Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Belrise Industries Ltd.
NSE: BELRISEConsumer CyclicalAuto Parts
- Last close
- ₹204.06
- Day change
- −₹10.68 (−4.97%)vs
- Market cap
- ₹22,391 crIndian rupees
- Research updated
- 1 report
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About Belrise Industries
Belrise Industries Ltd. is a prominent Indian manufacturer specializing in automotive systems and components. Established in 1988, the company has evolved into a Tier-1 supplier, delivering critical engineering solutions for two-wheelers, three-wheelers, and four-wheeler passenger and commercial vehicles. Its expansive product portfolio encompasses automotive sheet metal and casting parts, polymer components, suspension systems, mirror systems, chassis and body-in-white parts, exhaust and seating systems, as well as cross car beams. Belrise also extends its expertise to segments such as home appliances, security hardware, e-mobility components, and floriculture, showcasing its diversified capabilities. The company operates more than 15 manufacturing facilities across seven Indian states and maintains a workforce exceeding 15,000 people. Through agile manufacturing and robust supply chains, Belrise serves both domestic and global original equipment manufacturers, with export footprints in markets like the United States, Japan, the United Kingdom, and China. Its longstanding relationships with major OEMs and emphasis on technology-driven, automated processes underscore its role as a market leader in India’s automotive component industry.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: BELRISE
- Chief executive
- Mr. Shrikant Shankar Badve
- Employees
- 2,003
- Headquarters
- Pune, India
- ISIN
- INE894V01022
- Website
- belriseindustries.com
Public research · Report of
Business model & financial foundation
Belrise Industries (NSE: BELRISE), Automotive components: revenue of ₹9,509 crore in FY26 (+14.7% on FY25), an EBITDA margin of 12.1%, net profit of ₹496.9 crore and net debt of ₹597.7 crore.
- Revenue, FY26 (₹ crore)
- 9,509
- consolidated
- Revenue growth, FY26
- +14.7%
- on FY25
- EBITDA margin, FY26
- 12.1%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 496.9
- to owners
- Return on equity, FY26
- 12.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 597.7
- Net debt excluding leases, including banks and investments
- Market capitalisation (₹ crore)
- 22,182
- at the close of 16 Oct 2026
Company profile
Belrise supplies safety-critical metal components, chassis, exhaust systems, polymers and suspension parts to automotive OEMs, principally two- and three-wheelers. Manufacturing is supplemented by a lower-margin trading business. Proximity to customers, tooling and program integration support customer retention; new facilities and acquisitions aim to broaden vehicle and end-market exposure.
| Item | Value |
|---|---|
| Legal name | Belrise Industries Limited (formerly Badve Engineering Limited) |
| Exchange and ticker | NSE: BELRISE; BSE: 544405 |
| ISIN | INE894V01022 |
| CIN | L73100MH1996PLC102827 |
| Sector | Consumer Cyclical |
| Industry | Automotive components |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | GSA & Associates LLP (FY26); Shailesh Haribhakti & Associates and Rathi Rathi & Co (joint auditors from FY27) (since 2026-09-30) |
| Market capitalisation | ₹22,182 crore (16 Oct 2026) |
| Shares outstanding | 88.99 crore shares (FY26) |
| Price | ₹229.9 (close, 16 Oct 2026) |
| 52-week range | ₹142.6 - ₹268.2 (to 16 Oct 2026) |
| Website | https://belriseindustries.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Badve Engineering Trading FZE | 100% | UAE trading |
| H-One India Private Limited | 100% | Automotive components; amalgamation pending |
| Belrise Defence & Aerospace Private Limited | 100% | Defence and aerospace |
| Belrise SDM | 100% | France automotive manufacturing (step-down) |
| Belrise UK Holdings Limited | 100% | UK holding (step-down) |
| Chester Hall Precision Engineering Holdings Limited | 100% | UK aerospace precision engineering (step-down) |
Wholly owned businesses; acquisition and merger perimeter is evolving.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.46% | 66.46% | 66.46% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 8.90% | 8.86% | 9.40% | |
| Domestic institutions | 9.27% | 10.16% | 10.00% | |
| of which mutual funds | 8.86% | 8.86% | 8.62% | |
| Retail | 15.37% | 14.51% | 14.14% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Belrise Industries (NSE: BELRISE) makes safety-critical sheet-metal, chassis, exhaust, polymer and suspension parts for OEMs. 2W+3W were 81.4% of Q1FY27 manufacturing revenue, CV 8.5%, 4W 4.6%. Revenue has two parts: manufacturing (FY26 Rs7,734.6cr, EBITDA margin 13.7%) and lower-margin trading (FY26 Rs1,774.5cr). The company controls tooling, plant location and program wins. It does not control OEM volumes, steel and polymer prices, or the timing of pass-through. FY26 consolidated revenue was Rs9,509.1cr, EBITDA excluding other income Rs1,153.8cr, PAT Rs496.9cr and EPS Rs5.82. The group is growing through acquisitions: H-One, MagFilters, Belrise SDM (France), Chester Hall (UK, GBP13.2m) and Hyva India's tipper business (USD5.65m, closing pending).
| Peer | Why the dossier compares them |
|---|---|
| Endurance Technologies (ENDURANCE) | 2W component exposure and manufacturing economics |
| Uno Minda (UNOMINDA) | Diversified OEM components, higher content per vehicle |
| Samvardhana Motherson (MOTHERSON) | Acquisitive global OEM supplier |
| Minda Corporation (MINDACORP) | Domestic OEM component supplier |
| Lumax Auto Technologies (LUMAXTECH) | Domestic component manufacture and acquisitions |
| Varroc Engineering (VARROC) | 2W components and export manufacturing |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue from operations | 6,582 | 7,484 | 8,291 | 9,509 |
| Cost of revenue (vendor classification) * | 5,345 | 6,139 | 6,815 | 7,826 |
| Other operating costs (vendor classification) * | 118.8 | 140.0 | 155.6 | 182.1 |
| EBITDA (vendor classification) * | 905.2 | 958.1 | 1,072 | 1,248 |
| EBIT * | 602.6 | 654.6 | 741.7 | 881.8 |
| Finance costs | 250.3 | 290.2 | 307.4 | 231.7 |
| Profit before tax | 356.7 | 376.0 | 445.6 | 665.8 |
| Total tax expense | 43.0 | 62.2 | 90.1 | 168.9 |
| Profit after tax | 313.7 | 313.8 | 355.4 | 496.9 |
| Diluted EPS as reported (₹) | 4.82 | 4.82 | 5.46 | 5.82 |
| Materials + traded goods purchases + inventory change | 5,253 | 6,025 | 6,712 | 7,680 |
| Employee benefits expense | 235.9 | 274.8 | 293.8 | 340.5 |
| Other expenses | 218.1 | 255.5 | 264.3 | 334.9 |
| EBITDA excluding other income | 875.5 | 928.4 | 1,021 | 1,154 |
| Other income | 38.3 | 71.4 | 61.6 | 109.8 |
| Depreciation and amortisation | 306.7 | 321.4 | 329.8 | 361.0 |
| Exceptional items / share of associates (PBT effect) | 0.00 | -12.3 | 0.00 | -5.14 |
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 313.7 | 313.8 | 355.4 | 496.9 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Total consolidated equity including NCI | 2,045 | 2,340 | 2,713 | 5,226 |
| Current and non-current borrowings excluding leases | 2,353 | 2,441 | 2,900 | 1,439 |
| Cash and cash equivalents plus other bank balances | 106.2 | 249.8 | 148.9 | 841.4 |
| Trade receivables | 1,280 | 1,228 | 1,591 | 1,754 |
| Inventories | 553.5 | 615.9 | 769.7 | 919.2 |
| Trade payables | 921.3 | 789.1 | 1,066 | 1,318 |
| Net property, plant and equipment * | 1,934 | 2,098 | 2,401 | 2,710 |
| Capital work in progress * | 120.2 | 243.3 | 342.1 | 395.0 |
| Total assets * | 5,679 | 6,042 | 7,225 | 8,550 |
| Current investments | 0.12 | 0.00 | 0.00 | |
| Net debt excluding leases, including banks and investments | 2,191 | 2,751 | 597.7 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Net cash from operating activities | 163.0 | 582.4 | 704.4 | 875.6 |
| Payment towards capital expenditure (cash outflow) | -68.1 | -437.2 | -738.2 | -565.0 |
| Free cash flow (vendor definition) * | 555.5 | 130.5 | -163.3 | 257.8 |
| Dividends paid (the provider's sign: an outflow is negative) * | -2.03 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Period-end shares outstanding | 88.99 | 65.10 | 65.10 | 88.99 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,069 | 2,167 | 2,274 | 2,262 | 2,354 | 2,341 | 2,553 | 2,546 |
| Cost of revenue (vendor classification) * | 1,838 | 1,875 | 1,824 | 1,900 | 1,893 | 2,063 | 2,037 | |
| Other operating costs (vendor classification) * | -113.4 | 57.2 | 76.1 | 73.9 | 76.7 | 108.3 | 100.8 | |
| EBITDA (vendor classification) * | 283.7 | 282.1 | 309.6 | 323.1 | 320.6 | 310.2 | 311.7 | |
| EBIT * | 200.8 | 199.0 | 219.6 | 236.6 | 221.3 | 220.0 | 212.9 | |
| Finance costs | 89.3 | 77.0 | 64.1 | 80.0 | 55.9 | 50.2 | 45.5 | 46.5 |
| Profit before tax | 86.4 | 130.6 | 139.4 | 139.5 | 180.7 | 171.1 | 174.5 | 166.4 |
| Total tax expense | 13.2 | 30.0 | 29.3 | 27.8 | 47.7 | 49.1 | 44.3 | 44.7 |
| Profit after tax | 73.2 | 100.6 | 110.0 | 111.7 | 133.0 | 122.0 | 130.2 | 121.7 |
| Diluted EPS as reported (₹) | 1.00 | 2.00 | 1.69 | 1.50 | 1.63 | 1.45 | 1.53 | 1.37 |
| Materials + traded goods purchases + inventory change | 1,685 | 1,762 | 1,848 | 1,824 | 1,900 | 1,893 | 2,063 | 2,037 |
| Employee benefits expense | 75.0 | 80.1 | 68.1 | 81.2 | 83.4 | 84.4 | 91.5 | 115.3 |
| Other expenses | 65.2 | 63.2 | 82.1 | 76.1 | 73.9 | 76.7 | 108.3 | 100.8 |
| EBITDA excluding other income | 243.3 | 261.8 | 276.0 | 280.5 | 296.2 | 286.9 | 290.1 | 293.3 |
| Other income | 13.4 | 28.8 | 10.3 | 29.1 | 26.9 | 33.7 | 20.1 | 18.4 |
| Depreciation and amortisation | 81.0 | 83.0 | 82.8 | 90.0 | 86.5 | 92.9 | 91.5 | 98.8 |
| Exceptional items / share of associates (PBT effect) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -6.41 | 1.27 | 0.00 |
| Non-controlling interest share of profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 73.2 | 100.6 | 110.0 | 111.7 | 133.0 | 122.0 | 130.2 | 121.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue growth | 13.7% | 10.8% | 14.7% | |
| EBITDA margin | 13.3% | 12.4% | 12.3% | 12.1% |
| Net margin | 4.8% | 4.2% | 4.3% | 5.2% |
| Return on equity | 15.3% | 14.3% | 14.1% | 12.5% |
| Return on capital employed | 13.7% | 14.3% | 14.3% | 14.4% |
| Return on assets | 5.5% | 5.4% | 5.4% | 6.3% |
| Net debt (₹ crore) | 2,191 | 2,751 | 597.7 | |
| Net debt / EBITDA | 2.36x | 2.69x | 0.52x | |
| Interest cover | 2.41x | 2.26x | 2.41x | 3.81x |
| Asset turnover | 1.16x | 1.28x | 1.25x | 1.21x |
| Receivable days | 71 | 60 | 70 | 67 |
| Inventory days (on revenue) | 31 | 30 | 34 | 35 |
| Payable days (on revenue) | 51 | 38 | 47 | 51 |
| Cash conversion | 0.52x | 1.86x | 1.98x | 1.76x |
| Capex intensity | 1.0% | 5.8% | 8.9% | 5.9% |
| Free cash flow (₹ crore) | 94.9 | 145.1 | -33.8 | 310.6 |
| Dividend payout | 0.6% | |||
| EPS, diluted (₹) | 4.82 | 4.82 | 5.46 | 5.82 |
| Book value per share (₹) | 22.98 | 35.95 | 41.68 | 58.73 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases, including banks and investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Belrise Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Belrise Industries
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