Belrise Industries Q2 Net Profit Rises 25.2% to Rs 1,665.47 Million

Belrise Industries Limited reported consolidated revenue from operations of Rs 27,463.82 million for the quarter ended September 30, 2026, up 16.7% from Rs 23,535.41 million in the corresponding quarter a year earlier. Consolidated profit for the period was Rs 1,665.47 million, up 25.2% from Rs 1,329.81 million. On the reported figures, this works out to a net profit margin of about 6.1%, compared with about 5.7% a year earlier. The company did not disclose EBITDA in the results filed with the stock exchanges on November 13, 2026. All growth rates and margins in this article are calculated from the reported figures, and all amounts are in Rs million unless stated otherwise.

Consolidated profit before tax was Rs 2,207.48 million, against Rs 1,806.69 million a year earlier, a rise of 22.2%. Total consolidated income, including other income of Rs 362.88 million, was Rs 27,826.70 million, compared with Rs 23,804.50 million. Basic and diluted earnings per share were Rs 1.75, up from Rs 1.63. Compared with the preceding quarter ended June 30, 2026, consolidated revenue rose 7.8% from Rs 25,464.68 million, and profit rose 36.9% from Rs 1,216.67 million.

For the half year ended September 30, 2026, consolidated revenue from operations was Rs 52,928.50 million, up 14.7% from Rs 46,157.48 million in the same period last year. Consolidated profit for the half year was Rs 2,882.15 million, up 17.8% from Rs 2,446.62 million, and profit before tax rose 20.9% to Rs 3,871.24 million from Rs 3,201.91 million. Half-year earnings per share were Rs 3.13, against Rs 2.99. For the year ended March 31, 2026, the company reported consolidated revenue of Rs 95,091.02 million and profit of Rs 4,968.60 million.

On a standalone basis, which covers the parent company alone, revenue from operations for the September quarter was Rs 22,258.46 million, up 23.5% from Rs 18,020.21 million. Standalone profit was Rs 1,587.25 million, up 29.2% from Rs 1,228.63 million, giving a net margin of about 7.1%. Standalone profit before tax was Rs 2,104.84 million, compared with Rs 1,642.88 million. Standalone earnings per share were Rs 1.66, up from Rs 1.50. For the half year, standalone revenue was Rs 43,141.24 million, up 19.8% from Rs 35,999.69 million, and profit was Rs 2,729.94 million, up 21.1% from Rs 2,253.91 million.

Among consolidated costs, the filing shows that finance costs for the quarter fell to Rs 437.10 million from Rs 558.89 million a year earlier, while employee benefits expense rose to Rs 1,222.51 million from Rs 834.15 million. Depreciation and amortisation was Rs 1,027.40 million, compared with Rs 865.37 million. Cost of materials consumed was Rs 18,472.43 million, against Rs 14,583.93 million. Purchase of stock-in-trade was Rs 3,872.03 million, compared with Rs 4,374.47 million. Standalone finance costs were Rs 364.17 million, up slightly from Rs 354.93 million in the year-earlier quarter, while for the half year they fell to Rs 734.51 million from Rs 951.56 million.

The company said its operating segment is "Automotive Components", so segment-wise disclosure under Regulation 33(1)(e) of the SEBI Listing Regulations is not applicable. The results do not include sales volumes or management commentary. The consolidated results include the wholly owned subsidiaries Badve Engineering Trading FZE in the United Arab Emirates, H One India Private Limited and Belrise Defence & Aerospace Private Limited. They also include step-down subsidiaries Belrise SDM in France and Belrise UK Holdings Limited, together with Chester Hall Precision Engineering Holdings Limited and Chester Hall Precision Engineering Limited in the United Kingdom, the last two listed as step-down subsidiaries from April 4, 2026. Subsidiary-level financials were not separately disclosed.

The board, at its meeting on November 13, 2026, approved a fresh Scheme of Amalgamation under which H One India Private Limited, a wholly owned subsidiary, would merge into Belrise Industries on a going-concern basis. The scheme is subject to statutory and regulatory approvals and is proposed to be filed with the National Company Law Tribunal (NCLT), Mumbai Bench. An earlier scheme had been approved by the board on November 11, 2025. The joint statutory auditors, Shailesh Haribhakti & Associates and Rathi Rathi and Co, issued an unmodified conclusion on the results. Their review report included an emphasis of matter on this scheme, noting that H One India's board rescinded the earlier scheme and approved the fresh one on November 6, 2026, and that no effect of the scheme has been given in the results.

The board also approved incorporating a special purpose vehicle under the PM SETU Project and executing a shareholders' agreement for it, and amended the policy on materiality of related party transactions. The company said additional information on the SPV and the amalgamation will be disclosed in due course. The meeting began at 4:05 pm and ended at 5:15 pm (IST).

The results notes also set out several capital and corporate developments during the period. On July 17, 2026, following shareholder approval on July 2, the company allotted 7,72,72,727 equity shares of Rs 5 each at Rs 220 per share under a Qualified Institutions Placement, raising Rs 17,000 million against the up to Rs 20,000 million approved by the board on May 24, 2026. Paid-up equity share capital rose to Rs 4,835.76 million, comprising 96,71,51,919 equity shares. The company reported no deviation in the use of proceeds from its IPO and the QIP for the quarter.

On August 4, 2026, the company entered into a Business Transfer Agreement to acquire the India Tipper Body Business of Hyva (India) Private Limited, a subsidiary of JOST Werke SE, on a slump-sale basis for about USD 5.65 million. Separately, the board approved on January 31, 2026 a scheme of amalgamation involving Badve Autocomps Private Limited, Eximius Infra Tech Solutions Private Limited and Belrise Industries. NSE and BSE issued observation letters dated July 3, 2026 with "no adverse observations", and the scheme was submitted to the NCLT, Mumbai, on September 30, 2026.

At its 30th Annual General Meeting on September 30, 2026, shareholders declared a dividend of Rs 0.55 per equity share for the year ended March 31, 2026, paid on October 15, 2026. They also approved raising the authorised share capital from Rs 500 crore to Rs 550 crore, divided into 110,00,00,000 equity shares of Rs 5 each.

The consolidated balance sheet as at September 30, 2026 showed total assets of Rs 1,09,048.37 million, compared with Rs 85,497.86 million at March 31, 2026. Total equity was Rs 71,271.84 million, up from Rs 52,262.85 million. Consolidated non-current borrowings were Rs 6,560.50 million, against Rs 7,501.80 million, and current borrowings were Rs 6,430.23 million, against Rs 6,889.08 million. Cash and cash equivalents were Rs 10,306.15 million.

In the consolidated cash flow statement for the half year, net cash generated from operating activities was Rs 4,911.51 million, compared with Rs 549.97 million a year earlier. Net cash used in investing activities was Rs 16,725.46 million, including capital expenditure of Rs 6,662.35 million. Net cash from financing activities was Rs 14,060.02 million, which includes Rs 16,265.90 million shown as proceeds from the security premium reserve.