Belrise Industries Ltd Q4 FY26 Results Analysis: PAT Jumps 18%, Balance Sheet Strengthens

Belrise Industries Ltd's Q4 FY26 numbers came in strong, with revenue of Rs. 2,552.83 Cr (+12.24% YoY) and PAT growth of +18.37% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

BELRISE delivered 12.2% revenue growth and 18.4% PAT growth in Q4 FY26, with a significantly strengthened balance sheet — net debt/equity improved to 0.14x from 1.07x and free cash flow turned positive. However, EBITDA margin compressed 77 bps YoY to 11.36% as raw material costs grew faster than revenue, and the pending merger with Badve Autocomps remains a near-term overhang.

Key Investment Insights

Key Positives

• Revenue grew 12.2% YoY to Rs.25,528 Mn in Q4 FY26; full-year revenue reached Rs.95,091 Mn (+14.7% YoY).
• PAT grew 18.4% YoY in Q4 FY26 and 39.8% for full year FY26.
• Free cash flow turned positive to Rs.3,106 Mn in FY26 from negative Rs.338 Mn in FY25.
• Total borrowings reduced 49% to Rs.14,391 Mn; net debt/equity improved from 1.07x to 0.14x.
• Cash and cash equivalents rose 942% to Rs.8,060 Mn from IPO proceeds utilization.
• Interest coverage improved from 3.32x to 4.98x YoY.

Risk Factors

• EBITDA margin compressed ~77 bps YoY to 11.36% in Q4 FY26 due to raw material cost pressure.
• Cost of materials consumed grew 21.5% YoY vs revenue growth of 12.2% — material cost ratio rose from 61.8% to 66.9% of revenue.
• Labour code exceptional charge of Rs.51.36 Mn impacted PAT by ~Rs.38 Mn after-tax.
• Merger with Badve Autocomps and Eximius Infra remains pending, with timeline extended to 10-12 months.