1. At a Glance

Belrise Industries has gone from a quiet auto parts supplier to an IPO-backed growth machine. In Q1 FY26, revenue hit ₹2,262 Cr (+27% YoY), PAT raced to ₹112 Cr (+56% YoY), and operating profits stayed stable at 12% OPM — the kind of margins most manufacturing companies would trade their CFO for. The Chennai plant is now operational, debt has been trimmed post-IPO, and management is planting seeds in defence and aerospace. Promoters own a control-freak 73% stake, FIIs are sniffing at 6.78%, and the market is pricing them at 30x earnings.

2. Introduction

Think of Belrise as the pit crew behind India’s automotive race — sheet metal, polymer bits, suspension, and mirrors, all precision-built for OEMs that don’t want warranty nightmares.

The FY25 IPO raised ₹2,150 Cr, much of which went to paying down debt and expanding capacity. The Q1 FY26 results are the first “post-IPO reality check,” and they’ve delivered — double-digit revenue growth, 50%+ PAT growth, and no funny business in IPO fund utilisation (SEBI filings confirm zero deviation — a rare line in corporate India bingo).

With a manufacturing footprint spanning India and export markets from Austria to Thailand, Belrise is positioning itself as more than just another domestic auto supplier. Now it’s about scale, diversification, and keeping the post-IPO momentum alive without driving into a valuation wall.

3. Business Model (WTF Do They Even Do?)

Belrise manufactures:

• Automotive Sheet Metal & Castings– Chassis parts, structural components.
• Polymer Components– Dashboards, trims, and plastic assemblies.
• Suspension Systems– Springs, stabilisers.
• Mirror Systems– With integrated electronics for modern vehicles.

Customers: OEMs in 2W, 3W,