Good morning everyone, and thank you for joining us for Bellrise Industries Q3 and nine-month financial year 2026 earnings call. Joining me on this call are my sons, Sumedh and Swastid, along with our CFO, Mr.

Rahul Ganu, our CMO, Mr. Sunil Kulkarni, and our investor relations advisors SGA.

Bellrise Industries is a leading Tier 1 automotive component manufacturer with 22 manufacturing facilities across India and France. As we look at Q3, our focus on innovation and expanding relationships has continued to drive growth.

Within our core automotive business, we continue to strengthen our positioning through higher content per vehicle and expanding OEM partnerships. During the quarter, we secured a strategic order to establish a new manufacturing plant in Haridwar for one of India's largest two-wheeler OEMs.

Our Chennai plant ramped up production in line with rising OEM volumes where we are single source supplier for a key two-wheeler EV platform. Meanwhile, our Bhiwadi plant began supplies for a premium Japanese model after achieving full operational readiness.

A key highlight in the non-auto segment was the acquisition of a French company, SDM. Through this acquisition, we have now entered the supply chain of the largest civilian aircraft OEM globally, as well as a leading combat aircraft OEM.

Further, we also entered into strategic partnership with Israel's Plasan Sasa to bring their flagship ATEM platform to India and to become an integral part of their global supply chain. I am also happy to announce the much awaited merger of Badve Autocomps and Eximus Infotech with Bellrise Industries Limited.

Both of these promoter entities are being merged at a valuation close to their respective book values, and hence represent a significant discount to what Bellrise is trading at today. This transaction will be EPS and value accretive for all shareholders of Bellrise Industries Limited from day one.

I would request everyone to keep the merger presentation handy, which has been uploaded on our website and the stock exchanges, as we will be referring to it latter in the call. Coming to the results, total revenue from operations for Q3 FY2026 stood at INR 23,405 million, up by 8% year-on-year, including manufacturing revenue of INR 18,660 million, which grew 5% year-on-year.

Our EBITDA and manufacturing EBITDA stood at INR 2,869 million and INR 2,579 million respectively, with margins at 12.3% and 14%. Our adjusted PAT grew sharply to INR 1,268 million, which is up by 26% year-on-year.

With this brief, I now hand over the call to Swastid, who will take you through our merger and strategic business updates. Thank you very much.

Thank you everyone for joining the call today. I will be going through the merger presentation uploaded on our website as well as the stock exchanges.

Firstly, it gives me immense pleasure to announce that the board has approved the proposed merger of Badve Autocomps Private Limited and Eximus Infotech Solutions Private Limited with our listed entity, Bellrise Industries. If you turn to page 4 of the merger presentation uploaded on the exchanges, I'll walk you through the strategic rationale behind this transaction and explain why it makes strong financial as well as operational sense for the listed company and its shareholders.

To begin with, these two entities together represent one of the largest players in the Indian two-wheeler plastic component segment, with a combined market share of approximately 14%. Bellrise on a stand-alone basis currently has close to a 10% market share.

Post merger, the combined entity will command nearly a 25% market share in two-wheeler plastic components. This scale translates into a higher wallet share with OEMs and greater customer stickiness.

Second, both Badve Autocomps and Eximus Infotech are promoter-owned entities with long-standing relationships with marquee global OEMs, including a large two- and three-wheeler OEM and a leading global consumer durables OEM, amongst others. These relationships have been built steadily over many years and have grown in tandem with the success of these OEMs in the market.

Third, from a financial standpoint, these entities are already meaningfully scaled. In FY25, Badve Autocomps reported revenues of approximately 14 billion INR, while Eximus Infotech reported revenues of close to 7 billion INR.

Profit after tax stood at INR 793 million and INR 330 million respectively. This represents a meaningful profit addition to Bellrise, and accordingly, the transaction will be earnings accretive.

Finally, on valuation, as touched earlier, our objective has always been to execute this transaction as close to book value as possible. In line with this philosophy, this merger is being executed at a P/E multiple of 8.3x based on FY25 numbers of these two entities, while Bellrise is currently trading at a P/E multiple of approximately 30.9x on a TTM basis.

Given this valuation differential, the transaction will be both EPS and value accretive from day one. If we now move to slide 5, I'll outline the merger rationale in greater detail.

Firstly, the merger will result in significantly simplified group structure, with related party transactions reducing materially by close to 11.5 billion INR. Secondly, the merger will also increase our content per vehicle by over 3,000 rupees, taking it from approximately 17,300 to 20,300, an increase of nearly 20%.

This will also be accompanied by a greater push towards Tier 0.5 assemblies, enabling us to offer more consolidated system level solutions to our OEMs. Thirdly, given the merging entities and Bellrise already transact and operate alongside each other, the merger will also lead to a higher degree of vertical integration, with all operations coming under a single umbrella.

This will drive strong operation efficiencies across people, processes, and procurement. Fourth, we also expect a meaningful increase in wallet share, particularly in the plastic components segment, of over 30% with certain marquee OEMs.

This expansion in wallet share will further enhance customer stickiness. Finally, as mentioned earlier, the transaction is immediately EPS accretive.

Now, if you move on to page 7, I'd like to highlight a few additional data points that are worth noting. Together, these entities operate five facilities across Maharashtra: four in Aurangabad and one in Pune.

This will further expand Bellrise's geographical footprint. Their revenue mix is largely powertrain agnostic.

One particularly interesting capability is Eximus Infotech's presence in the EV powertrain space, the manufacture of copper busbars, which are critical conductive components used in battery systems. Currently, this is supplied indirectly to a major Indian passenger vehicle OEM.

There's also a high degree of in-house vertical integration with capabilities spanning plastic moulding, painting, aesthetic application, and assembly, resulting in minimal dependence on Tier 2 suppliers. Moving to page 8, in terms of the post-merger revenue mix, what is particularly exciting is the significant strengthening of our exposure to the PV and CV OEM segments.

Post merger, approximately 34% of the incremental revenue transmission from these two entities will come from the passenger vehicle and commercial vehicle segment. This allows us to continue gaining market share in four-wheelers and commercial vehicles, and accelerate in these segments.

On page 9, from a people and infra standpoint, the merger will add approximately 2,000 employees to the Bellrise family, including around 1,550 to 1,600 blue collar workers and 400 white collar employees. The operations of these two entities are also highly automated, with approximately 50 robots used in fabrication, and around 30 machines deployed in plastic moulding.

Moving on to page 10, while the overall product mix is broadly similar to Bellrise's current portfolio, there are two key differentiators. The first is fairing assembly, where over 50 individual components, both manufactured in-house and sourced externally, are assembled into a complete module and supplied directly to OEMs.

This is a strong example of our continued transition towards a Tier 0.5 assembly model. The second differentiator, as I mentioned earlier, is the copper busbar application for electric four-wheelers, a capability that Bellrise does not currently possess and one that strengthens our presence in the EV powertrain segment.

On page 11, from the perspective of awards and customer relationships, these entities work closely with two marquee global OEMs. In addition, they export high precision engineered plastic components with tolerances less than 5 microns to a global consumer durables OEM across China, North America, and Europe.

Achieving this level of precision in plastic components at scale is challenging, and Badve Autocomps has built this capability through strong R&D in mould design and product design engineering. From an awards perspective, we are also proud of receiving two JIPM awards from the Japan Institute of Plant Maintenance, which is among the most prestigious global recognition for TPM excellence.

Now, if you move on to the next slide, this merger also supports Bellrise's medium to long-term strategy in three key ways: firstly, in deepening our two-wheeler presence; secondly, in increasing verticalization; and thirdly, in accelerating our evolution from a Tier 1 to a Tier 0.5 supplier. As shown on slide 14, firstly, the merger is expected to drive an approximately 30% increase in wallet share in plastics for marquee two- and three-wheeler OEMs.

Beyond the guided content per vehicle of INR 17,300 for Bellrise, we can incrementally increase around 3,000 rupees, taking consolidated content per vehicle to approximately 20,300 rupees. The flowchart on slide 15 illustrates how these entities already collaborate.

For instance, in fairing assembly, Bellrise supplies the metal components while Eximus Infotech supplies the plastic parts, with final assembly carried out at Eximus Infotech. Similarly, in exhaust system, Bellrise focuses on heavy stamping and tube rusting, while Badve Autocomps handles fabrication, surface treatment, and assembly.

Bringing these capabilities under one umbrella will further enhance operational efficiencies. Moving on to slide 16, as mentioned earlier, we undertake a highly complex fairing assembly comprising over 50 individual components for a leading two-wheeler and three-wheeler OEM.

This is tough to replicate and is an extremely sticky business. Lastly, coming to the financials on slide 18, these entities generate strong profitability with a combined profit after tax of approximately 1.1 billion INR, with robust EBITDA margins.

Post merger, net of related party elimination, we expect an incremental 10 billion INR of revenue to be added to Bellrise, along with a margin uplift driven by the internal RPT net off. As mentioned earlier, based on FY25 numbers, the transaction is being executed at a P/E multiple of 8.3x based on FY25 numbers, while Bellrise is trading at approximately 30.9 P/E ratio on a TTM basis.

In terms of advisors on this deal, Ernst & Young acted as the independent registered valuer, while JM Financial provided the fairness opinion for the transaction. Promoter shareholding currently stands at approximately 66.5% pre-merger and is expected to increase to around 67.9% post-merger, with the balance held by the public.

This is, of course, subject to regulatory and shareholder approvals at the upcoming AGM or EGM. With that, I will pause here and hand it over to Sumedh, who will walk you through our entry into aerospace and defense and how this opens up the next phase of growth beyond automotive.

Thank you, Swastid. The quarter was particularly significant for us with meaningful progress across both these verticals.

First, during the quarter, we entered into a strategic collaboration agreement with Plasan Sasa, a leading Israel-based defense company with strong capabilities in advanced armoury and autonomous defense mobility solutions. Plasan is globally recognized for its integrated platforms and has a flagship product, the ATEM, which translates to all-terrain electric mission module, which has been deployed across multiple geographies globally and at scale.

The ATEM platform is particularly suited for highly rugged and inaccessible terrains, and is also capable of autonomous operations, making it relevant for deployment in sensitive brand zones where human and conventional vehicle movement is constrained. This strategic collaboration with Plasan is two-pronged: number one, we will team with Plasan in India to jointly engage with the MOD, defense PSUs, and other relevant stakeholders to industrialize and productionize the ATEM solutions for the Indian ecosystem.

The initial phase would involve assembly in India and testing this solution across diverse terrains in the country, like in remote inaccessible areas such as the northeast and the north of India such as the Siachen Glacier, etc. Second, beyond the Indian market, we will become an integrated manufacturing partner for Plasan's global supply chain, enabling cost-effective production of Plasan's advanced systems in India.

We've already initiated prototype and initial supplies for select platforms. Over time, we expect to become one of Plasan's key partners globally for components catering to their global exports.

This dual approach allows us to generate revenues while simultaneously building a differentiated defense mobility solution tailored to Indian operating conditions. In addition to this, during the quarter, I'm very happy to share that we also completed our first-ever international acquisition in the aerospace segment through the acquisition of SDM, a European aerospace manufacturer specializing in high-precision machined parts for aerostructures and robotics.

Today, SDM supplies to some of the world's leading aerospace OEMs, including the largest global commercial aircraft manufacturer and the fighter OEM that I mentioned, and a large French robotics OEM, and various others. With this acquisition, we have entered the supply chain of all these marquee customers.

To lead this business, we have onboarded the former CEO of an Airbus subsidiary who not only has key experience in scaling businesses in Europe, but also in shifting complex supply chains globally from a supply chain angle. The acquisition was completed at an attractive valuation.

SDM is expected to generate revenues of approximately $3 million to $4 million in FY27, while the acquisition was done at a consideration of $0.35 million, implying an entry valuation of approximately 0.1x sales. This is a very strategic acquisition in nature, and it's small enough to manage and gives us a European footprint to further grow our engagement in that geography.

Going forward, we plan to grow the business in Europe while also leveraging SDM's technical capabilities to establish and scale aerospace manufacturing operations in India and positioning India as a best-cost manufacturing hub. When we refer to best cost, we mean a combination of three specific factors: number one, favorable labor economics; number two, a strong engineering depth recognized globally across automotive, industrial, medtech, and aerospace sectors; and number three, India's proven ability to integrate culturally and operationally with global customers.

Together, these factors position India as a preferred destination for aerospace manufacturing. Also, given the strong order pipeline of global aircraft OEMs and the increasing importance of India as one of the largest aviation markets globally, we believe this trend will continue to play out over the next 5 to 10 years, and we expect to be a key beneficiary of this shift.

Let me now hand over to Mr. Rahul Ganu, our CFO, to take you through our financial performance of Q3 and nine months of FY26.

Over to you, Rahul.

Thank you, Mr. Sumedh.

Good morning to everyone on the call. Let me take you through the key financial highlights.

Quarter 3 FY26 consolidated financial highlights: total revenue for quarter 3 FY26 stood at INR 23,405 million, up 8% year-on-year from INR 21,668 million in Q3 FY25. Manufacturing revenue for Q3 FY26 was at INR 18,660 million, up 5% YoY from INR 17,801 million.

EBITDA stood at INR 2,869 million, up 10% YoY in Q3 FY25. EBITDA margin stood at 12.3%.

Manufacturing EBITDA stood at INR 2,579 million, up 11% YoY, and manufacturing EBITDA margin stood at 14%. Adjusted PAT, which is excluding the exceptional item expense of ₹64.1 million related to increase in employee benefit obligations resulting from the changes in the labor law by Government of India, stood at INR 1,268 million, up 26% YoY, INR 1,006 million, and PAT margin stood at 5.2%.

Exports contributed 5.8% to our manufacturing revenue in quarter 3 FY26, that is INR 1,075 million. Coming to the segmental performance of the manufacturing front, two-wheeler and three-wheeler contributed 80.6%, passenger vehicles contributed 4.98%, commercial vehicles contributed 7.9% for Q3 FY26, and others would be 6.6%.

Nine-monthly FY26 consolidated financial highlights: total revenue for nine-monthly FY26 stood at INR 69,563 million, up 16% YoY from INR 60,165 million in nine-monthly FY25. Manufacturing revenue for nine-monthly FY26 stood at INR 55,583 million, up 16% YoY from INR 47,947 million.

EBITDA stood at INR 8,636 million, up 16% YoY from INR 7,452 million in nine-monthly FY25. EBITDA margins were stable at 12.4%.

Manufacturing EBITDA stood at INR 7,778 million, up 18% YoY from INR 6,608 million, and manufacturing EBITDA margin stood at 13.8%. Adjusted PAT stood at INR 3,794 million, up 51% YoY from INR 2,454 million, and PAT margin at 5.3%.

Exports contributed 5.6% to our manufacturing revenue in nine-monthly FY26, that is INR 3,127 million. Net debt as on December 2025 stood at INR 7,767 million, and ROCE stood at 15.1%.

Coming to the segmental performance of the manufacturing front, two-wheeler and three-wheeler contributed 81.5%, passenger vehicles contributed 4.8%, commercial vehicles contributed 8.3% for Q3 FY26, and others would be 5.4%. With this, I would like to hand it back to Mr.

Sumedh for his closing remarks on this opening note. Thank you.

Thank you, Mr. Ganu.

Finally, we would like to share our vision for the company and where we are headed over the next few years. Since embarking on our public market journey, we've continued to strengthen and win in our core capabilities.

In sheet metal fabrication, in stamping, and surface treatment, we've not only secured incremental program wins with our top three two-wheeler OEM customers, but also achieved meaningful traction with the challenger OEMs, customers that are growing rapidly, where our historical presence was limited. This momentum is translating into increased market share, both with existing customers and across new, large OEM relationships.

Alongside this, we've deliberately established new verticals, each of which we believe has the potential to become a substantial revenue contributor over the medium term. In steering columns, we now supply to all marquee OEMs in India across two-wheelers and three-wheelers, and have recently commenced exports to a global European OEM as well.

In suspensions, we've made strong progress, expanding from engagements with two large two-wheeler OEMs at the start of the year to four today. In parallel, our execution in high-tensile technology has enabled us to deepen relationships with existing Japanese customers, while expanding our offering to Indian OEMs as well.

We strongly believe that high-tensile technology will see wider adoption in India over the next few years, as the industry reaches an inflection point, driven by the need for lightweighting and enhanced crash safety, trends which are already well established in North America and in Japan. In addition, we're undertaking a fundamental strategic pivot in our approach to the defense and aerospace segment.

This has been a focus area for us for some time, and through recent milestones, including our collaboration with Plasan and the acquisition of SDM, we are now working with six aerospace and defense OEMs within a very short span. We are bullish on this segment and expect to become a meaningful revenue contributor over the next few years.

Lastly, a key commitment we made during our IPO and subsequent earning calls was to simplify our corporate structure. We've delivered on this commitment in a very value-accretive manner for both public and institutional shareholders from day one.

We believe this merger will enable higher wallet share, greater vertical integration, increased customer stickiness, and overall EBITDA accretion at the consolidated level. As we move forward with this vision, we would like to thank all our stakeholders for being part of this journey so far.

This is only the beginning. With this, we can open the floor for questions.

Thank you so much.

Hi, good morning, and thanks for taking my question. Firstly, congratulations on getting approval for the merger of the promoter entities and most of it coming at [book value?]

valuation. My first question is on the core business, where we have seen some drop in two-wheeler revenues, as well as passenger vehicle revenues on a YoY basis.

Could you explain what is leading to that and how do you see the trend in these two segments going forward?

Hi, Nitesh. Thanks for the question.

Firstly, to talk about the two-wheeler outcome, in terms of revenue, the overall two-wheeler revenue remains largely flat on a sequential basis. We were around 15,085 million in the quarter 2 of FY26, and right now we're at around 15,041 million in quarter 3 of FY26.

If you even look at the volume of our top four customers in the two-wheeler segment, even their volumes have largely remained flat on a sequential basis. Hence, if you would have asked me at the start of October about where we would see volumes, this would largely have been an expected outcome for us.

Secondly, I think if you look at the larger trend for Tier 1, December usually is a slow month for the industry. OEMs usually have a plant maintenance shutdown for at least a few days.

Perhaps what you're also seeing is a bit of a lag between perhaps the numbers that the Tier 1 players report and what the OEMs report. Maybe a bit of timing lapse between the two, and that's what you're probably seeing in this quarter.

However, one thing I would like to point out is in terms of our two-wheeler growth in the nine months, we're still outperforming the industry. We're still up 1% on a YoY basis if you compare the nine months of this year compared to nine months of last year.

We see absolutely no issue in terms of us continuing to outperform the industry. Of course, in the coming quarter, I think we'll get a lot of help of the upcoming facilities: the one in Chennai for the leading EV platform for a two-wheeler OEM, the Bhiwadi facility where we're supplying to a premium Japanese two-wheeler OEM, as well as the Haridwar facility for a leading two-wheeler OEM.

All three of these facilities will come into play in this quarter. In that sense, we see absolutely no issue in continuing to outperform the industry and doing well going forward.

Thanks, Swastik. Secondly, I think you're winning quite a number of orders in the new components like suspension, steering columns, high tensile products, etc., over the last one, one and a half year.

How do you see this business scaling up let's say over the next two years, and how much can these components start to contribute to the top line in the future?

Right. Thanks for that, Nitij.

Firstly, I'll talk about these components that you mentioned, including suspensions or steering columns or high tensile components. Firstly, these are, as you mentioned, largely proprietary parts, they require a fair amount of investment that goes into the IP itself.

Because they are say parts that have IP and require R&D, usually OEMs have a very long gestation period to onboard these parts. Anytime they have to onboard any of these parts, they actually go through at least 9 to 12 months of testing, if not more, to kind of get to a stage like this.

I think what we've really achieved so far is really penetration or entry amongst marquee OEMs. In suspensions, we started the year supplying to only two OEMs, now we're supplying to four OEMs.

These are all really large OEMs that we're working with. In steering columns, we're again working with all of the Indian OEMs as well as a marquee foreign OEM.

Also in high tensile components, now we're working with almost all of the Japanese OEMs as well as speaking to a couple of Indian OEMs. Across all these segments, we have now entered marquee OEMs.

The entry and a broad basing of OEMs has been the critical part so far. Now the real key will be penetrating and gaining wallet share amongst all of these OEMs.

I think the tougher part, if you ask me, is the entry itself. Because once a technology is established, to take it to an inflection point is not as tough as say entering in the first place.

Now that we are in all of these OEMs, the purchase side, R&D side, production side is convinced of the benefit they're getting from this technology, now all we have to do is say continue to win new programs and grow this business. In terms of where we want this business to be, we feel each of these three verticals: suspension, steering columns, and high tensile components, each of them can be a growth vertical of its own.

I think it will be pretty fair to say that each of them going forward can be multi-hundred crore businesses. This we're speaking about from a medium-term perspective, in the next 2 to 3 years.

That's where we want our ambition to be, and we think that the building blocks are in place to achieve that. Thanks.

Can I ask one more question if I can?

Thank you.

thank you for taking my question, and good that you have completed the acquisition, the related party acquisition. It was one of the key points for which you highlighted at the time of IPO.

Coming on to the Q3 numbers, generally the other suppliers which have reported the numbers, they have seen a good level of growth, especially for the two-wheeler segment. Even Bajaj Auto, their stage was up around 7%, 8%.

A bit confused that where our underperformance is coming from. Is it any particular model, or how is it?

Because I'm just not able to get that sense why we have underperformed even if I compare with Bajaj Auto's number.

While we don't comment on particular OEMs, you'd appreciate that our growth is based across multiple OEMs. I think we answered on why we think two-wheeler numbers have been fairly stagnant as compared to last year.

Of course, there can be a bit of impact of mix, but that being said, it's not like we're losing any programs. We're continuing to get more RFQs, win more programs.

Of course, different OEMs grow in different segments. It's not say smooth sailing for each of them.

There can be certain models that do well, certain models that don't do well. We, of course, don't inform OEM strategy in that sense.

What we can talk about is what we are hearing from the OEMs, and the plan that we are setting up for them means that we are well on track to achieve the numbers that we have guided for, not only in the two-wheeler segment, but also as a larger company.

How is sales trajectory demand looking like? For the fourth quarter, do you expect it to be positive mid-single-digit growth going to the fourth quarter, or we expect flatish growth?

We won't be commenting on quarterly guidance. We have an annual guidance that we give to all analysts and investors, and we maintain that going forward.

Of course, the GST data has been positive. I think the numbers for January should be out soon, and they show quite a positive trend.

Okay. Just

Vijay, I just want

a follow-up to the same question. Just want to check, how is the inventory situation at the OEMs level?

Because some of the OEMs have guided that their inventory level is in a single digit. Vijay,

we don't comment on OEM or our customers.

Okay.

Hi, am I audible?

Yes. Yeah.

Hi. Thanks for the opportunity.

Just a couple of questions. One of the key roadmaps you had said was taking the CPV for the number one and number two OEMs from 12,500 to 17,500, now to go to 20,500 with the merger inclusion, and for number three, number four to go to 12,500 first.

Where are we in that journey? Is that tracking from the OEM?

Any updates on that?

Right. I can talk about maybe one of our marquee OEMs, which is one of the larger OEMs that we work with.

We've already gone from say 12,500 to 14,000 with the addition of steering columns. With this acquisition with the same OEM, we've gone close to 17,000.

As we speak, we are also in discussions with them for two new products, which we think can take it from 17,000 to say upwards of 18,000 over this fiscal year. With one OEM, you have already seen that journey from 12,500 to 18,000, which is a, close to 45% increase, and that is something that has say happened over the past few months.

One thing I'd like to point out is usually when you enter a new product, of course you'll not get a lion's share or wallet share immediately. OEMs usually introduce you to one model, and then based on performance kind of broad base the growth amongst different models.

I believe entries are important, and those are things that are happening as we speak. Now we'll continue to grow them.

In terms of your second question on on, taking our third and fourth largest OEMs to higher levels, I can talk about one of the largest two-wheeler EV OEMs, which is in that category. With them now, we've done two different things.

One, we are supplying to them for their premium segment. By supplying to them in the premium segment, our content per vehicle has gone up by around 1.8 to 2 times, specifically for them.

Secondly, for the same OEM, we have now entered the plastic commodity segment. By entering the plastic commodity segment, we are now supplying a wide variety of products, including fenders, cowls, covers, dashboard, visors, all relevant plastic parts, which can give us which can result in an increase in content per vehicle around 2,000 rupees.

Maybe with another premium four-wheeler two-wheeler OEM, we are basically doing more of the suspension parts. The suspension entry has just happened recently, and that will say also lead to a content per vehicle increase of around 1,500 rupees.

Just to summarize, our top OEM, they're kind of growing quite fast, increase content per vehicle by 45%. With say our third, fourth, fifth best OEM, there's a continued increase of new commodities that we're supplying to them.

Sure. Thanks for the detailed answer.

Secondly, on the core business. Two-wheeler OEMs have been very bullish on the demand going ahead.

Q4 numbers expected to be very strong for all two-wheeler, three-wheeler OEMs, and relatively low base of H1 for the next year also bodes well for the industry growth. Is there any ramp-up of schedule from the OEMs that you're seeing, or anything on the demand front that we are expecting?

In general, we don't comment on the schedules that we get from OEMs. I think the numbers are out for everyone to see in terms of the January production numbers for OEMs.

I think, as you mentioned correctly, the numbers seem positive and seem to be going in the right trajectory. We maintain our guidance of outperforming the industry in two-wheelers substantially, and also kind of maintaining that mid-teen kind of revenue growth going forward.

Sure. Thanks for that.

Thank you.

Hi, thanks for the opportunity. My first question was on defense and aerospace growth prospect.

How do we see this business scaling up over the next few years? The second question was a bookkeeping question.

The tax rate this quarter seems to be higher at about 29%. What should be the tax rate number that we should work with?

That's all.

I can take the first one. From a defense perspective, I think as we mentioned on the call, fundamentally we started working with six new OEMs.

There is very, very positive traction from domestic as well as international OEMs. I want to supplement that with saying not just defense, but defense and aerospace.

Aerospace is an area for us that we are looking at very keenly. We have already entered supply chain of two of the largest players in that space, and as I'm sure you must have seen in the news over the past few months over here, the largest OEMs in the aerospace industry, in the aviation industry are looking at India very, very seriously.

They're looking to sort of source more from India, and also manufacture in India. We want to capitalize on that positive trajectory.

While the French acquisition is an entry mechanism for us to start very close engagement with the European OEMs, we want to fundamentally set up manufacturing facilities in India for the aerospace and defense vertical, which is currently in the works. Largely in the medium term, we see this as a very, very positive and meaningful contributor to our revenues going forward.

I, unfortunately, cannot comment on the specific numbers, but it will be a meaningful contributor in the short term. Yeah.

To I'd say second question on the tax rate, I think over the course of the year, we should see this normalized to around 23% to 24% of corporate tax rate.

Hi, thanks for taking my question. My first question is on the four-wheeler part.

It was mentioned in the merger presentation that the post-merger exposure to four-wheelers is rising sharply than what we had currently. Can you provide more color as to what is the customer profile over here?

Is it largely E4-wheeler OEM, and what are the kind of products? What is the change in CPV on four-wheeler side post-merger?

Right.

Thank you, Viraj, for that question. Just to shed some light on that, we'll be adding close to a 1,000 crore of revenue or 10,000 million INR of revenue post-merger, and around 34% of this would be geared towards passenger vehicles as well as commercial vehicles.

I think two major parts of what we'll be supplying to passenger vehicles and commercial vehicles: number one would be the copper busbars, which are extremely important from a battery and battery management perspective, since it's a critical part that rules conductivity in a system. Secondly, these companies also have a deep exposure in the plastic segment, supplying a lot of different parts like dashboards, side covers, side wheels, and interior, infotainment parts for a marquee passenger vehicle OEM.

In terms of mix, we work with a four-wheeler Indian domestic OEM for the busbars, and for the plastic parts, it's a wide variety of OEMs, including a couple of European OEMs, as well as a couple of domestic OEMs. Some of which is direct, and some of which is through a Tier 1, given that a lot of these parts go into infotainment systems which are say managed by a particular Tier 1.

I think the content per vehicle increase that you can see in four-wheeler would be slightly higher, would be close to 5,000 rupees that you'll be able to see. Sure.

Thanks. Secondly, from this quarter's perspective, we've seen a decline in the PV revenues as well.

You shared some details on how the two-wheelers performed, but any color on why the decline was there on the PV side?

On the PV side, a couple of factors coming together contributed to it. Firstly, in the last quarter and this quarter, there were some supply chain issues with one of our largest Europe-based four-wheeler OEM, which is a premium automaker.

In fact, this OEM is also our largest four-wheeler OEM, and as they have suffered volumes, of course that has had a negative impact on our revenue. Second was, as we announced last time, we are setting up this facility in Bhiwadi for plastic moulding for one of the largest Japanese OEM.

This plant was being shifted from another location. During the shift, of course, there was a bit of loss of production.

However, that is transitional, and you'll see it getting recovered in the fourth quarter of FY26. Another important point I'd like to highlight is Phase 1 and Bellrise both also work a lot in the tooling and dies industry, where we supply tooling to a lot of marquee Japanese as well as Indian passenger vehicle OEM.

This has been categorized in the others category. While these sales are indeed happening to a passenger vehicle OEM, we've technically classified them as others, because it's a kind of different product category.

Just to put you on a broader perspective, if you look at our passenger vehicle numbers, we're still up 24% on a year-on-year basis if you compare nine months against nine months. Hence, we again don't see any change in our guidance, which is to double our four-wheeler and commercial vehicle revenue in the next two years as compared to FY25 numbers.

I think we can definitely achieve that, and there's no reason why that will not happen.

Got it. Thanks.

Lastly, just

Sure.

Hi, sir. Thanks for the opportunity.

Just another kind of follow-up on the two-wheeler growth being lower for us in this quarter. Just wanted a little more understanding.

When we look at your mix, two-wheeler plus three-wheeler is about 64%. Just is it possible for you to split this between two-wheeler and three-wheeler, or what would be the composition of this?

Thanks, Navin, for the question. This will largely be two-wheeler.

While I don't have the exact number in front of me, I think it will be close to 60% two-wheelers, probably 3% or 4% three-wheelers.

Okay. Because when I look at your largest customer's production growth YoY, it looks like two-wheelers is about 3%, 4% growth, and three-wheelers is about 30% growth.

Which is why the question, that if we have lesser saliency in the three-wheeler mix, is that the reason why our number is kind of trending flattish or kind of broadly in line with our largest customer? Is that the explanation, or you think there's another way to kind of look at this?

I think that's also a fair way to look at it. I think another important point that I would like to highlight here is that our penetration in the three-wheeler sector is going up.

For our largest customer or for a couple of our largest customers, we have won orders with them across their upcoming chassis systems for their upcoming three-wheeler platforms, both across ICE and EV, and also won additional orders from them for suspensions, both in ICE and EV. You're right.

Right now the presence in three-wheelers per se is lower, but I think that is also going up in the future.

Fair enough, sir. That's it from my side.

Thank you.

Hi, sir. Thank you for the opportunity.

Sir, my first question is, I wanted to understand how big is the market size of plastic components in two-wheelers and three-wheelers and four-wheelers separately in India, and is this business entirely outsourced by OEMs in India, or is there a captive market share also?

I would probably have the two-wheeler numbers handy on me right now. That market for a limited set of products, if I listen to the three products, which is a fender, cowl, and cover, that would be close to 500 to 600 crore market.

Of course, if you add the dashboard and the visor and the helmet accessories, I think my best guess would be it could be close to 2,000 crore market on a consolidated basis in the two-wheeler segment. I unfortunately don't have the numbers handy on me for passenger vehicles.

Whether it's all outsourced, yes, I don't think any OEM does a lot of plastic manufacturing in-house. It is usually outsourced to Tier 1s like us.

What is the maximum content per vehicle that can be reached in these products in two-wheelers and four-wheelers separately? This would help us understand how big can this business become for us.

One thing I'd like to point out is when it comes to plastic moulding or say fabrication, I think the process largely remains the same. We can say manufacture almost all components that go into a two-wheeler or four-wheeler using a similar plastic injection moulding process.

In say two-wheeler, I think the content per vehicle that we've guided for is around 2,000 rupees that is there currently, and of course that's going up with fairing assemblies, which have a bit of plastic as well as a bit of metal. That can say go from 2,000 rupees to around 3,000 rupees.

In four-wheelers, it's tough to kind of comment on a content per vehicle amount because there is a very wide variety of products that go into a four-wheeler, and usually each of them are managed by system integrators. It depends a lot on which system integrator you're working with, if you get in entry with a system integrator or become a system integrator yourself.

That's a very lumpy type of growth that you get in four-wheelers.

Just to add to that, in the four-wheeler, it's pretty much more complex because like Swastid said, the system integrators, and these are much larger assemblies that they supply now, the Tier 1s especially. A lot of it also include a part of the infotainment system, if they include the plastic panels.

All of this comes pretty much well furnished and just ready to fit. Apart from plastic, there are other parts also which get into it.

It's really very difficult to analyze as to what could be the total content when you look at such kind of assemblies which supply to four-wheelers.

Understood, sir. Thank you, and all the best.

Thank you.

Hello, sir. Can you hear me?

My first question is with respect to the merger of the promoter-owned entities. Sir, together this Badve Autocomps and Eximus Infra, they did around 2,100 crores of revenue in FY25.

I just want to understand how they performed in the current nine-month period for the financial year FY26, and what do you expect the growth of these two entities to be in the next one or two years? One is that.

As you mentioned, this will reduce our related party transaction by 1,100, 1,200 crores, which will basically add around 1,000 crores to the revenue of Bellrise. I just want to understand by when this will be finalized, by FY26 or FY27?

Right. I think to answer your second question, this is of course subject to a lot of regulatory approvals, because we'll have to get the approvals from the exchanges as well as the NCLT for the merger to be finalized.

I think the timeline that we've indicated in our presentation is anywhere between 10 to 12 months. You can assume that this happens within FY27 itself.

Sorry, what was your second question?

My first question was the growth with respect to the Badve Autocomps and Eximus Infra. Right,

right. In general, we will not be commenting on the growth for these companies as of now.

Once there's greater clarity of when and how these companies are merging, we'll speak more about this then.

Understood, sir. Just a follow-up on this.

It will reduce your excess corporate overheads. This merger will be margin accretive as well, right?

Of course, when your RPT revenues are getting netted off and the EBITDA is being added in, I think if you look at the EBITDA margins of these two entities, they sit close to 12% to 13%. Fairly in line with what Bellrise EBITDA margins are.

Imagine that the revenues are getting netted off, but the EBITDA is getting added in. In that sense, of course, it will be EBITDA accretive as well as PAT accretive.

Understood, sir. Sir, what is the debt

Just a follow-up. I just want to understand the debt and cash in this both the entities.

I think that's part of the presentation. You can just take a quick look at it.

Okay. Thank you, sir.

Thank you, everyone, for your time and listening to

us. Everyone, I would like to put...

Thank you, everyone, for your time and questions. I hope we have been able to address most of your queries.

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