Belrise Industries Ltd. is a Tier-1 Automotive OEM Manufacturing Group in India with a turnover of INR 7484.2 CR. They specialize in Automotive Systems for the Two-wheeler, Three-wheeler and Four-wheeler Passenger and Commercial vehicle niche. Their Product Protfolio is diversified across Metal Processing, Polymer Processing, Surface Treatment, Mirror Systems, Suspension Systems, Foundry, Home Appliances, Security Hardware, E-mobility and Flouriculture respectively.

Belrise Industries, an Book Built Issue Issue amounting to ₹ 2,150.00 Crores, consisting entirely an Fresh Issue of 2,388.88 Lakh Shares. The subscription period for the Belrise Industries IPO opens on May 21, 2025, and closes on May 23, 2025. The allotment is expected to be finalized on or about Monday, May 26, 2025, and the shares will be listed on the NSE & BSE with a tentative listing date set on or about Wednesday, May 28, 2025.

The Share Price Band of Belrise Industries IPO is set at ₹ 85 to ₹ 90 per equity share. The Market Capitalisation of the Belrise Industries Limited at IPO price of ₹ 90 per equity share will be ₹ 8,008.91 Crores. The lot size of the IPO is 166 shares. Retail investors are required to invest a minimum of ₹ 14,940, while the minimum investment for High-Net-Worth Individuals (HNIs) is 14 lots (2,324 shares), amounting to ₹ 2,09,160.

Axis Capital Limited, HSBC Securities and Capital Markets, Jefferies India Private Limited and SBI Capital Markets Limited are the book running lead manager of the Belrise Industries IPO, while MUFG Intime India Private Limited is the registrar for the issue. 

Belrise Industries Limited IPO GMP Today
The Grey Market Premium of Belrise Industries Limited IPO is expected to be ₹ 9 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only

Belrise Industries Limited IPO Live Subscription Status Today: Real-Time Update
As of 07:00 PM on 23 May, 2025, the Belrise Industries Limited IPO live subscription status shows that the IPO subscribed 41.30 times on its Final day of subscription period. Check the Belrise Industries IPO Live Subscription Status Today at BSE.

Belrise Industries IPO Anchor Investors Report
Belrise Industries has raised ₹ 644.99 Crores from Anchor Investors at a price of ₹ 90 per shares in consultation of the Book Running Lead Managers. The company allocated 7,16,66,665 equity shares to the Anchor Investors. Check Full List of Belrise Industries Anchor Investor List.

Note:- Equity Shares allotted to Anchor Investors (if any) are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band in case of Book Building Issue, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion

Belrise Industries Limited Day Wise IPO GMP Trend

Date	IPO Price	Expected Listing Price	GMP	Last Updated
18 May 2025	₹ 90	₹ 99	₹ 9 (11.11%)	07:00 PM; 18 May 2025

Belrise Industries Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Belrise Industries IPO allotment date is 26 May, 2025, Monday. Belrise Industries IPO Allotment will be out on 26th May, 2025 and will be live on Registrar Website from the allotment date. Check Belrise Industries IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Belrise Industries Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Belrise Industries Limited IPO
Belrise Industries proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 16,181.27 Million is required for Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company; and
2. General corporate purposes

Refer to Belrise Industries Limited RHP for more details about the Company.

Check latest IPO Review & analysis, Live IPO GMP today, Live IPO Subscription Status Today, Share Price, Financial Information and other details before applying in the IPO.

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About Belrise Industries Limited

Business Overview

Belrise Industries is an India-based automotive component manufacturing company offering a wide range of safety-critical systems and engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles. The product portfolio includes metal chassis systems, polymer components, suspension systems, body-in-white parts, and exhaust systems, designed to be agnostic to vehicle powertrain types, serving both electric and internal combustion engine vehicles.

A key specialization lies in precision sheet metal pressing and fabrication, serving as a top-three player with a 24% market share in the Indian two-wheeler metal components segment as of March 31, 2024. The global two-wheeler metal components market, valued at ₹1,453.85 billion in 2023, is projected to reach ₹1,767.28 billion by 2029. Belrise also serves three-wheeler and four-wheeler segments, with the Indian three-wheeler industry expected to grow at a 5–7% CAGR and the four-wheeler industry projected to grow at a 4.5–6.5% CAGR (passenger vehicles) and 3–5% CAGR (commercial vehicles) between 2024 and 2029.

The company operates 17 manufacturing facilities across 10 cities in nine Indian states, following the acquisition of H-One India Private Limited in March 2025, and has scaled up via backward and forward integration. Operations include polymer manufacturing, suspension systems, coating, and painting, with a growing focus on value-added components per vehicle and a just-in-time inventory model to enhance OEM supply efficiency.

The product portfolio consists of 1,000+ distinct components including battery containers, steering columns, and chassis systems, catering to 29 OEMs globally such as Bajaj Auto, Honda Motorcycle & Scooter India, Hero MotoCorp, Jaguar Land Rover, and Royal Enfield. International presence spans Austria, Slovakia, the UK, Japan, and Thailand.

Belrise has received 31 quality awards from customers and global audit organizations and initiated the Belrise Annual Vendor Conference to enhance supply chain collaboration. In addition to manufacturing, the company is involved in overseas trading of metals, lithium-ion batteries, and electronics, providing insights into commodity trends and expanding reach in the Middle East and Asia Pacific.

Their operations are labour intensive and the Company employ a large workforce comprising 2,144 full-time employees and 5,649 employees on a contractual basis, as of December 31, 2024. The Bankers to the Company are Bank of Bahrain and Kuwait B.S.C, Bank of India, Indian Overseas Bank, IndusInd Bank Limited, Saraswat Co-operative Bank Limited, Central Bank of India, Bank of Maharashtra, CSB Bank Ltd, Indian Bank, Punjab National Bank, Union Bank of India, Hero Fincorp Limited, State Bank of India, IFB Mumbai Branch, Karnataka Bank, SVC Cooperative Bank, Bandhan Bank Limited, Bank of Baroda, Punjab & Sind Bank and Cosmos Co-operative Bank Limited.

Industry Analysis

Review of the Indian Two-Wheeler Industry

India: World’s Largest Two-Wheeler Market

India remains the world's largest motorised two-wheeler market by volume, registering 18.4 million units sold in FY24. Two-wheelers dominate the Indian automotive landscape, accounting for a massive 73% share of total auto sales volume, far ahead of passenger vehicles (16.7%).

Why Two-Wheelers Rule India’s Roads

Two-wheelers continue to be the vehicle of choice for daily commutes, primarily due to:

• Affordable acquisition cost

• High fuel efficiency

• Low maintenance

• Ease in traffic navigation and parking

• Adaptability to rural and rugged terrains

FY24 Growth Drivers

The 2W industry grew 13% in FY24, supported by:

• Improved macroeconomic conditions

• Rural demand recovery

• Strong traction in scooters and premium ≥125cc motorcycles

• Sustained electric 2W demand despite FAME subsidy cuts

• Revival in ≤110cc motorcycles segment

• Increased financing support from lenders

FY25 Performance So Far

During Apr-Dec FY25, the industry recorded 15.3 million unit sales, showing 11% YoY growth over the same period in FY24. This growth was powered by:

• Rural market revival (backed by strong crop prices and income recovery)

• Urban-led scooter demand

• Pent-up replacement demand

Rise of Electrification in Two-Wheelers

The EV Shift

From FY19 to FY24:

• ICE 2W sales contracted at -3.7% CAGR

• EV 2W sales skyrocketed at 101.7% CAGR

EV penetration reached 5.5% by Apr-Dec FY25 with 0.84 million EV 2Ws sold during that period.

Segment-Wise Sales Trends

Scooters are gaining ground across rural and urban areas, while motorcycles have seen a gradual share decline.

Key Demand Drivers and Structural Trends

• Income levels and affordability

• Demographics and rural-urban preferences

• Vehicle financing penetration and interest rates

• Government incentives and regulations

India had 175 2Ws per 1000 people as of CY2020, well behind Indonesia (455), Thailand (309), and Sri Lanka (271) — signaling room for further growth.

Industry Outlook: FY2025E–FY2031

Overall Industry Growth

• Expected CAGR: 6–8%

• Forecast volumes by FY31: 29–30 million units

Segment-wise Growth Projections:

• EV 2Ws: 40–42% CAGR

• ICE 2Ws: 1–3% CAGR

• EV penetration: Expected to reach 33–37% of 2W sales by FY31

Future Growth Drivers:

• Electrification and EV portfolio expansion

• CNG two-wheelers for lower operational cost

• Shrinking replacement cycles

• Continued OEM R&D and tech upgrades

Review of the Indian Three-Wheeler Industry

India is also the world’s largest 3W market, with 0.75 million domestic units sold in FY24, contributing to ~2% of total auto sales volume.

FY24 Highlights

• 55% YoY growth, led by a rebound in Passenger Vehicle (PV) segment (81% of 3W sales).

• Cargo/Goods Vehicle (GV) share: 19%

Post-Pandemic Recovery

• Sharp decline in FY21 due to COVID-19 and BS-VI transition

• Recovery led by rising shared mobility demand and urban logistics

Electrification in Three-Wheelers

E-3W Momentum

• E-3W sales (esp. e-rickshaws) serve last-mile connectivity needs

• EV penetration in 3Ws grew from 0.1% in FY19 to 16% in FY24, and over 20% in H1 FY25

• Supported by:

  • FAME incentives

  • Fuel price concerns

  • Private and public sector EV adoption

  • Growing infra and OEM participation

E-Auto Boom

• 160% CAGR in retail E-auto sales between FY19 and FY24

• ICE 3W segment declined at a -4% CAGR during the same period

Summary: What Lies Ahead

• Two-Wheelers: Will continue to dominate India’s roadscape, with scooters and EVs driving incremental growth.

• Three-Wheelers: Will see rapid electrification and cargo demand, especially in urban ecosystems.

• EV Transition: A robust roadmap with strong government, consumer, and OEM backing for two and three-wheelers.

Business Strengths

1. Market Leadership in Precision Sheet Metal for Two-Wheelers
Belrise Industries holds a 24% revenue-based market share in India’s two-wheeler metal components segment (as of March 31, 2024), ranking among the top three players. The segment is projected to grow at an 11–13% CAGR through FY2030. Strategic geographic diversification, scale economies, and access to multiple component markets mitigate customer and regional risks. Globally, the two-wheeler metal components market is expected to grow from ₹1,453.85 billion in 2023 to ₹1,767.28 billion by 2029 at a 3.29% CAGR.

2. High Entry Barriers and Strategic Manufacturing Proximity
Extensive product validation requirements create significant entry barriers for new players in the automotive components space. Belrise’s manufacturing units are strategically located near client sites, enabling close collaboration on design, engineering, and production tailored to specific customer needs.

3. Advanced, Tech-Enabled Manufacturing Capabilities
Belrise integrates IoT, real-time monitoring, and customized machines to enhance quality and productivity. Advanced features like centralized monitoring, cathodic electro-deposition, and 'poka-yoke' mistake-proofing mechanisms support high manufacturing efficiency and quality control.

4. Vertically Integrated Operations with Diverse Product Offerings
Manufacturing capabilities span backward integration (tool making, press operations) and forward integration (system assembly, coating). Product diversification includes polymer components and suspension systems, increasing value per vehicle and reducing supply chain dependencies.

5. Strong OEM Relationships and Global Client Base
Long-term partnerships with 29 global OEMs strengthen market position. The top three clients contributed significantly to revenue, accounting for 33.58% in the nine months ended December 31, 2024. Multi-product capability enhances appeal to OEMs seeking streamlined, quality-assured supply chains.

6. EV-Agnostic Portfolio with Rising Electric Vehicle Revenue
A significant portion of products cater to both EVs and internal combustion engines. In FY24, 56% of operational revenue came from such dual-compatible components. EV-specific product revenue grew at a 24.60% CAGR from FY22 to FY24, reflecting strong alignment with India’s EV growth trajectory.

7. Leadership with Industry Expertise
The company is guided by first-generation promoters and a seasoned management team with deep domain expertise and a solid record of performance in the automotive sector

Business Strategies

1. Increase Content Per Vehicle
Focus on enhancing wallet share and profit margins by offering high-value, complex products and integrated systems to boost content per vehicle supplied to OEMs.

2. Develop Proprietary, IP-Protected Products
Expand design, development, and testing capabilities to build a portfolio of proprietary products with intellectual property protection, enabling higher margins and stronger entry barriers. Recently introduced patented suspensions and high-precision steering columns to leading two- and three-wheeler OEMs.

3. Diversify OEM Customer Base
Strengthen presence across two-wheeler, four-wheeler, and commercial vehicle segments. Expand relationships with multinational tier-1 suppliers, particularly in Europe and North America, and target Japanese and Korean OEMs. Leverage recent acquisition of a Delhi-based plastic moulding company to deepen engagement with Japanese OEMs and enter proprietary plastic components.

4. Expand Aftermarket and Export Footprint
Tap into projected growth in automotive component exports and aftermarket demand through both organic expansion and acquisitions. Plans include launching new product lines such as polymer components and helmets, and expanding the domestic distribution network to over 150 points within two years.

Business Risk Factors and Concerns

1. Regional Risk Due to Facility Concentration in Maharashtra
Seven out of 17 manufacturing facilities are located in Maharashtra, exposing operations to regional disruptions such as natural disasters, infrastructure issues, and regulatory changes. Any interruption in these facilities could impact manufacturing timelines, cost efficiency, and customer proximity, thereby affecting operations and financial performance.

2. High Revenue Dependence on Top Customers
Revenue from the top 10 customers accounted for a significant portion of total revenue—63.82% for the nine months ended December 31, 2024. Dependence on a few key OEM customers exposes the company to risks stemming from changes in their financial health, demand patterns, or purchasing behavior.

3. Reliance on Non-Binding Customer Contracts
Most contracts with OEMs are requirement-based and governed by purchase orders rather than firm commitments. These orders can be amended or canceled, potentially disrupting production schedules and adversely impacting revenue.

4. Significant Exposure to the Two-Wheeler Segment
A large portion of revenue is derived from components for two-wheeler vehicles—64.56% for the nine months ended December 31, 2024. Any drop in demand for two-wheelers or unfavorable market dynamics in this segment could affect earnings and growth.

5. Impact of Shift Toward Electric Vehicles
A portion of revenue is linked to components for internal combustion engine (ICE) vehicles, such as exhaust systems. The global shift toward electric vehicles (EVs) could reduce demand for ICE-related products, potentially leading to revenue decline.

Belrise Industries faces key risks from geographic concentration of facilities, revenue dependence on a few major customers, reliance on non-binding OEM contracts, overexposure to the two-wheeler market, and vulnerability to the global shift from ICE vehicles to electric vehicles. These factors could adversely impact business continuity, revenue stability, and future growth.