumedh Badve
p. 11
“We want it to be a meaningful contributor to our revenues, growing upwards of 10%.”
Sumedh Badve, page 11 of the filed PDF · View the filing
Four-wheeler and commercial vehicle revenue growth — double FY25 revenues, requiring 40% to 45% growth · this fiscal year
stated as an aspiration by Swastid Badve
p. 17
“to double our revenue as compared to our FY25 revenues in this fiscal year, we will have to grow at close to 40% to 45%, which is our endeavor and which is what we're confident about doing.”
Swastid Badve, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained fuel and labor costs would be passed on over time, transportation costs are still under discussion with OEMs, and one-time acquisition costs are not expected to recur.
Answered by Swastid Badve
Asked by Nitij Mangal: How does management see margin trajectory through the quarters, and which cost pressures are easier to pass on to customers?
p. 10
“we'll be looking to pass on the fuel costs and labor costs over a period of time to our customers, while on the transportation costs, we're still in discussions with a couple of our key OEMs and that is something that we'll get more clarity on going forward.”
Swastid Badve, page 10 of the filed PDF · View the filing
Management said both new OEM relationships currently contribute negligibly to revenue but are expected to become very large over the next two to three years.
Answered by Swastid Badve
Asked by Nitij Mangal: How large can the new two-wheeler OEM orders become over the next two to three years?
p. 11
“both of these customers put together their contribution to our current revenues are negligible or minimal. With these two wins, we expect them to become very large for us over the next two to three years.”
Swastid Badve, page 11 of the filed PDF · View the filing
Management said it was only an enabling resolution at this stage and would update on further progress.
Answered by Swastid Badve
Asked by Vipul Agrawal: What is the purpose of the announced QIP of INR2,000 crores?
p. 12
“At this point of time, it's only an enabling resolution. I would also like to clarify that up to INR2,000 crores, we will come back to you on the right time if there's any further progress on this.”
Swastid Badve, page 12 of the filed PDF · View the filing
Management cited high automation with over 850 robots, in-house verticalization, engineering expertise in NVH, and unique plating capability on stainless steel.
Answered by Swastid Badve
Asked by Vipul Agrawal: What gives Belrise a competitive edge in exhaust systems manufacturing?
p. 13
“As a company, as a whole company, we have more than 850 robots, so we are able to have much higher automation as compared to our peers.”
Swastid Badve, page 13 of the filed PDF · View the filing
Management said no decision has been made on hiving off the trading business.
Answered by Swastid Badve
Asked by Vipul Agrawal: What are the plans for the trading business given its margin dilution on a consolidated basis?
p. 14
“we have not commented on hiving off this business in any format. As we think more about this business, we'll keep you updated.”
Swastid Badve, page 14 of the filed PDF · View the filing
Management said the suspension business currently only serves two-wheeler and three-wheeler OEMs, not passenger vehicles.
Answered by Swastid Badve
Asked by Radha: Does Belrise supply suspensions to domestic passenger vehicle OEMs?
p. 15
“right now, we're not catering to the passenger vehicle space; we're only catering to the two-wheeler and three-wheeler space, where as we mentioned earlier, we have four marquee customers”
Swastid Badve, page 15 of the filed PDF · View the filing
Management outlined three focus dimensions for acquisitions—customers, capabilities, and verticalization—and said all four recent acquisitions were done at book value or mid-single-digit EV/EBITDA multiples.
Answered by Swastid Badve
Asked by Jyoti Singh: What is the approach to future inorganic acquisitions and which areas are priorities?
p. 16
“two of them, Mag Filter and SDM, were done at book value, while Chester Hall and H-One were done at a mid-single-digit EV/EBITDA. So, all four of them have been EPS and ROCE accretive since day one.”
Swastid Badve, page 16 of the filed PDF · View the filing
Management declined to comment on plant-specific utilization or break-even details.
Answered by Swastid Badve
Asked by Jyoti Singh: What is the current utilization and expected break-even timeline for new plants?
p. 17
“We are unable to comment on plant-specific questions on utilization and break-even.”
Swastid Badve, page 17 of the filed PDF · View the filing
Management described a significant supply-demand gap in global aircraft manufacturing and lengthy qualification certification timelines that acquisitions help shorten.
Answered by Sumedh Badve
Asked by Jyoti Singh: What is the aerospace market opportunity in India and how are qualification lead times evolving?
p. 18
“the qualification certifications are extremely, extremely important. In certain cases, they can take up to 12 months, 18 months, up to 24 months for certain processes.”
Sumedh Badve, page 18 of the filed PDF · View the filing
Risks flagged
Supply chain challenges from an ongoing oil crisis and elevated raw material, energy, and logistics costs
p. 7
“During the quarter, we faced certain supply chain challenges arising from an ongoing oil crisis, along with elevated raw material, energy, and logistic costs.”
Swastid Badve, page 7 of the filed PDF · View the filing
Increased labor cost pressure from Haryana minimum wage changes
p. 7
“the recent Haryana minimum wage led to increased pressure on labor and overall operating costs across the country.”
Swastid Badve, page 7 of the filed PDF · View the filing
One-time operational loss in aerospace subsidiary due to acquisition-related startup costs
p. 5
“a one-time operational loss of INR94.7 million in Q4 FY26 in our subsidiary, Belrise Aerospace and Defense, due to startup costs related to overhauling of machinery, legal and professional expenses, and personnel expenses”
Shrikant Badve, page 5 of the filed PDF · View the filing
Possibility that GST-driven demand uptick could be a temporary pull-forward rather than structural growth
p. 4
“We hope this translates into a structural and sustained uptick for the industry rather than a temporary pull-forward of demand as the overall sector continues to evolve.”
Shrikant Badve, page 4 of the filed PDF · View the filing
Volatility in steel and plastic input costs
p. 4
“Input costs, particularly steel and plastic, have remained volatile over the past year.”
Shrikant Badve, page 4 of the filed PDF · View the filing
Supply disruption faced by a key Japanese OEM customer due to financial stress at a Tier 1 supplier
p. 6
“one of our largest Japanese two-wheeler OEM customers faced a supply disruption when a small Tier 1 supplier serving them came under immense financial stress.”
Swastid Badve, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.