Belrise Industries Limited · NSE:BELRISE
Belrise Industries — Q1 FY26 Earnings Presentation
37 slides from Belrise Industries's earnings presentation, August 2025
Slide 1: Belrise Industries Limited
Belrise Industries Limited (Formerly known as Badve Engineering Limited) Investor Presentation - August 2025
Slide 2: 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 3: Table of Contents
Table of Contents Q1 FY26 Highlights 01 Company Overview 02 Customers & Capabilities 03 Growth Strategies 04 Annexures 05
Slide 4: Q1 FY26 Financials
« BELRISE INDUSTRIES Q1 FY26 Financials
Slide 5: Financial Highlights – Q1 FY26
Financial Highlights – Q1 FY26 Manufacturing Revenue1 Revenue from Trading of Goods Revenue from Operations (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) +29% +21% +27% 18,322.6 4,299.4 22,622.1 14,247.3 3,562.5 17,809.7 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 EBITDA & EBITDA Margins PAT & PAT Margins RO
Slide 6: Segmental Revenue Breakup
Segmental Revenue Breakup 2W + 3W 4W Passenger 4W Commercial Others (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) By Vehicle Type 83.9% 82.8% 3.0% 4.5% 6.4% 8.8% 6.6% 3.9% +27% +76% -24% 15,164 +93% 832 1,614 939 11,959 713 430 919 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 ICE Po
Slide 7: Update on Key Strategies
Update on Key Strategies 2-Wheelers Expanding in the 4W/CV segment • Initiated integration of H-One India’s operations and development for an upcoming chassis program for a • Successfully ramped up Chennai plant for a premium Japanese 4W OEM 2W OEM and leading CV OEM • Marked our maiden entry into t
Slide 8: Revenue Segmentation – Q1 FY26
Revenue Segmentation – Q1 FY26 19.0% By Manufacturing & Other Manufacturing Revenue Sale of Traded Goods 81.0% By Powertrain (as a % of Sale of By Vehicle Type (as a % of Manufacturing Revenue) 72.7% 8.8% 4.5% Manufacturing Revenue) 3.9% ICE 2W + 3W Powertrain-Agnostic 4W (Commercial) Other1 4W (Pas
Slide 9: Financial Highlights – Q1 FY26
Financial Highlights – Q1 FY26 Profit and Loss (In ₹ Mn.) Q1 FY26 Q1 FY25 Y-o-Y FY25 Revenue from Operations 22,622.1 17,809.7 27.0% 82,908.2 Cost of Goods Sold 18,243.9 14,165.1 67,116.0 Gross Profit 4,378.2 3,644.6 20.1% 15,792.1 Gross Profit Margin (%) 19.4% 20.5% (110 bps) 19.0% Employee Cost 81
Slide 10: Company Overview
INDUSTRIES « BELRISE Company Overview
Slide 11: 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 ₹22,622 Mn. ₹18,323 Mn. 1,000+ (up 27.0%) (up 28.6%) One of the top Total Revenue Man
Slide 12: 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 13: 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 14: 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 14
Slide 15: Delivering Customer Success through Agile and Robust Manufacturing
Delivering Customer Success through Agile and Robust Manufacturing 65% 5.4% Haryana Uttarakhand Aggregate Capacity Utilization Bawal (1) Pantnagar (2) % Exports contribution (from Manufacturing Revenue, Q1 FY26) 800+ Robots for Uttar Pradesh Rajasthan 60,000+ MTPA Greater Noida (1) Welding Bhiwadi (
Slide 16: 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 17: 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 18: Customer & Capabilities
INDUSTRIES « BELRISE Customer & Capabilities
Slide 19: We continue to lead in process engineering while now 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 20: 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 159 Facilities Top Indian Manufacturer of Passenger Cars Members
Slide 21: 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 22: 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 23: Growth Strategies
INDUSTRIES « BELRISE Growth Strategies
Slide 24: 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) 24
Slide 25: 1. 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 26: 2. 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 27: 3. 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 28: 4. Transitioning from a Tier-1 supplier to a 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 29: Annexure
INDUSTRIES « BELRISE Annexure
Slide 30: Independent and Non-Independent 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: THANK YOU !
THANK YOU ! Company: Belrise Industries Limited (Formerly known as Badve Engineering Limited) CIN: U73100MH1996PLC102827 Mr. Amit Joshi – GM, Corporate Finance arjoshi@belriseindustries.com Investor Relations: Strategic Growth Advisors Pvt. Ltd. CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Ms. Kris