Belrise Industries specializes in manufacturing automotive components. They offer a diverse range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri vehicles. Belrise Industries IPO plans to raise ₹2,150 crores. entirely as fresh issue of shares.
| IPO opens | May 21, 2025 |
| IPO Closes | May 23, 2025 |
| IPO Size (Rs.) | ₹2,150.00 Cr |
| Breakup | fresh issue only |
| Face Value: | ₹ 5 |
| IPO Price in Rs : | ₹85 to ₹90 per share |
| Minimum Lot | 166 Shares |
| Listing At | NSE , BSE (mainboard) |
| QIB | ~50 % |
| NII Quota | ~15% |
| Retail Quota | ~35% |
| BRLM | Axis Capital, HSBC Securities, Jefferies India, SBI Capital Markets |
| Registrar | Linkintime |
About Belrise Industries IPO:
- Company was incorporated as “Badve Engineering Pvt. Ltd”, in 1996.
- Name was changed to ‘Belrise Industries Limited’ in 2022.
- Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles.
- Belrise operates 15 manufacturing facilities across 10 cities in 9 states,
- The company processes 60,000 tons of steel annually.
- Its manufacturing setup includes over 700 robots for metal fabrication and more than 100 injection moulding machines with capacities of up to 1,800T for polymer processing.
- The company’s product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems, among others. Moreover, the company’s automotive product portfolio comprises over 1,000 distinct products.
Financials : Belrise Industries IPO
| Particulars/ Rs. Cr | 2024 (9) | 2023 (9) | 2024(12) | 2023(12) | 2022(12) |
| Revenue from Operations | 6,013.43 | 5,957.88 | 7,484.24 | 6,582.50 | 5,396.85 |
| Revenue Growth (%) as stated | 0.93% | – | 13.70% | 21.97% | 25.54 |
| EBITDA as stated | 767.04 | 760 | 938.36 | 897.66 | 763.48 |
| EBITDA Margin (%) as stated | 12.76% | 12.76% | 12.54% | 13.64% | 14.15% |
| Restated PAT | 245.47 | 297.5 | 310.88 | 313.66 | 261.85 |
| PAT (%) as stated | 4.08% | 4.99% | 4.15% | 4.77% | 4.85% |
| EPS – Basic & Diluted (₹) | 3.77 | 4.57 | 4.78 | 4.82 | 4.02 |
| Share Capital | 325.5 | 20.34 | 325.5 | 20.34 | 20.34 |
| Net Worth | 2,577.55 | 2,319.76 | 2,331.92 | 2,038.20 | 1,734.45 |
| Total Borrowings | 2,599.80 | 2,403.36 | 2,440.98 | 2,271.40 | 2,597.96 |
| Return on Net Worth (%) | 9.52 | 12.82 | 13.33 | 15.39 | 15.1 |
| NAV (₹) as stated | 39.75 | 35.76 | 35.94 | 31.41 | 26.66 |
| Post issue Share Capital | 444.94 | ||||
| FV | 5 | ||||
| IPO price | 90 | ||||
| EPS Fy24 | 3.49 | ||||
| PE | 25.76 | ||||
| EPS Fy25 (annualized) | 3.68 | ||||
| PE (annualized) | 24.47 | ||||
| Market cap in cr. | 8009 | ||||
| Market cap / Sales | 1.07 |
Anchors: Belrise Industries IPO
Belrise Industries Limited successfully raised ₹645 crore from anchor investors ahead of its IPO opening. The anchor round saw participation from several prominent global and domestic institutional investors, including:
- BlackRock
- Capital Group
- ICICI Prudential Mutual Fund
- HDFC Mutual Fund
- Nippon India Mutual Fund
- M&G (Prudential)
- Pinebridge
- ValueQuest
- Bajaj Allianz Life
In total, 27 funds participated in the anchor allocation. 42.7% of the anchor book, were allocated to five domestic mutual funds across ten schemes
Salient Points: Belrise Industries IPO
- Belrise Industries is among Top 3 companies with a market share of 24% in the overall 2-wheeler metal components segment in India as of March 31, 2024, in terms of revenue.
- Exports: 23%
- Vehicle Segment-wise (FY24):
- 2-Wheeler: 63%
- 3-Wheeler: 2%
- 4-Wheeler (Passenger): 4%
- 4-Wheeler (Commercial): 5%
- Others (Auto): 4%
- Others (Non-Auto): 21%
- Belrise Industries’ products are agnostic to vehicle powertrain types.
- They market their products both domestically and a small potion internationally, Key global markets includeAustria, Slovakia, the United Kingdom, Japan and Thailand.
- As of December 31, 2024, they serve 29 OEMs globally. Company has long standing relationships with customers, including prominent multinational OEMs such as Bajaj Auto Ltd, Honda Motorcycle & Scooter India Pvt. Ltd, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors etc.
- They have received 31 awards for quality at its manufacturing facilities, from both customers and esteemed national and international manufacturing audit organizations.
- The company was granted 1 patent for its suspension designs and they have filed 5 patents relating to electric motor, motor controller and vehicle control units, for Electric Vehicles.
- In Mar 2025, Belrise acquired H-One India from its Japan’s parent, for a reported Rs. 380 cr consideration, which manufactures high-tensile steel fabrication for passenger vehicles at 2 plants in North India.
- The company’s Revenue from Operations increased at a CAGR of 17.76% , from ₹ 7,484.24 Cr in FY2024, from ₹5,396.85 Cr in FY2022.
- Revenue Bifurcation by Product (FY24):
- Sheet Metal: 71%
- Plastic & Polymer: 3%
- Suspension: 1%
- Others: 25%
- Peers
| Companies/ Cr. | Revenue Fy24/ TTM Cr. | Net Profit | NPM | Debt/equity | Mcap/Sales | P/E |
| Belrise | 7,484.00 | 311.00 | 4.16% | 1.04 | 1.07 | 25.76 |
| Bharat Forge | 15,123 | 1,007 | 6.66% | 0.72 | 3.91 | 58.7 |
| Uno Minda | 16,040 | 937.00 | 5.84% | 0.42 | 3.46 | 62 |
| Motherson Sumi Wiring | 9320 | 606.00 | 6.50% | 0.16 | 2.71 | 41.2 |
| JBM Auto | 5,472 | 202.00 | 3.69% | 1.95 | 3.09 | 83.7 |
| Endurance Technologies | 11,561 | 827 | 7.15% | 0.17 | 2.81 | 39.3 |
| Minda Corporation-Spark Minda | 4,950 | 274 | 5.54% | 0.25 | 2.46 | 44.4 |
- Related party transactions account for 25-30% of sales and expenses.
- The company is valued at FY24 P/E multiple of 24.8x at post issue capital.
- I intend to apply in Belrise Industries IPO. Company’s valuation looks just OK. The company plans to to repay debt amounting to Rs 1,618 cr in FY26, thus lowering D/E below 1.0x and this will add to bottom line. Company is a prominent 2-W ancillary player. 74% of FY24 revenue came from EV-agnostic parts. It’s expanding into EV-specific components.
- with a Pune plant for hub motors and chargers,
- GMP as per social media is around Rs. 55 (25%).
- This post is exploratory and educational purposes only.
- Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.