Target: ₹215
CMP: ₹167.60
Belrise Industries (BIL) is a leading supplier of metal components in the two-wheeler (2W) segment. The total addressable market (TAM) for 2W metal products in India is projected to grow from ₹19,700-19,900 crore in FY25E to ₹34,800 crore by FY30P, reflecting a CAGR of 11–13 per cent.
The three-wheeler (3W) metal products market is also expected to nearly double during the same period, expanding from ₹1,500– 1,700 crore to ₹2,700-2,900 crore. BIL is well-positioned to benefit from this growth, supported by increasing content per vehicle (CPV) and strong relationships with OEMs.
We expect BIL to deliver a CAGR of 13/14/29 per cent in revenue/EBITDA/PAT over FY25–28E, driven by higher CPV in 2Ws due to premiumisation and deeper customer penetration, expansion in 4Ws (PV+CV) and balance sheet deleveraging. Adjusted PAT is projected to outperform revenue growth, registering a CAGR of 31 per cent for standalone and 29 per cent for consolidated, supported by lower interest costs. This includes savings of ₹144 crore over 12 months following loan repayment from ₹1,600 crore IPO proceeds.
Accordingly, we initiate coverage on BIL with a Buy rating and a TP of ₹215, based on 25x FY28E P/E. BIL is trading at ~19x our FY28E EPS, compared to the peer average of 27x FY28E P/E.
Published on November 28, 2025
