Belrise to Set Up Three New Plants, Enters EV Hub Motor Segment via Chinese Partnership

Belrise Industries Ltd, a leading automotive components manufacturer, is setting up three new manufacturing facilities in India to expand capacity and tap into the fast-growing electric vehicle (EV) segment. Two of the upcoming plants will be located in Chennai and will manufacture metal components, while a third facility in Pune will focus on the company’s new foray into EV hub motors.

The Pune unit, expected to go live in the first quarter of FY26, will manufacture hub motors and chargers. The company sees this as a natural progression beyond its traditional strengths in mechanical systems.

“The hub motor is a substantial part of the EV powertrain. It represents the next leap for us—moving beyond mechanical systems into electromechanical. We’re building this with an eye on the future of mobility in India,” said a senior company executive.

To accelerate its entry into the EV powertrain space, Belrise has signed a technology agreement with a major Chinese manufacturer. The alliance will help bring localized hub motor solutions to Indian roads, aligned with local cost structures and operating conditions.

“We didn’t want to start from scratch. By partnering with a successful Chinese hub motor company, we can leapfrog into this space and indigenize the technology for Indian markets, infrastructure, and consumers,” the executive added.

The company plans to increase its content per vehicle for electric two-wheelers from the current 10–15% to 20–25% by expanding into proprietary EV segments like motors, motor controllers, and chargers, and by exploring potential joint ventures with prominent electric vehicle component manufacturers.

Founded in 1996, Belrise today operates 17 manufacturing facilities across India. It offers over 1,000 distinct products 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. The product portfolio is largely powertrain-agnostic, enabling the company to serve both internal combustion engine (ICE) and electric vehicles (EVs).

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.

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.

“While two-wheelers have traditionally been our growth engine, the commercial vehicle space—three times larger—offers immense headroom. Our goal is to replicate our two-wheeler success in the four-wheeler segment,” said an executive.

Belrise posted a strong top-line performance in FY24, with revenue from operations reaching ₹7,484.24 crore, up from ₹6,582.50 crore in FY23 and ₹5,396.85 crore in FY22—translating to a CAGR of 17.76% over two years.

Exports contributed meaningfully, with ₹262.78 crore in revenue in FY24, forming 3.51% of total operational revenue, down from ₹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.

Belrise is now gearing up for a ₹2,150-crore Initial Public Offering (IPO), opening on May 21, 2025, to fund growth initiatives and pare down debt. The offer will include a fresh issue of shares. The company has fixed the price band at ₹85 to ₹90 per equity share, with a face value of ₹5 each.