Belrise Industries Limited (BELRISE) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Belrise Industries supplies sheet-metal chassis, BIW and other components to two-wheeler and four-wheeler OEMs in India, with 27 plants and a 24% share in Indian 2W metal components. This quarter's print will speak to whether EBITDA margins close the 58 bps gap to the FY26 base of 12.1% as promised commodity pass-throughs arrive, and whether revenue growth re-accelerates into management's mid-teens FY27 guidance after Q1's 12.57%.
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,546.47 Cr (+12.6% YoY) |
| Previous quarter PAT | Rs. 121.67 Cr (+8.9% YoY) |
| Previous quarter EBITDA margin | 11.52% vs 12.40% (-88 bps YoY) |
| Market cap | Rs. 20,661.27 Cr |
| CMP | Rs. 213.63 |
Belrise Industries Limited Q2 Results Date and Time
Board meeting on Friday, November 13, 2026, at the Pune corporate office to approve unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
The earnings call is scheduled for Monday, November 16, 2026, at 9:30 AM IST. Call participants include Mr. Shrikant Badve (MD), Mr. Rahul Ganu (CFO), Mr. Sumedh Badve (President, Strategy), Mr. Swastid Badve (GM) and Mr. Sunil Kulkarni (CMO).
What to expect from Belrise Industries Limited's Q2 FY27 results
The Q2 FY27 print tests whether Belrise's FY27 frame of mid-teens revenue growth and EBITDA margins broadly stable vs FY26's 12.1% can hold, after Q1 came in at 12.57% growth and an 11.52% margin. The demand backdrop was mixed through the quarter: SIAM 2W dispatches grew 15.2% YoY in Q2 (below the 20-25% industry pace management cited and Q1's +20.3%), while CV dispatches rose 28.7% YoY, keeping the 4W/CV +40-45% FY27 target directionally alive.
Input costs moved sharply against the fabricator, with domestic HRC at a four-year high of Rs. 62,000/t in early September and Rs. 64,000/t by September 22 (+25% YoY), and polymers rising faster (polypropylene +41% YoY, PVC up from Rs. 78/kg in early July to Rs. 94/kg in September); management has promised pass-throughs 'in the coming quarters' but deferred quantification.
The trading business, down 19% YoY in Q1 at Rs. 3,486 Mn, faces no relief with the Strait of Hormuz disruption still active in early November, and management expects recovery 'albeit not as fast as the manufacturing business'. The Rs. 1,700 Cr QIP completed July 17, 2026, inside the quarter, should strengthen the balance sheet against the ~Rs. 633 Cr net debt position as of March 31, 2026, extending the Q1 finance-cost decline.
Newly penetrated faster-growing OEMs are expected to contribute to the P&L in Q3 and Q4 of the current fiscal year, so the call will likely focus on the margin bridge, trading recovery pace and evidence of that ramp.
Key Things To Watch
FY27 guidance scorecard: Q1 FY27 ran below the guided pace on two of the three core metrics.
- Mid-teens revenue growth (FY27) — Q1 FY27 grew 12.57%; watch whether Q2 accelerates into the mid-teens band
- EBITDA margin broadly stable vs FY26's 12.1% (FY27) — Q1 printed 11.52%; watch for the promised commodity pass-through recovery and whether the 58 bps gap closes
- 4W/CV revenue +40-45% (FY27) — Q1 grew 18%; watch for acceleration and Hyva tipper-body consolidation after expected Q3 FY27 completion
- Capex at 6-6.5% of manufacturing revenue (FY27) and the Rs. 8,000 Mn FY26-FY27 program — check the FY27 run-rate; ROCE high-teens in 18-24 months from Nov 2025 vs 13.10% annualized RoACE in Q1
Margin bridge and trading recovery: Management deferred quantification of cost impacts in Q1; the call is the venue to deliver it.
- Quantified steel/polymer pass-through, staff-cost and trading-mix impacts on margins — previously deferred to offline discussion
- Whether the trading business's -19% YoY Q1 decline narrows, given the Middle East logistics disruption was re-escalating rather than easing during the quarter
- Six facilities ramping simultaneously (Chennai, Pune, Bhiwadi, new Chennai, plus two H-One facilities) initially delivering 'less than optimal EBITDA margins'
M&A execution and QIP deployment: Multiple transactions are in flight this quarter.
- Hyva (India) tipper body business (~USD 5.65 Mn slump sale) — regulatory approvals and completion expected Q3 FY27, adding plants in Pune, Jamshedpur and Bengaluru
- NCLT timeline for the Badve Autocomps / Eximius Infra Tech merger after 'no adverse observations' from NSE/BSE on July 3, 2026
- Utilization of the Rs. 17,000 Mn QIP (closed July 17, 2026) against aerospace and CV inorganic growth plus organic plans; Yamato license execution details (royalty plus technical assistance fee)
Aerospace ramp and order-book conversion: New adjacencies and OEM penetration carry specific milestones.
- H1 FY27 aerospace losses after SDM's Rs. 94.7 Mn one-time Q4 FY26 hit; SDM guided EBITDA-positive in 2027 and EUR 3-4 million FY27 revenue
- H-One doubling to Rs. 4,000-4,500 Mn within 24 months of Nov 2025; M&HCV long members ~Rs. 120 Mn/month peak stated for 'next two to three months' from Nov 2025
- Sambhajinagar 2W chassis order (~Rs. 500 Mn annual potential) ramping only from Q4 of this fiscal year; new OEM contribution expected in Q3/Q4 FY27
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Frequently Asked Questions
Why did Belrise's trading business decline and when will it recover?
Trading revenue fell 19% YoY in Q1 FY27 to Rs. 3,486 Mn, which management attributed to the Middle East crisis impacting logistics and demand in African, Asian and Middle Eastern regions. Management said 'the worst is behind us' with recovery expected, albeit not as fast as the manufacturing business.
How much cost pressure remains on Belrise's EBITDA margins?
Q1 FY27 EBITDA margin was 11.52%, 58 bps below the FY26 base of 12.1%, with commodity, staff and energy/transportation costs cited as pressures. Management said pass-throughs from OEMs are expected over the next couple of quarters and that margins should be maintained versus FY26, but deferred quantification of the impacts to offline discussion.
Is Belrise on track with its 4W/CV revenue growth guidance?
The FY27 target requires 40-45% growth to double FY25 levels, but Q1 FY27 4W/CV revenue grew 18%, below the guided pace. The Hyva tipper-body acquisition, with completion expected in Q3 FY27, is positioned to support this segment.
What did management say about H-One and MagFilters financials?
When asked for segment numbers, management responded: 'We're unable to comment on specific numbers for either of them because for us, it's one whole family'. H-One has been guided to double to Rs. 4,000-4,500 Mn in revenue within 24 months from November 2025.
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Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.