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Belrise Industries Ltd - Stock Valuation and Financial Performance

BSE: 544405 | NSE: BELRISE | Auto Ancillary | Small Cap

Belrise Industri Share Price

99.92 -2.00 -1.96%
as on 19-Jun'25 16:59

DeciZen - make an informed investing decision on Belrise Industri

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Belrise Industries stock performance -

mw4me loader
P/E Ratio (SA):
26.74
Market Cap:
8,891.7 Cr.
52-wk low:
89.2
52-wk high:
109

Is Belrise Industries Ltd an attractive stock to invest in?

1. Is Belrise Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Belrise Industries Ltd is a good quality company.

2. Is Belrise Industries Ltd undervalued or overvalued?

The key valuation ratios of Belrise Industries Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Belrise Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Belrise Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Belrise Industri:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Belrise Industries Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 15.7%16.3%16.5%16.9%14.3%13.1%11.1%12.6%12.4%13.5%-
Value Creation
Index
0.20.20.20.30.10.0-0.2-0.1-0.1-0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,7882,1902,4102,8773,3133,8294,0074,8975,3956,0336,594
Sales YoY Gr.-22.5%10%19.4%15.2%15.6%4.7%22.2%10.2%11.8%-
Adj EPS 1.31.51.93.22.73.42.73.73.94.33.7
YoY Gr.-20.6%23%71.1%-14.7%24.2%-20.9%39.6%5.1%10.4%-
BVPS (₹) 6.17.79.612.515.319.422.126.230.234.553.1
Adj Net
Profit
80.196.1119203173221175244256283333
Cash Flow from Ops. 69.513012212418152097.4369756792-
Debt/CF from Ops. 13.37.510.212.210.23.824.1732.8-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 14.5%12.7%14.6%11.8%
Adj EPS 14.7%9.7%17.4%10.4%
BVPS21.2%17.6%16.1%14.2%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
23.12221.728.919.619.812.915.513.913.48.5
Op. Profit
Mgn %
12.312.712.811.71214.114.214.914.81413.6
Net Profit
Mgn %
4.54.44.97.15.25.84.454.74.75.1
Debt to
Equity
2.422.11.91.91.61.61.51.210.6
Working Cap
Days
80798698126142171167165158156
Cash Conv.
Cycle
3737474740334644424041

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 14.61%

Net Profit is growing at healthy rate in last 3 years 17.43%

Debt to equity has declined versus last 3 years average to 0.98

Sales growth is good in last 4 quarters at 10.93%

Return on Equity has declined versus last 3 years average to 8.50%

Latest Financials - Belrise Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 3.7 4
TTM Sales (₹ Cr.) 6,594 8,291
BVPS (₹.) 53.1 54.5
Reserves (₹ Cr.) 4,282 4,402
P/BV 1.88 1.83
PE 26.74 25.02
From the Market
52 Week Low / High (₹) 89.20 / 108.98
All Time Low / High (₹) 89.20 / 108.98
Market Cap (₹ Cr.) 8,892
Equity (₹ Cr.) 444.9
Face Value (₹) 5
Industry PE 44.5

Management X-Ray of Belrise Industri:

Shareholding Pattern

No Data To Display

Promoter's Holding & Share Pledging

Event Update

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Analyst's Notes

No data found!

Key Ratios of Belrise Industri

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales1,7882,1902,4102,8773,3133,8294,0074,8975,3956,033
Operating Expenses 1,5681,9112,1022,5422,9173,2903,4384,1704,5975,189
Manufacturing Costs5367516670697310487107
Material Costs1,3571,6571,8342,2042,5522,8863,0263,7334,1544,676
Employee Cost 124146116193208236218223235274
Other Costs 3541101798799121109120132
Operating Profit 220279307335396539569728798843
Operating Profit Margin (%) 12.3%12.7%12.8%11.7%12.0%14.1%14.2%14.9%14.8%14.0%
Other Income 56421361083628253874
Interest 6479110111146163197215217227
Depreciation 425876120138177206245306321
Exceptional Items 200000000-12
Profit Before Tax 120148163240219234194293313358
Tax 3851433646420464262
Profit After Tax 8196120205173230175247271295
PAT Margin (%) 4.6%4.4%5.0%7.1%5.2%6.0%4.4%5.0%5.0%4.9%
Adjusted EPS (₹)1.31.51.93.22.73.52.73.84.24.5
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%1%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 3884866077969721,2621,4371,7051,9672,245
Share Capital 02020202020202020325
Reserves 3884665877769521,2421,4161,6851,9461,920
Minority Interest0000000000
Debt8529781,1391,3941,6651,8432,1172,3341,8481,781
Long Term Debt6697838961,1391,3611,4871,5691,6101,2451,172
Short Term Debt183195242255304355548724603609
Trade Payables8711989189304398399465467678
Others Liabilities 183228287285383410608576908918
Total Liabilities 1,5111,8102,1212,6643,3233,9134,5615,0805,1905,622

Fixed Assets

Gross Block8501,1101,3131,7222,1562,5332,9253,5892,4272,459
Accumulated Depreciation1462042793805186949001,13100
Net Fixed Assets7049061,0341,3421,6381,8392,0262,4582,4272,459
CWIP 23821737533224532529512080179
Investments 38617035373843705321
Inventories116142160201244313427423465575
Trade Receivables245316325388441474675636763799
Cash Equivalents 136101167718664128231
Others Assets1571641493566528521,0091,3081,2741,358
Total Assets 1,5111,8102,1212,6643,3233,9134,5615,0805,1905,622

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 7013012212418152097369756792
PBT 120148163240219234194293313358
Adjustment 375266111116320379444510519
Changes in Working Capital -59-39-78-191-116-8-454-323-8-5
Tax Paid -29-32-30-35-39-26-22-44-59-79
Cash Flow From Investing Activity -229-283-320-360-396-550-289-439-198-390
Capex -246-239036-1-7-212-484-234-452
Net Investments 00-26-20-70-1-5-281732
Others 17-44-294-376-325-543-73731930
Cash Flow From Financing Activity 1641472012372713420339-496-328
Net Proceeds from Shares 00000600000
Net Proceeds from Borrowing 00032822414212672-203-270
Interest Paid 00000-163-197-215-217-227
Dividend Paid 000000000-2
Others 164147201-9247-4274182-76171
Net Cash Flow 5-74156511-316374
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)23.522.0821.9729.1619.5820.5812.9315.7314.7814.03
ROCE (%)15.6516.3416.4716.8614.2613.1311.1412.5612.413.48
Asset Turnover Ratio1.591.591.361.231.111.060.951.021.051.12
PAT to CFO Conversion(x)0.861.351.020.61.052.260.551.492.792.68
Working Capital Days
Receivable Days37394444464452494747
Inventory Days18182122252734323031
Payable Days21232123354448424145

Belrise Industries Ltd Stock News

Belrise Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Belrise Industri on 19-Jun-2025 16:59 is ₹99.92.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 19-Jun-2025 16:59 the market cap of Belrise Industri stood at ₹8,891.7.
The latest P/E ratio of Belrise Industri as of 19-Jun-2025 16:59 is 26.74.
The latest P/B ratio of Belrise Industri as of 19-Jun-2025 16:59 is 1.88.
The 52-week high of Belrise Industri is ₹109.0 and the 52-week low is ₹89.20.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Belrise Industri is ₹6,594 ( Cr.) .

About Belrise Industries Ltd

Belrise Industries Limited was incorporated as ‘Badve Engineering Private Limited’, as a private limited company under the provisions of Companies Act, 1956, vide certificate of incorporation dated September 25, 1996 issued by the Additional Registrar of Companies, Maharashtra at Mumbai. Thereafter, the company was converted into a public limited company pursuant to a special resolution passed by its Shareholders in their meeting held on January 7, 2008, and consequently, the name of the company was changed to ‘Badve Engineering Limited’ and a fresh certificate of incorporation dated February 18, 2008, was issued by the Deputy Registrar of Companies, Maharashtra at Mumbai. The name of the company was further changed to ‘Belrise Industries Limited’ to rebrand the image of the company with changing times and enhance its presence in aftermarket and to adapt latest market trends, pursuant to a Board resolution dated August 12, 2022 and a special resolution passed by its Shareholders at their extra-ordinary general meeting on August 23, 2022, and a fresh certificate of incorporation dated August 29, 2022 was issued by the RoC, Mumbai consequent upon change in name of the Company.

Belrise Industries 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. Its product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems, among others. Its products are largely agnostic to vehicle powertrain types, reflecting its ability in catering to both electric vehicles and internal combustion engine vehicles, thus positioning it favorably to adapt to the growing electric vehicle market.

Over the course of decades of operations, it has expanded its operational capabilities to include precision sheet metal pressing and fabrication, the manufacturing of polymer components, the design and production of suspension systems, along with coating and painting services. Consequently, it has consistently increased the value and complexity of the components it supplies per vehicle. This strategic expansion is not only limited to its home state of Maharashtra but also extended to other Indian states where prospective customers establish their manufacturing facilities, with its facilities designed for future scalability. It has also implemented a ‘just-in-time’ inventory model that optimizes its inventory levels and enhances its ability to meet its OEM customers’ needs with agility.

Its automotive product portfolio comprises many distinct products across chassis systems, exhaust systems, body-in-white parts, polymer components, battery containers, suspensions and steering columns, among others. Its product portfolio is diverse and designed to meet the varying requirements of OEMs across multiple vehicle types, including two-wheelers, three-wheelers, four-wheelers, commercial vehicles and agri-vehicles.

Business area of the company

The company 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.

Products of the company

Automotive - Two Wheelers

  • Sheet metal-based Chassis, side and main stand, brake pedal/gear clutch lever, swing arm.
  • Polymer based- Visor front, fenders, covers, cowls.
  • Suspension systems- Rear suspension, front forks, steering column, helical springs. 
  • Braking systems- Braking assemblies for drum and disc brakes.

Automotive - Four Wheelers

  • Sheet metal-based Chassis.
  • Polymer based- Centre grill, fog lap cover, battery container, lids.
  • Suspension systems- Rear suspension for sports utility vehicles, front suspension for light commercial vehicle.

Non-Automotive

  • Polymer refrigerator parts- Fruit and vegetable tray, handles, base.
  • Renewable parts- Solar panel components.

History and milestones

  • 1996: Incorporation of the Company as ‘Badve Engineering Private Limited’.
  • 1997: Setup a manufacturing plant in Aurangabad.
  • 2001: Setup an additional manufacturing plant for a large two-wheeler manufacturing OEM.
  • 2004: Setup a manufacturing plant in Ranjangaon near Pune.
  • 2007: Setup a manufacturing plant in Uttarakhand for a large two-wheeler manufacturing OEM.
  • 2008: Company converted into ‘Public Limited Company’.
  • 2010: Ventured into four-wheeler commercial vehicles space for supply of chassis frames (CV).
  • 2011: Ventured into four-wheeler commercial vehicles parts supply space for Ashok Leyland Limited.
  • 2012: Started supply of chassis to Honda Motors & Scooters India Private Limited and components to VE Commercial Vehicles Limited.
  • 2012: Company reached a turnover of Rs 10,000.00 million.
  • 2016: Achieved a turnover of over Rs 25,000.00 million
  • 2016: Ventured in new product line of suspension systems with acquisition of the suspension division from an international OEM near Pune.
  • 2017: Setup a manufacturing plant facility for supply of frames and silencer parts, in Gujarat.
  • 2017: Commenced supply of components to Jaguar Land Rover Automotive PLC (JLR) in Europe.
  • 2017:  Established a wholly owned subsidiary ‘Badve Engineering Trading FZE’ in Ras Al Khaimah Free Zone, UAE.
  • 2022: Ventured into the EV space with supply of suspension system to EV OEMs.
  • 2022: Company was rebranded as ‘Belrise Industries Limited’.
  • 2023 Obtained the rights to utilize the technology to manufacture hub motors pursuant to a technology transfer agreement with a prominent Chinese motor manufacturer.
  • 2024: Ventured into renewable energy products and received an LOI from a major North American solar power company, Nextracker LLC.
  • 2024: Started supply of Exhaust Systems for a CNG-powered vehicle.
  • 2024: Entered into a business transfer agreement for transfer of machinery and contracts pertaining to the business to the Company.

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