Belrise Industries announced the Board’s approval for merging Badve Autocomps and Eximius Infra Tech, enhancing its 2-wheeler plastic components market share to 25%. The company also entered the aerospace sector by acquiring SDM and partnered with Plasan Sasa for defense mobility solutions. Q3 FY26 revenue reached INR23,405 million, up 8%, while adjusted PAT grew 26% to INR1,268 million. The merger is expected to boost EPS and overall value.
Merger Approval and Rationale
Belrise Industries has received board approval for the merger of Badve Autocomps Private Limited and Eximius Infra Tech Solutions Private Limited. This strategic move is designed to consolidate market presence and enhance shareholder value. The merger is expected to significantly increase the company’s market share in 2-wheeler plastic components, rising from approximately 10% to nearly 25%.
The combined entities reported strong financials in FY25, with Badve Autocomps generating revenues of INR14 billion and Eximius Infra Tech close to INR7 billion. Post-merger, an incremental revenue of INR10 billion is expected. The transaction is structured at a P/E multiple of 8.3x based on FY25 numbers, offering EPS and value accretion from day one.
Entry into Aerospace and Defense
Belrise Industries has expanded its business portfolio by entering the aerospace sector through the acquisition of SDM, a European aerospace manufacturer. This acquisition allows Belrise to supply high-precision machined parts to leading aerospace OEMs, including the largest global commercial aircraft manufacturer.
Additionally, Belrise has partnered with Plasan Sasa, an Israel-based defense company, to develop advanced armouring and autonomous defense mobility solutions. This collaboration aims to industrialize and produce the ATEMM (All-Terrain Electric Mission Module) platform in India, targeting opportunities within the defense sector.
Financial Performance
In Q3 FY26, Belrise Industries reported a total revenue from operations of INR23,405 million, an increase of 8% year-over-year. The adjusted PAT grew by 26% year-over-year to INR1,268 million.
The company’s manufacturing revenue reached INR18,660 million, up 5% year-over-year. EBITDA stood at INR2,869 million with a margin of 12.3%. Exports contributed 5.8% to the manufacturing revenue, totaling INR1,075 million.
Source: BSE
