About
Belrise Industries is a leading Indian manufacturer of automotive components, offering over 1,000 products across chassis, exhaust, suspension, polymer, and body parts for 2W, 3W, 4W, commercial, and agri-vehicles. It supports both electric and ICE vehicles and has grown revenue at a 17.76% CAGR from FY22 to FY24. With a 24% market share in India’s two-wheeler metal components segment and expertise in precision sheet metal fabrication, the company serves both domestic and international markets. It operates on a just-in-time inventory model and has scalable facilities across India and overseas.
IPO schedule
| Issue open date |
2025-05-21 |
| Issue close date |
2025-05-23 |
| UPI mandate deadline |
2025-05-23 (5 PM) |
| Allotment finalization |
2025-05-26 |
| Refund initiation |
2025-05-27 |
| Share credit |
2025-05-27 |
| Listing date |
2025-05-28 |
| Mandate end date |
2025-06-07 |
| Lock-in end date for anchor investors (50%) |
2025-06-26 |
| Lock-in end date for anchor investors (remaining) |
2025-08-24 |
Financials
| Financial Year Ended |
March 2022 |
March 2023 |
March 2024 |
December 2024 |
| Total Assets |
5196.07 |
5679.15 |
6041.65 |
6587.69 |
| Revenue |
5410.68 |
6620.78 |
7555.67 |
6064.76 |
| Profit After Tax |
307.24 |
356.70 |
352.70 |
245.47 |
*All figures are in ₹ Crores.
Issue size
| Funds Raised in the IPO |
Amount |
| Overall |
₹2150 crores |
| Fresh Issue |
₹2150 crores |
Utilisation of proceeds
| Purpose |
INR crores (%) |
| Repayment/prepayment of borrowings |
1618.13 (75.26%) |
| General corporate purposes |
531.87 (24.74%) |
Strengths
- Among top 3 in India’s two-wheeler metal components segment with 24% market share
- Strong backward and forward integration with in-house tool making, assembly, and painting
- Proximity to OEMs with 17 plants across 9 states enables custom and agile supply
- Broad client base with 29 OEMs, including Bajaj, Hero, Tata, and JLR
- Products are EV and ICE agnostic, positioning well for industry transition
Risks
- 7 of 17 plants are in Maharashtra, exposing it to regional risks
- Top 10 customers contribute ~64% of revenue, indicating high client concentration risk
- Dependent on a few key raw materials with price and supply volatility
- Competitive pricing pressure from OEMs may impact profit margins
- Regulatory compliance issues in multiple jurisdictions could lead to penalties or shutdowns
Allotment Status for Belrise Industries
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