Belrise Industries IPO: Price, Overview, And GMP

Belrise Industries IPO - Complete Overview 

Belrise Industries IPO, a Mainboard IPO, is a book-built issue of Rs. 2150 Cr (23.89 Cr Shares) by Belrise Industries Limited, incorporated in 1988 as the manufacturer of automotive sheet metal and casting parts, polymer components, suspension, and mirror systems for two-wheeled, three-wheeled, and four-wheeled passenger and commercial vehicles.

It is one of the foremost automotive component manufacturing companies in India, providing a wide range of safety-critical systems.

Belrise Industries is a manufacturing concern based in India, providing a wide range of safety-critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles.

Its product range comprises metal chassis systems, polymer components, suspension systems, body-in-white components, and exhaust systems.

The company caters to Bajaj, Honda, Hero, Jaguar Land Rover, Royal Enfield, VE Commercial Vehicles, Tata Motors, and Mahindra.

This new IPO is to be launched on 21 May 2025, and its ‘initial public offering’ will end on 23 May 2025.

Belrise Industries IPO Details

This Mainline IPO comprises a wholly fresh issue of 23,88,88,888 Shares. The Belrise Industries IPO date is from 21 May to 23 May, 2025. The Belrise Industries IPO price is between Rs. 85 to Rs. 90 for each Share.

If you want to apply for the IPO, click to open a Demat Account

 

 

Company Financial

(Amount in Cr)

Period	31 Dec 2024	31 Mar 2024	31 Mar 2023
Total Assets	6,587.69	6,041.65	5,679.15
Total Revenue	6,064.76	7,555.67	6,620.78
PAT	245.47	352.70	356.70
Net Worth	2,577.55	2,331.92	2,038.20
Reserves & Surplus	2,252.24	2,014.43	2,024.16
Borrowings	2,599.80	2,440.98	2,271.40

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Dec 2024 (9 Months)	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	3,156.54	5,823.51	7,894.90
Net Cash Flow Investing Activities	(4,033.67)	(3,616.42)	(1,942.64)
Net Cash Flow Financing Activities	(859.68)	(1,413.36)	(5,295.26)

 

Revenue from Operations from Exports Breakdown

Revenue Breakdown from Intellectual Property

(Amount in million)

(Source RHP)

 

The Objective of the Issue

• Repayment or pre-payment in full or in part of certain outstanding borrowings availed by the Company.

• To meet corporate objectives.

 

 

Peers of Belrise Industries

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Bharat Forge Ltd.	2	20.43	58.94
UNO Minda Limited	2	15.36	62.19
Motherson Sumi Wiring India Limited	1	1.44	39.42
JBM Auto Ltd.	2	15.12	45.52
Endurance Technologies Ltd.	10	48.38	44.76
Minda Corporation Ltd.	2	9.65	51.32

 

Evaluation

The Belrise Industries Limited IPO price is Rs. 85 to Rs. 90 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs. 4.78 from the last year, the resulting P/E ratio is 18.82x.

Considering the weighted EPS of Rs. 4.67 for the last three years, the P/E ratio is 19.27x.

Accretion Pharmaceuticals IPO allotment status is available for investors.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 50.36.

Particulars	P/E Ratio (x)
Highest	62.19
Lowest	39.42
Average	50.36

In simple words, the P/E ratio of this IPO (18.82x), compared with the industry’s average P/E of 50.36x, has an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors when considered based on the average P/E ratio of the industry.

IPO's Strengths

• Experienced market leader in the high-growth segment of precision sheet metal pressing and fabrication in a large and expanding automotive component industry.

• Facilitated, innovation-driven development and process engineering capabilities.

• Vertically integrated manufacturing facilities provide a wide variety of products.

• Long-term customer relationships are created through years of cooperation and value addition.

• Overwhelmingly EV-agnostic product portfolio, strategically placed to expand in proportion to the emerging electric vehicle market in India.

IPO’s Weaknesses

• The company's major revenue is heavily reliant on a small group of key customers, e.g. the top 10 customers accounted for approximately 84.32% of total revenues in FY23. Loss or decreased business from a single one of these customers may have a detrimental effect on the financial performance of the company.

• The fortunes of the company are directly linked to the automobile industry. Any deterioration in the auto industry because of economic slowdown or waning demand for automobiles may harm the business and profitability of Belrise.

• Belrise operates internationally and exports goods. Fluctuation in currency rates, particularly the Indian Rupee against USD, Euro, etc., can be a risk to its financial stability, particularly if not hedged sufficiently.

 

Belrise Industries IPO GMP Today

Belrise Industries IPO GMP is Rs. 17 on May 17, 2025, when this information was written. With the price of Rs. 90, the Belrise Industries IPO listing price is Rs. 107 (estimated).

 

 

Belrise Industries Limited IPO Timetable (Tentative)

The Belrise IPO dates are between May 21 to May 23. With IPO allocation on May 26, refund initiation on May 27, and listing on May 28, 2025.

Events	Date
IPO Opening Date	21 May 2025
IPO Closing Date	23 May 2025
IPO Allotment Date	26 May 2025
Refund Initiation	27 May 2025
IPO Listing Date	28 May 2025

 

IPO Other Details 

The IPO with a face value of Rs. 5 per Share, offers an IPO size of 23,88,88,888 Shares (Rs. 2150 Cr) and it will be listed at BSE and NSE.

IPO Opening & Closing date	21 May 2025 to 23 May 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 85 to Rs. 90
Lot Size	166 Shares
Issue Size	23,88,88,888 Shares (Rs. 2150 Cr)
Offer for Sale	-
Fresh Issue	23,88,88,888 Shares (Rs. 2150 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Link Intime India Private Ltd.

 

Belrise Industries IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (166 Shares) amounting to Rs. 14,940 and 13 Lots (2158 Shares) for Rs. 1,94,220 respectively, while for HNI investors, the minimum Lot is 14 (2324 Shares) amounting to Rs. 2,09,160.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	66 Lots
B-HNI (Minimum)	67 Lots

IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Promoters and Management of Belrise Industries Ltd. 

• Shrikant Shankar Badve

• Supriya Shrikant Badve

• Sumedh Shrikant Badve.

Pre-Issue Promoter Shareholding	99.81%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Axis Capital Limited

• HSBC Securities & Capital Markets Pvt Ltd.

• Jefferies India Private Limited.

• SBI Capital Markets Limited.
  
  

Dividend Policy

The company has paid a dividend of Rs. 1 per Share, making a total of Rs. 20,343,447 in FY23.

 

 

Conclusion

Belrise Industries IPO looks fairly priced against industry peers, having high growth prospects in the automobile sector. The company enjoys strong financials, a broad product offering, and a strong clientele. Its exposure to a handful of big clients and automobile industry trends is a risk. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

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To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This IPO blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.