Jefferies has reiterated its Buy rating on Belrise with a target price of ₹135, citing a robust 1QFY26 performance that surpassed its estimates. The company’s EBITDA rose 17% year-on-year, coming in 4% above the brokerage’s forecast, largely driven by stronger-than-expected revenue growth.
Revenues surged 27% YoY, while the EBITDA margin improved 30 basis points sequentially to 12.4%, though it was down 1.1 percentage points from the previous year. Net interest expenses were higher than Jefferies’ estimate but declined on a YoY basis, aided by IPO proceeds. This, combined with strong operational performance, led to a 56% YoY jump in net profit, which was 6% above expectations.
Disclaimer: The above views are those of Jefferies. This update is for news reporting purposes only and does not constitute investment advice.