Belrise Industries

“we want aerospace and defense to get to 10% of our manufacturing revenue in a short to medium term.”

“We expect EBITDA margins to remain broadly stable as compared to FY26 levels.”

“What we are guiding for is the business as a whole, which is for Belrise as a whole, which is mid-teens revenue growth with stable EBITDA margins.”

“I think we have given our guidance on overall numbers and I think that's what we stick with.”

“The localization program is progressing rapidly, and we expect to support this program through an expansion at our existing facilities in Maharashtra.”

“We have now secured an order from a fifth OEM, a leading Vietnamese two-wheeler manufacturer entering the Indian market.”

“We expect supplies under this program to commence in the Quarter 4 of this fiscal year. While the initial order size is modest, this is a strategically important win for us as it gives us an entry into one of the fastest growing three-wheeler OEMs in the south of India”

“We have been selected to manufacture 59 unique assemblies as part of their localization program for one of their highest-selling EV models.”

“So it's a INR1,550 million cumulative order book when I say annual revenue run rate, and this is only with one OEM in the two-wheeler and three-wheeler space.”

“It's a recurring revenue. So this is the first order win that we have won from this North American solar tracker manufacturer, and we're expanding our current facility to enable manufacturing for this order.”

“The four-wheeler and commercial vehicle business were the fastest growing segments of our portfolio in FY26 and this momentum has continued into Q1 FY27, with revenues growing 18% year-on-year driven by new business wins across an expanding customer base.”

“Exports contributed 4.5% to our manufacturing revenue in Quarter 1 FY27.”

“passenger vehicle contributed 4.6%, commercial vehicle contributed 8.5%, and others would be around 5.5% in Quarter 1 FY27.”

“We are also in advanced discussion to localize a portion of the high-volume aero engine component manufacturing in India and expect to share further details on the initiative in the coming times.”

“Belrise already has a strategic partnership with Plasan Sasa, the Israeli company under which we intend to assemble armored vehicles for the Indian defense market.”

“Continued investment in infrastructure, construction, and mining should support healthy demand for tippers in India over the medium to long term.”

“On the demand side, our two and three-wheeler business, which remains the largest contributor to revenue, continued to benefit from the industry-wide volume recovery and from new platform launches at our marquee customers.”

“So I think this is something that we are seeing increased focus on from the EV makers as well as from the Japanese OEMs, and we expect this market to continue growing for us.”

“EBITDA stood at INR2,933 million, up by 5% year-on-year from INR2,805 million. EBITDA margin stood at 11.5%.”

“Manufacturing EBITDA stood at INR2,793 million, up 10% year-on-year from INR2,536 million. Manufacturing EBITDA margin stood at 12.7%.”

“Input costs, particularly steel and polymer, remained elevated through Q1 FY27.”

“I can say with a great amount of confidence that the worst is behind us in terms of cost pressures.”

“we can expect our margins to go up in the coming quarters so that we are able to maintain our EBITDA margin as compared to FY26.”

“And lastly, with respect to our fund raise of INR17,000 million, we intend to deploy a significant majority of these net proceeds within this fiscal year, primarily towards high-quality inorganic opportunities and also towards select organic growth initiatives.”

“A large part of these proceeds will be deployed towards inorganic growth, particularly in aerospace and on the four-wheeler and commercial vehicle segments, which are key strategic focus areas for us.”

“In addition to the underlying mass manufacturing order of these components, we have also secured an order to design and develop the tooling, fixtures, and automation required to manufacture these parts.”

“we have also now successfully concluded our technology collaboration with H-One Japan during this quarter, thus strengthening our capabilities for high tensile steel applications up to 1470 megapascal, which is approximately 3x the industry standard today in India.”

“Any acquisition we pursue will need to meet our financial return thresholds, with a clear focus on transactions that are EPS and ROCE accretive from day one.”

“In the four-wheeler and commercial vehicle segments, our acquisition strategy will primarily be focused on India.”

“On 4th August 2026, we announced the acquisition of the tipper business of Hyva India”

“During the quarter, we also navigated several operating headwinds, including disruptions to input availability and logistics from the global oil situation, elevated raw material and energy costs, and higher staff and labor costs following the minimum wage hike.”

“I think on the trading business, of course due to the ongoing crisis in the Middle East, there was a lot of pressure in terms of business scenario in the Middle East over this quarter.”

“Of course, Israel as a market has been undergoing multiple geopolitical challenges that are ongoing as we speak, so the progress over there is happening, but it's happening at a gradual pace.”

“Total revenue from operations for Q1 FY27 stood at INR25,465 million, up 13% year-on-year, including manufacturing revenue of INR21,979 million, which grew 20% year-on-year.”

“PAT stood at INR1,217 million, up 9% year-on-year from INR1,117 million. PAT margin stood at 4.8%.”