Belrise Industries
Book Building issueMainboardNSE₹2,150 Cr issue
+9.44%
Listing gain over issue price
Issue size
₹2,150 Cr
1 lot at cut-off
₹14,940
Lot size
166shares
Open
21 May 2025
Close
23 May 2025
Allotment
26 May 2025
Listing
28 May 2025
Listing performance
Issue price
₹90
Listed at
₹98.50
Listing-day close
₹97.41
Latest price
₹204.06
Close on 23 Oct 2026
Listing gain
+9.44%
Return since issue
+126.73%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 May 2025 – 23 May 2025
- Listing date
- 28 May 2025
- Face value
- ₹5 per share
- Issue price
- ₹90 per share
- Lot size
- 166 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹2,150 Cr
- Market cap at offer price
- ₹8,009 Cr
- Promoter holding
- 99.81% → 73.01% pre-issue → post-issue
- ISIN
- INE894V01022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Plot No D-39, MIDC, Area Waluj, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,16,66,665 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 166 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 166 | ₹14,940 |
| Retail (max) | 13 | 2,158 | ₹1,94,220 |
| S-HNI (min) | 14 | 2,324 | ₹2,09,160 |
| S-HNI (max) | 66 | 10,956 | ₹9,86,040 |
| B-HNI (min) | 67 | 11,122 | ₹10,00,980 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
7,16,66,665
Anchor portion
₹645 Cr
at ₹90 per share
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.42 | 3.68 |
| P/E (×) | 16.61 | 24.46 |
| Price to book (×) | 2.50 | — |
| Market cap | — | ₹8,009 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.33%
- ROCE
- 14.83%
- Debt / equity
- 0.97
- PAT margin
- 4.36%
- NAV per share
- ₹35.94
- Price to book
- 2.50
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Belrise Industries
Belrise Industries Limited (formerly Badve Engineering Limited) was incorporated as Badve Engineering Private Limited on September 25, 1996, and converted to a public limited company on February 18, 2008. The company changed its name to Belrise Industries Limited on August 29, 2022. It is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles. The company's product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components, exhaust systems, electric vehicle powertrain components and solar panel components. The company specializes in precision sheet metal pressing and fabrication, the process of joining sheet metal components to create unified structures for assembling vehicle subsystems and bodies. As of June 30, 2024, the company had 15 manufacturing facilities located across nine cities in eight states in India.
Company Analysis
from DRHPBelrise Industries Limited is an automotive component manufacturer offering safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles across multiple platforms and powertrains.
Belrise Industries Limited (formerly Badve Engineering Limited) was incorporated as Badve Engineering Private Limited on September 25, 1996, and converted to a public limited company on February 18, 2008. The company changed its name to Belrise Industries Limited on August 29, 2022. It is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles. The company's product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components, exhaust systems, electric vehicle powertrain components and solar panel components. The company specializes in precision sheet metal pressing and fabrication, the process of joining sheet metal components to create unified structures for assembling vehicle subsystems and bodies. As of June 30, 2024, the company had 15 manufacturing facilities located across nine cities in eight states in India.
automotive components manufacturingsheet metal pressing and fabricationautomotive engineering solutionselectric vehicle componentsoverseas trading (commodities)
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹16,180.81 million p.25
- General corporate purposes p.25
- Repayment and/or prepayment, in full or in part, of certain borrowings availed of by our Company including payment of the interest accrued thereon p.62
- Funding capex for new manufacturing facility and production line expansion p.47
- General corporate purposes p.71
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹16,180.81 million p.109
- General corporate purposes p.123
- —
- Not specified in this document excerpt
Issue Structure
- Total Issue
- Up to ₹21,500.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹5 each aggregating up to ₹21,500.00 million
- Offer for Sale
- Not applicable
- Face Value
- ₹5 per Equity Share
Business Model
The company manufactures and sells automotive components to Original Equipment Manufacturers (OEMs) in the automotive industry. It operates on a requirement contracts basis with customers, receiving purchase orders for specific products based on forecasts and customer demand. The company sources raw materials on a purchase order basis and manufactures products according to customer specifications. Revenue is generated from the sale of automotive components for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles, as well as from overseas trading activities conducted through its material subsidiary. The company also engages in related party transactions for outsourcing certain manufacturing processes.
Business Segments
Manufacturing of metal chassis systems, polymer components, suspension systems, body-in-white components, exhaust systems, and electric vehicle powertrain components for two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles
Trading of commodities such as metals, lithium-ion batteries and electronics conducted through Material Subsidiary
Design and manufacture of sheet metal stampings and sheet metal parts for solar panels
Polymer injection-molded components for automotive applications
Design and manufacture of suspension systems and related components
Manufacture and supply of hub motors and chargers for electric vehicles
Precision sheet metal pressing and fabrication components for two-wheeler manufacturers
Components for three-wheeler vehicles
Precision sheet metal and fabrication components for passenger vehicles
Components for commercial vehicles
Other automotive and non-automotive components
Precision sheet metal pressing and fabrication including chassis/frames, exhaust systems, handlebars, stands, body-in-white parts, and air tanks for two-wheelers, three-wheelers, passenger vehicles and light commercial vehicles. Metal products play a critical role in the design, functionality, and overall performance of vehicles.
Plastic molding parts including fenders, covers, and cowls for two-wheelers and four-wheelers, and polymer refrigerator parts for the white goods industry.
Design, development and manufacturing of suspension components including shock absorbers, springs, front forks, steering columns and related assemblies for two-wheelers, three-wheelers and four-wheelers.
Manufacturing and supply of electric vehicle components including hub motors, vehicle control units, batteries, battery management systems, battery containers and chargers. Currently establishing a manufacturing facility at Pune expected to become operational by first quarter of Financial Year 2026.
Production and assembly of sheet metal parts for solar panels. A production line is currently being established, expected to become operational by fourth quarter of Financial Year 2025, to supply to a major North American solar power company.
Manufactures sheet metal fabricated parts including chassis frames, exhaust systems, frames, brackets using processes like inert gas welding, metal inert gas welding, and projection welding. Processes approximately 5,000 MT of steel every month using over 700 robots.
Manufactures plastic and polymer components through injection moulding for automotive applications including exterior parts, functional parts, cowls, seating cowls, fenders, dashboards, grills, panels, and head lamp brackets. Deploys over 100 machines and processes approximately 3,200 MT of polymer material monthly.
Manufactures suspension components for two-wheelers including shock absorbers, springs, forks, and steering columns through precision machining, casting, forging, and fabrication. Capacity approximately 300,000 pieces of shock/struts per month and 50,000 sets of TFF per month.
Emerging division manufacturing hub motors and chargers for electric two-wheelers. Hub motors licensed from Chinese manufacturer with facility expected operational Q1 FY2026. In advanced discussions for charger technology licensing with charger manufacturing facility also expected operational Q1 FY2026.
Manufacturing and sale of automobile components and aggregates
Sale of traded automobile components
Provision of job-work and other services
Government incentives and other operating revenue
Precision sheet metal pressing and fabrication for creating unified structures for assembling vehicle subsystems and bodies
Manufacturing of polymer components for automotive applications
Design and production of suspension systems for various vehicle types
Manufacturing of exhaust systems including those designed for CNG-powered vehicles
Manufacturing of body-in-white parts for vehicle assembly
Coating and painting services for automotive components
Trading in commodities including metals, lithium-ion batteries and electronics with focus on Middle East and Asia Pacific markets
Manufacture and supply of metal chassis systems, exhaust systems, polymer components, body-in-white components, battery containers, suspensions, steering columns and other automotive parts to OEM customers
SWOT Analysis
Strengths
- • Diverse product portfolio across vehicle categories and powertrains(p.24)
- • Specialization in precision sheet metal pressing and fabrication(p.24)
- • Established relationships with 27 OEMs globally(p.37)
- • Diversified supplier base across 150+ suppliers(p.38)
- • Growing revenue contribution from electric vehicle products(p.40)
- • Historical revenue growth with 13.70% YoY increase FY2024 and 21.97% YoY increase FY2023(p.47)
- • Diversified international presence across five export markets(p.50)
- • Strong credit rating from CRISIL(p.60)
- • Established insurance coverage on tangible assets at 68.63% of total assets as of June 30, 2024(p.60)
- • Distinguished market leader in precision sheet metal pressing and fabrication in automotive components(p.128)
- • Technology-enabled, innovation-driven development and process engineering capabilities(p.128)
- • Vertically integrated manufacturing with 15 facilities offering diverse product range(p.128)
- • Longstanding customer relationships developed through years of collaboration(p.128)
- • Largely EV-agnostic product portfolio positioned to benefit from electric vehicle growth(p.128)
- • Experienced promoters and management team(p.128)
- • Market leader in 2W metal components with 24% market share and top-3 position(p.215)
- • Diverse, EV-agnostic product portfolio across 1000+ products(p.216)
- • Advanced manufacturing with 700+ robots and 450+ press machines for precision production(p.220)
- • Vertically integrated with backward integration in tool-making, tube bending and forward integration in assembly and coating(p.221)
- • Strong customer relationships with 27 OEMs including global multinational leaders(p.217)
- • 151-member R&D team with expertise in design, simulation, prototyping and testing enabling product innovation(p.218)
- • EV-specific products growing at 24.6% CAGR with powertrain-agnostic products at 74% of FY24 revenue(p.217)
- • Revenue growth of 18.17% CAGR FY22-FY24 with improving customer diversification reducing top-3 share from 44% to 32%(p.225)
- • Established relationships with major multinational OEMs across 2W, 3W, and 4W segments(p.234)
- • Long-standing customer relationships spanning 6-15 years with multiple awards(p.234)
- • Integrated manufacturing capabilities across multiple product categories (sheet metal, polymers, suspensions, e-mobility)(p.235)
- • Large scale manufacturing footprint with 15 operating facilities across 9 cities in 8 states(p.235)
- • Significant installed capacity of 60,000 tonnes of steel annually(p.238)
- • Technology licensing agreements for EV hub motors and chargers from prominent Chinese manufacturers(p.234)
- • Advanced manufacturing capabilities including 700+ robots and special purpose machines(p.232)
- • Strong design and R&D capabilities with 151-member engineering team(p.244)
- • Quality certifications and recognition across facilities(p.245)
- • Diversified supplier base for raw materials(p.244)
- • Experienced management team with diverse automotive sector backgrounds(p.285)
- • Long-tenured operations leadership with deep plant experience(p.285)
- • Established government incentive framework supporting capex(p.333)
- • Strong promoter ownership and alignment(p.289)
- • Multi-product vendor with diversified offerings and customer stickiness(p.382)
- • Strategic manufacturing location and exclusive production lines strengthen customer relationships(p.382)
- • Testing and validation requirements create significant barriers to market entry(p.382)
- • Vertical integration enhances value addition and quality control(p.383)
- • Patent portfolio in suspensions and steering columns provides competitive advantage(p.383)
- • Manufacturing scale across 15 facilities with over 1,000 distinct products(p.383)
- • Government subsidies support financial performance(p.384)
Weaknesses
- • Geographic concentration of manufacturing facilities in Maharashtra(p.34)
- • High customer concentration with top 10 customers representing majority of revenue(p.35)
- • Significant exposure to raw material costs(p.37)
- • High capital expenditure requirements relative to revenue(p.43)
- • Significant related party transactions(p.39)
- • No product liability insurance coverage(p.44)
- • Negative cash flows with potential for continued negative cash generation due to capital expansion(p.47)
- • Heavy reliance on leasehold properties with no ownership of registered and corporate office and certain manufacturing facilities(p.47)
- • Significant contingent liabilities of ₹154.18 million unpaid(p.56)
- • High proportion of contract labour at 74.98% of total workforce as of June 30, 2024(p.51)
- • High financial leverage with total secured and unsecured borrowings of ₹25,883.01 million as of September 30, 2024(p.54)
- • Promoter and company involvement in multiple legal proceedings including 33 tax proceedings against the company(p.48)
- • Untraceable corporate records and filings creating regulatory risk(p.49)
- • Dependence on state-owned electricity distribution companies with risk of disruptions(p.53)
- • Missing corporate records and regulatory filings creating potential legal and regulatory exposure(p.102)
- • High financial leverage with ₹25,883.01 million in total borrowings as of September 30, 2024(p.109)
- • Heavy reliance on 2-wheeler segment comprising 63.30% of revenue in FY2024(p.130)
- • Geographic concentration with 76.81% of revenues from domestic India market in FY2024(p.130)
- • Heavy dependence on top 3 customers constituting 31.91% of revenue in FY24(p.221)
- • High concentration of revenue from 2-wheeler segment at 63-64.5% across recent periods(p.199)
- • Declining PAT margin from 4.85% (FY22) to 4.15% (FY24) despite revenue growth(p.219)
- • New e-mobility manufacturing facility not yet operational with first production expected Q1 FY26(p.224)
- • Solar renewable energy production line expected only by Q4 FY25, later than original plans(p.224)
- • Fire damage to plating production plant at Aurangabad Facility II affecting capacity utilization(p.242)
- • Significant dependence on a small number of major customers(p.234)
- • Heavy reliance on few major OEMs for revenue concentration(p.235)
- • Contractual exclusivity restrictions limiting customer diversification(p.243)
- • Multiple facility leases creating rental expense obligations(p.235)
- • Concentrated facility locations with single customer dependencies(p.236)
- • Significant reliance on government incentives for profitability(p.333)
- • High financial leverage with substantial borrowings(p.304)
- • Thin liquidity position with declining cash reserves(p.325)
- • Concentration in micro and small enterprises payables indicating supply chain risk(p.330)
- • High dependence on top three customers creates revenue concentration risk(p.382)
- • Dependence on ten largest customers for significant revenue portion(p.382)
- • Significant financial indebtedness requiring working capital(p.398)
- • High capital expenditure requirements for manufacturing expansion(p.398)
Opportunities
- • Growing two-wheeler metal components market(p.24)
- • Expansion of manufacturing facilities in high-growth regions(p.43)
- • Development of electric vehicle components(p.40)
- • Growth in content per vehicle through new high-value and complex products in automotive(p.48)
- • Expansion of electric vehicle and renewable energy product portfolio(p.48)
- • Hub motors and chargers technology commercialization for electric vehicles(p.49)
- • Aftermarket presence and export growth through organic and inorganic initiatives(p.225)
- • Inorganic growth opportunities through mergers and acquisitions in Europe and North America(p.58)
- • Production line expansion for sheet metal parts assembly for solar panels(p.47)
- • High-growth electric vehicle market with strong industry tailwinds and 6-8% CAGR projected for 2W industry to FY31(p.156)
- • Rapid electrification in 2W segment with EV penetration expected to reach 42-47% by FY31(p.157)
- • Expansion in three-wheeler market with 5-7% CAGR projected to FY29 and EV penetration reaching 30-34%(p.163)
- • Growing passenger vehicle industry with 4.5-6.5% CAGR projected to FY29(p.166)
- • India positioned as fastest-growing major economy with strong structural growth drivers(p.147)
- • Strategic international expansion opportunity with 23.81% of current revenue from international markets(p.130)
- • 2W metal products market projected to grow 11-13% CAGR through FY30 to ₹346-348B(p.189)
- • EV 2-wheeler penetration expected to reach 33-37% by FY31 and 3-wheeler 30-34% by FY29(p.190)
- • E-mobility market projected to grow 38-40% CAGR to ₹484-486B by FY30 from ₹76.1B in FY24(p.195)
- • Solar capacity additions of 130-140 GW expected FY24-28 vs 40-45 GW in FY19-23(p.184)
- • Auto component exports growing at 10% CAGR FY19-24 with further 7-9% projected FY25 growth(p.174)
- • Critical components exports increasing with India stepping up share of high-margin engine/transmission/steering exports(p.181)
- • Capability to increase content per vehicle through integrated systems and proprietary products(p.223)
- • Diversification into 4-wheeler and commercial vehicle segments with expansion potential(p.224)
- • Establishment of hub motor manufacturing facility becoming operational in Q1 FY2026(p.234)
- • Entry into charger manufacturing for electric vehicles(p.234)
- • Expansion into renewable energy component manufacturing(p.260)
- • Supply to emerging EV two-wheeler and three-wheeler segments(p.235)
- • Supply of components for commercial vehicle electrification(p.235)
- • Expansion to new geography - export growth potential(p.234)
- • Three new manufacturing facilities under development(p.243)
- • Supply expansion to Jaguar Land Rover with additional component contracts(p.235)
- • Expansion of EV business operations(p.286)
- • Growth in traded goods business segment(p.333)
- • Capital work-in-progress indicating ongoing capacity expansion(p.320)
- • Geographically dispersed manufacturing footprint enabling market penetration(p.311)
- • Increase content per vehicle through new high-value and complex products(p.382)
- • Expand into EV and renewable energy product categories(p.382)
- • Develop IP-protected products with better profit margins(p.383)
- • Leverage EV motor and controller patents for market entry(p.383)
- • Expand into renewable energy sector with sheet metal structures(p.383)
- • Implement modular manufacturing to improve utilization and hedge product-specific risk(p.383)
Threats
- • Dependence on OEM customer orders without firm commitments(p.37)
- • Volatility in raw material prices and availability(p.37)
- • Pricing pressure from OEM customers(p.38)
- • Transition risk from internal combustion engines to electric vehicles(p.40)
- • Regulatory compliance and inspection risks(p.45)
- • Business seasonality affecting results of operations(p.44)
- • Decline in demand for automotive components and general economic slowdown(p.48)
- • Regulatory changes and non-compliance risks related to Factories Act and pollution control laws(p.48)
- • Exchange rate fluctuations impacting 22.91% of FY2024 revenue from international business(p.50)
- • Macroeconomic risks including Indian economy slowdown, inflation, and interest rate increases(p.62)
- • Increased price competition and inability to keep pace with technological advances(p.48)
- • Dependence on limited suppliers and raw material availability risks(p.48)
- • Labour union activities with 172 members across three facilities(p.51)
- • Regulatory compliance burden from new labour codes and data protection legislation(p.63)
- • Cyclicality and volatility in automotive industry dependent on macroeconomic conditions and consumer demand(p.154)
- • Intense competition from established OEMs and new entrants in automotive components and EVs(p.156)
- • Regulatory and compliance risks including subsidy withdrawal and emission norm requirements(p.152)
- • Input cost volatility and exposure to raw material price fluctuations(p.166)
- • Shift from ICE to EV creating technology transition risks and potential obsolescence of existing capabilities(p.150)
- • Economic slowdown reducing industrial output and automotive demand with 17.8-28.8% declines seen in FY20(p.210)
- • Cyclical nature of CV and commercial vehicle industry with 20-25% swings between peaks and troughs(p.212)
- • Raw material price volatility and supply disruptions affecting margins and ability to pass costs to customers(p.212)
- • Skilled labor shortage in welding, fabrication and surface finishing limiting production capacity(p.212)
- • Technological obsolescence with traditional processes unable to compete with advanced CNC, laser, robotic competitors(p.213)
- • Environmental regulatory compliance requiring significant investment in emission control and waste management(p.214)
- • Geopolitical tensions impacting commodity prices and fuel costs affecting vehicle affordability and demand(p.212)
- • Ad hoc policy changes creating uncertainty for investment commitments and technology transitions(p.214)
- • Highly competitive automotive components industry(p.247)
- • Competitors with greater market penetration and diverse product portfolios(p.247)
- • Cyclicality and volatility in automotive industry(p.248)
- • Regulatory risks and emission standards compliance(p.253)
- • Raw material price volatility and input cost pressures(p.243)
- • Foreign exchange fluctuation risks from export operations(p.234)
- • Risk of inadequate capacity utilization at manufacturing facilities(p.242)
- • Technology and product development competition(p.248)
- • Credit risk from aging receivables with growing impairment(p.324)
- • Interest rate exposure on floating rate debt(p.329)
- • Exposure to government policy changes on incentive schemes(p.333)
- • Dependency on MSME suppliers creating supply chain vulnerability(p.330)
- • Systemic pricing pressures from OEM customers focused on cost reduction(p.382)
- • Competitor consolidation enables economies of scale and lower-cost competition(p.382)
- • Competitors with longer operating histories and diverse portfolios have advantages(p.382)
- • Risk of capacity underutilization adversely affecting margins(p.383)
- • Lengthy business development timeline for new product categories(p.383)
- • Business subject to seasonality affecting results of operations(p.401)
- • Discontinuance of government subsidies could adversely impact financial performance(p.384)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shrikant Shankar Badve | Promoter | 81.42% | — |
| Supriya Shrikant Badve | Promoter | 6.66% | — |
| Sumedh Shrikant Badve | Promoter | 2.23% | — |
| Shrikant Shankar Badve | Promoter | 81.42% | — |
| Supriya Shrikant Badve | Promoter | 6.66% | — |
| Sumedh Shrikant Badve | Promoter | 2.23% | — |
| Sumedh Tools Private Limited | Promoter Group | 8.96% | — |
| Shrikant Shankar Badve | Promoter | 81.42% | — |
| Supriya Shrikant Badve | Promoter | 6.66% | — |
| Sumedh Shrikant Badve | Promoter | 2.23% | — |
| Shankar Prabhakar Badve HUF | Promoter Group | 0.00% | — |
| Swastid Shrikant Badve | Promoter Group | 0.31% | — |
| Creative Tools and Press Components Private Limited | Promoter Group | 0.06% | — |
| Badve Autocomps Private Limited | Promoter Group | 0.17% | — |
| Sumedh Tools Private Limited | Promoter Group | 8.96% | — |
| Shrikant Shankar Badve | Promoter | — | — |
| Shrikant Shankar Badve | Promoter/Managing Director | 81.42% | — |
| Supriya Shrikant Badve | Promoter/Whole-time Director | 6.66% | — |
| Shrikant Shankar Badve | Promoter | 75.00% | 81.42% |
| Supriya Shrikant Badve | Promoter | 6.66% | 6.66% |
| Sumedh Shrikant Badve | Promoter | 8.96% | 8.96% |
| Shrikant Shankar Badve | Promoter/Managing Director | — | — |
| Supriya Shrikant Badve | Promoter/Whole Time Director | — | — |
| Shrikant Shankar Badve | Promoter | — | — |
Leadership
Shrikant Shankar Badve · Managing Director
Supriya Shrikant Badve · Whole-Time Director
Rahul Shashikant Ganu · Chief Financial Officer
Manish Kumar · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Offer documents
Belrise Industries IPO FAQs
What is the lot size of Belrise Industries IPO?
The minimum lot size of Belrise Industries IPO is 166 shares. One lot costs ₹14,940 at the cut-off price.
When does Belrise Industries IPO open and close?
Belrise Industries IPO opened for subscription on 21 May 2025 and closed on 23 May 2025.
What is the listing date of Belrise Industries IPO?
Belrise Industries IPO listed on 28 May 2025.