Belrise Industries IPO is a book-built issue worth ₹2,150.00 crore. The IPO consists entirely of a fresh issue of 23.89 crore equity shares. The IPO opens for subscription on May 21, 2025, and closes today on May 23, 2025. The allotment is expected to be finalised on May 26, 2025, with tentative listing on BSE and NSE scheduled for May 28, 2025.
The IPO is priced in a band of ₹85 – ₹90 per share. Retail investors must apply for a minimum of 1 lot comprising 166 shares, requiring an investment of ₹14,940 at the cutoff price. sNII investors must apply for at least 14 lots (2,324 shares), amounting to ₹2,09,160. For bNII, the minimum application size is 67 lots (11,122 shares), amounting to ₹10,00,980.
Axis Capital Limited, HSBC Securities & Capital Markets (India) Private Limited, Jefferies India Private Limited, and SBI Capital Markets Limited are the book-running lead managers to the issue. Link Intime India Private Limited is the registrar.
For detailed financials, company background, and risk factors, investors are advised to refer to the Belrise Industries IPO RHP.
Industry Outlook
- India’s auto component industry is projected to grow at a CAGR of 911% between FY 2024 and FY 2029, reaching ₹12-13 trillion, driven by OEM demand, replacement markets, and export momentum.
- Exports, contributing 22% of FY24 demand, are expected to grow 7-9% in FY25, supported by North America and Europe demand and the global “China +1” sourcing strategy.
- Electric two-wheeler sales grew at a 101.7% CAGR (FY19-24), with EV penetration expected to reach 33-37% by FY31, reshaping demand for advanced components.
- Rising inflation, regulatory shifts (e.g., BS-VI norms), raw material cost volatility, and global economic uncertainty remain key risks to monitor.
Belrise Industries IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Allocate ₹16,181.27 million to repay or prepay, in full or in part, certain outstanding borrowings, thereby reducing interest burden and improving the company’s debt profile.
- Deploy funds for general corporate purposes including business development, strategic initiatives, and capital expenditure for maintenance and upgrades across its manufacturing facilities.
- Strengthen liquidity to meet working capital needs and support increasing demand across two-wheeler, three-wheeler, four-wheeler, commercial vehicle, and agri-vehicle segments.
- Leverage the IPO to enhance brand image, improve visibility among OEMs and investors, and establish a public market for its equity shares to support future growth opportunities.
About Belrise Industries Limited
Belrise Industries Limited, formerly known as Badve Engineering Limited, was originally incorporated as Badve Engineering Private Limited on September 25, 1996. It was converted into a public limited company on February 18, 2008, and renamed Belrise Industries Limited on August 29, 2022.
The company is a leading Indian manufacturer of automotive components and aggregates, catering to two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and agri-vehicles. Its diverse product portfolio includes chassis systems, exhaust systems, body-in-white components, polymer parts, suspension systems, and electric vehicle components.
Belrise operates 17 manufacturing units across nine states in India, strategically located near major automotive hubs. It serves 29 OEMs globally, including in the United States, Japan, the United Kingdom, and China, and holds a 24% market share in the domestic two-wheeler metal components segment as of FY 2024.
The company’s operations are organized into four key verticals: sheet metal, plastic and polymer, suspension, and e-mobility. With a focus on precision engineering, scalability, and innovation, Belrise aims to strengthen its leadership in the automotive components industry and expand its presence in the growing electric vehicle and global export markets.
How To Check the Allotment Status of the Belrise Industries IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Belrise Industries IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Belrise Industries IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Belrise Industries IPO
Registered office: Plot No. D-39, MIDC Area, Waluj, Aurangabad – 431133, Maharashtra, India.
Phone: +91 (0240) 2551206
E-mail: complianceofficer@belriseindustries.com
Belrise Industries IPO Reservation
|
Investor Category |
Shares Offered |
|
Anchor Investor Shares Offered |
7,16,66,665 (30.00%) |
|
QIB Shares Offered |
4,77,77,779 (20.00%) |
|
NII (HNI) Shares Offered |
3,58,33,333 (15.00%) |
|
bNII > ₹10L |
2,38,88,889 (10.00%) |
|
sNII < ₹10L |
1,19,44,444 (5.00%) |
|
Retail Shares Offered |
8,36,11,111 (35.00%) |
|
Total Shares Offered |
23,88,88,888 (100%) |
Belrise Industries IPO Anchor Investors Details
|
Bid Date |
May 20, 2025 |
|
Shares Offered |
7,16,66,665 |
|
Anchor Portion Size (In Cr.) |
645.00 |
|
Anchor lock-in period end date for 50% shares (30 Days) |
June 25, 2025 |
|
Anchor lock-in period end date for remaining shares (90 Days) |
August 24, 2025 |
Belrise Industries IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
166 |
₹14,940 |
|
Retail (Max) |
13 |
2158 |
₹1,94,220 |
|
S-HNI (Min) |
14 |
2,324 |
₹2,09,160 |
|
S-HNI (Max) |
66 |
10,956 |
₹9,86,040 |
|
B-HNI (Min) |
67 |
11,122 |
₹10,00,980 |
Belrise Industries IPO Promoter Holding
The promoters of the company are Shrikant Shankar Badve, Supriya Shrikant Badve and Sumedh Shrikant Badve.
|
Share Holding Pre-Issue |
99.81% |
|
Share Holding Post Issue  |
- |
Key Performance Indicators for Belrise Industries IPO
As of March 31, 2024, the market capitalisation of Belrise Industries is ₹8008.91
crore. Here are the KPIs of Belrise Industries:
|
KPI |
Value |
|
EBITDA Margin (%) |
12.54 |
|
PAT Margin (%) |
4.15 |
|
Return on Avg. Equity (RoAE) (%) |
14.18 |
|
Return on Avg. Capital Employed (RoACE) (%) |
14.83 |
Price Metrics
|
Metric |
Pre-IPO |
Post-IPO |
|
EPS (₹) |
5.42 |
3.68 |
|
P/E (x) |
16.61 |
24.47 |
Note: The Pre IPO EPS is calculated based on pre-issue shareholding as of the date of RHP and the latest FY earnings as of March 31, 2024, that is available in RHP.
The post-issue EPS is calculated based on the post-issue shareholding and annualised FY earnings of December 31, 2024, that are available in RHP.
Belrise Industries IPO Prospectus
Belrise Industries IPO Registrar and Lead Managers
Belrise Industries IPO Lead Managers
- Axis Capital Limited
- HSBC Securities & Capital Markets (India) Private Limited
- SBI Capital Markets Limited
- Jefferies India Private Limited
Registrar for Belrise Industries IPO
Link Intime India Private Limited
- Contact Number:18003094001
- Email Address:ipo@linkintime.co.in
Belrise Industries IPO Registrar
Financial Performance of Belrise Industries Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 | Year ending on March 31, 2022 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 74,842.41 | 65,824.96 | 53,968.54 |
| Revenue Growth (%) | 13.70 | 21.97 | 25.54 |
| EBITDA Margin (%) | 12.54 | 13.64 | 14.15 |
| EBITDA (₹ Cr) | 9,383.63 | 8,976.57 | 7,634.78 |
| PAT Margin (%) | 4.15 | 4.77 | 4.85 |
| Return on Avg. Equity (RoAE) (%) | 14.18 | 16.60 16.44 | 16.44 |
| Return on Avg. Capital Employed (RoACE) (%) | 14.83 | 14.04 | 12.86 |
Know before investing
Strengths
8Offers chassis, exhaust, polymer, and suspension systems across 2W, 3W, 4W, CVs, and agri-vehicles.
Operates 17 facilities across 9 states, strategically located near major OEM hubs.
Supplies to 29 global OEMs including Bajaj, Honda, Tata Motors, and Mahindra.
Growing portfolio of EV components with in-house R&D and tech licensing.
Revenue of ₹74,842 million and PAT of ₹3,109 million in FY24 with consistent growth.
Presence in 5 international markets with 20%+ revenue from overseas operations.
Holds 24% market share in India’s 2W metal components segment (FY24).
Positioned to benefit from EV adoption, OEM outsourcing, and PLI incentives.
Risks
8Over 60% of revenue comes from the top 10 customers, increasing dependency risk.
7 out of 17 manufacturing units are in Maharashtra, exposing the company to regional disruptions.
Fluctuations in steel and polymer prices can impact margins and cost structures.
Heavy reliance on ICE vehicle components may face headwinds as EV adoption accelerates.
Subject to stringent environmental, safety, and labour laws with potential penalties for non-compliance.
Significant dealings with promoter-linked entities may raise governance concerns.
Delays or cost overruns in new facility construction could impact growth plans.
Defective components could lead to recalls, reputational damage, and financial losses.
Belrise Industries Limited Peer Details Comparison
| Company | Revenue from Operations (₹ Mn) | EPS (Basic) (₹) | EPS (Diluted) (₹) | NAV per Share (₹) |
|---|---|---|---|---|
| Belrise Industries Ltd | 74,842.41 | 4.78 | 4.78 | 35.94 |
| Bharat Forge Ltd | 1,56,820.71 | 20.43 | 20.43 | 153.90 |
| Uno Minda Ltd | 1,39,103.60 | 15.36 | 15.34 | 91.71 |
| Motherson Sumi Wiring India Ltd | 83,213.60 | 1.44 | 1.44 | 3.79 |
| JBM Auto Ltd | 47,231.86 | 15.12 | 15.12 | 98.75 |
| Endurance Technologies Ltd 1,00,520.31 48.38 48.38 353.86 | 1,00,520.31 | 48.38 | 48.38 | 353.86 |
| Minda Corporation Ltd | 46,511.00 | 9.65 | 9.49 | 82.84 |
