Belrise Industries Limited- IPO Reviews 2025, Analysis and Notes

Recommendation: Subscribe – Long term

---

Key Highlights

• Company Background:- Belrise Industries Limited, formerly known as Badve Engineering Limited, was incorporated on September 25, 1996, and is headquartered in Aurangabad, Maharashtra. The company transitioned to a public limited entity in 2008 and adopted its current name in 2022. Belrise is a diversified automotive components manufacturer with a wide network of production facilities across India. It caters to leading original equipment manufacturers (OEMs) and specializes in sheet metal components, suspension systems, polymer parts, and electric vehicle (EV) assemblies.

• Market Opportunity:- India’s automotive industry presents significant growth potential, driven by increasing vehicle demand, rapid electrification, and supportive government policies. As a key player in the auto components sector, Belrise Industries is well-positioned to benefit from rising investments in EVs and the shift toward localization of manufacturing. The two-wheeler and passenger vehicle segments, in particular, offer robust volume growth opportunities. Additionally, export demand is expected to strengthen as global OEMs diversify supply chains. Belrise’s diversified product portfolio and established OEM relationships place it favorably to capture this expanding market opportunity.

• Integrated Capabilities for Industry Excellence:- Company is a leading player in the fast-growing precision sheet metal pressing and fabrication space within the automotive component industry. The company’s technology-enabled, innovation-driven approach to product development and process engineering sets it apart in a competitive market. Its vertically integrated manufacturing facilities support a wide product range, enabling efficiency and quality control. This integration allows Belrise to cater effectively to diverse OEM requirements across vehicle segments. These strengths collectively reinforce its position as a trusted partner to top automotive manufacturers.

• Strategic Relationships and Future-Ready Positioning:- Company has built longstanding relationships with leading OEMs through consistent value addition and years of trusted collaboration, reinforcing its reputation as a reliable partner. The company’s largely EV-agnostic product portfolio allows it to seamlessly serve both traditional and electric vehicle segments, positioning it well for growth amid India’s accelerating EV adoption. This adaptability ensures business continuity and relevance across evolving market dynamics. Backed by experienced promoters and a seasoned management team, Belrise benefits from strong strategic direction and operational discipline. These combined strengths equip the company to scale efficiently while maintaining high standards of quality and customer service.

• Financials:- For the nine months ended December 31, 2024, the company reported revenue from operations of ₹6,013.4 crore, an increase from ₹5,957.8 crore in the same period of the previous year. EBITDA stood at ₹767 crore, slightly improving from ₹760 crore during the nine months ended December 31, 2023, with an EBITDA margin of 12.76%. The net profit for the nine months ended December 31, 2024, was ₹245.4 crore, compared to ₹297.5 crore in the corresponding period of the previous year. At upper band company is valued at 26x its FY24 EPS which is reasonable, hence investor with long term horizon can subscribe to this IPO.

• Key Risks:- It faces risks related to its dependence on the automotive sector, which is inherently cyclical and sensitive to economic slowdowns. Any significant decline in vehicle production or demand could impact the company’s performance. Additionally, delays in EV adoption or disruption in raw material supply chains may affect growth prospects. The company’s operations are also exposed to customer concentration risk, with a substantial portion of revenue derived from a few key clients. Regulatory changes, technological shifts, or increased competition could further challenge its market position.

Issue Highlights

Offer Structure

Lead Book Running Managers

• Axis Capital Limited

• Jefferies India Private Limited

• HSBC Securities & Capital Markets Pvt Ltd

• SBI Capital Markets Limited

Registrar to the Offer

• Link Intime India Private Limited

Research Analyst

Rajan Gupta
rajan.gupta1@religare.com

Research Team

• Ajit Mishra – ajit.mishra@religare.com

• Abhijeet Banerjee – abhijeet.banerjee@religare.com

• Gaurav Sharma – gauravsharma2@religare.com

• Ashwani Harit – ashwani.harit@religare.com

• Divya Parmar – divya.parmar@religare.com

• Vinay Kalani – vinay.kalani1@religare.com

• Rajan Gupta – rajan.gupta1@religare.com

Download IPO Note in PDF Format :