Business
Incorporated in 1996, Belrise Industries specializes in component manufacturing for automotive & white goods industries. It has also started delivering e-mobility components & subsystems. As of March 31, 2025, the company operated 17 manufacturing facilities across 10 cities in nine states across India. As of December 31, 2024, the company serviced 29 original equipment makers (OEMs) globally. Exports contributed 25% to revenue in the nine months to December. In March 2025, Belrise acquired H-One India, a subsidiary of Japan’s H-One Company, to enhance capabilities in metal stamping and fabrication for 4-Wheelers. The company plans to expand the distribution network to over 150 points across India within the next 2 years.Revenue grew by 18% annually to Rs7,484 crore between FY22 and FY24 while net profit rose by 9% to Rs311 crore. EBITDA margin declined gradually from 14.2% in FY22 to 12.5% in FY24. In the nine-months to December 2024, revenue grew by a modest 1% to Rs6,013.4 crore while net profit reduced by 17% to Rs245.5 crore due to higher finance cost and higher deferred tax credit in the year-ago period. EBITDA margin remained constant at 12.8%.
Valuation
Considering the post-IPO equity and annualised net profit for the nine months to December 2024, the company demands a price-earnings (P/E) multiple of upto 24 compared with P/Es between 42 and 80 for peers including Motherson Sumi Wiring India, Minda Corporation and JBM Auto.
