Belrise Industri

The company has rebranded from Badve Engineering to Belrise Industries and is integrating acquisitions like H-One India and MagFilters to consolidate operations. (1 in progress across 1 tracked commitment)

ROACE improved by 50 bps YoY to 14.4% in Q1 FY26. While not yet in the 'high teens' (typically 18%+), the trajectory is positive. (4 in progress, 1 missed across 5 tracked commitments)

The dedicated facility for M&HCV long members is expected to reach peak revenue capacity within the next two to three months. — target: INR 120 million per month

Production for new orders from two major European OEMs is scheduled to begin. — target: Production commencement

Increase direct exports to European and American OEMs leveraging existing relationship with Jaguar Land Rover.

Revenue share is currently stable but poised for significant expansion following the H-One acquisition, which provides high-tensile steel capabilities required for 5-star safety norms. (1 stable, 4 expanding)

The moat is being strengthened by transitioning from a Tier-1 component supplier to a Tier-0.5 system supplier, increasing 'stickiness' through complex sub-assemblies like full chassis systems. (5 expanding)

Exports remained stable as a percentage of manufacturing revenue at 5.8%, but the company is aggressively expanding its international footprint through the acquisition of SDM in France to enter global aerospace supply chains. (1 expanding, 4 stable)

The 2-wheeler segment remains the dominant engine but is seeing a strategic shift toward 'premium' models where chassis content value is 2.2x higher (INR 5,500 vs INR 2,500). (1 shifted, 1 expanding)

The segment remains the dominant revenue engine, though its share of manufacturing revenue slightly decreased from 86.3% to 84.8% as the company diversifies into 4W segments. (2 stable, 1 contracting, 1 expanding)

Belrise is expanding its product range into high-tech areas like steering columns and suspensions, which are proprietary (owned) designs that create long-term customer loyalty.

The merger will add a new capability to manufacture 'copper bus bars,' which are essential parts for conducting electricity in electric car batteries.

The acquisition of SDM (formerly Chester Hall Precision) is a new strategic entry into the European aerospace market, expected to generate EUR 3-4 million in FY27. (2 new trend across 2 signals, 1 leading indicator)

The company is aggressively pivoting toward the 4-wheeler and CV segments, which currently contribute 12% of revenue. Management expects this share to double to ~24% within 2 to 2.5 years based on a strong order book. (1 accelerating, 1 steady, 1 new trend across 3 signals)

The company is expanding its geographic footprint into the UK and Europe through the acquisition of a specialist aerospace machining firm.

Demand risk is easing as 2W + 3W manufacturing revenue grew 27% year-on-year to INR 15,164 Mn in Q1 FY26. (1 easing, 1 stable)

The risk is intensifying for the newly acquired H-One unit, where a major Japanese OEM customer saw volumes fall by over 40%, causing H-One's quarterly revenue to drop to INR 35 crores. (2 intensifying, 1 emerging, 2 easing)

New product lines like suspensions and steering columns have long 'gestation periods,' meaning the company must invest heavily upfront before seeing revenue returns. [EXECUTION]

Net Debt to Equity ratio has slightly increased from 0.94x in Mar-24 to 1.01x in Mar-25, indicating a marginal worsening of the leverage position, likely due to acquisition funding. (2 intensifying)

Manufacturing revenue grew 9% YoY in FY25, and the company maintains a 24% market share in 2W metal components. While the industry CAGR is low (1.4%), Belrise is outperforming through 'premiumisation' (shifting to >125cc segments). (2 easing, 2 stable)