Belrise Industries Ltd
Incorporated in 1988, Belrise Industries Limited manufactures Automotive Sheet Metal and casting parts, Polymer components, Suspension, and mirror systems for automotives.[1]
- Market Cap ₹ 16,977 Cr.
- Current Price ₹ 191
- High / Low ₹ 201 / 89.2
- Stock P/E 35.3
- Book Value ₹ 55.9
- Dividend Yield 0.29 %
- ROCE 14.3 %
- ROE 14.1 %
- Face Value ₹ 5.00
Pros
- Company has reduced debt.
Cons
- Stock is trading at 3.42 times its book value
- Promoter holding has decreased over last quarter: -6.55%
- Company's cost of borrowing seems high
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 5,397 | 6,582 | 7,484 | 8,291 | 9,231 | |
| 4,642 | 5,707 | 6,560 | 7,270 | 8,091 | |
| Operating Profit | 755 | 875 | 924 | 1,021 | 1,140 |
| OPM % | 14% | 13% | 12% | 12% | 12% |
| 14 | 38 | 59 | 62 | 94 | |
| Interest | 216 | 250 | 290 | 307 | 250 |
| Depreciation | 246 | 307 | 321 | 330 | 352 |
| Profit before tax | 307 | 357 | 372 | 446 | 631 |
| Tax % | 15% | 12% | 16% | 20% | |
| 262 | 314 | 311 | 355 | 477 | |
| EPS in Rs | 4.78 | 5.46 | 5.81 | ||
| Dividend Payout % | 0% | 0% | 0% | 10% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| TTM: | 22% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 11% |
| TTM: | 80% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| Last Year: | 14% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 326 | 326 | 445 |
| Reserves | 1,715 | 2,024 | 2,014 | 2,371 | 4,526 |
| 2,632 | 2,353 | 2,504 | 2,964 | 1,418 | |
| 828 | 1,281 | 1,198 | 1,565 | 1,698 | |
| Total Liabilities | 5,196 | 5,679 | 6,042 | 7,225 | 8,087 |
| 2,460 | 2,429 | 2,460 | 2,900 | 3,044 | |
| CWIP | 120 | 80 | 179 | 263 | 239 |
| Investments | 59 | 41 | 9 | 109 | 109 |
| 2,557 | 3,130 | 3,393 | 3,954 | 4,695 | |
| Total Assets | 5,196 | 5,679 | 6,042 | 7,225 | 8,087 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 474 | 789 | 582 | 704 | |
| -543 | -194 | -362 | -981 | |
| 39 | -530 | -141 | 169 | |
| Net Cash Flow | -30 | 66 | 79 | -108 |
| Free Cash Flow | -31 | 555 | 130 | -163 |
| CFO/OP | 69% | 97% | 71% | 79% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 63 | 71 | 60 | 70 |
| Inventory Days | 40 | 39 | 36 | 42 |
| Days Payable | 48 | 65 | 48 | 59 |
| Cash Conversion Cycle | 55 | 45 | 48 | 54 |
| Working Capital Days | 34 | 31 | 40 | 34 |
| ROCE % | 14% | 14% | 14% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|
| Number of Manufacturing Facilities Number |
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| Capacity Utilization - Exhaust Systems % |
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| Capacity Utilization - Metal Frames (2W) % |
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| Capacity Utilization - Metal Frames (3W) % |
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| Total Production Volume (Pieces/Strokes) Million Units |
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| Aggregate Capacity Utilization % |
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| Content Per Vehicle (CPV) for 4W with H-One India INR |
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| Content Per Vehicle (CPV) Potential for 2W INR |
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| Market Share in Indian 2W Metal Components % |
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| Market Share in Indian 2W Polymer Products Segment % |
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| Market Share in Indian Polymer Products Segment % |
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| Number of International Markets Served Number |
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Documents
Announcements
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Regulation 30 Of The SEBI (LODR) Regulations, 2015, ('SEBI Listing Regulations') Read With Para B Of Part A Of Schedule III
4h - Belrise issued corporate guarantee for GBP 1.98 million deferred consideration in Chester Hall acquisition.
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Closure of Trading Window
28 Mar - Trading window closed Apr 1, 2026 until 48 hours after board meeting approving audited results year ended March 31, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
25 Mar - Of Schedule of Analysts/ Institutional Investor meetings under the Regulation 30 of the SEBI (LODR), Regulations 2015 (the 'Listing Regulations')
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Announcement Under Regulation 30 SEBI(LODR) Regulation, 2015
20 Mar - Issued Rs.100 Crore CP on 20-Mar-2026, 12-month, 8% p.a., to Karur Vysya Bank; Crisil A1+.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
18 Mar - Belrise UK acquired 100% of Chester Hall for £13.2m EV; £18.5m revenue; EV/EBITDA 6x.
Concalls
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Mar 2026TranscriptAI SummaryPPT
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Feb 2026TranscriptPPT
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPT
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Aug 2025Transcript PPT REC
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Jun 2025Transcript PPT REC
Business Profile[1]
The company is a leading automotive component manufacturer, offering safety-critical systems and engineering solutions for 2-wheelers, 3-wheelers, 4-wheelers (passenger and commercial), and agricultural vehicles. Its operations extend across India and key international markets, including Austria, Slovakia, the UK, Japan, and Thailand.