1. At a Glance – Blink and You’ll Miss the Leverage
Belrise Industries Limited, listed barely a few months ago and already acting like it’s late for an earnings call, currently sits at a market cap of ₹15,204 crore with the stock hovering around ₹171. In the last three months, the stock is up 13.5%, while six-month returns are flirting with 19.4%—not bad for a “boring” auto ancillary. Latest quarterly numbers show Q3 FY26 revenue of ₹2,341 crore, up 8.0% YoY, while PAT jumped 25.8% YoY to ₹122 crore. Margins? Calm but stable—OPM ~12%, like a disciplined gym-goer who refuses cheat days. ROCE stands at 14.3%, ROE at 14.1%, and debt-to-equity has cooled to 0.29 after IPO proceeds were used to chop borrowings. This is not a hype story—this is a volume + execution + slow EV creep story. The kind analysts underestimate… until they don’t.
2. Introduction – From Tier-1 to Tier-0.5, Because Why Not
Founded in 1988, Belrise Industries spent decades quietly supplying metal bits, plastic parts, and suspension assemblies to India’s automotive ecosystem. No fancy TED Talks. No LinkedIn influencer CEO energy. Just factories, robots, and OEM purchase orders. Fast forward to FY26, and Belrise is no longer content being a plain Tier-1 supplier. Management now wants to sit closer to OEMs—calling itself a Tier-0.5 supplier, which in auto-lingo means: “We don’t just supply parts, we help design your headache.”
With 1,000+ SKUs, 29 OEM clients, and relationships running over a decade with names like Bajaj Auto, Honda, and Royal Enfield, Belrise has quietly built switching costs that don’t show up neatly in Excel. The IPO in May 2025 raised ₹2,150 crore, primarily used for debt repayment—instantly improving balance sheet optics and credit metrics. And just when investors thought the story was fully digested, Belrise threw in amalgamations, defence
tie-ups, and EV hub motors. Overachiever behaviour.
3. Business Model – WTF Do They Even Do?
Belrise is essentially the industrial Swiss Army knife of auto components. Its product portfolio spans:
- Sheet metal parts: chassis, exhausts, handlebars—71% of FY24 revenue
- Polymer components: fenders, covers—low margin but sticky
- Suspension systems: front forks, rear suspensions
- Braking systems: drum & disc assemblies
- EV components: motors, controllers, chargers, battery containers
- Non-auto: solar panel structures, white goods parts
What makes Belrise interesting is platform agnosticism. Its components work across ICE, EV, and CNG vehicles. So when EV adoption slows, ICE keeps the lights on. When ICE plateaus, EV picks up the slack. This is not disruption—it’s hedged survival.
Manufacturing is spread across 15 plants in 9 states, processing 60,000 tonnes of steel annually, supported by 700+ robots and 100+ injection moulding machines. Translation: capex heavy, but scalable.
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
Quarterly Comparison (₹ crore) – Consolidated
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2,341 | 2,167 | 2,354 | 8.0% | -0.6% |
| EBITDA | 287 | 262 | 296 | 9.5% | -3.0% |
| PAT | 122 | 101 | 133 | 25.8% | -8.3% |
| EPS (₹) | 1.37 | 1.55 | 1.49 | -11.6% | -8.1% |
Annualised EPS Rule Applied:
Average of Q1, Q2, Q3 EPS = (1.26 + 1.49 + 1.37) / 3 = 1.37
Annualised EPS = 1.37
