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Belrise Industries IPO
Belrise Industries Ltd
₹14,110 /166 sharesMinimum Investment
Belrise Industries IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹90.00 | ₹100.00 | ₹10.00 (11.11%) |
Belrise Industries IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 21 May ‘25 - 23 May ‘25 | ₹14,110 | 166 | ₹85 - ₹90 |
| Issue Size | IPO Doc |
|---|---|
| 2150.00Cr | RHP PDF |
Subscription rate
As of 23 May'25, 04:00 PM
| Qualified Institutional Buyers | 102.47x |
| Non-Institutional Investor | 38.12x |
| Retail Individual Investor | 3.99x |
| Total | 39.44x |
About Belrise Industries
Founded in
1996
Managing director
Mr Shrikant Shankar Badve
Parent organisation
Belrise Industries Ltd
Belrise Industries Ltd IPO
https://www.youtube.com/watch?v=c5vP3_8HTdo
Strengths & Financials of Belrise Industries
Strengths
Risks
Belrise Industries claims to be a market leader in the high-growth field of precision sheet metal pressing and fabrication within the automotive component industry. As of FY24, the company holds a 24 percent market share in the Indian two-wheeler metal components sector. The company claims that this significant market presence, paired with a projected 11-13 percent compound annual growth rate (CAGR) growth in the two-wheeler metal products market over the next five years, positions it to capitalise on economies of scale and geographic diversification while mitigating customer and regional risks.
Belrise Industries claims to have a robust technology-enabled process engineering capability, integrating advanced features such as real-time tracking, modularity in operations, and centralised internet of things (IoT) monitoring across its manufacturing facilities. The company uses special-purpose machines for critical operations and deploys advanced robotics, including over 700 robots for fabrication and 450 press machines for stamping, ensuring low defect rates and high predictability in production. Additionally, the company claims that its implementation of mistake-proofing mechanisms like "pokayoke" enhances quality control and production efficiency.
Belrise Industries claims to have a product portfolio that is largely agnostic to powertrain types, allowing the company to cater to both electric vehicle (EV) and internal combustion engine (ICE) OEMs. The company claims that its revenue from EV-specific products grew at a CAGR of 24.60 percent between FY22 and FY24. It increased from Rs 152.57 crore in FY22 to Rs 236.88 crore in FY24.
The company claims to have vertically integrated manufacturing facilities, with capabilities spanning both backward and forward integration. This includes tool making, tube bending, press operations, system assembly, and coating and painting, which Belrise Industries claims help enhance value per product and reduce supplier dependence. With 15 facilities across nine cities, the company claims to manufacture over 1,000 distinct products, including chassis systems, exhaust systems, and suspensions. The company believes this strategic expansion not only enables cost savings but also supports its just-in-time inventory model, which ensures prompt deliveries and improves its agility in meeting OEM customers' needs.
The company has seen a consistent increase in revenue from operations. It increased from Rs 5,396.85 crore in FY22 to Rs 6,582.50 crore in FY23 and Rs 7,484.24 crore in FY24.
As of June 30, 2024, Belrise Industries operates seven out of its 15 manufacturing facilities in the state of Maharashtra. Any adverse political, social, or economic developments in this region could disrupt the company's operations, potentially affecting its operations, financial condition, and cash flows.
A significant portion of the company’s revenue comes from its top 10 customers. For the three months ended June 30, 2024, they contributed Rs 1,022.60 crore (57.42 percent) to the company’s total revenue, Rs 3,799.99 crore (50.77 percent) in FY24, Rs 3,812.95 crore (57.93 percent) in FY23, and Rs 3,477.41 crore (64.43 percent) in FY22. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients could adversely affect the company’s business and financial standing.
Belrise Industries sources raw materials like sheet metal, steel wire, and polymer on a purchase order basis from over 150 suppliers. For the three months ended June 30, 2024, raw material costs accounted for Rs 1,085.23 crore (63.73 percent) of the company’s total expenses, Rs 4,684.99 crore (65.33 percent) in FY24, Rs 4,154.07 crore (66.32 percent) in FY23, and Rs 3,762.15 crore (73.72 percent) in FY22. Any disruptions in the availability or price fluctuations of these raw materials, due to geopolitical factors or supply chain issues, could impact the company's cost structure and product quality.
A significant portion of the company’s purchases is concentrated among its top 10 suppliers. They accounted for Rs 689.46 crore (47.88 percent) of the company’s total expenses for the three months ended June 30, 2024, Rs 2,246.10 crore (36.99 percent) in FY24, Rs 2,373.07 crore (44.40 percent) in FY23, and Rs 2,320.88 crore (54.94 percent) in FY22. Any loss of business with one or more of these suppliers could adversely affect the business operations and profitability of Belrise Industries.
The company’s business is subject to seasonal fluctuations, with demand for automotive components typically peaking in September and October during the Diwali season and declining toward the end of the calendar year. Any inability to address this fluctuation in demand could adversely affect its business and financial condition.
The company derives a significant portion of its revenue from the sale of automotive components for two-wheeler vehicles. It accounted for Rs 1,148.79 crore (64.50 percent) of revenue from operations for the three months ended June 30, 2024, Rs 4,737.96 crore (63.30 percent) in FY24, Rs 4,315.13 crore (65.48 percent) in FY23, and Rs 3,947.77 crore (73.18 percent) in FY22. Any decline in demand for two-wheeler vehicles, or any development that makes the sale of automotive components in this segment less economically viable, could adversely impact the company’s business, financial condition, results of operations, and cash flows.
The company has experienced negative cash flow from investing activities amounting to Rs 127.09 crore in the three months ended June 30, 2024, Rs 361.64 crore in FY24, Rs 194.26 crore in FY23, and Rs 543.13 crore in FY22. Additionally, negative cash flow from financing activities stood at Rs 55.05 crore in the three months ended June 30, 2024, Rs 141.34 crore in FY24, and Rs 529.53 crore in FY23. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
The company and its subsidiaries are involved in certain ongoing legal proceedings, including criminal, tax, statutory, regulatory, and civil matters. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
The company derives a portion of its revenue from international markets, including Austria, Slovakia, and the United Kingdom. For the three months ended June 30, 2024, revenue from international operations contributed Rs 424.11 crore (23.81 percent) of total revenue from operations, Rs 1,714.33 crore (22.91 percent) in FY24, Rs 1,468.80 crore (22.31 percent) in FY23, and Rs 815.80 crore (15.12 percent) in FY22. The company is subject to complex management, legal, tax, and regulatory requirements in these markets, which may evolve or be subject to differing interpretations. Non-compliance could lead to sanctions, shutdowns, or delays in obtaining regulatory approvals, adversely affecting its business operations. Also, exposure to foreign exchange rate fluctuations may impact the financial performance of the company.
As of September 30, 2024, the company and its subsidiary had outstanding financial indebtedness of Rs 2,588.30 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Belrise Industries Financials
*All values are in Rs. Cr
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Application Details of Belrise Industries IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹85 - 90 | ₹2 Lakh |
| High Networth Individual | ₹85 - 90 | ₹2 - 5 Lakh |
For Belrise Industries IPO, eligible investors can apply as Regular.