Pune, Feb 02nd: 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 unaudited financial results for the quarter and nine months ended 31st December 2025.
Other Business & Financial Highlights (Q3 FY26)
Manufacturing Revenue up 8% to ₹23,405 Mn. as compared to ₹21,668 Mn. in Q3 FY25
Manufacturing EBITDA up 11% to ₹ 2,579 Mn. as compared to ₹ 2,316 Mn. in Q3 FY25
Manufacturing EBITDA Margins stood at 14.0%
Exports contributed 5.8% to our manufacturing revenue
73.9% of manufacturing revenue is from powertrain-neutral products
Other Business & Financial Highlights (9M FY26)
- Manufacturing Revenue up 16% to ₹55,583 Mn. as compared to ₹47,947 Mn. in 9M FY25
- Manufacturing EBITDA up 18% to ₹7,778 Mn. as compared to ₹6,608 Mn. in 9M FY25
- Manufacturing EBITDA Margins stood at 13.8%
- Exports contributed 5.6% to our manufacturing revenue
- 73.2% of manufacturing revenue is from powertrain-neutral products
- RoACE stood at 15.1%
Key Operational Highlights for Q3 FY26
Aerospace & Defense segment
- Completed our first-ever international acquisition in the aerospace segment through the acquisition of SDM, a European aerospace manufacturer specializing in high-precision machined parts for aero-structures, aero-engines and robotics. SDM supplies to some of the world’s leading aerospace OEMs, including the largest global commercial aircraft manufacturer, and a leading French fighter aircraft OEM amongst others. With this acquisition, Belrise has entered the supply chains of all these marquee customers. The acquisition was completed for a consideration of €0.35 million. SDM is expected to generate revenues of approximately €3–4 million in FY27, implying an entry valuation of approximately 0.1x sales.
- Signed a strategic collaboration agreement with Plasan Sasa on 22nd December 2025 to manufacture and co-develop ATEMM (All-Terrain Electric Mission Module) systems for the Indian military.
First, we will partner with Plasan to engage with the Ministry of Defense, defense PSUs, and other stakeholders to industrialize and localize the ATEMM solution. The initial phase will focus on assembly in India.
Second, beyond the Indian market, BIL will become an integral manufacturing partner for Plasan’s global supply chain, enabling cost-effective production of Plasan’s advanced systems in India. BIL has already initiated prototype and initial supplies for select platforms, and over time, it expects to become one of Plasan’s key partners globally for components catering to global exports.
Merger of Badve Autocomps and Eximius Infra Tech with Belrise Industries Limited
The merger of Badve Autocamps and Eximius Infra Tech at close to book value (Implying 8.3×1 P/E, versus 30.9×2 P/E for Listed Entity) is expected to be EPS and value-accretive for Belrise Industries Limited shareholders from day one. Ernst & Young (E&Y) served as the independent registered valuer for the transaction, while JM Financial rendered the fairness opinion.
Advantages of the Merger:
- The merger will simplify the group structure, with related-party transactions expected to reduce materially by nearly ₹11.5 billion (based on FY 25 numbers).
- The merged entities will create one of the largest players in India’s two-wheeler plastic components segment, with a combined market share of ~25%, enabling higher OEM wallet share and stronger customer stickiness.
- Content per vehicle is expected to increase by over ₹3,000 (around 20%), supported by a stronger push toward Tier-0.5 system assemblies and more integrated offerings to OEMs.
- Approximately 34% of incremental revenues post-merger will come from the passenger and commercial vehicle segments, accelerating growth in four-wheelers and CVs.
- The combined businesses are highly profitable, adding ~₹10 billion in revenue and ~₹1.1 billion in PAT, along with margin uplift from RPT eliminations and higher verticalization.
Setting up new manufacturing facility
- Secured an order to set up a new manufacturing plant in Haridwar for one of India’s two largest two-wheeler OEMs which will serve the OEM’s highest-selling, existing models, with a sharp ramp-up expected. The start of production is expected in Q4F Y26
Commenting on the Q3 & 9M FY26 performance, Mr. Shrikant Badve, Managing Director of Belrise Industries Limited said, “Q3 FY26 saw sustained operational momentum and continued progress in executing our long-term diversification strategy to evolve into a precision engineering company. Our focused organic and inorganic growth initiatives are accelerating the shift towards Tier-0.5 system assemblies, enabling us to deliver more integrated, system-level solutions to our OEM partners. Within our core automotive business, we strengthened our market position through higher content per vehicle and deeper OEM partnerships. This has translated into securing an order to set up a new manufacturing facility in Haridwar for one of India’s largest two-wheeler OEMs, with production expected to commence in Q4 FY26.
The merger of Badve Autocomps and Eximius Infra Tech with BIL at close to book value and at a significant discount to the Belrise’s P/E ratio will enable a simplification of group structure, higher wallet share, greater vertical integration, increased content per vehicle, and overall EPS accretion at the consolidated level.
Beyond automotive, the quarter marked further progress in expanding into high-technology, safety-critical segments like Aerospace & Defense. We entered into a collaboration with Israel’s Plasan Sasa to localize advanced armored vehicle technology and the Autonomous Electric Mission Module (ATEMM) in India. Additionally, we completed the acquisition of SDM, a European high-precision manufacturer, which provided us access to the supply chains of the largest global commercial aircraft manufacturer, and a leading French fighter aircraft OEM amongst others. This acquisition will form a base to strengthen our ambition to position India as a best-cost aerospace manufacturing hub.
As we move into the final quarter, we remain focused on scaling high-value engineered systems across automotive, defense, and aerospace, while continuing to create sustainable long-term value for all stakeholders.”
