JM Financial initiates coverage on India's Belrise Industries with 'buy'

Belrise Industries

28/11/2025 06:21

** JM Financial initiates coverage on India's Belrise Industries BELR.NS with 'buy', sets price target at 215 rupees

** PT implies a ~28% upside to newly listed co's stock price

** Brokerage says, the auto component manufacturer has significantly outperformed the industry with revenue CAGR of 11.5% over FY16-FY25 vs 1.4% CAGR for domestic two-wheeler industry

** Adds, growth led by deeper client penetration and new product launches

** Says, co aims to double its presence in the four-wheeler market, which makes 11.7% of its revenue, in the next 2- 2.5 years

** ~73% of Belrise's product offerings remain technically relevant and economically necessary across both gas vehicles and EVs, brokerage adds

** On the day, BELR largely flat at 168.35 rupees

** Stock price has risen ~68% since trading debut on May 28

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))