Belrise Industries Limited primarily serves major Original Equipment Manufacturers (OEMs) in the automotive industry. Belrise Industries is a key supplier to leading domestic and international automotive manufacturers. It has wide range of vehicles (two-wheelers, three-wheelers, and four-wheeler passenger and commercial vehicles).
Their product range includes metal chassis systems, polymer components, suspension systems, body-in-white components, exhaust systems, battery containers, and steering columns. While primarily focused on the Indian market, Belrise Industries also has an export footprint in countries like the United States, Japan, the United Kingdom, and China. Belrise Industries highlights its ability to deliver customer success through agile and robust manufacturing processes, with a focus on stamping, casting, and fabrication. The company emphasizes its long-standing relationships with its OEM clients, contributing to its strong market position.
It has prestigious customer like Bajaj, Honda, Hero, Jaguar Land Rover, Royal Enfield, VE Commercial Vehicles, Tata Motors, and Mahindra etc.
Company looks cheap when compared to peers. It has named 6 peers in its RHP. Presenting some metrics on which i found this company cheap when compared to others.
Bharat forge
minda corp
uno minda
motherson sumi wiring
jbm auto
endurance tech
belrise
mcap
62,816
12,827
60,299
27,009
16,348
34,464
9,588
average operating cash flows 23-25
1,585
406
951
460
361
1,147
692
average free cash flows 23-25
261
284
(276)
299
35
117
cash flow operating fy 25
1,796
544
1,071
365
394
1,532
704
free cash flow
346
194
1,656
193
272
479
(34)
mcap/average cash flow op
40
32
63
59
45
30
14
mcap/cfo
35
24
56
74
41
22
14
price to equity
62.4
50.2
64.3
44.6
81.0
41.7
26.0
Price to sales
4.15
2.54
3.59
2.90
2.99
2.98
1.16
So on all ratios can found that company is cheap when compared to its peers.
Further company’s finance cost will get reduced substantially in fy 26 since it has paid approx 1600 crores of debt after IPO.
On basis of q4 concall yesterday, this can be the projected numbers of company
projected
actual
actual
actual
actual
march 26 yr
mar 25 yr
mar 24 yr
mar 23 yr
mar 22 yr
sales
9,534
8,291
7,484
6,582
5,397
cost of ma
5,141
4,685
4,154
3,762
change
(40)
60
(50)
(17)
purc
1,610
1,283
1,149
474
cogs
7,718
6,712
6,028
5,253
4,220
% to sales
81%
81%
81%
80%
78%
emp
343
294
275
236
223
% to sales
3.60%
3.54%
3.67%
3.58%
4.14%
oth ex
301
264
257
218
199
% to sales
3.16%
3.19%
3.43%
3.31%
3.69%
ebitda
1,172
1,021
925
876
755
% to sales
12.29%
12.32%
12.36%
13.30%
13.99%
oth inc
(62)
-61.6
-71.4
-38.2
-13.8
fin cost
170
307.4
290.2
250.3
215.6
dep
345
329.7
321.3
306.7
245.6
total
453
575.5
540.1
518.8
447.4
pbt
719
445.8
384.7
356.9
307.5
exceptional items
0
12.2
pbt
719
445.8
372.5
356.9
307.5
tax
144
90.4
61.7
43.3
45.7
pat
575
355.4
310.8
313.6
261.8
tax %
20%
20%
17%
12%
15%
Thus profits can increase by 62% in fy 26… Further current market valuations are less as compared to peers.
Can you talk a bit about who their peers are? Do you think their products are commoditized product and since the company is not fast growing, they may not get more than 15-18x multiple?
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