Belrise Industries, an auto components manufacturer based in Maharashtra, India, hit a record high of ₹115 on July 9, 2025. The stock gained over 28% since its May 28 listing. Global brokerage Jefferies initiated coverage with a ‘Buy’ rating, citing a 17% upside potential and strong earnings outlook over FY25–28.
Auto components manufacturer Belrise Industries, headquartered in Maharashtra, India, witnessed a sharp surge in its stock price on July 9 as shares touched an all-time high of ₹115. This marks a 28% gain since its listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on May 28, 2025.
The company, which debuted with a premium listing — ₹100 on NSE and ₹98.50 on BSE over its issue price of ₹90 — has continued to attract investor attention despite a largely flat broader market. On July 9, 2025, its shares opened at ₹113.20 and reached ₹115 in intraday trading, outperforming benchmarks like the Sensex, which hovered around 83,709.
Jefferies Bullish on Growth and Valuation
In a report dated July 7, 2025, global brokerage Jefferies initiated coverage on Belrise Industries with a ‘Buy’ rating and a target price of ₹135, implying a further upside of more than 17% from the current levels.
Jefferies cited Belrise’s strong fundamentals and attractive valuation, with expectations of a 12% revenue CAGR between FY25 and FY28. The brokerage highlighted growth drivers such as rising demand for two-wheelers (2W), industry premiumisation, expanding content per vehicle, and a growing footprint in four-wheelers and exports.
Additionally, Jefferies projects 12% EBITDA CAGR and 18% EPS CAGR over the same period. The firm also expects balance sheet strengthening through deleveraging.
Attractive PEG Ratio and Risk Factors
According to Jefferies, most Indian auto component peers are trading at an average PEG ratio of 1.8x, while Belrise’s stands at 0.8x — making it relatively undervalued. The stock’s FY26 PE ratio of 18x is seen as attractive, given its robust growth outlook.
However, the report noted potential risks, including lower-than-expected two-wheeler demand, high reliance on its top customer (believed to be Bajaj Auto), and group-related transactions. Related-party sales and purchases constituted 26% and 29% of its 9MFY25 revenues, respectively.
A simplification of the group structure, Jefferies noted, could unlock further value and improve transparency.
