Belrise Q2: Consolidated PAT Jumps 25% YoY to ₹167 Cr as Deleveraging Lifts Margins

Belrise Industries' consolidated PAT for Q2 FY27 rose 25.2% YoY to ₹166.5 Cr on revenue of ₹2,746.4 Cr, up 16.7% YoY and 7.9% QoQ — profit growing faster than the topline. The YoY revenue growth clears management's FY27 guidance of mid-teens growth with stable EBITDA margins (set at the August 21, 2026 concall), and the print beat the on-plan range flagged in our pre-result preview (~₹2,550–2,600 Cr revenue, ~₹170–180 Cr PBT); actual consolidated PBT of ₹220.7 Cr came in well above that band. Street positioning going in was a unanimous Strong Buy across six covering analysts with a ₹255.33 consensus target versus a ₹213.63 spot price (Nov 6) — this print gives no reason to challenge that read, though no explicit analyst revenue/PAT consensus could be independently sourced.

The profit beat is a net-margin story, not an operating-margin one. Consolidated OPM was 12.04%, down from 12.58% a year ago (though up from Q1 FY27's 11.52%) as new exhaust and fuel-tank program ramp-up absorbed capacity — exactly the margin-hold test our preview flagged, and only a partial pass. What lifted NPM to 6.07% (from 5.59% YoY, 4.74% QoQ) was a sharp drop in finance costs — to ₹43.7 Cr from ₹55.9 Cr a year earlier — following the ₹1,700 Cr QIP completed in July 2026 that was used to pare debt; consolidated non-current borrowings fell to ₹656 Cr from ₹750 Cr at FY26-end. EPS rose to ₹1.75 from ₹1.63 YoY.

The stock went into the print at ₹215.2, down 7.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

Standalone growth ran notably hotter than consolidated: standalone revenue was up 23.5% YoY to ₹2,225.8 Cr and standalone PAT up 29.2% YoY to ₹158.7 Cr — a gap of more than 5 percentage points to the group numbers, meaning the India parent outgrew the UK/France/UAE subsidiary mix this quarter. On other developments: the board approved a Fresh Scheme of Amalgamation to merge wholly-owned H-One India into Belrise (rescinding a November 2025 version), pending NCLT sanction with no P&L impact yet; the company signed a license pact with Japan's Yamato Co. on November 2, and received a minor ₹1.51-lakh GST order on October 30, neither material to this quarter's numbers. No separate management commentary or press release accompanied the filing beyond the standard board-outcome letter.