Belrise Industries Limited · NSE:BELRISE
Belrise Industries — Q3 FY26 Earnings Presentation
48 slides from Belrise Industries's earnings presentation, Jan 31, 2026
Slide 1: Stock exchange filing letter for investor presentation
Dated: January 31, 2025 The Secretary, Listing Department The Secretary, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Bandra Kurla Dalal Street, Mumbai – 400 001 Complex, Bandra Kurla (E), Mumbai – 400 051 Scrip Code
Slide 2: Belrise Industries Limited Investor Presentation - January 2026
Belrise Industries Limited (Formerly known as Badve Engineering Limited) Investor Presentation - January 2026
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Belrise Industries Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any se
Slide 4: Table of Contents
Table of Contents Vision 1 Merger of BAPL & EITSPL 2 Q3 & 9M FY26 Highlights 3 Company Overview 4 Annexures 5 Customers & Capabilities 6 Growth Strategies 7
Slide 5: Vision
Vision Winning in Core Creating new verticals Accelerating penetration with existing Building momentum in customers, and onboarding new, marquee Steering Columns (4 customers), customers High-Tensile Products (4 customers), Suspensions (4 customers) & more Defense & Aerospace pivot Acquired 1st ever
Slide 6: Merger of BAPL & EITSPL with Belrise
Merger of Badve Autocomps Pvt. Ltd. (BAPL) & Eximius Infra Tech Solution Pvt. Ltd. (EITSPL) with Belrise One of the top players Longstanding customer relationships: in Indian 2W plastic components1 with Large 2W & 3W OEM, Leading >14% market share2 Consumer Durables OEM ++; Promoter-owned Entities B
Slide 7: Merger Rationale
Merger Rationale 1 Simplified group structure, materially reducing RPT by 11,511.38m1 2 Increased Content per Vehicle through engineered plastic components, and Tier-0.5 system assembliess 3 Higher verticalization leading to improved operational efficiencies across manufacturing & supply chain 4 Inc
Slide 8: Q3 & 9M FY26 Financials
« BELRISE INDUSTRIES Q3 & 9M FY26 Financials
Slide 9: Financial Highlights – Q3 FY26
Financial Highlights – Q3 FY26 Manufacturing Revenue1 Revenue from Trading of Goods Revenue from Operations (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) +5% +23% +8% 17,800.7 18,659.8 4,745.4 21,667.6 23,405.2 3,866.9 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 EBITDA & EBITDA Margins Adjusted PAT & PAT Mar
Slide 10: Financial Highlights – 9M FY26
Financial Highlights – 9M FY26 Manufacturing Revenue1 Revenue from Trading of Goods Revenue from Operations (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) +16% +14% +16% 55,583.0 13,979.8 69,562.7 47,946.9 12,217.8 60,164.7 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 EBITDA & EBITDA Margins Adj. PAT & PAT Mar
Slide 11: Segmental Revenue Breakup – Q3 FY26
Segmental Revenue Breakup – Q3 FY26 2W + 3W 4W Passenger 4W Commercial Others (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) By Vehicle Type 85.1% 80.6% 5.5% 4.9% 7.5% 7.9% 1.9% 6.6% -1% -7% +10% +266% 15,146 15,041 980 914 1,336 1,467 1,239 338 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q
Slide 12: Segmental Revenue Breakup – 9M FY26
Segmental Revenue Breakup – 9M FY26 2W + 3W 4W Passenger 4W Commercial Others (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) By Vehicle Type 84.7% 81.5% 4.4% 4.8% 7.1% 8.3% 3.8% 5.4% +12% +24% +36% +67% 45,289 2,652 4,618 3,025 40,599 2,130 3,405 1,813 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M
Slide 13: Aerospace
Aerospace Thesis Key Products Why is India an attractive manufacturing destination for Aerospace? 1. Low-cost, high-quality workmanship 2. Dense engineering capability Hard-metal Aluminium Aluminium Titanium Aluminium aero-engine part HUD VII Axle Hose 3. Integrated working culture Marquee Customers
Slide 14: Defense
Defense About the Alliance – Plasan Sasa Creating an Build in India, indigenous solution: Thesis for the World: Bring the ATEMM Export land armoured parts solution to the Indian Why will India become a top Defense market? for Plasan’s global exports Defense market 1. National focus on self-reliance
Slide 15: Update on Key Strategies
Update on Key Strategies 2-Wheelers Expanding in the 4W/CV segment • Commenced setup of a new facility in Haridwar for a leading 2W OEM to supply Chassis • Expanded order book at the Bhiwadi facility for a Systems, Exhaust Systems & BIW parts as a marquee Japanese 4W OEM, focused on plastic single s
Slide 16: Update on New Facilities (FY 25-26)
Update on New Facilities (FY 25-26) Haridwar - 1 Lille, France - 1 • 1st ever facility outside India • Serving a large 2W OEM as a single source • Serving the largest aircraft OEM globally and a • Key products manufactured include chassis systems, leading combat aircraft OEM exhaust systems, & BIW p
Slide 17: Update on New Facilities (FY 25-26)
Update on New Facilities (FY 25-26) Chennai - 2 Pune - 5 • Serving both a premium 2W OEM and a large CV • Serving a large CV OEM as a single source OEM as a single source • Key products manufactured include high-tensile long • Key products manufactured include chassis systems, member components for
Slide 18: Revenue Segmentation – Q3 FY26
Revenue Segmentation – Q3 FY26 20.3% By Manufacturing & Other Manufacturing Revenue Sale of Traded Goods 79.7% By Powertrain (as a % of Sale of By Vehicle Type (as a % of Manufacturing Revenue) 73.9% 4.9% Manufacturing Revenue) 7.9% 6.6% ICE 2W + 3W Powertrain-Agnostic 4W (Commercial) Other1 4W (Pas
Slide 19: Consolidated Financial Highlights
Consolidated Financial Highlights Profit and Loss (In ₹ Mn.) Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 Y-o-Y Revenue from Operations 23,405.2 21,667.6 8.0% 69,562.7 60,164.7 15.6% Cost of Goods Sold 18,925.2 17,617.0 56,169.8 48,635.1 Gross Profit 4,480.0 4,050.6 10.6% 13,392.9 11,529.5 16.2% Gross Prof
Slide 20: Company Overview
INDUSTRIES « BELRISE Company Overview
Slide 21: Leading Automotive Component Company providing Technology led Solutions
Leading Automotive Component Company providing Technology led Solutions Belrise Industries Limited (BIL) is an automotive component manufacturing company in India offering a diverse range of safety critical systems ₹23,405 Mn. ₹18,660 Mn. 1,000+ (up 8.0%) (up 4.8%) One of the top Total Revenue Manuf
Slide 22: History of Outperformance
History of Outperformance Acquisition Acquired plastic molding of an international company supplying to 2 Started supplies of OEM’s Suspension division major Japanese OEMs Chassis for a Japanese 2W & 4W Manufacturer for its Chassis System 2024 2022 2016 Incorporation Acquired H-One, a subsidiary of
Slide 23: Extensive, Powertrain-Agnostic Product Portfolio (1/2)
Extensive, Powertrain-Agnostic Product Portfolio (1/2) Proprietary System Assembly Shock Absorber Rear Shock Plastic Seating Cowl Side Dash Steering Head Lamp Front Spring Absorber Cowl Board Column Bracket Fender BIW Part(s) 3-Wheelers 2-Wheelers Exhaust System Front Shock Front Fork Foot Main Stan
Slide 24: Extensive, Powertrain-Agnostic Product Portfolio (2/2)
Extensive, Powertrain-Agnostic Product Portfolio (2/2) Proprietary System Assembly Plastic Accessories Seating system parts BIW Parts Commercial Vehicles Passenger Vehicles Bumper Air Tank Polymer Part(s) Chassis Cross Car Beam Battery Container 23
Slide 25: Delivering Customer Success through Agile and Robust Manufacturing
Delivering Customer Success through Agile and Robust Manufacturing 5.8% 800+ Robots for Haryana Uttarakhand % Exports contribution (from Fabrication Bawal (1) Pantnagar (2) Manufacturing Revenue, Q3 FY26) Sheet Metal Fabrication Capability Uttar Pradesh Rajasthan 60,000+ MTPA Greater Noida (1) Bhiwa
Slide 26: H-One India and Mag Filters Acquisitions
H-One India and Mag Filters Acquisitions H-One India Key Benefits MagFilters Key Benefits Customers: Addition of 1 new Japanese 4W OEM, and increase in Customers: Addition of 1 new Japanese 4W penetration in 2 other Japanese 2W OEMs OEM, and increase in penetration in 1 other Japanese 2W OEM Capabil
Slide 27: Belrise – A Responsible Corporate
Belrise – A Responsible Corporate Sustainability Goals E S G Environmental Social Governance • Effluent treatment plants and sewage treatment plants • Trained and employed over 1,000 workers across • Robust governance standards with majority across manufacturing facilities manufacturing facilities i
Slide 28: Thank you
INDUSTRIES « BELRISE Thank you
Slide 29: Annexures
INDUSTRIES « BELRISE Annexures
Slide 30: Customer & Capabilities
INDUSTRIES « BELRISE Customer & Capabilities
Slide 31: We continue to lead in process engineering while complementing it with product engineering
We continue to lead in process engineering while now complementing it with product engineering From Component Supply to Process Building a product-driven R&D set-up: Integration: More than 8 proprietary products developed in the last 3 Evolving from a component manufacturer to a system years, with a
Slide 32: Technology-enabled, innovation driven development and process engineering capabilities
Technology-enabled, innovation driven development and process engineering capabilities Established track record in process engineering This has translated into rapid and successful product development for its customers Design & Testing 163 Facilities Top Indian Manufacturer of Passenger Cars Members
Slide 33: Longstanding customer relationships developed through years of collaboration
Longstanding customer relationships developed through years of collaboration Top Indian One of the Largest Japanese Top Indian One of the leading Top Indian 2W & 4W Motorcycle Manufacturer CV & PV Premium PV 2W & 3W OEM Manufacturer Manufacturer of CV in India Manufacturer Manufacturer Selected to s
Slide 34: Vertically Integrated Manufacturing Facilities
Vertically Integrated Manufacturing Facilities Progressively enhancing manufacturing capabilities through both backward integration and forward integration 3. Press 4. Sheet Metal 5. Coating & 6. System 1. Tool Making 2. Tube Bending Operations Fabrication Painting Assembly 2 4 5 Backward Forward In
Slide 35: Growth Strategies
INDUSTRIES « BELRISE Growth Strategies
Slide 36: Pillars of Growth
Pillars of Growth 01 Deepening Presence in the Two-Wheeler Segment 02 Building a Portfolio of Proprietary & Premium Products Expanding in the Four-Wheeler and Commercial Vehicle 03 Segments Transitioning from a Tier-1 supplier (component supplier) to 04 a Tier-0.5 supplier (system supplier) 35
Slide 37: Deepening Presence in the Two-Wheeler Segment
1. Deepening Presence in the Two-Wheeler Segment Growth potential in CPV among top customers Benefiting from premiumisation Large Growth Opportunity Chassis ~2.2x Growth 12,500 ~5,500 ~2,500 OEM 3 OEM 2 OEM 1 Commuter Premium New products leading to increased CPV Increase in customers No. of custome
Slide 38: Building a Portfolio of Proprietary & Premium Products
2. Building a Portfolio of Proprietary & Premium Products Premiumisation in the 2W industry1 • Belrise develops complex products with quick turnaround times FY19 FY24 • OEMs prefer multi-product vendors because of1: Share of >= 125cc motorcycles 38% 52% i) consistent quality standards and ii) access
Slide 39: Expanding in the Four-Wheeler and Commercial Vehicle Segments
3. Expanding in the Four-Wheeler and Commercial Vehicle Segments 5.0% 1.0% Customers 16.0% Existing New 57.0% 21.0% Increase penetration with Increase direct exports to Existing existing customers in new European/American OEMs models by further focusing on based on a proven relationship design and d
Slide 40: Transitioning from Tier-1 supplier to Tier 0.5 supplier
4. Transitioning from a Tier-1 supplier (component supplier) to a Tier 0.5 supplier (System supplier) An increase in complexity and magnitude of assembly for major customers will allow Belrise to become an integral part of its customers’ development and value chain and thus increase stickiness Top I
Slide 41: Board of Directors
Board of Directors Girish Kumar Ahuja Sangeeta Singh Non Executive Independent Director Non Executive Independent Director Independent and Non-Independent PhD from University of Delhi Former Chairman (superannuated in 2023) Holds fellowship of the ICAI1 of the Central Board of Direct Taxes Co-author
Slide 42: Experienced Management Team
Experienced Management Team Shrikant Shankar Badve Supriya Shrikant Badve Sumedh Shrikant Badve Managing Director Whole-time Director General Manager (Head – Strategy) › 1st generation promoter › Responsible for overall business management › Gordon Hall Scholarship in Mechanical › Nominated to the E
Slide 43: Distinguished market leader precision sheet metal segment
Distinguished market leader precision sheet metal segment Domestic two-wheeler industry outlook (Million Units) Domestic auto component industry outlook (₹ in Billion) Healthy outlook for 2W growth Stronger growth tailwinds for component industry 31.0 +10% 8,750 15.9% 18.4 5,328 5,550 16.3 13.7 29.0
Slide 44: Historical Performance
Historical Performance Manufacturing Revenue1 Revenue from Trading Total Revenue from Operations EBITDA & EBITDA Margins (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) 14.0% 13.3% 12.4% 12.3% +10% +50% +15% +11% 65,938 16,970 82,908 10,211 60,325 14,516 74,842 8,755 9,284 48,956 53,996 65,825 11,829 7,
Slide 45: Historical Profit & Loss Statement
Historical Profit & Loss Statement Profit and Loss (In ₹ Mn.) FY25 FY24* FY23 FY22 Revenue from Operations 82,908.2 74,841.0 65,825.0 53,968.5 Cost of Goods Sold 67,116.0 60,253.9 52,530.7 42,196.0 Gross Profit 15,792.1 14,587.1 13,294.3 11,772.5 Gross Profit Margin (%) 19.0% 19.5% 20.2% 21.8% Emplo
Slide 46: Historical Balance Sheet
Historical Balance Sheet Assets (In ₹ Mn.) Mar-25* Mar-24 Mar-23 Mar-22 Equity & Liabilities (In ₹ Mn.) Mar-25* Mar-24 Mar-23 Mar-22 Non-Current Assets 35,420.6 28,857.7 27,373.8 29,285.4 Total Equity 27,131.9 23,401.9 20,445.1 17,356.5 Property, Plant and Equipment 26,453.3 23,054.5 22,437.1 23,176
Slide 47: Historical Cash Flow Statement
Historical Cash Flow Statement Particulars (In ₹ Mn.) Mar-25* Mar-24 Mar-23 Mar-22 Net Profit Before Tax 4,455.8 3,759.8 3,567.0 3,072.4 Adjustments for: Non -Cash Items / Other Investment or Financial Items 5,957.9 5,406.8 5,361.5 4,792.4 Operating profit before working capital changes 10,413.6 9,1
Slide 48: Thank You!
THANK YOU ! Company: Belrise Industries Limited (Formerly known as Badve Engineering Limited) CIN: L73100MH1996PLC102827 Mr. Amit Joshi – GM, Corporate Finance arjoshi@belriseindustries.com Investor Relations: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Ms. Kris