01 — At a Glance
The Auto Parts Maker That Just Woke Up
- 52-Week High / Low₹201 / ₹89.2
- TTM Revenue₹9,231 Cr
- TTM PAT₹481 Cr
- TTM EPS₹5.81
- Annualised EPS (Q3×4)₹5.48
- Book Value₹55.9
- Price to Book3.47x
- Debt / Equity0.29x
- Net Debt₹7,767 Cr
- Dividend Yield0.28%
Auditor’s Opening Note: Belrise closed 9M FY26 with ₹69,563 crore revenue (+16% YoY), adjusted PAT of ₹3,714 crore (+51% YoY), and a 15.1% ROACE. The stock is trading at 35.8x P/E — nearly 1.4x industry median. IPO in May 2025 raised ₹2,150 crore and paid down ₹15,960 crore in debt. Now they’re merging Badve Autocomps and Eximius Infra into the listed entity, consolidating ₹21 billion in revenue into one stack. This is not boring consolidation. This is ambition with a plan.
02 — Introduction
From Mechanical Tier-1 to Tier-0.5 Ambitions. In Three Years.
Belrise Industries. If you’re not a trade-book subscriber or an OEM procurement chief, you’ve probably never heard of them. And that’s the point. They make the stuff that goes into cars that make other stuff work: chassis, stamping, plastic components, suspension systems, mirrors. The kind of product that customers don’t name but can’t live without.
Incorporated in 1988, they were a regional supplier to Bajaj Auto for 15 years before they decided to become omnipresent. Now? 17 manufacturing facilities across 10 Indian cities. 29 OEMs as clients. International presence in Austria, Slovakia, the UK, Japan, and Thailand. They command 24% of the Indian 2-wheeler metal components market — that’s not second place. That’s market leader.
The pivot is interesting. IPO in May 2025. Debt paydown of ₹16 billion (using IPO proceeds). Acquisition of H-One India (high-tensile stamping + robotic welding). Now announcing a merger of Badve Autocomps + Eximius Infra into the listed company — consolidating ₹21 billion in related-party revenue and eliminating ₹11.5 billion in RPTs. Oh, and they just signed a teaming agreement with Plasan Sasa, an Israeli defense company, to pursue ATEMM (armored vehicle platform) contracts in India and globally.
This is a company that was content doing one thing very well (2-wheeler sheet metal). Now they’re building conglomerates — defense, aerospace, EV powertrain integration, and tier-0.5 assembly systems. The story has changed. The question is whether the valuation has caught up.
Concall Deep Dive (Feb 2026): “Fundamental strategic pivot” is how management described the defense/aerospace bet. Six aerospace and defense OEMs already in the conversation. A European acquisition (SDM, France) paying EUR 3–4 million revenue for EUR 0.35 million (0.1x sales entry). Not casual. Not typical of a sheet metal supplier. Deliberate repositioning happening in real-time.
03 — Business Model: The Tier-1 That’s Becoming Tier-0.5
Stamping Steel. Molding Plastic. Adding Up Value.
The core business is structural automotive components. Sheet metal stamping (chassis, frames, exhaust systems, suspension brackets) for 2W/3W/4W vehicles — mostly ICE, increasingly EV. Polymer injection molding (fenders, cowls, dashboards, visors, helmet compartments) — again, all platforms. Suspension systems and steering columns — higher-value products requiring OEM qualification (9–12 months testing).
FY25 revenue split: Sheet metal 71%, Plastics 3%, Suspensions 1%, Others 25%. Vehicle segment split: 2-Wheelers 63%, 3-Wheelers 2%, 4-Wheelers (Passenger) 4%, 4-Wheelers (Commercial) 5%, Others 26%. International presence: 77% India, 23% Exports. This is a India-anchored, 2W-dominant business with growing adjacency exposure.
The pivot to “Tier-0.5” is critical to understand. Instead of just supplying individual components, Belrise is positioning to supply integrated modules — fairing assemblies (50+ individual components wrapped into one), steering column integrated with controls, suspension systems as integrated units. This is stickier, higher-value, harder to displace. It’s the difference between selling screws and selling engines.
2W Metal Share24%Mkt Leader
2W Plastics Share (Post-Merger)~25%Consolidated
Manufacturing Facilities17+Across India
OEMs Served29Diverse Base
Revenue Concentration Risk: Top 3 OEMs (Bajaj, Honda, Hero) generated 34% of 9M FY25 revenue. Management acknowledges this and is actively diversifying through Tier-0.5 (new wallet share per OEM), new customer wins (Bhiwadi plant supplying Japanese premium model, Chennai EV single-source agreement), and geographic expansion (Europe, Japan, Thailand now on the map). Post-merger, consolidated with Badve entities, the revenue concentration should improve.
💬 How many auto component suppliers do you think can actually pull off the transition from Tier-1 to Tier-0.5 without losing their core business? Drop your thoughts!
04 — Financials Overview
Q3 FY26: The Numbers That Tell the Real Story
Result type: Quarterly Results | Q3 FY26 EPS: ₹1.37 | Annualised EPS (Q3×4): ₹5.48 | 9M FY26 EPS (₹3,714 Cr PAT / 88.9 Cr shares): ₹4.17
| Metric (₹ Mn) |
Q3 FY26
Dec 2025 |
Q3 FY25
Dec 2024 |
Q2 FY26
Sep 2025 |
YoY % |
QoQ % |
| Revenue | 23,405 | 21,670 | 23,617 | +8.0% | -0.9% |
| Manufacturing EBITDA | 2,579 | 2,322 | 2,496 | +11.1% | +3.3% |
| Manufacturing EBITDA Margin % | 14.0% | 10.7% | 10.6% | +330 bps | +340 bps |
| Adjusted PAT | 1,268 | 1,006 | 1,121 | +26.0% | +13.1% |
| EPS (₹) | 1.37 | 1.55 | 1.26 | -11.6% | +8.7% |
P/E Recalculated & Context: TTM EPS ₹5.81 ÷ CMP ₹194 = P/E 33.4x (screener shows 35.8x, likely using diluted or different share count). Q3 EPS fell YoY due to higher tax rate (29% vs 23% in Q3 FY25) — management guided normalized tax rate of 20–24% going forward. Manufacturing EBITDA margin expanded 330 bps YoY to 14.0% — this is the real story. Revenue growth is steady at 8% YoY but 9M was +16% YoY. Q3 was softer sequential (-0.9% QoQ) due to “timing gaps, seasonal slowdown in December, and supply chain disruptions with a large Europe-based OEM.”
05 — Valuation: Fair Value Range
What’s This Company Actually Worth? (Before the Merger Pop?)
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