How has the company's capex guidance changed?

Belrise moved away from a fixed target of ₹8,000 crore. It now guides for annual capex to fall between 6% and 6.5% of manufacturing revenue.

What are the details of the new two-wheeler OEM orders?

The company secured two major contracts: a peak annual revenue contract of ₹90 crore from an Indian OEM and a ₹220 crore order from a Japanese OEM.

What is the status of the aerospace subsidiary, SDM France?

SDM France recorded a one-time loss of ₹94.7 crore. Management expects this to reverse in the current fiscal year.

Are there any other corporate updates from the call?

The call confirmed that the board has approved a QIP, though specific terms were not detailed in the summary.

Concalls · Auto Components

Belrise Industries pivots capex guidance to a revenue percentage

Management now targets capex at 6-6.5% of manufacturing revenue, replacing its previous absolute target of ₹8,000 crore.

— 1 earlier story on Belrise Industries Ltd. →

BELRISE BSE 544405 25 May 2026 · 12:43 PM IST Verify on BSE · NSE

Mkt cap₹18,892 cr

P/E39.63×

ROE13.18%

Debt / eq.1.08

Div yld0.25%

6-6.5% New annual capex guidance as a percentage of manufacturing revenue.

What's new

Capex guidance shifted from a fixed ₹8,000 crore to 6-6.5% of manufacturing revenue.
Two-wheeler OEM wins include a ₹90 crore contract and a ₹220 crore Japanese OEM order.
Management expects the ₹94.7 crore one-time loss at SDM France to reverse this fiscal year.

Why this matters

Linking capex to revenue rather than an absolute figure provides better visibility into how the company scales investment during growth cycles. The reversal of the aerospace subsidiary loss is a critical component of the company's path to margin recovery.

What we're watching

Execution of the new two-wheeler OEM contracts.
Progress on the QIP approval process.
Whether the aerospace subsidiary hits its turnaround target.

The full read

Belrise Industries is moving to a variable capex model. Management now ties investment to 6-6.5% of manufacturing revenue, abandoning the previous ₹8,000 crore absolute target. This shift suggests a more disciplined approach to capital allocation as the company scales. The order book is also expanding, with two major two-wheeler OEM wins: a ₹90 crore contract from a domestic player and a ₹220 crore order from a Japanese OEM. These wins provide a clear revenue tailwind. Meanwhile, the company is working to clean up its balance sheet, specifically targeting a reversal of the ₹94.7 crore one-time loss at its aerospace subsidiary, SDM France. With QIP approval also on the table, the company is positioning itself for a period of expansion. The next test is whether the aerospace turnaround materializes as promised.

Questions answered

How has the company's capex guidance changed?: Belrise moved away from a fixed target of ₹8,000 crore. It now guides for annual capex to fall between 6% and 6.5% of manufacturing revenue.
What are the details of the new two-wheeler OEM orders?: The company secured two major contracts: a peak annual revenue contract of ₹90 crore from an Indian OEM and a ₹220 crore order from a Japanese OEM.
What is the status of the aerospace subsidiary, SDM France?: SDM France recorded a one-time loss of ₹94.7 crore. Management expects this to reverse in the current fiscal year.
Are there any other corporate updates from the call?: The call confirmed that the board has approved a QIP, though specific terms were not detailed in the summary.

Mentioned: Belrise Industries · SDM France · May 25

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

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Today · 12:43 PM IST Belrise Industries pivots capex guidance to a revenue percentage
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