Belrise expects revenue to double by FY27, sees commercial vehicles as its next big opportunity

Pune-based Belrise Industries, a major player in the auto components sector, expects its commercial vehicle revenue to double by the fiscal year 2026-27 (FY27), driven by expanding original equipment manufacturers (OEM) partnerships and recent acquisitions.Swastid Badve, Promoter of Belrise Industries, said, “Commercial vehicle, we think, is a big opportunity today.” He added that the company’s commercial vehicle revenue is still small but has already grown over 50% year-on-year (YoY) in the first half of the fiscal year 2025-26 (FY26). Belrise currently works with five commercial vehicle OEMs and eight passenger vehicle OEMs, reflecting broad-based growth across segments.

A key driver has been Belrise’s acquisition of H-One India, the local arm of Japanese firm H-One. “H-One are experts in high-tensile steel, which allows you to do more lightweighting and create more durable components,” Badve said, adding that this technology is particularly important for electric vehicles.
Belrise continues to maintain its medium-term guidance of mid-teen revenue growth, supported by improved market conditions and the recent goods and services tax (GST) rate cuts. “We think the current euphoria due to the GST rate cuts should be a systemic change, especially for the two-wheeler segment,” Badve said.Also Read | Ashok Leyland crosses key market-share hurdle, eyes faster export growth

On cash flow, Badve explained that the first-half decline was due to higher inventories and capital expenditure for new plants in Chennai, Pune, and Bhiwadi. “Inventories were slightly heightened because of the festival season and the GST rate cut change,” he said, noting that cash flow should improve in the second half as major capex has already been completed.

Belrise Industries, with a market capitalisation of ₹14,642.96 crore, has seen its shares rise over 69% in the last six months.

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