Belrise eyes four-wheeler, CV push ahead of ₹2,150-cr IPO on May 21

Belrise Industries, dominant in two-wheeler components, plans to expand into CVs and four-wheelers as it raises ₹2,150 crore through an IPO opening on May 21

Auto component manufacturer Belrise Industries, which currently derives a large share of its business from the two-wheeler segment, is preparing to diversify aggressively into the four-wheeler and commercial vehicle (CV) space, ahead of its ₹2,150 crore initial public offering (IPO) set to open on 21 May.

 

The company, which offers a wide range of products including chassis systems, exhausts, and polymer components, plans to set up three new manufacturing plants in Chennai (Tamil Nadu), Pune (Maharashtra), and Bhiwadi (Rajasthan). Of these, the Chennai facility will serve as a key hub, catering to a wide range of OEMs such as Royal Enfield and Ashok Leyland, along with two-wheeler manufacturers, EV start-ups, and commercial vehicle makers.

 

Currently, Belrise holds a 24 per cent market share in the metal component two-wheeler segment, supplying to OEMs like Bajaj Auto, Hero MotoCorp, and Honda. However, its share in the four-wheeler and CV segments remains low. The company now aims to bridge this gap through deeper integration with existing OEM partners and by expanding its product scope. While the specific capacities or investment details of these upcoming facilities were not disclosed, they are expected to support the company’s ability to cater to a wider range of vehicle segments.

 

While electric vehicles (EVs) remain an important part of its future roadmap, Belrise’s products are largely agnostic to powertrain types, allowing the company to cater to both ICE and EV markets. It also sees a rising opportunity in CNG-powered vehicles, especially in the CV and small car segments.

 

Exports, which currently account for a small share of revenue and are limited to markets like the UK, Austria, and Slovakia, are also expected to grow. “We are a single-source supplier to several European OEMs,” said Swastik Badve, Chief of Staff, Belrise Industries. The company added that it is exploring global acquisitions, particularly in Europe and North America, to accelerate international expansion, although it has no current exposure to the US market and is therefore unaffected by recent tariff hikes.

 

To deepen its technological capabilities, Belrise has acquired H-One India, the Indian arm of Japanese player H-One Co. This move gives it access to high-tensile metal component manufacturing—critical for lightweighting and safety compliance. It also strengthens Belrise’s ties with Japanese OEMs, further aiding export visibility.

 

“With high-tensile manufacturing, we can use thinner metal sheets while increasing strength—critical for global safety norms,” said Sumedh Badve, General Manager (Head – Strategy), Belrise Industries.

 

In the EV space, Belrise is localising powertrain components such as motors, motor controllers, battery systems, and battery management systems (BMS), in partnership with a Chinese manufacturer. It is deliberately taking a conservative and modular approach, scaling up from two- and three-wheelers to heavier electric formats.

 

Financially, the company appears IPO-ready. Revenue from operations grew 13.7 per cent year-on-year to ₹7,484 crore in FY24, while profit after tax stood at ₹311 crore. For the nine months ending December 2024, the company reported revenue of ₹6,013 crore and PAT of ₹245 crore. Belrise’s net debt to EBITDA ratio has also improved, dropping below 1x from 1.5x a year ago.

 

The IPO, an entirely fresh issue, will be open from 21 to 23 May, with a price band of ₹85–90 per share. Proceeds of ₹1,618 crore will be used primarily for debt repayment and general corporate purposes. Book-running lead managers include Axis Capital, HSBC, Jefferies, and SBI Capital Markets.