Belrise Industries: A Story of Grit and Focus

On a warm May afternoon in a Mumbai five-star hotel, as cameras clicked and reporters leaned in, 59-year-old Shrikant Badve quietly reflected on a decision he made three decades ago. It was the kind of moment that lends itself to symbolism—a seasoned industrialist surrounded by family, board members, and a flurry of media, watching his company, Belrise Industries, list on the Indian stock exchange. But in his mind, Badve was back in the 1990s, walking the industrial estates of Pune, fresh out of engineering school, unable to afford the rent for a factory unit.

That humbling moment would ignite a journey that now encompasses annual revenue of over Rs 7,500 crore, 17 factories, a workforce of thousands of employees, and partnerships with nearly every major auto manufacturer in India and abroad. Unlike many of recent IPOs, the company’s share price has remained stable after listing, comfortably above the issue price of Rs 90. Of the Rs 2,150 crore raised, Rs 1,618 crore will be used to repay borrowings, the rest for general corporate needs.

The Early Years

In the mid-1990s, Pune was already a magnet for industrial growth. But for a first-generation entrepreneur like Badve, the high cost of land and setup was prohibitive. “The prevailing rent even then was too high for me,” he recalls. That obstacle nudged him 230 kilometers east to Chhatrapati Sambhajinagar, where land was cheaper—Rs 20,000 versus Rs 5 lakh in Pune. It was here that Badve’s real journey began, inside a 150-square- foot shed with just three machines and two workers.

Their early output was modest: brackets, washers— humble parts of a much larger machine. But by adding processes like welding, they were able to increase value and slowly expand their offering. The total annual sales barely crossed Rs 1 lakh then. “I never thought that I would be able to grow to this level,” Badve said at the company’s pre-IPO press briefing.

He lived alone in Aurangabad until marriage six years later, devoting himself wholly to the fledgling business. Building a Supply Empire Fast forward to today, Belrise Industries—formerly Badve Engineering—is one of India’s leading auto component manufacturers. The company is one of the top players in Indian two wheeler metal automotive sheet metal and polymer products with one in three domestic two- wheeler being equipped with a Belrise manufactured frame assembly.

The Group boasts of 17 manufacturing facilities, with a high level of vertical integration, having over 1000 plus products under its portfolio across metal chassis systems, polymer parts, suspensions, exhausts, body- in-white, and more—catering to two-wheelers, three- wheelers, passenger vehicles, commercial vehicles, and agri-vehicles. It remains largely powertrain agnostic, developing capabilities to expand as a tier 0.5 supplier including proprietary products.

Currently, Belrise serves 29 OEMs, including Bajaj Auto, Hero MotoCorp, Honda Motorcycle & Scooter India, Jaguar Land Rover, and Royal Enfield. The company also exports to Austria, Slovakia, the UK, Japan, and Thailand. Belrise, today boasts of over 3000 employees, in addition to around 6,000 working on contractual basis.

Belrise posted a strong top- line performance in FY24, with revenue from operations reaching Rs 7,484.24 crore, up from Rs 6,582.50 crore in FY23 and Rs 5,396.85 crore in FY22—translating to a CAGR of 17.76% over two years. Exports contributed meaningfully, with Rs 262.78 crore in revenue in FY24, forming 3.51% of total operating revenue, down from Rs 285.88 crore in FY23.

The export share had previously been as high as 5.83% in FY22. The company maintained a healthy EBITDA margin of 12.54% in FY24 and recorded a Return on Average Capital Employed (RoACE) of 14.83%, signaling operational efficiency even during expansion. In FY23, its EBITDA margin was 13.64%, and 14.15% in the year-ago period. 

A Legacy of Expansion and Innovation

Belrise has followed a path of strategic expansion. After the company's manufacturing first plant which began in 1997 started taking shape, Badve threw himself into setting up the foundation of an enterprise with a restless appetite for expansion. By 2001, the horizon widened. A second plant emerged, this time catering to a major two- wheeler OEM, signaling Badve's ascent as a trusted cog in India's manufacturing ecosystem.

The pace quickened: Ranjangaon near Pune in 2004, Uttarakhand in 2007— each new facility was not just a dot on the map, but a deliberate push deeper into India’s industrial geography. The company’s ambitions swelled accordingly. In 2008, it shed its private cloak, transforming into a Public Limited Company—an evolution in status that mirrored its growing scale.

Two years later, in 2010, it stepped into the realm of four-wheeler commercial vehicles, supplying chassis frames in what would become a key strategic pivot. By 2011, Ashok Leyland had joined its ledger of partnerships. The following year, 2012, brought with it new contracts—from Honda Motor & Scooters India and VE Commercial Vehicles—and a significant inflection point: turnover had climbed to Rs 1,000 crore.

By 2016, that turnover had more than doubled, crossing Rs 2,500 crore. That same year, it extended its reach into suspension systems, acquiring the division from an international OEM near Pune. It was a move not just of scale but of specialization— engineering depth as well as breadth. Then came 2017, a pivotal year. In Gujarat, a new plant rose, dedicated to the production of frames and silencer parts.

In Europe, the company’s components began appearing in vehicles bearing the Jaguar Land Rover badge—an achievement that, just a decade prior, might have seemed improbable. And far from India’s borders, in the Ras Al Khaimah Free Trade Zone of the UAE, Badve planted an overseas flag with the establishment of its wholly owned subsidiary, Badve Engineering Trading FZE.

Yet the future was not in gasoline alone. In 2022, the company embraced the electric revolution, supplying suspension systems to EV manufacturers and undergoing a transformation of its own. The name Badve was retired; in its place rose Belrise Industries Limited, a title suggestive of momentum, ascent, and the bright clarity of reinvention.

By 2023, Belrise had acquired the rights—via a technology transfer agreement with a prominent Chinese manufacturer—to produce hub motors, stepping further into the circuitry of the EV future. The following year, in 2024, the company’s ambitions reached the sun: it entered the renewable energy domain, receiving a Letter of Intent from Nextracker LLC, a key player in North America’s solar sector. In tandem, it also commenced supplying exhaust systems for CNG-powered vehicles— proof, perhaps, that Belrise was navigating not just one transition, but several, all at once.

The automotive component maker has outlined a four-pronged growth strategy as it eyes the next phase of expansion in the rapidly evolving mobility landscape. The company’s priorities include developing proprietary vehicle parts, transitioning from a component supplier to a full system supplier, scaling its EV portfolio, and deepening its presence in the four-wheeler and commercial vehicle segments.

The company also plans to explore inorganic growth opportunities through mergers and acquisitions in Europe and North America, in order to increase its reach across export markets. Interestingly, during the run-up to the listing, Badve was seen taking the backseat when it came to the interaction with media, analysts and bankers. Instead, Sumedh Badve and Swastid Badve, his sons, conducted the presentation and handled the Q&As.

Sumedh works as General Manager (Head-strategy) and is responsible for group level business strategy and development. He has completed a Gordon Hall scholarship in mechanical engineering from Purdue University, and MBA from Harvard Business school. Swastid on the other hand, works as chief of staff (MD office). He has a Bachelor of Science degree in Economics from the Wharton school and a bachelor's degree in science in engineering from University of Pennsylvania.