Announcement
Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 1 Oct - AGM approved authorized share capital increase to ₹550 crore, with amended Memorandum clause.
Source: Bse
Belrise Industries Limited (BELRISE)
Large CapAuto stocks · Large cap · NSE
Belrise Industries is an Indian automotive component manufacturer providing safety-critical systems like chassis, exhaust, BIW parts, and polymer components. It operates 24 facilities across 3 countries, serving 38 OEMs. The company is diversifying into Defense & Aerospace through recent acquisitions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result14 Aug, 06:56 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
56NeutralSMA20 +3.3% / mo · MACD −
Stock trend: 61
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BELRISED candles · FIT view+6.8%Latest close ₹227.20 on 2026-10-19
Bar
-1.9%
RSI
41
MACD hist
-1.36
52W pos
67%
2026-10-19O ₹231.51H ₹232.45L ₹225.32C ₹227.20Vol 11.8L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BELRISENifty AutoNifty 500
- BELRISE
- -2.9%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +2.7 pp
Chart stats
19 Oct 2026- From 52W high
- -15.3%
- 52W range position
- 67%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹56.2 Cr
- 20D price channel
- ₹225 - ₹254.3
₹268.2
₹142.6 - ₹268.2
₹7.9
Latest completed session
20-session average
33.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad22
Revenue +12.6% · PAT +8.9% YoY
Technical
Neutral56
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 22/100margin compression · Rev +13% YoY · PAT +9% YoY
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,546 Cr | +12.6% | -0.3% |
| EBITDA | ₹293 Cr | +4.3% | +1.0% |
| Operating margin | 12.0% | +0 bps | +100 bps |
| PAT | ₹122 Cr | +8.9% | -6.2% |
| PAT margin | 4.8% | -16 bps | -30 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 44.10
- P/B
- 3.95
- EV/EBITDA
- 15.62
- Market Cap
- 22486.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 14.50%
- ROA
- 5.93%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.29
- Interest Coverage
- 5.89×
- Altman Z
- 6.66
- Book Value
- 58.70
Cash Flow
- FCF Yield
- 1.78%
- FCF Positive Y
- 3/5
- OCF
- 876.00 Cr
- EPS TTM
- 5.69
Shareholding
- Promoter Hold
- 61.14%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,509+14.7% vs prev
Net Profit
₹ CrLatest: 497+40.0% vs prev
Return on Equity
%Latest: 112+2.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 41. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.2% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 59% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
90
RS percentile
Stage 1 Base / Transition
1M return
-5.4%
3M return
-2.9%
6M return
+2.3%
1Y return
+52.4%
RS 1D
-1
RS 20D
+5
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is within 0.7% of the 30-week proxy.
- The 30-week proxy changed +3.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 148.67-0.84%
RS vs Nifty 500149
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth11/25
Quality3/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -3.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
44.1
PB
4.0
EV/EBITDA
15.6
ROE
12.6%
ROCE
14.5%
FCF Yield
1.8%
Debt/Equity
0.3
MoS
-3.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-3.6%
Previous: -3.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
31
31
31
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹86.69
-162.1% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹219.35
-3.6% MoS
PEG
2.90
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BALKRISIND
Large
Balkrishna Industries Limited
Auto Components
match 140
29
28.2
9.7%
-352%
OVERVALUED
ASAHIINDIA
Large
Asahi India Glass Limited
Auto Components
match 139
33
53.1
10.3%
-39%
WATCHLIST
ZFCVINDIA
Large
ZF Commercial Vehicle Control Systems India Limited
Auto Components
match 138
43
48.6
14.6%
-8%
WATCHLIST
MSUMI
Large
Motherson Sumi Wiring India Limited
Auto Components
match 138
54
37.4
32.4%
-19%
FAIR VALUE
GABRIEL
Large
Gabriel India Limited
Auto Components
match 137
50
71.3
20.2%
-68%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:38:54.055Z
Management commentary snapshot
FY26 revenue from operations grew 14.7% YoY to INR 95,091 Mn, with Adjusted PAT up 41.2% YoY to INR 5,020 Mn. Q4 FY26 revenue increased 12.2% YoY, and Adjusted PAT rose 17.2% YoY, despite a slight decline in EBITDA margins.
Belrise demonstrates robust top-line and bottom-line growth, supported by strategic acquisitions and diversification into new verticals like Defense & Aerospace. The significant improvement in Net Debt/Equity is positive. However, the slight compression in EBITDA margins in Q4 and FY26 warrants close monitoring.
Current business mix
Manufacturing Revenue by Vehicle Type (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
2W + 3W82.0%
4W Passenger8.3%
4W Commercial5.2%
Others4.5%
Growth engines
Deepening Presence in 2W Segment
Initiated trials for a leading 2W OEM in Haridwar. Won orders for brownfield projects in Bangalore (fast-growing 2W & 3W OEM) and Bhiwadi (large Japanese 2W OEM).
Building Proprietary & Premium Products
Commenced development of the chassis system for an ultra-premium 650cc bike for an Italian OEM as a single source supplier.
Expanding in 4W and Commercial Vehicle Segments
Expanded order book at H-One Greater Noida plant for an upcoming EV model for a large Japanese 4W OEM. Aims to grow 4W/CV segment revenue by 40-45% in FY27.
Transitioning to Tier-0.5 System Supplier
Selected to fabricate a complete chassis system and provide a fully finished assembly for a 100-cc model for a Top Indian 2W & 3W Company.
Capacity and execution
Haridwar - 1 Facility
Trial parts dispatched to largest two-wheeler OEM customer. Start of Production (SOP): Q4 FY26.
Lille, France - 1 Facility
First facility outside India, serving global aircraft OEMs. Key products include aerostructure and aero-engine parts. SOP: Q4 FY26.
Bangalore – 1 (Brownfield) Facility
Serving a fast-growing 2W & 3W OEM for highest selling models. Key products: exhaust system and fuel tank. SOP: Q2 FY27.
Bhiwadi – 2 (Brownfield) Facility
Serving a large Japanese 2W OEM for highest selling models. Key products: exhaust systems and BIW parts. SOP: Q4 FY27.
Tailwinds
Premiumisation in 2W Industry
Share of >=125cc motorcycles increased from 38% in FY19 to 52% in FY24, indicating a shift towards higher-value products.
OEM Preference for Multi-Product Vendors
OEMs prefer multi-product vendors due to consistent quality standards and access to a rationalized supply chain network.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (FY26) results provide a comprehensive view of full-year performance and strategic impact, while Q4 results offer insight into recent operational momentum and margin trends. Given the auto ancillary sector's seasonality, YoY comparison is crucial for quarterly performance.
Sector KPIs management disclosed
Manufacturing Revenue Growth
Manufacturing Revenue increased by 21% YoY in Q4 FY26 to INR 21,763 Mn and by 17% YoY in FY26 to INR 77,346 Mn.
Exports Contribution
Exports contributed 5.1% to Manufacturing Revenue in Q4 FY26.
Content Per Vehicle (CPV) Increase
Acquisition of H-One India increased CPV by INR 15,000 in 4W. Acquisition of MagFilters increased CPV by INR 1,000 in 4W.
EV Exposure
Chennai-3 facility serves the EV portfolio of a large 2W OEM. H-One Greater Noida plant expanded order book for an upcoming EV model for a large Japanese 4W OEM.
Management forward view
Winning in Core Business
Accelerating penetration with existing customers and onboarding new, marquee customers.
Creating New Verticals
Building momentum in Steering Columns (4 customers), High-Tensile Products (4 customers), and Suspensions (4 customers).
Defense & Aerospace Pivot
Acquired two facilities outside India, entering supply chains of world's largest Aircraft & Space OEM, a Leading Combat Aircraft OEM, and a Leading French Aircraft Engine OEM.
Simplifying Corporate Structure
Materially reducing Related Party Transactions (RPTs) with the merger transaction executed at close to book value.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Manufacturing Revenue Growth | +17% YoY (FY26) | Sustained double-digit growth, indicating continued market share gains and successful new product introductions. |
| EBITDA Margin | 12.1% (FY26), down 20 bps YoY | Stabilization and improvement in margins, especially given the focus on proprietary and premium products. |
| Net Debt/Equity | 0.11x (FY26) | Efficient capital allocation for growth initiatives while maintaining a healthy balance sheet. |
| New Facility SOPs and Ramp-up | Several facilities with SOPs in Q4 FY26, Q2 FY27, Q4 FY27 | Timely commissioning and successful ramp-up of new capacities, particularly in Defense & Aerospace. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 63rd percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
42 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Auto: 63rd pctile, median 74 · Large: 62nd pctile, median 73
Evidence depth
Financial-only
42 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 61.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 5.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Belrise Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 1 Oct - Shareholders approved joint statutory auditors for 5 years from 30 September 2026 AGM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Sep - The Belrise Industries Limited has submitted to the exchange copy of newspaper publication for giving Notice of 30th (Thirtieth) Annual General Meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Company has intimated to the exchange regarding attending investors conference meeting.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 17 Jul - Belrise closed QIP on July 17, 2026, allocating 7,72,72,727 shares at ₹220 each.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 14 Jul - Belrise opens QIP on July 14, 2026; floor price set at ₹230.79 per share.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Allotment 17 Jul - Belrise allotted 77,272,727 shares via QIP at ₹220, raising ₹17,000 million on July 17, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 4 Jul - BSE and NSE issued no-adverse-observation letters for Belrise's merger scheme on July 3, 2026.
Source: Bse
Announcement
Announcement Under Regulation 30 And 33 Of The Listing Regulation. 14 Jul - Belrise Industries submitted audited consolidated FY26 results and auditor’s report, pending shareholder approval at AGM.
Source: Bse
Announcement
Announcement Under Regulation 30 30 Jun - Belrise issued EUR 2.75 million corporate guarantee for subsidiary Belrise Defence's EUR 2.5 million ECB facility.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.