Belrise Industries Ltd, a manufacturer of auto components, plans to set up three new manufacturing facilities in India as part of its expansion into the electric vehicle (EV) segment. Two plants in Chennai will focus on producing metal components, while a third facility in Pune will manufacture hub motors and chargers. The Pune unit is scheduled to begin operations in the first quarter of FY26.
The company has signed a technology agreement with a Chinese hub motor manufacturer to support its entry into the EV powertrain sector. The partnership aims to develop localized hub motor solutions suited to Indian conditions and pricing structures.
Belrise is targeting an increase in its content per electric two-wheeler from the current 10–15% to 20–25%. The company’s expansion plan includes proprietary components such as motors, motor controllers, and chargers, alongside potential joint ventures with EV component manufacturers.
In FY24, Belrise reported revenue from operations of INR 74.84 billion, up from INR 65.83 billion in FY23 and INR 53.97 billion in FY22, reflecting a two-year compound annual growth rate (CAGR) of 17.76%. Exports accounted for INR 2.63 billion in FY24, or 3.51% of total revenue, down from INR 2.86 billion in FY23. EBITDA margin for FY24 stood at 12.54%, compared to 13.64% in FY23 and 14.15% in FY22. Return on Average Capital Employed (RoACE) for FY24 was 14.83%.
To support its growth strategy and reduce debt, Belrise is launching an Initial Public Offering (IPO) of INR 21.50 billion on May 21, 2025. The offering includes a fresh issue of equity shares with a price band of INR 85 to INR 90 per share.
Founded in 1996, Belrise operates 17 manufacturing facilities in India and supplies over 1,000 automotive components, including chassis systems, polymer parts, suspensions, and exhausts. Its customer base includes 29 original equipment manufacturers such as Bajaj Auto, Hero MotoCorp, Honda Motorcycle & Scooter India, Jaguar Land Rover, and Royal Enfield. The company exports to markets including Austria, Slovakia, the UK, Japan, and Thailand.