1. IPO GCP utilization - ₹432.59 crore by FY26 Delivered - In the IPO prospectus, the company estimated utilization of ₹432.59 crore for general corporate purposes by Fiscal 2026, revised up from ₹410.49 crore and later to ₹469.05 crore as debt repayment actualized lower. Actual GCP utilization stood at ₹432.01 crore as at end of fiscal 2026 versus the ₹432.59 crore estimate, with a minor delay due to vendor invoice reconciliation and ₹4.40 crore unutilized as of March 31, 2026.
2. FY26 growth faster than auto component industry at mid-teen levels Delivered - In the 16th June 2025 announcement, management estimated FY26 Belrise to grow faster than the auto component industry at mid-teen levels. FY26 total revenue grew 14.7% to ₹9,509 cr, and management states FY26 "delivered broadly on all the commitments made at the time of the IPO".
3. Finance costs decline significantly from Q1 FY26 onwards Delivered - In the FY25 Annual Report, finance costs were expected to decline significantly from Q1 FY2025-26 onwards as debt repayment using IPO proceeds reflected in the financials. FY26 finance cost came in at ₹2,316.7 Mn versus ₹3,074.4 Mn in FY25, and Q1 FY27 finance cost was ₹464.8 Mn versus ₹800.4 Mn in Q1 FY26, down 42% YoY.
4. Content per vehicle boost - \~₹1,000 from filtration, ₹15,000 from high-tensile steel Delivered - In the FY25 Annual Report, the company expected to boost content per vehicle by approximately ₹1,000 from filtration systems and ₹15,000 from high-tensile steel components. The Q4 FY26 PPT confirms MagFilters adding ₹1,000 CPV in 4W and H-One adding ₹15,000 CPV in 4W, with 4W/CV CPV growing \~40-45% in FY26 supported by H-One.
5. Interest coverage above 5x in FY26 Delivered - In the 11th September 2025 announcement, interest coverage was expected to sustain above 5 times in fiscal 2026 versus 3.5 times in fiscal 2025, with the ratio expected to improve to more than 5.5 times. FY26 finance cost of ₹231.67 cr against EBITDA of ₹1,153.8 cr implies coverage of \~5.0x, meeting the "above 5 times" target; reported financials show 4.50x on a TTM basis as of 01 Sep 2026.
6. Gearing below 0.5x by FY26 year-end Delivered - In the 11th September 2025 announcement, gearing was expected to reduce to below 0.5 time for fiscal 2026 year end versus 1.1 times as on March 31, 2025, and be maintained below 0.5 times over the medium term. FY26 Net Debt/Equity came in at 0.11x, well below the 0.5x ceiling, and reported financials show D/E of 0.28 as of 01 Sep 2026.
7. QIP proceeds - majority deployed within FY27, EPS and ROCE accretive acquisitions On track - At the Q1 FY27 call, management said a significant majority of QIP net proceeds would be deployed within this fiscal year, primarily towards high-quality inorganic opportunities and select organic growth initiatives, with acquisitions EPS and ROCE accretive from day one. The QIP raised \~₹1,700 crore in Q1 FY27 and the Hyva India tipper business acquisition was announced on 4th August 2026, but no deployment figure or accretion evidence is available yet.
8. Renewable energy (solar tracker) setup - 2.5 GW annual supplies, production Q4 FY27, peak >₹150 crore Pending - At the Q1 FY27 call, management guided a renewable energy (solar tracker) sheet metal assembly setup supporting approximately 2.5 gigawatts of annual supplies, with production to commence in Q4 of this fiscal year and peak annual revenue in excess of ₹150 crore; the Q1 FY27 PPT describes a brownfield set-up for a leading US solar tracker OEM. No production start has occurred yet, with Q1 FY27 the latest reported quarter; Q2 FY26 had noted initial orders for North America with discussions for India and Europe.
9. Hyva India tipper business acquisition - closing Q3 FY27 On track - At the Q1 FY27 call, the Hyva India tipper business acquisition was progressing through the closing process, expected to be completed during Q3 of this financial year, with the Q1 FY27 PPT stating transaction completion expected Q3 FY27. The company announced the acquisition of the tipper business of Hyva India on 4th August 2026, and the transaction was not yet closed as of the Q1 FY27 call.
10. QIP of up to ₹2,000 crore - enabling resolution Delivered - At the Q4 FY26 call, the QIP of up to ₹2,000 crore was clarified as only an enabling resolution at that point, with management to come back at the right time on any further progress. A QIP raising approximately ₹1,700 crore was completed during Q1 FY27, with proceeds to be deployed primarily towards inorganic opportunities and select organic growth initiatives.
11. Aerospace and defense - 10% of manufacturing revenue in short to medium term On track - At the Q4 FY26 call, aerospace and defense was targeted to become a meaningful contributor to revenues, growing upwards of 10%, reiterated at Q1 FY27 as 10% of manufacturing revenue in the short to medium term. Q1 FY27 saw Defense & Aerospace entry via the Chester Hall and SDM acquisitions and a Plasan Sasa JV, but no segment revenue figure or percentage has been disclosed yet.
12. Haridwar facility - peak production over FY27 On track - At the Q4 FY26 call, the Haridwar facility ramp-up had trial parts already dispatched, with pace expected to strengthen that quarter and peak production expected over this fiscal year; the Q4 FY26 PPT targeted Haridwar-1 SOP in Q4 FY26. Trial parts were dispatched to the largest two-wheeler OEM customer, but at Q1 FY27 management declined to give facility-specific utilization or ramp-up details for Haridwar, and no peak production confirmation exists yet.
13. New Japanese 2W OEM order (exhaust systems) - production Q4 FY27, peak ₹220 crore Pending - At the Q4 FY26 call, a new Japanese two-wheeler OEM order for complete exhaust systems and other metal components carried expected peak annual revenues of approximately ₹220 crore, with production commencing in Q4 of this fiscal year and start of production expected from Q4 FY27. The Q1 FY27 PPT shows the Bhiwadi-2 brownfield facility SOP in Q4 FY27, and no production start has occurred yet, with Q1 FY27 the latest reported quarter.
14. New 2W/3W OEM order (exhaust systems and fuel tanks) - production Q2 FY27, peak ₹90 crore On track - At the Q4 FY26 call, a new two-wheeler/three-wheeler OEM order for exhaust systems and fuel tanks involved a brownfield expansion at the Bangalore facility, with production slated to begin in Q2 FY26-27 and peak annual revenue of ₹90 crore. By Q1 FY27, cumulative order wins with this OEM reached \~₹155 crore annual revenue run-rate (₹90 crore exhaust plus ₹65 crore chassis), with the Bangalore-2 brownfield SOP targeted Q2 FY27 and no production start confirmed yet.
15. Second Chennai plant - production Q3 FY26, ramp over 12-15 months Delivered - At the Q2 FY26 call, the new second Chennai plant was to go into production in Q3 FY26 and continue ramping up over 12 to 15 months as models were shifted from another OEM facility. The Q4 FY26 PPT lists the Chennai-2 facility SOP targeted Q1 FY26, and in Q3 FY26 the Chennai plant ramped up production in line with rising OEM volumes.
16. H-One revenue - double to ₹400-450 crore in next 24 months On track - At the Q2 FY26 call, management said H-One subsidiary revenue could be doubled from today's level with little or no capex, easily going to ₹400-450 crore in the next 24 months. H-One revenue was close to ₹60 crore in Q2 FY26, and at Q1 FY27 the business was described as growing quite fast, but no updated revenue figure has been disclosed to assess the trajectory.
17. Steering column market share - 50% or more in next 18-24 months On track - At the Q2 FY26 call, management expected to get 50% or more share of the steering column business in the next 18 to 24 months. By Q3 FY26 steering columns were supplied to all marquee OEMs in India across 2W/3W with exports recently commenced to a global European OEM, and Q4 FY26 added four marquee customers, but no market share percentage has been disclosed.
18. New Chennai facility for 2W OEM EV platform - peak \~₹150 crore within 18-24 months On track - At the Q2 FY26 call, the new Chennai facility for a two-wheeler OEM's EV platform, where Belrise is single-source for chassis and BIW, was expected to ramp to approximately ₹150 crore at peak levels within the next 18 to 24 months, with incremental volumes possibly pushing this higher. In Q3 FY26 the Chennai plant ramped up production in line with rising OEM volumes, but no revenue figure for this facility has been disclosed.
19. Group company transfers (\~₹590 crore book value) - by end of FY26 Partial - At the Q4 FY25 call, asked whether the entire \~₹590 crore of remaining book value companies would be transferred by end of this year, Swastid Badve said "That would be the intention," noting the timeline depends on regulatory permissions outside their control. The board approved the merger of Badve Autocomps and Eximius Infra Tech Solutions with Belrise on 31st January 2026, with the timeline stated at 10-12 months from Q3 FY26, and as of Q1 FY27 the merger remains subject to statutory approvals including NCLT.
20. ROCE expansion to high teens - over next 18-24 months On track - At the Q4 FY25 call, management said it would look to expand ROCE to the high teens on the back of increased capacity utilization and agile manufacturing, reiterated at Q2 FY26 as a "high-teens number over the next 18 to 24 months". ROCE improved from 14.4% to 15.3% over the six months to Q2 FY26, with Q3 FY26 ROACE at 15.1% and FY26 ROACE at 14.7% - improved but still below high teens.
21. European OEM export orders - production commencing H2 FY26 Partial - At the Q4 FY25 call, orders from two major European OEMs had production scheduled to commence in the second half of FY26, with management intending to scale up this export push. In Q2 FY26 a large European four-wheeler customer faced a cyberattack that kept JLR production on hold, since resolved with start of production having happened, and Q3 FY26 PV revenue was impacted by supply chain issues at the largest Europe-based premium four-wheeler OEM, with no clean confirmation of full H2 FY26 commencement for both OEMs.
22. Mag Filters facility - up to ₹125 crore annual revenue at full utilization Pending - At the Q4 FY25 call, the Mag Filters facility, acquired for ₹16.5 crore, was expected to generate up to ₹125 crore in annual revenue at full utilization. At Q1 FY27, Mag Filters had regained some market share from a large Japanese four-wheeler OEM, but no revenue figure for the facility has been disclosed in later notes.
23. Chennai facility - revenue of close to ₹200 crore over next couple of years Pending - At the Q4 FY25 call, the Chennai facility was expected to hit revenue of close to ₹200 crore over the next couple of years, working exclusively with a premium two-wheeler OEM and a commercial vehicle OEM. At Q2 FY26 the second Chennai facility had already ramped up with a 12-18 month path to ₹150 crore and peak up to ₹200 crore, and the first plant was expected to reach close to 70% utilization by end of FY26; the plant has ramped up in line with rising OEM volumes, but no specific revenue figure has been disclosed.
24. Bhiwadi facility - commercial production Q2 FY26 Delivered - At the Q4 FY25 call, the Bhiwadi facility was on track to start in Q2 FY26, with commercial production slated to start in Q2 of that fiscal year. Production was initiated at the Bhiwadi plant during Q2 FY26, supplying plastic-molded parts for a large Japanese four-wheeler OEM's existing models, and by Q3 FY26 the plant began supplies for a premium Japanese model after achieving full operational readiness.
25. 2-wheeler content per vehicle - ₹12,500 to ₹17,300 over next couple of years Delivered - At the Q4 FY25 call, management planned to increase 2-wheeler content per vehicle from ₹12,500 to ₹17,300 over the next couple of years by introducing three new products. The ₹17,300 CPV target was already reached for select OEMs by Q2 FY26, and the Q4 FY26 PPT shows the build-up of ₹12,500 plus ₹1,500 steering, ₹800 filters and ₹2,500 brakes, exceeded to ₹20,300 including the BAPL/EITSPL merger, with 2W CPV growing 65-70% during FY26.
26. Double 4-wheeler + CV manufacturing revenue - from FY25 base over 2-2.5 years On track - At the Q4 FY25 call, management expected the 4-wheeler (PV + CV) share of manufacturing revenue, then \~12%, to double in the next 2 to 2.5 years, reiterated through Q2 FY26, Q3 FY26 and Q4 FY26, with the Q4 FY26 PPT guiding 4W/CV segment revenue growth of 40-45% in FY27 from the FY25 base. FY26 4W passenger revenue grew 37% to ₹3,999 Mn and 4W commercial grew 35% to ₹6,447 Mn, with Q1 FY27 4W/CV revenue up 18% YoY - strong progress toward the doubling target.
27. Capex of \~₹800 crore over two years - FY26-FY27 On track - At the Q4 FY25 call, management approved a capex plan of approximately ₹800 crore over the next two years, later clarified as an outer limit expected to come in a little lower, and reiterated "no change in guidance" at Q2 FY26; at Q4 FY26 capex was reframed at 6% to 6.5% of manufacturing revenue including R&D. FY26 capex was ₹486.1 cr, above the \~₹400 cr/year implied run-rate, and no FY27 full-year figure exists yet with Q1 FY27 the latest reported quarter.
28. Mid-teens revenue growth with stable EBITDA margins - medium term On track - At the Q4 FY25 call, management guided mid-teens revenue growth over the medium term in the platform expansion phase while maintaining EBITDA margins at current levels (\~12.3%), reiterated at Q3 FY26 and Q4 FY26, with Q1 FY27 maintaining mid-teens growth and margins broadly stable versus FY26. FY26 revenue grew 14.7% to ₹9,509 cr with EBITDA margin 12.1%, and Q1 FY27 revenue grew 12.6% YoY with EBITDA margin 11.5%.