| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 85 to ₹ 90 | 166 | 21st May, 2025 – 23rd May, 2025 | ₹2,150.00 Cr |
Belrise Industries IPO
Belrise Industries is an automotive component manufacturing company based in India, offering a diverse range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agricultural vehicles. The company’s product portfolio includes metal chassis systems, polymer components, suspension systems, body-in white components and exhaust systems, among others. The company’s products are agnostic primarily to vehicle powertrain types, reflecting its ability to cater to both electric vehicles and internal combustion engine vehicles, thus positioning it favourably to adapt to the growing electric vehicle market. The company specialises in precision sheet metal pressing and fabrication. It is one of the Top 3 companies with a market share of 24% in the overall 2-wheeler metal components segment in India as of March 31, 2024, in terms of revenue. The company also specialises in precision sheet metal pressing and fabrication for three-wheelers and four-Wheelers (passenger vehicles as well as commercial vehicles). The company has developed longstanding relationships with its customers, including global OEMs. As of December 31, 2024, the company serviced a total of 29 OEMs globally. The company’s top 3 OEM customers collectively accounted for 33.6%, 31.9%, 34.6% and 44.2% of its revenue from operations during the 9MFY25, FY24, FY23 and FY22, respectively. As of December 31, 2024, the company markets its products both domestically and internationally, with operations extending to several key global markets including Austria, Slovakia, the United Kingdom, Japan and Thailand. The company has cultivated long-standing relationships with customers, including prominent multinational OEMs such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover and Royal Enfield Motors, among others.
Objective of the Belrise Industries IPO
The company proposes to utilize net proceeds towards funding the following objects:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings made by the company;
- General corporate purposes.
Rationale To Belrise Industries IPO
Technology-enabled, innovation-driven development and process engineering capabilities
The company has a strong track record in process engineering and utilises technology to maintain high levels of manufacturing proficiency across all its facilities. It has developed a range of distinct capabilities in metal processing, polymer processing, and suspension systems, which it applies in the manufacture of its products.
Metal Processing: The company utilises over 700 robots for fabrication, ensuring low defect rates measured in parts per million and high production predictability. These robots have been in operation for several years, and the company has established unmanned manufacturing setups that began supplying seating sub-systems in 2015.
Polymer Processing: The company operates more than 100 injection molding machines with capacities up to 1,800 tons. This process incorporates critical techniques such as gas-assisted injection molding, polyurethane painting, and ultrasonic and vibration welding of plastic parts. This advanced automation enables the company to uphold high-quality standards while optimizing production timelines.
Suspension Systems: The company designs, develops, and manufactures a variety of suspension components, including shock absorbers, springs, forks, and steering columns. These components are produced using precision machining, casting, or forging processes. The company has been granted one patent for its innovative suspension designs.
As of December 31, 2024, the company’s design, engineering, and new product development team consists of 159 members. The company has collaborated on engineered products for clients, including the complete chassis system for a commercial vehicle platform from Tata Motors, as well as a fully automated manufacturing line for producing passenger vehicle seat slider systems for a major French automotive component manufacturer. Additionally, the company has set up a front visor manufacturing facility for Bajaj Auto.
Distinguished market leader in the high-growth field of precision sheet metal pressing and fabrication within a large and growing automotive component industry
Belrise Industries is one of the top three companies in India’s two-wheeler metal components segment, holding a 24% market share in terms of revenue as of March 31, 2024. The market for two-wheeler metal products is projected to grow at a CAGR of 11-13% over the next five years. Additionally, the global market for two-wheeler metal components was valued at Rs. 1,453.9 billion in 2023 and is expected to grow at a CAGR of 3.3%, reaching approximately Rs. 1,767.3 billion by 2029. The company has strategically located its manufacturing facilities near customer sites, enabling close collaboration to design, engineer, and manufacture products tailored to specific needs. Belrise Industries has demonstrated a strong growth trajectory, achieving a CAGR of 17.8% in revenue between FY22 and FY24. With ample installed capacity and access to land in key automotive hotspots across India, the company is well-prepared to scale its production volumes in response to customer demand. This positions Belrise Industries to effectively capitalise on the expanding markets for two-wheelers, four-wheelers, and commercial vehicles within the country. lower than comparable domestic and international peers, highlights its efficient use of resources. Additionally, its favourable working capital days—48 and 46 days in FY 2024 and the nine months ended December 31, 2024—demonstrate strong financial prudence. Ather’s focus on scalability is evident in its transition from a small factory to the expansive Hosur Factory, which significantly increased its production capacity. The company also follows an asset-light distribution strategy, relying on retail partners to operate experience and service centres, minimizing capital investment and benefiting from local sales expertise. This approach enables rapid expansion without the high costs of brick-and-mortar infrastructure, offering operational flexibility and cost efficiency. Ather’s strategic focus on outsourcing, capital optimization, and scalable growth positions it for longterm success in the evolving electric vehicle market, making it an appealing choice for investors.
Valuation of Belrise Industries IPO
Belrise Industries is a prominent automotive component manufacturing company in India, specialising in safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agricultural vehicles. As of FY24, the company holds a significant market share of 24% in the two-wheeler metal components segment, placing it among the top three players in the industry. With 17 manufacturing facilities across 10 cities in nine states, Belrise Industries processes an impressive 60,000 tons of steel annually. The company has plans to expand its product portfolio to include powertrain-agnostic components for electric vehicles, internal combustion engines, and CNG engine types. New offerings will encompass suspensions, steering columns, and brakes, reflecting its adaptability to evolving market demands. Belrise has fostered strong, long-standing relationships with multinational original equipment manufacturers (OEMs), including Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover, and Royal Enfield Motors. Currently, the company is establishing the Pune-V facility to manufacture hub motors and chargers for electric vehicles, targeting operational readiness by Q1FY26. Additionally, Belrise has launched a production line for sheet metal parts for solar panels, supplying a significant North American solar energy company, further diversifying its operations. Financially, the company has demonstrated robust growth, with revenue from operations increasing to Rs. 7,484.2 crores in FY24 from Rs. 5,396.9 crores in FY22. For 9MFY25, revenue from operations totalled Rs. 6,013.4 crores. The profit after tax stood at Rs. 310.9 crores for FY24, indicating a stable PAT margin of 4.1% and a return on equity (ROE) of over 14% over the past three years, showcasing the company’s financial health and operational efficiency. The issue is valued at a price-to-earnings (P/E) ratio of 17.8x on the upper price band based on FY25 earnings (annualise), which is relatively cheaper compared to its peers. Considering the above compelling factors, we recommend a “SUBSCRIBE” rating for this issue.
1. What is the Belrise Industries Limited IPO?
Belrise Industries IPO is a book built issue of Rs 2,150.00 crores. The issue is entirely a fresh issue of 2,150.00 crore shares. Belrise Industries IPO bidding opened for subscription on May 21, 2025 and will close on May 23, 2025. The allotment for the Belrise Industries IPO is expected to be finalized on Monday, May 26, 2025. Belrise Industries IPO will list on BSE, NSE with tentative listing date fixed as Wednesday, May 28, 2025.
How to apply for the Belrise Industries Limited IPO through StoxBox?
To apply for the Belrise Industries IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Belrise Industries Limited IPO open?
Belrise Industries Limited IPO is opening on 21st May 2025.
What is the lot size of the Belrise Industries Limited IPO?
The Lot Size of Belrise Industries IPO is 166 equity shares.
When is the Belrise Industries IPO allotment date?
The allotment Date for Belrise Industries Limited IPO is 26th May 2025.
When is the Belrise Industries IPO listing date?
The listing Date for Belrise Industries Limited IPO is 28th May 2025.
What are the risks associated with investing in the Belrise Industries IPO?
Key Risks:
- The company generates a significant portion of its revenue from its ten largest customers, making it reliant on these entities. As these key customers are primarily original equipment manufacturers (OEMs) in the automotive industry, any negative changes affecting the financial health of these OEMs, such as a decline in demand for automobiles or specific models, could adversely impact the company’s business, operational results, financial condition, and cash flows.
- Seven out of 17 manufacturing facilities of the company are located in the state of Maharashtra. This concentration poses a potential risk to regional exposure, which may adversely affect the company’s business, results of operations, financial condition, and cash flows.
When will the Belrise Industries IPO shares be credited to my Demat account?
Credit of Shares to demat account date is Tue, 27 May 2025
What is the Minimum amount investing in the Belrise Industries IPO?
The minimum investment amount for retail investors in the Belrise Industries IPO is ₹14,940.
When will Belrise Industries Limited IPO shares be credited to my Demat account?
The Belrise Industries Limited IPO be credited to the account on allotment date which is 27th May 2025. Login to your account now – https://campaign.StoxBox.in/redirect.html
What are the important dates related to Ather Energy Limited IPO?
| IPO Open Date | Wed, May 21, 2025 |
| IPO Close Date | Fri, May 23, 2025 |
| Basis of Allotment | Mon, May 26, 2025 |
| Initiation of Refunds | Tue, May 27, 2025 |
| Credit of Shares to Demat | Tue, May 27, 2025 |
| Listing Date | Wed, May 28 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri 23 May, 2025 |
