Belrise Industries logo

Belrise Industries

BELRISE NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹23,284 Cr
Volatility
Moderate
P/E Ratio
43.18
EBITDA
₹1,264 Cr
Return on Equity
9.51%
Debt to Equity
0.24
Book Value
₹71.62
52W High
₹268.2
52W Low
₹142.59

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has delivered good profit growth of 22.5% CAGR over last 5 years

Weaknesses

4
  • Stock is trading at 4.16 times its book value
  • Promoter holding has decreased over last quarter: -5.32%
  • Company has a low return on equity of 13.1% over last 3 years.
  • Working capital days have increased from 43.8 days to 65.4 days

Growth Rate

Revenue Growth
15.16% higher than 3Y
Net Income Growth
39.81% higher than 3Y
Cash Flow Change
24.3% lower than 3Y
ROE
-27.4% lower than 3Y
ROCE
-12.77% lower than 3Y
EBITDA Margin (Avg.)
1.39% higher than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

Belrise Industries has a market capitalisation of about Rs 23,753 crore and trades at a P/E of 46.6 and a P/B of 3.41 (screener data elsewhere shows 4.34x book). Profit has grown faster than sales: 22-23% profit CAGR over 3 and 5 years against 12-13% sales CAGR, and TTM profit growth is 34%. Return on equity has stayed around 13-14%, working capital days have risen from 43.8 to 65.4, and promoter holding fell 5.32% last quarter.

Bull Case 7
  • Profit has compounded at 23% over 5 years and 22% over 3 years, well ahead of sales growth of 13% and 12% over the same periods. This points to operating leverage and margin expansion.
  • TTM profit growth of 34% is faster than the 3-year profit CAGR of 22%, so earnings momentum has picked up recently rather than slowing.
  • The company has reduced debt. Lower leverage cuts interest costs and helps explain why profit growth (34% TTM) is outpacing sales growth (12% TTM).
  • Sales growth has been steady at 12% TTM, 12% over 3 years and 13% over 5 years. That suggests a consistent revenue base rather than one-off spikes.
  • The stock has returned 57% over the past year, which shows strong market interest in the company's growth path.
  • At a P/E of 46.6 and a market cap of about Rs 23,753 crore, implied TTM earnings are roughly Rs 510 crore. If the 22-34% profit growth continues, that earnings base could grow into the multiple.
  • The company pays a dividend (0.23% yield), which shows some cash return to shareholders while it reinvests for growth.
Bear Case 8
  • A P/E of 46.6 means an earnings yield of about 2.1%. Against a 3-year profit CAGR of 22%, that is a PEG of roughly 2.1, so strong future growth is already assumed in the price.
  • ROE is modest: 13% over 3 years, 14% over 5 years and 13% last year. Low returns on equity are hard to square with a premium valuation.
  • The stock trades at 3.41-4.34 times book value, depending on the source, while earning about 13% on equity. Investors are paying a large premium over book for mid-teen returns.
  • Working capital days rose from 43.8 to 65.4, an increase of about 49%. More cash is tied up in receivables or inventory, which can weigh on cash conversion even while reported profits grow.
  • Promoter holding fell 5.32% last quarter. Even if this was dilution from a share issue or a stake sale, lower promoter ownership may weaken the signal of insider alignment.
  • Sales growth of 12% TTM is much slower than profit growth of 34%. If margin gains from lower debt and operating leverage level off, profit growth could fall back toward the 12-13% revenue trend.
  • The 0.23% dividend yield gives almost no income support if the valuation multiple contracts.
  • The 57% one-year stock return is the only return history available (no 3, 5 or 10-year figures). The long-term track record through a full auto-industry cycle is therefore unproven.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

22h ago
Positives 2
  • Jefferies-hosted investor meet Sep 9

    Belrise held one-on-one and group investor meetings with institutional investors on September 16, 2026, in Gurugram, organised by Jefferies. Meetings like this point to growing institutional interest and investor outreach after the listing.

  • FY26 final dividend ₹0.55/share Sep 10

    The Board recommended a final dividend of ₹0.55 per share for FY26, subject to shareholder approval at the AGM on September 30, 2026. The payout is small, but it shows a commitment to returning capital.

Neutral 3
  • New joint statutory auditors appointed Oct 1

    Shareholders at the 30th AGM on September 30, 2026, approved Shailesh Haribhakti & Associates and Rathi Rathi & Co. as joint statutory auditors for five years (FY27–FY31). The Board had recommended the change on September 8. They replace GSA & Associates LLP, whose term had ended, so this is a routine rotation rather than an early resignation.

  • All six AGM resolutions passed Oct 1

    All six resolutions passed at the AGM, including adoption of the financial statements and an increase in authorised share capital. Turnout was 83.58% of outstanding shares, showing strong promoter backing.

  • FY26 BRSR filed, 25 locations Sep 8

    Belrise filed its FY26 Business Responsibility and Sustainability Report, which covers operations across 25 locations. It includes workforce data, environmental metrics and governance disclosures as required by regulation.

TL;DR: This news flow is mostly routine governance: a scheduled auditor rotation, a smooth AGM where all six resolutions passed with 83.58% of shares voting, and on-time ESG disclosures across 25 locations. The modest positives are the ₹0.55 FY26 dividend and the Jefferies-hosted investor meetings, which suggest growing institutional interest. None of these items reports operating or financial performance, so they say little about how demand or margins are trending. One thing to watch is the approved increase in authorised share capital, which could allow a future equity raise or dilution. The next real signal for the stock should be the Q2 FY27 results and any update on auto component order wins.

Quarterly Results

Particulars Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,476
1,425
1,590
1,780
1,799
1,798
1,802
1,821
2,107
2,088
Expenses
1,284
1,209
1,376
1,548
1,545
1,542
1,542
1,565
1,826
1,820
Operating Profit
192
215
214
232
254
255
260
257
281
268
OPM %
13%
15%
13%
13%
14%
14%
14%
14%
13%
13%
Other Income
5
9
14
29
12
21
22
27
20
18
Interest
51
59
69
57
44
60
35
31
34
37
Depreciation
89
83
81
83
83
86
82
89
87
92
PBT
58
83
78
121
140
130
164
164
180
156
Tax %
15%
21%
17%
25%
21%
21%
25%
29%
24%
27%
Net Profit
49
66
65
91
110
103
123
117
136
114
EPS in Rs
0.75
1.01
1
1.4
1.69
1.15
1.38
1.31
1.53
1.28
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,857
3,828
4,007
4,897
5,395
6,033
6,594
7,528
7,819
Expenses
2,542
3,289
3,438
4,170
4,597
5,189
5,679
6,476
6,753
Operating Profit
316
539
569
728
798
843
915
1,053
1,065
OPM %
11%
14%
14%
15%
15%
14%
14%
14%
14%
Other Income
156
36
28
25
38
62
65
90
87
Interest
111
163
197
215
217
227
228
160
138
Depreciation
120
177
206
245
306
321
329
344
350
PBT
240
234
194
293
313
358
423
638
664
Tax %
15%
2%
10%
16%
13%
17%
21%
25%
—
Net Profit
205
230
175
247
271
295
332
478
490
EPS in Rs
—
—
—
—
—
4.54
5.11
5.38
5.5
Div. Payout %
0%
0%
0%
0%
0%
0%
11%
10%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2018Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
20
20
20
20
326
326
445
Reserves
776
1,242
1,416
1,685
1,946
1,920
2,252
4,639
Borrowings
1,516
1,973
2,382
2,632
2,353
2,254
2,706
1,237
Other Liabilities
326
677
742
743
828
1,086
1,235
1,553
Total Liabilities
2,638
3,913
4,561
5,080
5,148
5,585
6,518
7,873
Fixed Assets
1,342
1,834
2,026
2,458
2,427
2,459
2,704
2,917
CWIP
332
330
295
120
80
179
263
240
Investments
35
38
43
70
53
21
354
374
Other Assets
929
1,710
2,198
2,432
2,589
2,927
3,197
4,342
Total Assets
2,638
3,913
4,561
5,080
5,148
5,585
6,518
7,873
Figures in ₹ Crores

Cash Flow

Particulars Mar 2018Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
520
97
369
756
762
654
817
Investing
—
-550
-289
-439
-198
-360
-1,019
-487
Financing
—
34
203
39
-496
-328
223
396
Net Cash Flow
—
5
11
-31
63
74
-142
726
Free Cash Flow
—
67
-264
-133
591
310
-19
207
CFO/OP
—
101
21
57
102
100
82
92
Figures in ₹ Crores

Ratios

Particulars Mar 2018Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
50
45
62
47
52
48
58
60
Inventory Days
33
40
51
41
41
47
49
53
Days Payable
31
50
48
45
41
54
61
74
Cash Conversion Cycle
51
34
65
43
52
42
46
39
Working Capital Days
74
74
39
36
33
30
36
65
ROCE %
—
—
11%
12%
12%
13%
13%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others3.53%Promot.66.46%FIIs9.40%DIIs10.01%Public10.61%As ofJun 2026

Documents

Frequently Asked Questions about Belrise Industries

What does Belrise Industries Ltd do?
Incorporated in 1988, Belrise Industries Limited manufactures Automotive Sheet Metal and casting parts, Polymer components, Suspension, and mirror systems for automotives.[1]
Where is Belrise Industries Ltd (BELRISE) listed?
Belrise Industries Ltd trades as BELRISE on the NSE and under code 544405 on the BSE.
Which sector does Belrise Industries Ltd belong to?
Belrise Industries Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the market capitalisation of Belrise Industries Ltd?
Belrise Industries Ltd has a market capitalisation of ₹23,284 Cr, which places it in the Large Cap band.
What is the PE ratio of Belrise Industries Ltd?
Belrise Industries Ltd trades at a PE ratio of 43.18, against a book value of ₹71.62 per share.
What is the 52-week high and low of Belrise Industries Ltd?
Over the last 52 weeks Belrise Industries Ltd has traded between ₹142.59 and ₹268.2.
Does Belrise Industries Ltd pay dividends?
Belrise Industries Ltd has a dividend yield of 0.23%.
What is the Return on Equity (ROE) of Belrise Industries Ltd?
Belrise Industries Ltd reported a return on equity of 9.51%. Its debt-to-equity ratio is 0.24.

Company Information

Incorporated in 1988, Belrise Industries Limited manufactures Automotive Sheet Metal and casting parts, Polymer components, Suspension, and mirror systems for automotives.[1]

Website belriseindustries.com
CEO Mr. Shrikant Shankar Badve
Employees 2,168
Listed 2025-05-28
Face Value ₹ 5
Issued Size 88,98,79,192

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