Belrise Industries Reports Strong FY25 Performance with 11% Revenue Growth and Strategic Expansions

Belrise Industries Limited (BIL), formerly known as Badve Engineering Limited, announced robust audited financial results for the quarter and financial year ending 31st March 2025, showcasing significant strides in growth, profitability, and strategic expansion. The company, headquartered in Pune, is one of India’s leading integrated automotive component manufacturers, offering engineering-intensive and safety-critical systems.

Financial Performance Highlights (FY25)

On a consolidated basis, Belrise Industries reported a total revenue of ₹82,908.2 million, marking an 11% increase compared to ₹74,841.0 million in FY24. Key financial indicators are as follows:

• Gross Profit rose to ₹15,792.1 million from ₹14,587.1 million — up 8% YoY

• EBITDA increased to ₹10,211.4 million, representing a 10% growth, with a stable EBITDA margin of 12.3%

• Profit Before Tax (PBT) grew by 19% to ₹4,455.8 million

• Profit After Tax (PAT) increased to ₹3,554.4 million — a 13% rise, even after accounting for an exceptional loss of ₹122.6 million

• Earnings Per Share (EPS) stood at ₹5.5 versus ₹4.8 in FY24

• PAT Margin was steady at 4.3%

Manufacturing Segment Performance

The manufacturing revenue was a major contributor, increasing by 9% to ₹65,938 million, which accounts for 80% of the total revenue. Notable metrics include:

• Manufacturing EBITDA improved to ₹9,372 million, maintaining a 14.2% margin

• RoACE (Return on Average Capital Employed): 14.9%

• RoAE (Return on Average Equity): 14.1%

• 73.2% of manufacturing revenue came from powertrain-neutral products, enabling flexibility across ICE and EV platforms

Segment-wise revenue breakup:

• 2-Wheelers: 81.3%

• 3-Wheelers: 3.6%

• Passenger Vehicles (PVs): 4.4%

• Commercial Vehicles (CVs): 7.3%

• Others: 3.5%

Debt Repayment and IPO Utilisation

The company used proceeds from its recent IPO to repay ₹15,960 million of debt, leading to:

• Improved interest cost efficiencies

• Better debt-equity ratios

• Enhanced financial flexibility going into FY26

Key Acquisitions and Business Moves

1. Acquisition of Mag Filters (BTA Signed in October 2024):
Belrise acquired the plastic component manufacturing business of Mag Filters for ₹1,650 million. This strategic move marked its entry into the air filter segment, catering to two-wheelers, three-wheelers, and passenger vehicles. The new vertical leverages proprietary technology, expanding product offerings.

2. Acquisition of H-One India Private Limited (March 2025):
Belrise acquired a 93.37% stake in H-One India for ₹1,900 million, giving access to:

• High-tensile steel lightweighting technologies

• Five transfer press lines (up to 1,500 MT) and 65 high-speed robots

• Full R&D setup

• Enhanced relationships with Japanese OEMs (1 new 4W OEM added, deeper penetration into 2W OEMs)

• Content per Vehicle (CPV) in 4W increased by 60% (₹15,000 per vehicle)

Management Commentary

Mr. Shrikant Badve, Managing Director of Belrise Industries, stated:

“FY25 marked our successful transition into public markets and a pivotal shift from being a Tier-1 to a Tier-0.5 system supplier. Our ability to engineer complex systems has improved the value of each product we deliver. The integration of Mag Filters and H-One India has enhanced our relevance in the PV and CV segments, and nearly three-fourths of our products are now powertrain agnostic — positioning us to scale across ICE and EV platforms.

We also successfully repaid ₹15,960 million in debt from the IPO proceeds, improving our financial foundation for sustainable growth. In FY26, we plan to expand in the 4W and CV segments, drive premiumisation, and scale engineering capability to meet rising OEM expectations.”

Outlook for FY26

Belrise expects the automotive component industry to grow steadily, led by 2W and PV segments. The company projects a mid-teen level growth, likely outpacing the industry average, supported by:

• Robust OEM partnerships

• Focus on engineering-heavy, high-value systems

• Continuing expansion into new platforms and categories

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