Multibagger in making? Belrise shares up 87% over IPO price; JM sees 28% further upside
JM Financial said 73 per cent of Belrise's product offerings remain technically relevant and economically necessary across both ICE and EV platforms.
- Nov 28, 2025,
- Updated Nov 28, 2025 8:52 AM IST
Shares of Belrise Industries Ltd have surged 87 per cent over its IPO issue price of Rs 90 apiece within six months. But JM Financial believes the stock's valuations are comfortable as there are multiple growth levers in place, including rising content per vehicle in two-wheelers and expanding presence in four-wheeler metal components. It even sees potential for value unlocking, as the brokerage suggested a target price of Rs 215 on the stock. The target suggests 28.39 per cent upside over Thursday's closing price of Rs 167.45, and 138.88 per cent rise over the IPO price, making the stock multibagger within a short span.
JM said 73 per cent of Belrise's product offerings remain technically relevant and economically necessary across both ICE and EV platforms. Further, Belrise has been adding products that are focused on EV such as hub motors, motor controllers, chargers, and lightweight structural parts, it noted.
"We expect Belrise Industries to deliver a CAGR of 13 per cent/14 per cent/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. Accordingly, we initiate coverage on BIL with a BUY rating and a target of Rs 215, based on 25 times FY28E P/E," JM Financial said.
Belrise Industries is trading at 19 times JM's FY28 EPS estimates, compared to the peer average of 27 times FY28 EPS. "Belrise Industries has significantly outperformed the industry (revenue CAGR of 11.5 per cent over FY16–25, compared to just 1.4 per cent for the domestic 2W industry) driven by deeper client penetration and new product launches, leading to a steady rise in CPV, currently at Rs 12,500 and expected to reach Rs 17,300 (1.4 times) over the medium term," JM said.
JM said Belrise derives 11.7 per cent of its manufacturing revenue (FY25) from the four-wheeler (PV and LCV) segment and aims to double it over the next 2–2.5 years. The Indian 4W (PV+LCV) metal products segment is estimated at Rs 56,600 crore in FY25 and is projected to grow at a CAGR of 9 per cent to Rs 87,700 crore by FY30E, approximately 2.5 times larger than the 2W components market, offering a significantly broader growth opportunity.
Beisdes, "BIL’s trading business, contributing 21 per cent of revenue via Badve Trading FZE, has lower margin (6 per cent vs 14 per cent in manufacturing). A potential hive-off could unlock value. BIL is also simplifying its related-party structure to enhance governance and unlock investor value," JM said.
Shares of Belrise Industries Ltd have surged 87 per cent over its IPO issue price of Rs 90 apiece within six months. But JM Financial believes the stock's valuations are comfortable as there are multiple growth levers in place, including rising content per vehicle in two-wheelers and expanding presence in four-wheeler metal components. It even sees potential for value unlocking, as the brokerage suggested a target price of Rs 215 on the stock. The target suggests 28.39 per cent upside over Thursday's closing price of Rs 167.45, and 138.88 per cent rise over the IPO price, making the stock multibagger within a short span.
JM said 73 per cent of Belrise's product offerings remain technically relevant and economically necessary across both ICE and EV platforms. Further, Belrise has been adding products that are focused on EV such as hub motors, motor controllers, chargers, and lightweight structural parts, it noted.
"We expect Belrise Industries to deliver a CAGR of 13 per cent/14 per cent/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. Accordingly, we initiate coverage on BIL with a BUY rating and a target of Rs 215, based on 25 times FY28E P/E," JM Financial said.
Belrise Industries is trading at 19 times JM's FY28 EPS estimates, compared to the peer average of 27 times FY28 EPS. "Belrise Industries has significantly outperformed the industry (revenue CAGR of 11.5 per cent over FY16–25, compared to just 1.4 per cent for the domestic 2W industry) driven by deeper client penetration and new product launches, leading to a steady rise in CPV, currently at Rs 12,500 and expected to reach Rs 17,300 (1.4 times) over the medium term," JM said.
JM said Belrise derives 11.7 per cent of its manufacturing revenue (FY25) from the four-wheeler (PV and LCV) segment and aims to double it over the next 2–2.5 years. The Indian 4W (PV+LCV) metal products segment is estimated at Rs 56,600 crore in FY25 and is projected to grow at a CAGR of 9 per cent to Rs 87,700 crore by FY30E, approximately 2.5 times larger than the 2W components market, offering a significantly broader growth opportunity.
Beisdes, "BIL’s trading business, contributing 21 per cent of revenue via Badve Trading FZE, has lower margin (6 per cent vs 14 per cent in manufacturing). A potential hive-off could unlock value. BIL is also simplifying its related-party structure to enhance governance and unlock investor value," JM said.