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Belrise Industries Ltd (BELRISE)

Automobile and Auto Components · Auto Ancillaries · NSE · Updated 17 September 2026
By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings
₹229.25 ↑ 48.38% (1Y)

🎯 Key Takeaways

  • Belrise Industries is transitioning from a traditional auto ancillary supplier into a diversified industrial player with strategic expansion into renewable energy and defense sectors, supported by recent acquisitions and capital raises. The company is in a growth phase, leveraging new orders and strategic moves to drive mid-teens revenue growth while maintaining profitability discipline, as evidenced by consistent margin stability and rising profitability in Q1 FY27.
  • Revenue declined 0.2% QoQ to ₹2,546 in Q1FY27.
  • ⚠️ The company’s expansion into new sectors like renewable energy and defense carries execution and market adoption risks, despite management’s confidenc
Market Cap
₹22,172
P/E Ratio
38.3
P/B Ratio
8.22
ROE
18.8%
ROCE
15.9%
Debt/Equity
1.08
Div Yield
0.24%
Promoter
66.5%
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📖 The Story

Belrise Industries is transitioning from a traditional auto ancillary supplier into a diversified industrial player with strategic expansion into renewable energy and defense sectors, supported by recent acquisitions and capital raises. The company is in a growth phase, leveraging new orders and strategic moves to drive mid-teens revenue growth while maintaining profitability discipline, as evidenced by consistent margin stability and rising profitability in Q1 FY27.

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📰 What's Happening

In Q1 FY27, Belrise reported consolidated revenue of ₹25,464.7 million, up 12.6% YoY, with profit after tax rising 8.9% to ₹1,216.7 million. The company completed a ₹17,000 million QIP to strengthen its balance sheet and acquired Hyva India’s tipper business to enhance heavy fabrication capabilities. Management highlighted confidence in mid-teens revenue growth and stable EBITDA margins for FY27, driven by new orders and sectoral expansion into renewable energy and defense.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

MetricJun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue2,2622,3542,3412,5532,546
Operating Profit191210194199194
OPM %8.4%8.9%8.3%7.8%7.6%
Net Profit112133122130122
EPS₹1.36₹1.63₹1.45₹1.53₹1.37

Revenue growth has accelerated over the past four quarters, rising from ₹2,262 million in Jun 2025 to ₹2,546 million in Jun 2026, with operating margins holding steady around 7.6–7.8%. Profitability remains stable, with PAT growth outpacing revenue growth in the latest quarter, indicating operational efficiency. The recent ₹17,000 million QIP and acquisition align with management’s stated focus on capex discipline and strategic investments to fuel sustainable growth without margin erosion.

🔮 Management Outlook & What's Next

Management expressed confidence in mid-teens revenue growth and stable EBITDA margins for FY27, citing new orders and expansion into renewable energy and defense as key growth drivers. The forward-looking commentary in the Q1 FY27 results filing underscores a strategic shift toward high-potential sectors while maintaining financial discipline. No specific margin expansion targets were provided, indicating a focus on stability over aggressive growth.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

ItemMar 2024Mar 2025Mar 2026Mar 2026
Equity Capital326325445445
Reserves2,0152,3714,5264,781
Borrowings2,5042,9001,4181,521
Total Liabilities6,0427,2258,0878,550
Fixed Assets2,4592,9003,0423,101
Investments9109109113
Total Assets6,0427,2258,0878,550

The company’s balance sheet shows a significant reduction in net borrowings, with equity rising from ₹325 crore in Mar 2025 to ₹445 crore in Mar 2026 and reserves increasing from ₹2,371 crore to ₹4,781 crore. The ₹17,000 million QIP and utilization of IPO proceeds for borrowings repayment (₹16,181.27 million) and general corporate purposes have strengthened financial flexibility. Total assets grew to ₹8,550 crore in Mar 2026, reflecting strategic investments without over-leveraging.

💰 Cash Flow Statement (₹ Cr)

ItemMar 2025
Operating+704
Investing-981
Financing+169
Net Cash Flow-108

👥 Shareholding Pattern

CategoryQ3FY26Q4FY26Q1FY27
Promoters66.5%66.5%66.5%
FII8.9%8.9%9.4%
DII9.3%10.2%10.0%
Public11.4%10.6%10.6%
# Shareholders2,14,9762,01,2612,15,956

Promoter holding remains stable at 66.46% over the last three quarters, indicating confidence in long-term prospects. FII holding has slightly declined from 9.4% in Q1FY27 to 8.87% in Q4FY26, while DII increased from 9.27% to 10.16%, suggesting growing institutional interest among mutual funds. The rising number of shareholders (from 2,01,261 to 2,15,956) reflects broadening retail participation, though no significant FII accumulation or exit signals are evident.

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⚖️ Peer Comparison — Auto Ancillaries

Company MCap (₹ Cr) P/E ROCE ROE D/E
MOTHERSON 1.68 L Cr 38.3 13.9% 11.0% 0.39
BOSCHLTD 1.40 L Cr 59.4 21.7% 15.9% 0.00
UNOMINDA 67,852 56.4 19.3% 18.9% 0.37
SONACOMS 47,710 68.5 15.2% 11.5% 0.04
ENDURANCE 36,981 38.1 17.3% 14.2% 0.15
EXIDEIND 35,313 37.9 9.8% 6.7% 0.08
CRAFTSMAN 28,848 54.9 14.7% 14.2% 1.02
ZFCVINDIA 27,989 11.3 18.3% 13.5% 0.00
SUNDRMFAST 25,690 42.0 17.4% 14.3% 0.14
SANSERA 24,775 70.9 14.3% 11.4% 0.15

🔗 Peer Stock Analyses

⚠️ Risk Factors

The company’s expansion into new sectors like renewable energy and defense carries execution and market adoption risks, despite management’s confidence. Integration of Hyva’s tipper business and capital allocation from the QIP must deliver expected synergies without diluting shareholder value. While no specific risks were flagged in the latest filing, the pace of growth in new segments and macroeconomic headwinds in manufacturing could pressure margins if order momentum slows.

📋 Recent Filings

🧠 Analyst's Read

Belrise Industries is executing a clear strategic shift toward high-growth sectors with disciplined capital allocation, supported by improving financials and stable margins. Investors should monitor order intake in renewable energy and defense, integration progress of Hyva’s acquisition, and management’s ability to sustain mid-teens growth without margin compression in the upcoming quarters.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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