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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Repayment of borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
General corporate purposes
Balance net proceeds for general corporate purposes.
(₹ in Crore)
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Belrise Industries Limited, incorporated in 1988, is an Indian manufacturer of automotive components including sheet metal and casting parts, polymer components, suspension systems, exhaust systems and mirror systems, serving two-wheeler, three-wheeler, four-wheeler, commercial and agricultural vehicle makers. The company operates 15 manufacturing facilities across several Indian states and supplies both electric and internal combustion vehicle platforms. The company holds roughly a quarter of the market in India's two-wheeler metal components segment and counts major original equipment manufacturers among its customers, including Bajaj, Hero, Tata Motors, Mahindra, Royal Enfield and Jaguar Land Rover. It combines in-house tool making, assembly and painting capabilities with a network of plants close to its OEM customers, supporting a just-in-time supply model. Revenue has grown steadily over the past several years as the company expanded capacity and added new product lines and customers, though profitability has faced some pressure. Its business is closely tied to vehicle production volumes in India, and the company's promoter group, led by the Badve family, retains a significant majority stake following the IPO.
Belrise Industries raised about Rs 645 crore from anchor investors at the IPO cap price of Rs 90 per share, about 30 percent of the total issue. The anchor book included investors such as BlackRock, Smallcap World Fund, Prudential Assurance Company, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Life India and Kotak Iconic Fund.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Leading two-wheeler components supplier
The company is among the top players in India's two-wheeler metal components segment with roughly a quarter market share.
Backward and forward integration
In-house tool making, assembly and painting capabilities support cost efficiency and quality control across its plants.
Proximity-based manufacturing footprint
Plants located close to major OEM customers enable agile, just-in-time supply and custom component delivery.
Broad, blue-chip OEM client base
The company supplies major manufacturers including Bajaj, Hero, Tata Motors and Jaguar Land Rover, reducing dependence on any single customer relationship.
EV and ICE agnostic products
Its component portfolio serves both electric and internal-combustion vehicle platforms, positioning it well through the industry's ongoing transition.
Geographic concentration
A large share of manufacturing plants are located in Maharashtra, exposing the business to regional disruption risk.
Customer concentration
A small number of top customers account for a large share of revenue, creating dependence on those relationships.
Raw material dependence
The business relies on a limited set of key raw materials whose prices and availability can be volatile.
Belrise Industries Limited
Cello Platina, 501 and 502, 5th Floor, F.C. Road, Shivaji Nagar, Pune 411005, Maharashtra, India
View on Maps →MUFG Intime India Private Limited
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Pricing pressure from OEMs
Competitive bidding dynamics with large vehicle makers can compress margins over time.
Regulatory compliance exposure
Operating across multiple jurisdictions carries the risk of compliance issues that could lead to penalties or disruptions.