Belrise Industries remains optimistic about its medium- to long-term growth outlook, supported by capacity expansion, product diversification, premiumisation trends, acquisition synergies and favorable industry dynamics. Analysts expect the company’s consolidated revenue, EBITDA and profit after tax (PAT) to grow at a CAGR of 11%, 12% and 22.5%, respectively, between FY26 and FY28.
The company has upgraded its FY28 earnings estimates by 2.2%, citing improved visibility on growth and profitability. However, following an approximately 18% rise in the stock price since the initiation report, the recommendation has been revised to “Accumulate” with a target price of ₹236 per share.
Management has guided for mid-teen revenue growth in FY27 while maintaining EBITDA margins at FY26 levels. Profitability is expected to benefit from the normalization of one-time losses incurred in its aerospace startup business and gradual pass-through of fuel and labor cost increases. Discussions regarding transportation cost recovery remain ongoing.
Capital expenditure is projected at 6%–6.5% of manufacturing revenue, including investments in research and development, with capex intensity expected to rise over time. The company reiterated its target of 40%–45% growth in the passenger vehicle and commercial vehicle segments during FY27, supporting its broader objective of doubling revenue from these businesses over the next two years.
Belrise has also strengthened its order pipeline across two-wheelers, three-wheelers, passenger vehicles, electric vehicles and export markets. The company secured trial orders in Haridwar from a leading two-wheeler manufacturer and won brownfield projects in Bengaluru and Bhiwadi for major domestic and Japanese OEMs.
In the EV segment, Belrise expanded its mandate at H-One’s Greater Noida facility to design and establish a complete manufacturing setup for a new electric vehicle model of a leading Japanese automaker. The company also secured an export-oriented order for a 650cc premium motorcycle from an Italian OEM and won contracts for chassis, battery trays and metal components for an EV manufacturer. Supplies for these projects are expected to commence between the second and fourth quarters of FY27.
