Belrise Industries Limited (BIL), a leading integrated automotive component manufacturer with a growing presence in safety-critical and precision engineering solutions, reported a robust financial performance for the third quarter and nine months ended December 31, 2025.
Consolidated Financial Performance
For Q3 FY26, Belrise Industries reported total revenue of ₹23,405 million, up 8.0 per cent year-on-year, driven by steady manufacturing growth. EBITDA rose 9.6 per cent YoY to ₹2,869 million, with margins improving to 12.3 per cent. Profit before tax (PBT) surged 35.9 per cent YoY to ₹1,775 million, while adjusted PAT grew 26.0 per cent YoY to ₹1,268 million.
On a nine-month basis, revenue increased 15.6 per cent YoY to ₹69,563 million, while EBITDA rose 15.9 per cent YoY to ₹8,636 million. PBT climbed sharply by 62.5 per cent YoY to ₹4,977 million, and adjusted PAT stood at ₹3,714 million, up 51.3 per cent YoY. Return on average capital employed (RoACE) for the period stood at 15.1 per cent.
(Adjusted PAT excludes exceptional expenses related to revised employee benefit obligations following changes in labour laws.)
Manufacturing-Led Growth Continues
Manufacturing revenues grew 8 per cent YoY in Q3 FY26 to ₹23,405 million, while manufacturing EBITDA rose 11 per cent YoY to ₹2,579 million, with margins at 14.0 per cent. Exports accounted for 5.8 per cent of manufacturing revenue during the quarter, while powertrain-neutral products contributed nearly 74 per cent, underlining the company’s diversification strategy.
For 9M FY26, manufacturing revenues increased 16 per cent YoY to ₹55,583 million, with EBITDA rising 18 per cent YoY to ₹7,778 million and margins at 13.8 per cent. Exports contributed 5.6 per cent to manufacturing revenues, while powertrain-neutral products accounted for 73.2 per cent.
Strategic Expansion into Aerospace & Defence
During the quarter, Belrise completed its first international acquisition in the aerospace segment, acquiring SDM, a European manufacturer specialising in high-precision machined components for aerospace structures, engines and robotics. The acquisition, completed for €0.35 million, provides Belrise access to the supply chains of leading global aerospace OEMs. SDM is expected to generate €3–4 million in revenue in FY27, translating to an entry valuation of approximately 0.1x sales.
Additionally, Belrise entered into a strategic collaboration with Israel-based Plasan Sasa to manufacture and co-develop All-Terrain Electric Mission Module (ATEMM) systems for the Indian defence sector. The partnership will initially focus on localisation and assembly in India, followed by integration into Plasan’s global supply chain for export-oriented production.
Merger to Drive Scale and Value Accretion
The proposed merger of Badve Autocomps and Eximius Infra Tech with Belrise Industries Limited—at close to book value—is expected to be EPS- and value-accretive from day one. The transaction, independently valued by Ernst & Young with a fairness opinion from JM Financial, is expected to simplify group structure, reduce related-party transactions by nearly ₹11.5 billion, and create one of India’s largest two-wheeler plastic component players with an estimated 25 per cent market share.
Post-merger, content per vehicle is expected to rise by over ₹3,000, supported by a push towards Tier-0.5 system assemblies and higher vertical integration. Around 34 per cent of incremental revenues will come from passenger and commercial vehicle segments, accelerating Belrise’s four-wheeler and CV growth.
New Manufacturing Facility in Haridwar
Belrise has secured an order to set up a new manufacturing facility in Haridwar for one of India’s two largest two-wheeler OEMs. The facility will support the OEM’s highest-selling models, with production expected to commence in Q4 FY26 following a sharp ramp-up.
Commenting on the performance, Shrikant Badve, Managing Director, Belrise Industries Limited, said: “Q3 FY26 reflected sustained operational momentum and meaningful progress in our long-term diversification strategy to evolve into a precision engineering-led organisation. Our organic and inorganic initiatives are accelerating the shift towards integrated Tier-0.5 system assemblies, driving higher content per vehicle and deeper OEM partnerships.
The merger of Badve Autocomps and Eximius Infra Tech with Belrise will further simplify our group structure, enhance vertical integration and improve consolidated profitability. Beyond automotive, our expansion into aerospace and defence—with the Plasan collaboration and SDM acquisition—positions us to support global OEMs while strengthening India’s role as a best-cost manufacturing hub. As we move into the final quarter, our focus remains on scaling high-value engineered systems across automotive, defence and aerospace, while creating sustainable long-term value for all stakeholders.”
