Pune-based Belrise Industries is shifting its focus from balance-sheet deleveraging to expansion, using fresh capital to pursue acquisitions, build manufacturing capabilities and increase its content per vehicle.For Q1 ended June 2026, the company reported an 8.9 per cent year-on-year increase in profit after tax to ₹121.7 crore in Q1 FY27 from ₹111.7 crore, while manufacturing revenue rose 20 per cent to ₹2,197.9 crore from ₹1,832.3 crore. Consolidated revenue increased 12.6 per cent to ₹2,546.5 crore.“Our focus remains on moving beyond individual components towards larger assemblies and proprietary products, while increasing our content per vehicle and deepening our relationships with leading OEMs,” Shrikant Badve, Managing Director, Belrise Industries, said.Badve said the ₹1,700-crore QIP completed in July would give Belrise greater flexibility to pursue the next phase of that strategy. “The fund raise provides us with the agility to invest in capacity and capabilities, and pursue acquisitions that can accelerate our strategic objectives for long-term growth,” he said.The capital raise comes as Belrise expands through both acquisitions and new programmes. The company has announced the acquisition of Hyva India’s tipper-body business, adding three manufacturing facilities in Pune, Jamshedpur and Bengaluru and strengthening its heavy-fabrication capabilities.The acquisition also provides Belrise access to a new European commercial-vehicle OEM and is expected to create potential synergies with its emerging defence and armoured-vehicle opportunities.“The business transfer agreement of Hyva India’s tipper-body business is a good example of this approach,” Badve said. “More importantly, it strengthens our ability to participate in larger, integrated vehicle systems and supports our progression towards a Tier-0.5 supplier.”New orders widen addressable marketNew business wins during the quarter underline that shift. Belrise secured an additional chassis order from a two- and three-wheeler OEM for a high-selling model, carrying annual revenue potential of more than ₹65 crore. Production is expected to start in Q4 FY27 from its existing Bengaluru facility, increasing its wallet share with the customer.In passenger vehicles, the company won a significant programme from a leading Indian four-wheeler OEM covering 59 unique assemblies for localisation of a high-selling EV. Besides manufacturing the components, Belrise will provide tooling, fixtures and automation, extending its role towards end-to-end manufacturing solutions.It is also scaling its proprietary-product portfolio after adding two new OEM customers for its braking and suspension products.Outside automotive, Belrise is setting up a facility for a leading US-based solar-tracker manufacturer. The plant will manufacture sheet-metal assemblies supporting about 2.5 GW of annual supplies and carries peak revenue potential exceeding ₹150 crore, widening the application of the company’s manufacturing capabilities beyond vehicles.About 71 per cent of Belrise’s manufacturing revenue comes from powertrain-neutral products, giving the component maker exposure across internal-combustion, hybrid and electric vehicles rather than tying growth to a single propulsion technology.IPO deleveraging largely completeThe ₹1,700-crore QIP marks a change in the company’s capital deployment following its ₹2,150-crore IPO in May 2025, when the bulk of the proceeds was earmarked for reducing debt.Belrise ultimately deployed about ₹1,596 crore towards repayment or prepayment of borrowings. The company had originally allocated ₹1,618.13 crore for this purpose, with the amount adjusted to the debt outstanding following the IPO.By June 30, 2026, Belrise had utilised ₹2,064.61 crore out of ₹2,065.07 crore of net IPO proceeds, leaving ₹46 lakh unutilised. The company reported no deviation or variation in utilisation of the IPO funds.Consolidated EBITDA increased 4.5 per cent to ₹293.3 crore from ₹280.5 crore, slower than revenue growth, pulling EBITDA margin down to 11.5 per cent from 12.4 per cent. PAT margin was 4.8 per cent compared with 4.9 per cent in the year-ago quarter.Manufacturing EBITDA rose 10 per cent to ₹279.3 crore, with margins at 12.7 per cent.Belrise expects mid-teens revenue growth in FY27, with broadly stable EBITDA margins and disciplined capital expenditure.“We remain confident in our FY27 roadmap, with mid-teens revenue growth, broadly stable EBITDA margins and disciplined capex,” Badve said. “With a stronger balance sheet, expanding capabilities and a growing order pipeline, our focus remains firmly on converting these investments into sustainable growth and higher value creation over the medium term.”.“We remain confident in our FY27 roadmap, with mid-teens revenue growth, broadly stable EBITDA margins and disciplined capex,” Badve said. “With a stronger balance sheet, expanding capabilities and a growing order pipeline, our focus remains firmly on converting these investments into sustainable growth and higher value creation over the medium term.”Published on August 15, 2026