Belrise Industries Ltd.
BELRISEConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
6 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 6 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20250619 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250819 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251118 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260207 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260601 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260821 | 2026-06-30 | yes |
BELRISE
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 243.63 |
| 52-week range | 145.11 – 261.35 |
| Return 1M | 6.88% |
| Return 3M | -0.83% |
| Return 1Y | 50.85% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,546.00 |
| Other income | 18.00 |
| Total income | 2,565.00 |
| Cost of materials consumed | 1,723.00 |
| Purchases of stock-in-trade | 310.00 |
| Changes in inventories | 4.00 |
| Employee benefit expense | 115.00 |
| Finance costs | 46.00 |
Ownership — 2026-07-17, and the change from 2026-06-30
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.61 | -0.05 |
| institutions foreign | 0.12 | 0.03 |
| institutions domestic | 0.13 | 0.03 |
| mutual funds | 0.11 | 0.02 |
| public | 0.39 | 0.05 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 6 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,274.00 | 2,262.00 | 2,354.00 | 2,341.00 | 2,553.00 | 2,546.00 |
| Other income | 10.00 | 29.00 | 27.00 | 34.00 | 20.00 | 18.00 |
| Total income | 2,285.00 | 2,291.00 | 2,380.00 | 2,374.00 | 2,573.00 | 2,565.00 |
| Cost of materials consumed | 1,405.00 | 1,432.00 | 1,458.00 | 1,457.00 | 1,707.00 | 1,723.00 |
| Purchases of stock-in-trade | 444.00 | 381.00 | 437.00 | 460.00 | 343.00 | 310.00 |
| Changes in inventories | -1.00 | 12.00 | 4.00 | -25.00 | 13.00 | 4.00 |
| Employee benefit expense | 68.00 | 81.00 | 83.00 | 84.00 | 92.00 | 115.00 |
| Finance costs | 64.00 | 80.00 | 56.00 | 50.00 | 45.00 | 46.00 |
| Depreciation and amortisation | 83.00 | 90.00 | 87.00 | 93.00 | 92.00 | 99.00 |
| Other expenses | 82.00 | 76.00 | 74.00 | 77.00 | 108.00 | 101.00 |
| Total expenses | 2,145.00 | 2,152.00 | 2,200.00 | 2,197.00 | 2,400.00 | 2,398.00 |
| Profit before exceptional items and tax | 139.00 | 140.00 | 181.00 | 177.00 | 173.00 | 166.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -6.00 | 1.00 | 0.00 |
| Profit before tax | 139.00 | 140.00 | 181.00 | 171.00 | 174.00 | 166.00 |
| Current tax | 30.00 | 32.00 | 39.00 | 46.00 | 43.00 | 44.00 |
| Deferred tax | -1.00 | -4.00 | 9.00 | 3.00 | 1.00 | 1.00 |
| Tax expense | 29.00 | 28.00 | 48.00 | 49.00 | 44.00 | 45.00 |
| Profit for the period | 110.00 | 112.00 | 133.00 | 122.00 | 130.00 | 122.00 |
| Profit attributable to owners | — | 111.00 | 0.00 | 122.00 | 0.00 | 122.00 |
| Profit attributable to non-controlling interests | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other comprehensive income | -1.00 | -0.00 | -0.00 | -0.00 | 4.00 | 0.00 |
| Total comprehensive income | 109.00 | 112.00 | 133.00 | 122.00 | 134.00 | 122.00 |
| Earnings per share, basic | 1.69 | 1.50 | 1.63 | 1.45 | 1.53 | 1.37 |
| Earnings per share, diluted | 1.69 | 1.50 | 1.63 | 1.45 | 1.53 | 1.37 |
Annual results, as filed
| Line | 2025-03-31 | 2026-03-31 |
|---|---|---|
| Revenue from operations | 8,291.00 | 9,509.00 |
| Other income | 62.00 | 110.00 |
| Total income | 8,352.00 | 9,619.00 |
| Cost of materials consumed | 5,141.00 | 6,054.00 |
| Purchases of stock-in-trade | 1,610.00 | 1,622.00 |
| Changes in inventories | -40.00 | 4.00 |
| Employee benefit expense | 294.00 | 341.00 |
| Finance costs | 307.00 | 232.00 |
| Depreciation and amortisation | 330.00 | 361.00 |
| Other expenses | 264.00 | 335.00 |
| Total expenses | 7,907.00 | 8,948.00 |
| Profit before exceptional items and tax | 446.00 | 671.00 |
| Exceptional items | 0.00 | -5.00 |
| Profit before tax | 446.00 | 666.00 |
| Current tax | 98.00 | 161.00 |
| Deferred tax | -8.00 | 8.00 |
| Tax expense | 90.00 | 169.00 |
| Profit for the period | 355.00 | 497.00 |
| Profit attributable to owners | — | 0.00 |
| Profit attributable to non-controlling interests | — | 0.00 |
| Other comprehensive income | -1.00 | 4.00 |
| Total comprehensive income | 355.00 | 501.00 |
| Earnings per share, basic | 5.46 | 5.82 |
| Earnings per share, diluted | 5.46 | 5.82 |
Balance sheet, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 7,225.00 | 8,087.00 | 8,550.00 |
| Non-current assets | 3,542.00 | 3,613.00 | 3,732.00 |
| Current assets | 3,683.00 | 4,474.00 | 4,817.00 |
| Property, plant and equipment | 2,897.00 | 3,042.00 | 3,101.00 |
| Capital work-in-progress | 263.00 | 239.00 | 240.00 |
| Goodwill | 2.00 | 2.00 | 2.00 |
| Other intangible assets | 1.00 | 1.00 | 1.00 |
| Inventories | 770.00 | 960.00 | 919.00 |
| Trade receivables | 1,591.00 | 1,710.00 | 1,754.00 |
| Cash and cash equivalents | 77.00 | 290.00 | 806.00 |
| Total equity and liabilities | 7,225.00 | 8,087.00 | 8,550.00 |
| Equity | 2,713.00 | 4,971.00 | 5,226.00 |
| Equity share capital | 325.00 | 445.00 | 445.00 |
| Other equity | 2,388.00 | 4,526.00 | 4,781.00 |
| Total liabilities | 4,512.00 | 3,117.00 | 3,324.00 |
| Non-current liabilities | 1,758.00 | 969.00 | 881.00 |
| Current liabilities | 2,754.00 | 2,148.00 | 2,442.00 |
| Borrowings, non-current | 1,649.00 | 794.00 | 750.00 |
| Borrowings, current | 1,250.00 | 551.00 | 689.00 |
| Trade payables | 1,066.00 | 1,308.00 | 1,318.00 |
Cash flow, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | 704.00 | 55.00 | 876.00 |
| Net cash from investing activities | -981.00 | -171.00 | -475.00 |
| Net cash from financing activities | 169.00 | 328.00 | 328.00 |
| Purchase of property, plant and equipment | 738.00 | 252.00 | 565.00 |
| Net increase in cash | -108.00 | 212.00 | 729.00 |
| con:CFO.BEFORE_TAX | 802.00 | 153.00 | 1,036.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | -26.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 98.00 | 71.00 | 161.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 99.00 | 0.00 | -1.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | -4.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2025-05-28 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-07-17 |
|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 73.01 | 73.01 | 0.73 | 0.66 | 0.66 | 0.66 | 0.61 |
| Domestic institutions | 8.07 | 7.12 | 0.04 | 0.09 | 0.10 | 0.10 | 0.13 |
| Mutual funds | — | 5.37 | 0.03 | 0.09 | 0.09 | 0.09 | 0.11 |
| Insurance companies | 0.55 | 1.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| Foreign institutions | 5.35 | 6.78 | 0.08 | 0.09 | 0.09 | 0.09 | 0.12 |
| Government | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 26.99 | 26.99 | 0.27 | 0.34 | 0.34 | 0.34 | 0.39 |
| Non-institutional | 13.56 | 13.09 | 0.15 | 0.15 | 0.15 | 0.14 | 0.14 |
| Shares outstanding | 889879192 | 889879192 | 889879192 | 889879192 | 889879192 | 889879192 | 967151919 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-21 | Q1FY27 | Read the call | |
| 2026-06-01 | Q4FY26 | Read the call | |
| 2026-02-07 | Q3FY26 | Read the call | |
| 2025-11-18 | Q2FY26 | Read the call | |
| 2025-08-19 | Q1FY26 | Read the call | |
| 2025-06-19 | Q4FY25 | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|
| Capex | The second thing on the capex plan, which you mentioned on the call, INR800 crores of capex we have envisaged. | — | And that is largely towards the capital expenditure for our long-member facility in Pune, which was being set up in this quarter. | — | The management has approved a capital expenditure plan of approximately INR8,000 million over the next two years. | You talked about that capex would be around 6% to 7%. |
| Capital allocation | The main factor behind that was that for the H-One acquisition, we had issued a non-convertible debenture, the interest of which was not captured in Q… | Sixth, following our acquisition of H-One India in the last fiscal year, we have also now successfully concluded our technology collaboration with H-O… | I think on Badve Autocomp and just to correct you, Eximius LLP, for these two entities, we would like for the merger or the acquisition to happen with… | A key highlight in the non-automotive segment was the acquisition of a French company, SDM. | With that, I now hand over the call to Sumedh to discuss our acquisition strategy and manufacturing footprint in more detail. | So is it for the repayment of debt or some new acquisition, or what's the plan if you can help us understand? |
| Costs | Was there any raw material impact and how should we see it going forward like we did 13% Q1 last year? | I can say with a great amount of confidence that the worst is behind us in terms of cost pressures. | The Belrise Industries Limited November 12, 2025 perspective is that by using this commodity trading business, we are able to get deeper insights into… | — | So our raw material prices are on a back-to-back basis. | — |
| Debt and cash | So, current cash position, as of June 25, I'll have to get back to you on that, but I think we had mentioned our net debt position, which was close to… | — | To answer your question more specifically whether any debt has been taken on from new projects or working capital? | — | This deleveraging will result in significant interest cost savings and improvement in debt ratios. | PVs contributed 5.2%, CVs contributed 8.3%, and others would be around 4.5% in FY26. Net debt as of 31st March 2026 stood at INR5,977 million. |
| Demand | — | On the demand side, our two and three-wheeler business, which remains the largest contributor to revenue, continued to benefit from the industry-wide … | I'm happy to report a strong set of financial results for Q2 and H1 FY ’26, supported by robust demand and our ongoing operational improvements. | How do you see currently the demand looking like for the fourth quarter? | These are expected to enhance liquidity and fuel demand across product categories. | Number one, it's a market with unprecedented demand. |
| Guidance | That being said, for the remaining three quarters, we expect revenue to ramp up sharply. | We expect production to commence in Quarter 4 of this fiscal year, with a gradual ramp-up thereafter. | We expect, again, revenues in this facility to peak around INR1,500 million. | Post- merger, net of related party eliminations, we expect an incremental INR10 billion of revenue to be added to Belrise, along with a margin uplift … | Given our strong order book in these categories, we expect this share to double in the next 2 or 2.5 years. | We expect, as we mentioned before, this loss to be one-time and hence we expect Belrise SDM as a subsidiary to be EBITDA positive going forward, so th… |
| Margin | We'll be sharing the Q1 FY26 consolidated financial highlights. • Total revenue for Q1 FY26 stood at INR22,622 million, up by 27% year-on-year from IN… | Our EBITDA stood at INR2,933 million with margins at 11.5%. | Q2 FY ’26 consolidated financial highlights: Total revenue for Q2 FY ’26 stood at INR23,535 million, up by 14% year-on-year from INR20,687 million i… | Our EBITDA and manufacturing EBITDA stood at INR2,869 million and INR2,579 million respectively, with margins at 12.3% and 14.0%. | In FY '25, consolidated revenue grew by 11% to INR82,908 million, with EBITDA growing by 10% to INR10,211 million. | Belrise Industries Limited May 25, 2026 • EBITDA stood at INR2,901 million, up by 5% year-on-year from INR2,760 million. |
| People | And the good part about H-One, and maybe Sumedh can talk more about this, is that when we acquired the facility or even now, the capacity utilization … | Apart from that, we've also been hiring a lot because as we speak, there's four new facilities coming up, including brownfield facilities for us. | And right now, the capacity utilization in this business is not more than 40% to 45%. | — | At full utilization, this facility, acquired for INR165 million again, is expected to generate up to INR1,250 million in annual revenue. | We are unable to comment on plant-specific questions on utilization and break-even. |
| Pricing | — | While some pressure persisted in this quarter, we don't expect any material impact Belrise Industries Limited August 17, 2026 on our margins in this f… | — | — | — | — |
| Revenue growth | And, sir, our other expenses have grown higher than our revenue growth. | — | So, the inventory growth was in line with our revenue growth per se. | How do you see these business scaling up, over the next few years and how much can these components start to contribute to the top line in a few years… | Now, as we enter our platform expansion phase, we are targeting mid-teen revenue growth over the medium term, driven by a balanced mix of organic and … | — |