At a Glance
Belrise Industries makes sheet metal, suspension, casting, mirrors, and polymer parts for almost everything on wheels — from 2-wheelers to agri-vehicles. It exports to the UK, Austria, Japan, and more. While the business grew 50% YoY last quarter, the valuation still seems grounded. With 14% ROE/ROCE and a merger in play, is this auto component play getting ready for a pole position?
1. 🚀 Introduction with Hook
Forget the flashy EV IPOs — Belrise is the real silent compounding story.
You’ve probably seen it in action — not on screens, but under the hood. Sheet metal frames for 2-wheelers, suspension arms in tractors, or even mirror assemblies in your Maruti. This company has been quietly growing across 25+ OEMs, 8 countries, and now it’s ready for Phase 2 — consolidation and global scale.
Yet it trades at just 28x earnings with 50% quarterly profit growth. Suspiciously not overpriced. Is this stealth multibagger territory?
2. 🏭 Business Model – WTF Do They Even Do?
Here’s a breakdown of what Belrise actually builds:
- Auto Components:
- Sheet metal & casting parts
- Suspension assemblies
- Mirrors & polymer systems
- Vehicle Segments:
- 2-wheelers, 3-wheelers
- Passenger and commercial 4-wheelers
- Agricultural vehicles
- End Clients:
- Bajaj Auto, TVS, Hero, Tata Motors
- Mahindra, Maruti, Ashok Leyland
- Honda, Yamaha, Piaggio
- Geographies:
- India, UK, Austria, Slovakia, Japan, Thailand
Basically: It’s like the D-Mart of auto parts — essential, everywhere, but never hyped.
3. 💰 Financials Overview – Profit, Margins, ROE, Growth
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | ₹5,399 Cr | ₹6,582 Cr | ₹7,484 Cr | ₹8,291 Cr |
| Net Profit | ₹263 Cr | ₹314 Cr | ₹311 Cr | ₹355 Cr |
| EPS | – | – | ₹4.78 | ₹5.46 |
| OPM | 14% | 13% | 12% | 12% |
| ROE | – | – | 14% | 14.1% |
✅ Steady topline growth
✅ Margins stable (OPM 12%)
✅ EPS growth = 14% CAGR
⚠️ Interest cost rising, but manageable
4. 📊 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| Market Cap | ₹10,004 Cr |
| P/E | 28.2x |
| ROE | 14.1% |
| CMP | ₹112 |
| EPS | ₹5.46 |
🎯 Fair Value Range = ₹130 – ₹170
Assuming 16–20x forward earnings on FY26E EPS of ₹7–₹8.5 based on 20% PAT growth
➡️ Still trading below our mid-range target = Not Crack
5. 🔥 What’s Cooking – News, Triggers, Drama
🧩 H-One India Merger Approved (June 2025)
- Subsidiary merger = streamlining + synergies
- May reduce duplication + better capex utilization
🏭 Chakan Facility Investor Meet
- Hosted analysts at their Pune plant — signaling confidence in ops
📦 Global Expansion in Motion
- Presence in EU, Japan, Thailand — scaling vendor relationships overseas
- Potential EV part supply opportunity in future
📣 CRISIL Ratings updated 6 times in 2024-25 — shows serious financial activity
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Metric | FY25 |
|---|---|
| Equity Capital | ₹326 Cr |
| Reserves | ₹2,371 Cr |
| Borrowings | ₹2,964 Cr |
| Fixed Assets | ₹2,900 Cr |
| CWIP | ₹263 Cr |
| Total Assets | ₹7,225 Cr |
🔍 D/E Ratio ~1.1x
Capex-heavy but under control. Capex seems expansionary, not survivalist.
7. 💸 Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Flow |
|---|---|---|---|---|
| FY23 | ₹789 Cr | ₹(194) Cr | ₹(530) Cr | ₹66 Cr |
| FY24 | ₹582 Cr | ₹(362) Cr | ₹(141) Cr | ₹79 Cr |
| FY25 | ₹704 Cr | ₹(981) Cr | ₹169 Cr | ₹(108) Cr |
📈 CFO strong every year
💸 FY25 Capex spike → related to merger, expansion
⛔ Financing dependency low — most capex is internal accruals + minor debt
8. 📉 Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 14.3% |
| ROE | 14.1% |
| Interest Coverage | 2.3x |
| D/E | 1.1x |
| CCC (Days) | 54 |
| Working Capital Days | 91 |
🥂 Healthy Ratios
- ROCE/ROE > 13% = good zone
- WC cycle ~2 months = not alarming
- Margins stable at 12%
9. 📈 P&L Breakdown – Show Me the Money
| Quarter | Revenue | Net Profit | EPS |
|---|---|---|---|
| Mar ’24 | ₹1,526 Cr | ₹16 Cr | ₹0.25 |
| Sep ’24 | ₹2,069 Cr | ₹73 Cr | ₹1.13 |
| Dec ’24 | ₹2,167 Cr | ₹101 Cr | ₹1.55 |
| Mar ’25 | ₹2,274 Cr | ₹110 Cr | ₹1.69 |
💥 Q-o-Q Growth is legit
- PAT up 6x from Mar’24 to Mar’25
- EPS up 7x in same period
- FY25 Exit EPS run rate ~₹6.7 annualized
10. 🏁 Peer Comparison – Who Else in the Game?
| Peer | P/E | ROE | OPM | Mcap |
|---|---|---|---|---|
| Endurance | 44.6x | 15.4% | 13.4% | ₹36,885 Cr |
| Uno Minda | 67.7x | 17.6% | 11.2% | ₹63,460 Cr |
| Bharat Forge | 60.8x | 12.3% | 17.8% | ₹61,231 Cr |
| Belrise | 28.2x | 14.1% | 12.3% | ₹10,004 Cr |
📉 Valuation still a discount
📈 Metrics in the same league
⚡ Room to double Mcap if growth holds
11. 🧑💼 Miscellaneous – Shareholding, Promoters
| Category | % Holding |
|---|---|
| Promoters | 73.01% |
| FIIs | 5.35% |
| DIIs | 8.07% |
| Public | 13.56% |
| Total Shareholders | 5.19 lakh (!) |
✅ Stable promoter base
✅ Retail interest building post merger
🚫 No dividend, but reinvestment seems justified
12. 🧠 EduInvesting Verdict™
“Belrise = Uno Minda Jr., but without the P/E bloat.”
This is a classic case of:
✔️ real earnings
✔️ global expansion
✔️ sane valuation
✔️ optionality via EV, merger synergies
And yet — it’s not frontpage news.
If they control debt and sustain 20–25% PAT growth, this ₹10,000 Cr cap can quietly become ₹20,000 Cr before anyone notices.
🎯 Fair Value Range: ₹130 – ₹170
✍️ Written by Prashant | 📅 08 July 2025
Tags: Belrise Industries, auto component stocks, Uno Minda peer, EV suppliers, India Japan auto supply chain, auto stock analysis, merger updates, CRISIL-rated stocks, EduInvesting
