The brokerage expects Belrise to deliver a compound annual growth rate (CAGR) of 12% in revenue and 18% in earnings per share (EPS) over FY25-FY28. It also expects a sharp improvement in the balance sheet, estimating a shift from net debt of ₹2,800 crore in FY25 to net cash of ₹600 crore by FY28.
Jefferies mentioned that the stock’s current valuation of 18x FY26 estimated price-to-earnings (P/E) is attractive, adding that a simplified corporate structure could unlock further value.Key growth drivers, according to the brokerage, include rising demand for two-wheelers, ongoing premiumisation, higher content per vehicle, and expansion in four-wheeler and export markets.
Belrise Industries made its stock market debut on May 28, 2025. The company manufactures automotive components and safety-critical systems for a wide range of vehicles, including two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles.
Its client base features major auto players such as Bajaj Auto, Honda, Hero MotoCorp, Jaguar Land Rover, Royal Enfield, VE Commercial Vehicles, Tata Motors, and Mahindra & Mahindra.
On the financial front, the company’s net profit for the nine months ended December 2024 declined 17.5% year-on-year to ₹245.5 crore, while revenue inched up 0.9% to ₹6,013 crore over the same period.
