Pune: Belrise Industries Limited (BIL) reported a strong start to FY27, with manufacturing revenue rising 20% year-on-year to ₹21,979 million in the quarter ended June 30, 2026, while profit before tax increased 19.2% to ₹1,664 million.
The Pune-based integrated automotive component manufacturer also completed a ₹17,000 million Qualified Institutional Placement (QIP), strengthening its balance sheet as it pursues capacity expansion, acquisitions and new manufacturing capabilities across automotive and adjacent sectors.
Manufacturing revenue increased from ₹18,323 million in Q1 FY26 to ₹21,979 million in Q1 FY27. Manufacturing EBITDA rose 10% to ₹2,793 million from ₹2,536 million a year earlier, with the manufacturing EBITDA margin at 12.7%.
Belrise said 71% of its manufacturing revenue during the quarter came from powertrain-neutral products, reflecting its exposure to components that can be used across different vehicle propulsion technologies.
New orders expand automotive business
Among the major order wins during the quarter, Belrise secured an additional chassis programme from what it described as one of the fastest-growing two- and three-wheeler manufacturers for a high-selling model.
The programme has annual revenue potential of more than ₹650 million, with production expected to begin in the fourth quarter of FY27 at the company’s existing Bengaluru facility.
Belrise also added two new original equipment manufacturers to its proprietary braking and suspension products portfolio, a move aimed at increasing both its customer base and the amount of content it supplies per vehicle.
In the four-wheeler segment, the company won a programme from a leading Indian OEM covering 59 unique assemblies for localisation of a high-selling electric vehicle.
The contract goes beyond component manufacturing, with Belrise also set to provide tooling, fixtures and automation. In other words, its role is gradually moving from supplying individual pieces of the puzzle towards helping assemble more of the puzzle itself.
Renewable energy emerges as another growth avenue
Belrise is also extending its manufacturing capabilities beyond automobiles.
The company plans to establish a new facility for a leading US-based solar tracker manufacturer. The plant will manufacture sheet-metal assemblies supporting approximately 2.5 GW of annual supplies and has peak revenue potential exceeding ₹1,500 million.
The programme broadens Belrise’s addressable market by applying manufacturing and sheet-metal expertise traditionally associated with automotive components to the renewable energy sector.
The company has also cited opportunities across aerospace and defence as part of its effort to diversify its engineering and manufacturing portfolio.
Hyva India tipper business acquisition
In August 2026, Belrise announced the acquisition of Hyva India’s tipper business through a business transfer arrangement.
The transaction will add three manufacturing facilities located in Pune, Jamshedpur and Bengaluru and is expected to strengthen Belrise’s heavy-fabrication capabilities.
According to the company, the acquisition will also provide access to a new European commercial vehicle OEM, support its Tier-0.5 systems strategy and potentially create synergies with its emerging defence and armoured vehicle opportunities.
₹17,000 million QIP strengthens balance sheet
Belrise successfully raised ₹17,000 million through a QIP during the quarter, providing additional financial capacity for expansion, capability building and potential acquisitions.
The fundraise comes as the company seeks to increase its involvement in larger assemblies and proprietary products rather than remaining focused solely on individual components.
Commenting on the Q1 FY27 performance, Mr. Shrikant Badve, Managing Director of Belrise Industries Limited said,
“Q1 FY27 was a strong start to the year, with Belrise continuing to deliver growth while simultaneously broadening the base for its next phase of expansion. Our focus remains on moving beyond individual components towards larger assemblies and proprietary products, while increasing our content per vehicle and deepening our relationships with leading OEMs.
Manufacturing revenue grew 20% to ₹21,979 million, while EBITDA stood at ₹2,933 million, with margins at 11.5%, keeping us on track with our commitment to deliver growth without compromising the underlying profitability of the business.
To support this ambition, we also strengthened our financial capacity during the quarter through the ₹17,000 million QIP. The fund raise provides us with the agility to invest in capacity and capabilities, and pursue acquisitions that can accelerate our strategic objectives for long-term growth.
The business transfer agreement of Hyva India’s tipper-body business is a good example of this approach. It adds three state-of-the-art manufacturing facilities and expands our commercial vehicle capabilities into heavy fabrication and provides access to established customer relationships. More importantly, it strengthens our ability to participate in larger, integrated vehicle systems and supports our progression towards a Tier-0.5 supplier.
Our order wins during the quarter further demonstrate this shift. We are gaining more wallet share with existing customers, adding new OEM relationships and taking on a broader range of products from chassis, suspension and braking systems to complex assemblies for EV localization.
The renewable energy order further demonstrates that our sheet-metal and manufacturing capabilities can be deployed beyond automotive applications. Importantly, these opportunities are increasing the breadth of our addressable market while deepening our role with customers.
We remain confident in our FY27 roadmap, with mid-teens revenue growth, broadly stable EBITDA margins and disciplined capex. With a stronger balance sheet, expanding capabilities and a growing order pipeline, our focus remains firmly on converting these investments into sustainable growth and higher value creation over the medium term.”
FY27 outlook remains focused on mid-teens growth
Belrise has maintained its FY27 roadmap of mid-teens revenue growth, broadly stable EBITDA margins and disciplined capital expenditure.
The first-quarter performance, coupled with new programmes in electric vehicles, commercial vehicles and renewable energy, indicates that the company’s growth strategy is increasingly extending beyond conventional automotive component manufacturing.
How effectively Belrise converts its expanded capacity, QIP proceeds and recent acquisitions into sustained earnings will now be closely watched. For a component maker aiming to become a broader systems supplier, the next stage of growth is likely to depend not merely on making more parts, but on taking responsibility for increasingly larger portions of the vehicle — and, increasingly, products beyond it.
Consolidated Financial Highlights
| Profit and Loss (In ₹Mn.) | Q1 FY27 | Q1 FY26 | Y-o-Y |
| Revenue from Operations | 25,464.7 | 22,622.1 | 12.6% |
| Gross Profit | 5,093.1 | 4,378.2 | 16.3% |
| EBITDA | 2,932.6 | 2,805.2 | 4.5% |
| EBITDA Margin (%) | 11.5% | 12.4% | |
| Profit before Tax | 1,663.8 | 1,395.2 | 19.2% |
| Profit after Tax | 1,216.7 | 1,116.8 | 8.9% |
| Profit after Tax Margin (%) | 4.8% | 4.9% |
