Belrise Industries Limited · NSE:BELRISE
Belrise Industries — Q4 FY25 Earnings Presentation
40 slides from Belrise Industries's earnings presentation, June 2025
Slide 1: Belrise Industries Limited
Belrise Industries Limited (Formerly known as Badve Engineering Limited) Investor Presentation - June 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 Q4 & FY25 Highlights 01 Company Overview 02 Customers & Capabilities 03 Growth Strategies 04 Industry 05 Historical Financials 06
Slide 4: Q4 & FY25 Financials
[¢ BELRISE INDUSTRIES Q4 & FY25 Financials
Slide 5: Financial Highlights – FY25
Financial Highlights – FY25* Manufacturing Revenue1 Revenue from Trading of Goods Revenue from Operations EBITDA & EBITDA Margins (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) (in ₹ Mn.) +9% +17% +11% Margin (%) 12.4% 12.3% 65,938.1 16,970.1 82,908.2 +10% 60,325.5 74,841.0 14,515.5 10,211.4 9,284.4 FY24 FY25 FY2
Slide 6: Revenue Segmentation - FY25
Revenue Segmentation - FY25 20.5% By Manufacturing & Other Manufacturing Revenue Sale of Traded Goods 79.5% By Powertrain (as a % of Sale of By Vehicle Type (as a % of Manufacturing Revenue) 73.2% 7.3% 4.4% Manufacturing Revenue) 3.5% ICE 2W + 3W Powertrain-Agnostic 4W (Commercial) Other1 4W (Passen
Slide 7: Financial Highlights – Q4 & FY25
Financial Highlights – Q4 & FY25 Profit and Loss (In ₹ Mn.) Q4 FY25* Q4 FY24 Y-o-Y FY25* FY24 Y-o-Y Revenue from Operations 22,743.5 15,263.7 49.0% 82,908.2 74,841.0 10.8% Cost of Goods Sold 18,480.9 11,934.1 67,116.0 60,253.9 Gross Profit 4,262.6 3,329.6 28.0% 15,792.1 14,587.1 8.3% Gross Profit Ma
Slide 8: Balance Sheet
Balance Sheet Assets (In ₹ Mn.) Mar-25* Mar-24 Equity & Liabilities (In ₹ Mn.) Mar-25* Mar-24 Non-Current Assets 35,420.6 28,857.7 Total Equity 27,131.9 23,401.9 Property, Plant and Equipment 26,453.3 23,054.5 Equity Share Capital 3,255.0 3,255.0 Capital work-in-progress 2,630.9 1,788.8 Other Equity
Slide 9: Cash Flow Statement
Cash Flow Statement Particulars (In ₹ Mn.) Mar-25* Mar-24 Net Profit Before Tax 4,455.8 3,759.8 Adjustments for: Non -Cash Items / Other Investment or Financial Items 5,957.9 5,406.7 Operating profit before working capital changes -1,502.1 -1,646.9 Changes in working capital 9,526.0 8,265.4 Cash gen
Slide 10: Company Overview
« BELRISE INDUSTRIES 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 ₹82,908 Mn. ₹65,938 Mn. One of the top 1,000+ (up 10.8%) (up 9.3%) Product Portfolio
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 64% 5.8% Haryana Uttarakhand Aggregate Capacity Utilization Bawal (1) Pantnagar (2) % Revenue from Exports (% of Manufacturing Revenue) 800+ Robots for Uttar Pradesh Rajasthan 60,000+ MTPA Greater Noida (1) Welding Bhiwadi (2) Sheet
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: 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 18: 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 19: 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 20: Awards & Accolades
Awards & Accolades National Honor State Honors ` ` Brand Ambassador for Magnetic Mr. Shrikant Badve nominated to the Economic Advisory Award from the Prime Minister of India Maharashtra (Make in India) (2017) Council of Maharashtra, constituted by the Government (2023) Customer Recognitions Media Re
Slide 21: Customer & Capabilities
« BELRISE INDUSTRIES Customer & Capabilities
Slide 22: 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 23: 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 24: 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 25: 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 26: Growth Strategies
« BELRISE INDUSTRIES Growth Strategies
Slide 27: 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) 27
Slide 28: 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 29: 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 30: 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 31: 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 32: Industry
[¢ BELRISE INDUSTRIES Industry
Slide 33: 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 34: Historical Financials
« BELRISE INDUSTRIES Historical Financials
Slide 35: 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 36: 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% Empl
Slide 37: 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 38: 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 5,406.7 5,361.5 4,792.4 Operating profit before working capital changes -1,502.1 -1,
Slide 39: Delivering Value to Shareholders
Delivering Value to Shareholders Fresh Issue of ₹21,500 Mn. Use of proceeds • Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company; ~₹ 16,180 Mn. • The remaining funds will be allocated towards general corporate requirements, which primarily include wor
Slide 40: 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