Belrise margin rebounds sequentially but remains below last year's level
Revenue grew 12.57% YoY, but faster expense growth and a 6.92-point rise in the tax rate limited profit conversion.
Filed 14 Aug 2026, 18:57 IST · after market close · Belrise Industries Ltd (BELRISE)
Key takeaways
- Consolidated revenue grew 12.57% YoY, but expenses grew faster at 13.70%, compressing operating margin by 0.88 percentage points.
- Operating margin improved 0.16 percentage points sequentially to 11.52%, but remained 1.41 percentage points below the 12.93% median of 177 reported sector peers.
- Net profit rose 8.95% YoY as interest fell 41.94%, while the tax rate increased 6.92 percentage points and other income contributed 11.05% of pre-tax profit.
Price around the results
Revenue was flat sequentially, but growth remained profitable YoY
Consolidated revenue was broadly unchanged sequentially, declining 0.25%, while operating profit rose 1.08% as expenses fell 0.42%. YoY revenue growth of 12.57% translated into only 4.54% operating-profit growth because costs rose faster. Net profit still increased 8.95% YoY, supported by lower interest expense.
Faster cost growth narrowed the YoY margin
Expenses grew 13.70% YoY against 12.57% revenue growth, reducing operating margin by 0.88 percentage points. Interest expense fell 41.94%, which helped lift pre-tax profit by 19.25%, but the tax rate rose 6.92 percentage points to limit the increase in net profit. Other income accounted for 11.05% of pre-tax profit, making it a meaningful contributor to reported earnings.
Margin recovered from Q4FY26 but remains below its recent peak
Sequentially, expenses declined faster than revenue, allowing operating margin to improve by 0.16 percentage points from Q4FY26. The recovery follows a fall from 12.58% in Q2FY26 to 11.36% in Q4FY26, leaving the current margin below the 12.13% recorded in Q4FY25 and the 12.40% reported in Q1FY26. Belrise was 1.41 percentage points below the 12.93% median operating margin of 177 Consumer Discretionary peers that had reported.
Hyva tipper-body acquisition adds three facilities
Management said Belrise will acquire Hyva India's India Tipper Body business through a business transfer agreement. The presentation said the business has facilities in Pune, Jamshedpur and Bangalore and was acquired at approximately 3.60 times EV/EBITDA. Management also said the business serves all five leading commercial vehicle OEMs.
Results were filed after market close
The consolidated results were filed after market close on 14 August 2026, so there is no current market reaction to report. Across the stock's five recent result reactions, it rose twice and fell three times, with a median absolute move of 2.34%.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,546 cr | ₹2,553 cr | -0.25% | +12.57% |
| Other income | ₹18 cr | ₹21 cr | -13.99% | -36.70% |
| Expenses | ₹2,253 cr | ₹2,263 cr | -0.42% | +13.70% |
| Operating profit | ₹293 cr | ₹290 cr | +1.08% | +4.54% |
| Operating margin (%) | 11.52% | 11.36% | — | — |
| Interest | ₹46 cr | ₹46 cr | +2.15% | -41.94% |
| Depreciation | ₹99 cr | ₹92 cr | +7.96% | +9.75% |
| Profit before tax | ₹166 cr | ₹175 cr | -4.65% | +19.25% |
| Tax | ₹45 cr | ₹44 cr | +0.99% | +60.60% |
| Net profit | ₹122 cr | ₹130 cr | -6.57% | +8.95% |
| EPS (₹) | ₹1.37 | ₹1.53 | -10.46% | -8.67% |
Operating margin of 11.52% compares with a Consumer Discretionary sector median of 12.93% across 177 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- Belrise will acquire Hyva India’s India Tipper Body business through a business transfer agreement.
- The acquired tipper business has three facilities in Pune, Jamshedpur and Bangalore.
- The business was acquired at approximately 3.60 times EV/EBITDA.
Competition
- Hyva India’s tipper business serves all five leading commercial vehicle OEMs.
What to watch
- Operating margin against the 11.52% Q1FY27 level and the 12.93% sector-peer median.
- Whether expense growth remains below revenue growth after the 13.70% versus 12.57% YoY gap.
- The other-income contribution relative to 11.05% of pre-tax profit and the tax rate relative to 26.87%.