BELRISE
Large CapBelrise Industries Limited
Auto
Belrise Industries is an Indian automotive component manufacturer providing safety-critical systems like chassis, exhaust, BIW parts, and polymer components. It operates 24 facilities across 3 countries, serving 38 OEMs. The company is diversifying into Defense & Aerospace through recent acquisitions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +12% YoY · PAT +18% YoY · +9% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,553 Cr | +12.3% | +9.1% |
| EBITDA | ₹290 Cr | +5.1% | +1.0% |
| Operating margin | 11.0% | -100 bps | -100 bps |
| PAT | ₹130 Cr | +18.2% | +6.6% |
| PAT margin | 5.1% | +25 bps | -12 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue from operations grew 14.7% YoY to INR 95,091 Mn, with Adjusted PAT up 41.2% YoY to INR 5,020 Mn. Q4 FY26 revenue increased 12.2% YoY, and Adjusted PAT rose 17.2% YoY, despite a slight decline in EBITDA margins.
Belrise demonstrates robust top-line and bottom-line growth, supported by strategic acquisitions and diversification into new verticals like Defense & Aerospace. The significant improvement in Net Debt/Equity is positive. However, the slight compression in EBITDA margins in Q4 and FY26 warrants close monitoring.
Manufacturing Revenue by Vehicle Type (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Deepening Presence in 2W Segment
Initiated trials for a leading 2W OEM in Haridwar. Won orders for brownfield projects in Bangalore (fast-growing 2W & 3W OEM) and Bhiwadi (large Japanese 2W OEM).
Building Proprietary & Premium Products
Commenced development of the chassis system for an ultra-premium 650cc bike for an Italian OEM as a single source supplier.
Expanding in 4W and Commercial Vehicle Segments
Expanded order book at H-One Greater Noida plant for an upcoming EV model for a large Japanese 4W OEM. Aims to grow 4W/CV segment revenue by 40-45% in FY27.
Transitioning to Tier-0.5 System Supplier
Selected to fabricate a complete chassis system and provide a fully finished assembly for a 100-cc model for a Top Indian 2W & 3W Company.
Haridwar - 1 Facility
Trial parts dispatched to largest two-wheeler OEM customer. Start of Production (SOP): Q4 FY26.
Lille, France - 1 Facility
First facility outside India, serving global aircraft OEMs. Key products include aerostructure and aero-engine parts. SOP: Q4 FY26.
Bangalore – 1 (Brownfield) Facility
Serving a fast-growing 2W & 3W OEM for highest selling models. Key products: exhaust system and fuel tank. SOP: Q2 FY27.
Bhiwadi – 2 (Brownfield) Facility
Serving a large Japanese 2W OEM for highest selling models. Key products: exhaust systems and BIW parts. SOP: Q4 FY27.
Premiumisation in 2W Industry
Share of >=125cc motorcycles increased from 38% in FY19 to 52% in FY24, indicating a shift towards higher-value products.
OEM Preference for Multi-Product Vendors
OEMs prefer multi-product vendors due to consistent quality standards and access to a rationalized supply chain network.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (FY26) results provide a comprehensive view of full-year performance and strategic impact, while Q4 results offer insight into recent operational momentum and margin trends. Given the auto ancillary sector's seasonality, YoY comparison is crucial for quarterly performance.
Manufacturing Revenue Growth
Manufacturing Revenue increased by 21% YoY in Q4 FY26 to INR 21,763 Mn and by 17% YoY in FY26 to INR 77,346 Mn.
Exports Contribution
Exports contributed 5.1% to Manufacturing Revenue in Q4 FY26.
Content Per Vehicle (CPV) Increase
Acquisition of H-One India increased CPV by INR 15,000 in 4W. Acquisition of MagFilters increased CPV by INR 1,000 in 4W.
EV Exposure
Chennai-3 facility serves the EV portfolio of a large 2W OEM. H-One Greater Noida plant expanded order book for an upcoming EV model for a large Japanese 4W OEM.
Winning in Core Business
Accelerating penetration with existing customers and onboarding new, marquee customers.
Creating New Verticals
Building momentum in Steering Columns (4 customers), High-Tensile Products (4 customers), and Suspensions (4 customers).
Defense & Aerospace Pivot
Acquired two facilities outside India, entering supply chains of world's largest Aircraft & Space OEM, a Leading Combat Aircraft OEM, and a Leading French Aircraft Engine OEM.
Simplifying Corporate Structure
Materially reducing Related Party Transactions (RPTs) with the merger transaction executed at close to book value.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manufacturing Revenue Growth | +17% YoY (FY26) | Sustained double-digit growth, indicating continued market share gains and successful new product introductions. |
| EBITDA Margin | 12.1% (FY26), down 20 bps YoY | Stabilization and improvement in margins, especially given the focus on proprietary and premium products. |
| Net Debt/Equity | 0.11x (FY26) | Efficient capital allocation for growth initiatives while maintaining a healthy balance sheet. |
| New Facility SOPs and Ramp-up | Several facilities with SOPs in Q4 FY26, Q2 FY27, Q4 FY27 | Timely commissioning and successful ramp-up of new capacities, particularly in Defense & Aerospace. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
57NeutralSMA20 +21.5% / mo · near 52W high
Technical chart
BELRISEdaily · 6M+49.6%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 69.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 69 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -27.5%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 53rd percentile within Auto. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter holding is 66.5%. Key concern: Promoter holding fell 6.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 53rd pctile, median 71 · Large: 43rd pctile, median 74
40 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 66.5%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 6.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.40
- P/B
- 3.68
- EV/EBITDA
- 13.68
- Market Cap
- 19199.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 14.50%
- ROA
- 5.81%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 4.97×
- Altman Z
- 6.03
- Book Value
- 58.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 704.00 Cr
- EPS TTM
- 5.58
Shareholding
- Promoter Hold
- 66.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 90%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.