Belrise Q2 profit rises 37% as revenue grows 17% year-on-year

Belrise Industries Limited reported consolidated profit of Rs 166.547 crore for the quarter ended September 30, 2026, a 37% year-on-year increase, as revenue from operations rose 17% to Rs 2,746.382 crore. For the half year, Belrise generated Rs 491.151 crore of operating cash flow, compared with Rs 54.997 crore a year earlier.

How did Belrise perform in Q2 FY2026-27?

Belrise’s consolidated revenue from operations was Rs 2,746.382 crore in the quarter ended September 30, 2026, up from Rs 2,353.541 crore in the quarter ended September 30, 2025. Total income increased to Rs 2,782.670 crore from Rs 2,380.450 crore, while total expenses rose to Rs 2,562.216 crore from Rs 2,199.780 crore.

Profit before tax increased to Rs 220.748 crore from Rs 180.669 crore, while total tax expense declined to Rs 54.201 crore from Rs 59.002 crore. Profit for the period consequently rose by Rs 44.880 crore to Rs 166.547 crore. Basic and diluted earnings per share were Rs 1.75 each, compared with Rs 1.63 each in the September 2025 quarter.

Belrise also reported a sequential increase from the quarter ended June 30, 2026, when consolidated revenue was Rs 2,546.468 crore and profit for the period was Rs 121.667 crore. That means September-quarter revenue was Rs 199.914 crore higher and profit was Rs 44.880 crore higher than the preceding quarter. The company identified automotive components as its operating segment.

What changed in Belrise’s Q2 cost and profit profile?

Belrise’s profit before tax rose faster than revenue in Q2 because total income increased by Rs 402.220 crore while total expenses increased by Rs 362.436 crore. Finance costs fell to Rs 90.194 crore from Rs 135.934 crore in the prior-year quarter, even as profit before tax increased by Rs 40.079 crore.

The higher revenue was accompanied by increased production and employee-related costs. Cost of materials consumed rose to Rs 1,847.243 crore from Rs 1,458.393 crore, employee benefits expense rose to Rs 115.297 crore from Rs 83.415 crore, and depreciation and amortisation increased to Rs 100.750 crore from Rs 73.865 crore.

Other comprehensive income was Rs 0.031 crore in the September 2026 quarter, compared with a Rs 0.186 crore loss a year earlier. Total comprehensive income was therefore Rs 166.579 crore, compared with Rs 121.735 crore in the September 2025 quarter. The results were approved by Belrise’s board on November 13, 2026, and the joint statutory auditors issued an unmodified limited-review conclusion.

How much operating cash did Belrise generate in H1 FY2026-27?

Belrise generated net cash from operating activities of Rs 491.151 crore in the half year ended September 30, 2026, compared with Rs 54.997 crore in the corresponding 2025 period. The increase followed a rise in the cash-flow subtotal before income taxes to Rs 583.958 crore from Rs 126.202 crore, while income taxes paid increased to Rs 92.806 crore from Rs 71.204 crore.

Consolidated profit before tax for the half year was Rs 387.124 crore, against Rs 320.191 crore a year earlier. Depreciation and amortisation added back Rs 201.527 crore, compared with Rs 176.546 crore, while finance costs added back Rs 90.194 crore, down from Rs 135.934 crore.

Working-capital movements showed larger cash use in inventories and receivables, partly offset by trade payables. Inventories used Rs 250.154 crore, compared with Rs 190.303 crore in the prior-year half, while trade receivables used Rs 216.628 crore against Rs 118.457 crore. Trade payables provided Rs 334.158 crore, up from Rs 241.903 crore, and other current assets used Rs 66.417 crore rather than Rs 331.388 crore.

What did Belrise invest and finance during the half year?

Belrise used Rs 1,672.546 crore in investing activities during the half year ended September 30, 2026, compared with Rs 159.822 crore a year earlier. Capital-expenditure payments rose to Rs 666.235 crore from Rs 251.784 crore, while purchases of other investments were Rs 488.664 crore and mutual-fund investment purchases were Rs 333.751 crore.

Financing activities generated Rs 1,406.002 crore of cash, compared with Rs 291.532 crore in the prior-year half. The cash-flow statement records Rs 1,626.590 crore from the securities premium reserve, Rs 90.194 crore of finance costs and Rs 28.981 crore of lease-liability payments. Cash and cash equivalents ended September 2026 at Rs 1,030.615 crore, up from Rs 806.008 crore at March 31, 2026.

On July 17, 2026, Belrise allotted 7,72,72,727 equity shares at Rs 220 each through a qualified institutions placement, raising Rs 1,700 crore. The board had approved raising up to Rs 2,000 crore on May 24, 2026, and shareholders approved the proposal on July 2, 2026. Belrise said there was no deviation in utilisation of initial public offering and qualified institutions placement proceeds for the quarter ended September 30, 2026.

What changed in Belrise’s balance sheet and corporate plans?

Belrise’s consolidated total assets stood at Rs 10,904.837 crore at September 30, 2026, compared with Rs 8,549.786 crore at March 31, 2026. Current assets increased to Rs 6,543.532 crore from Rs 4,817.457 crore, including inventories of Rs 1,169.355 crore and trade receivables of Rs 1,970.279 crore.

Equity attributable to shareholders of the parent rose to Rs 7,127.184 crore from Rs 5,226.285 crore over the same period. Consolidated current liabilities increased to Rs 2,933.750 crore from Rs 2,442.309 crore, while non-current liabilities declined to Rs 843.903 crore from Rs 881.192 crore.

Goodwill was Rs 70.714 crore at September 30, 2026, compared with Rs 1.677 crore at March 31, 2026. Belrise entered into a business transfer agreement on August 4, 2026, to acquire the India Tipper Body Business of Hyva (India) Private Limited for approximately USD 5.65 million on a slump-sale basis. The company also approved a fresh amalgamation scheme for wholly owned subsidiary H-One India Private Limited, subject to statutory and regulatory approvals.

Conclusion

Belrise’s September 2026 quarter combined 17% revenue growth with a 37% increase in consolidated profit, while first-half operating cash flow rose to Rs 491.151 crore. The company also increased capital-expenditure payments to Rs 666.235 crore and reported Rs 1,406.002 crore of financing cash inflow during the half year.

The next disclosed matters to watch are the filing and approval process for the fresh H-One India Private Limited amalgamation scheme, which is proposed to be filed with the National Company Law Tribunal, Mumbai Bench, and the pending tribunal process for the Badve Autocomps Private Limited and Eximius Infra Tech Solutions Private Limited scheme submitted on September 30, 2026.