Belrise Industries Ltd(BELRISE)

NSE: BELRISEBSE: 544405

₹ 200.1-1.96%refreshed 26 Oct, 01:28 pm ISTMarket cap: ₹ 19,353 crWebsite: www.belriseindustries.comUpdated: 24 Oct 2026

About

Belrise Industries Ltd is an Indian auto components manufacturer supplying structural and safety-critical metal and plastic parts - chassis, frames, suspensions, braking systems, and body parts - primarily to two- and three-wheeler OEMs, with a growing presence in four-wheelers, commercial vehicles, aerospace, and renewable energy. In FY26 the company reported revenue from operations of INR 95,091 Mn, of which manufacturing revenue was INR 77,346 Mn. Belrise operates across multiple plants in India and, following acquisitions of SDM (France) and Chester Hall (UK), has entered the aerospace supply chains of major global OEMs.^[1]

Business segments

Manufacturing segment contributed INR 21,979 Mn in Q1 FY27 (+20% YoY), the large majority of consolidated revenue of INR 25,465 Mn.^[2]
Trading segment (auto parts sold outside India, mainly Africa, Asia and Middle East) contributed INR 3,486 Mn in Q1 FY27, down 19% YoY due to Middle East demand and logistics disruptions.^[2]
2W and 3W vehicles accounted for 81.4% of manufacturing revenue in Q1 FY27; 4W and commercial vehicles accounted for 8.5%.^[2]
In FY25, 2-Wheeler revenue was INR 53,600 million, Trading (BIL FZE) INR 16,970 million, 4-Wheeler Commercial INR 4,790 million, 4-Wheeler Passenger INR 2,918 million and 3-Wheeler INR 2,332 million.^[3]
In FY26, 4W Passenger revenue grew 37% YoY and 4W Commercial grew 35% YoY.^[1]

Products

Core products include chassis frames, suspension systems, steering columns, braking systems (CBS and disc brakes), body-in-white stamped parts and plastic-moulded components for 2W, 3W, 4W and CV OEMs.^[4]
In Q1 FY27 high-tensile steel capability was extended to 1,470 MPa (about 3x the Indian industry standard) via a technology collaboration with H-One Japan.^[2]
The H-One business focuses on high-tensile stamped components and generated revenue of about INR 600 Mn in Q2 FY26 at 40 - 45% utilisation; H-One India was acquired on 27 March 2025.^[4][3]
Solar tracker sheet-metal assemblies are a new non-auto line; supplies to a global solar tracker maker began in Q2 FY26 with initial orders for North America.^[4]
Aerospace machining parts are supplied through French subsidiary SDM and UK subsidiary Chester Hall Precision Engineering.^[5]

Operations and facilities

In FY26 Belrise set up new facilities - Chennai-2, Chennai-3, Pune-5, Bhiwadi-3 - and began operations at Haridwar and Lille (France) in Q4 FY26.^[1]
Bangalore-2 (for a fast-growing 2W/3W OEM) has SOP in Q2 FY27 and Bhiwadi-2 (for a large Japanese 2W OEM) has SOP in Q4 FY27.^[2]
The Lille facility serves the world's largest aircraft OEM and a leading combat aircraft OEM; Chester Hall (UK) provides titanium machining for aerospace and space programmes.^[1]
Hyva India's tipper body business (three facilities in Pune, Jamshedpur and Bangalore) is being acquired, with closing expected in Q3 FY27.^[2]

Key operating numbers

Content per vehicle at the top 2W OEM was about INR 17,300 (Q3 FY26); the merger of promoter entities is expected to raise it to about INR 20,300.^[5]
Powertrain-agnostic revenue (parts for both ICE and EV) was 70.8% of manufacturing revenue in Q1 FY27.^[2]
Export share of manufacturing revenue was 4.5% in Q1 FY27; exports were 5.8% of revenue in FY25 vs 4.4% in FY24.^[2][3]
4W and CV revenues grew 52% YoY in H1 FY26; Belrise is engaged with 8 PV OEMs and 5 CV OEMs.^[4]

Customers and distribution

2W and 3W customers include India's largest 2W OEM (Haridwar), a large Japanese 2W OEM (Bhiwadi), a fast-growing 2W/3W OEM (Bangalore) and a premium export 2W OEM.^[2]
A 59-assembly EV localisation programme for a large Indian 4W OEM was won in Q1 FY27; 37 BIW parts for a large Indian PV OEM SUV platform (CPV ~INR 2,200) were won in Q2 FY26.^[2]
The Hyva India acquisition adds access to all top-5 CV OEMs in India and entry into a leading European CV OEM.^[2]
Defence customers include Israel's Plasan Sasa and two Indian defence OEMs; Belrise is an integrated manufacturing partner for Plasan's global supply chain.^[5]
Management described exposure to U.S. revenues as extremely limited (FY25).^[3]

Expansion and capex

Capex guidance of INR 8,000 Mn over FY26 and FY27 combined, unchanged as of Q2 FY26.^[4]
A solar tracker sheet-metal assembly facility is planned with SOP in Q4 FY27, targeting peak annual revenue of INR 1,500 Mn.^[2]
Chester Hall was acquired for £13.2 Mn at ~6x EV/EBITDA, with guided CY25 revenue of about £18.5 Mn.^[1]
SDM (France) was acquired for EUR 0.35 Mn and is expected to generate EUR 3 - 4 Mn revenue in FY27.^[5]
Advanced discussions are underway to localise high-volume aero-engine component manufacturing in India using Chester Hall's titanium machining.^[2]

Recent developments

In Q1 FY27 Belrise completed a QIP raising INR 17,000 Mn, mainly intended for inorganic opportunities in aerospace and 4W/CV within FY27.^[2]
On 4 August 2026 Belrise announced a binding term agreement to acquire Hyva India's tipper body business for USD 5.65 Mn (~3.6x EV/EBITDA).^[2]
Amalgamation of promoter entities Badve Autocomps (FY26 revenue INR 14,211 Mn) and Eximius Infra Tech (INR 6,956 Mn) into the company is in process, per the FY26 annual report.^[6][1]
A strategic collaboration with Israel's Plasan Sasa was announced in Q3 FY26, supporting industrialisation of the ATEMM platform in India.^[5]

Market Cap

₹19,353 Cr

High / Low

₹268 / 143

Stock P/E

35.8

Price / Book

3.5

Book Value

₹59

EPS

₹5.6

No. of Shares

88.99 Cr

ROCE

14.5%

ROE

12.5%

OPM

9.4%

Debt / Equity

0.28

Sales

₹9,509 Cr

Net Profit

₹497 Cr

Promoter holding

61.1%

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