Belrise Industries Ltd Posts Strong Earnings Momentum with Adj. PAT Up 17.2% YoY in Q4 and 41.2% in FY26
Pune : Belrise Industries Limited (BIL), one of India’s leading integrated automotive component manufacturers with a diverse portfolio of safety-critical systems and engineering solutions announced its audited financial results for the quarter and year ended 31st March 2026.
Consolidated Financial Highlights
| Particulars (In ₹ Mn.) | Q4 FY26 | Q4 FY25 | Y-o-Y | FY26 | FY25 | Y-o-Y |
| Total Revenue | 25,528.3 | 22,743.5 | 12.2% | 95,091.0 | 82,908.2 | 14.7% |
| Gross Profit | 4,899.3 | 4,262.6 | 14.9% | 18,292.2 | 15,792.1 | 15.8% |
| EBITDA | 2,901.3 | 2,759.8 | 5.1% | 11,537.7 | 10,211.4 | 13.0% |
| EBITDA Margin % | 11.4% | 12.1% | 12.1% | 12.3% | ||
| Profit Before Tax (PBT) | 1,745.0 | 1,393.6 | 25.2% | 6,657.7 | 4,455.8 | 49.4% |
| Adj. Profit After Tax (PAT) | 1,289.5 | 1,100.2 | 17.2% | 5,020.0 | 3,554.4 | 41.2% |
| Adj. PAT Margin (%) | 5.1% | 4.8% | 5.3% | 4.3% |
- Adj. PAT excludes exceptional items
Other Business & Financial Highlights (Q4 FY26)
- Manufacturing Revenue up 21% to ₹21,763 Mn. as compared to ₹17,991 Mn. in Q4 FY25
- Manufacturing EBITDA up 9% to ₹2,800 Mn. as compared to ₹2,573 Mn. in Q4 FY25
- Manufacturing EBITDA Margins stood at 13.0%
- 73.8% of manufacturing revenue is from powertrain-neutral products
- Manufacturing EBITDA up 9% to ₹2,800 Mn. as compared to ₹2,573 Mn. in Q4 FY25
Other Business & Financial Highlights (FY26)
- Manufacturing Revenue up 17% to ₹77,346 Mn. as compared to ₹65,938 Mn. in FY25
- Manufacturing EBITDA up 15% to ₹10,577 Mn. as compared to ₹9181 Mn. in FY25
- Manufacturing EBITDA Margins stood at 13.7%
- We had a one-time operational loss of ₹94.7 Mn. in Q4 of FY 26 in our subsidiary, Belrise Aerospace & Defense due to startup costs related to overhauling of machinery, legal & professional expenses, and personnel expenses relating to our acquisition, SDM in France. We expect this loss to be one-time, and expect SDM to be profitable in FY 27.
- Manufacturing EBITDA up 15% to ₹10,577 Mn. as compared to ₹9181 Mn. in FY25
Key Operational Highlights for Q4 FY26 Aerospace segment
- Completed our second international acquisition in the aerospace sector with the acquisition of
Chester Hall Precision Engineering, a UK-based specialist in aerospace, defense, and space manufacturing. Chester Hall supplies to the world’s largest aircraft OEM and a leading aircraft engine manufacturer, and serves as a single-source supplier of space satellite components for a major OEM’s satellite programme. The company is recognized for its highly specialized manufacturing capabilities, including build-to-spec aero engine components requiring ultra-precision tolerances below 0.1–0.2 microns, positioning it among a select group of global suppliers capable of delivering such mission-critical parts.
- The company is the single-source supplier for key reverse thruster engine and nacelle components on one of the world’s highest-selling commercial aircraft platforms and ranks among the OEM’s top five UK suppliers by quality.
- The acquisition was completed for a consideration of £13.2 million. Chester Hall reported revenues of over £18.5 million in CY2025, with EBITDA of approximately £2.1 million, implying a valuation of ~6x EBITDA.
New Order Wins
Strengthened our presence among two of the country’s fastest-growing 2W OEMs, positioning us for further gains in 2W market share:
- Secured a large order from one of the fastest-growing two-wheeler and three-wheeler OEMs for the supply of exhaust systems and fuel tanks for one of their highest-selling models; this will be supported through a brownfield expansion at our Bangalore facility. The start of production is expected from Q2 FY27.
- Secured a major order from a Japanese OEM for complete exhaust systems and a clutch of several other components. This program is expected to generate peak annual revenues of approximately ₹220 crore. The start of production is expected from Q4 FY27.
Commenting on the Q4 & FY26 performance, Mr. Shrikant Badve, Managing Director of Belrise Industries Limited said,
“FY26 marked Belrise’s first full year as a listed company, and the team has delivered broadly on all the commitments made at the time of the IPO. Revenue grew at mid-teens, with EBITDA margins stable, validating the operating model and the company’s ability to grow sustainably.
Q4 FY26 was a strong quarter for Belrise with adjusted PAT reaching ₹1,290 million, up 17% year-on-year. Total revenue from operations for Q4 FY26 stood at ₹25,528 million, up 12% year-on-year, including manufacturing revenue of ₹21,763 million, which grew 21% year-on-year.
Content per vehicle also improved meaningfully, up ~65–70% in 2-wheelers and ~40-45% in 4-wheelers and CVs, the latter aided by the consolidation of H-One. The board also approved the merger of two group entities, at close to book value, into the listed company to simplify structure and improve operational efficiency.
In Q4FY26, Belrise completed the acquisition of Chester Hall Precision Engineering, a UK-based manufacturer of aero engine and aerostructure components. Chester Hall supplies to the world’s largest aircraft OEM and a leading engine manufacturer, and serves as a single-source supplier of space satellite components for a major OEM’s satellite programme. The business specialises in machining advanced materials such as titanium and aluminium grade 7, with precision tolerances below 0.1–0.2 microns and a component rejection rate of just 0.5–1%.
This follows the earlier acquisition of SDM in France, and together the two assets meaningfully deepen Belrise’s presence in global OEM aerospace supply chains. Management is in advanced discussions to transfer portions of Chester Hall’s subcontracted manufacturing to India to leverage cost and engineering advantages, while preserving precision standards.
Q4FY26 saw a few significant order wins. Belrise secured a new programme with a fast-growing 2/3- wheeler OEM for exhaust systems and fuel tanks, with production slated to begin from a brownfield Bangalore expansion in Q2FY27. Secondly, Belrise stepped in when a Japanese OEM’s faced supply disruption when a smaller Tier-1 supplier faced financial distress — developing the required parts within eight weeks. Parallelly, Belrise also won a major follow-on order for complete exhaust systems and other components, expected to generate peak annual revenues of ~₹220 crore from Q4FY27.
Looking ahead, we remain focused on driving sustainable growth, maintaining operational resilience, and investing prudently to support long-term value creation. We are confident in our ability to execute on our strategic priorities.”
