BELRISE INDUSTRIES

Precision parts for auto majors

Pune-headquartered Belrise Industries is a leading tierI automotive component manufacturer with over three decades of operating history. The company designs, manufactures and markets precision-engineered components, including chassis systems, suspension exhausts and polymer products across the 2W, 3W, passenger vehicles (4W), commercial vehicles (CV) and agri vehicle segments.

The company’s products are largely agnostic to vehicle powertrain types, reflecting its ability in catering to both electric vehicles and internal combustion engine vehicles, thus positioning it favourably to adopt to the growing electrical market. It has a rich and diverse product portfolio, which includes metal chassis systems, polymer components, suspension systems, body-in white components and exhaust systems. Belrise specialises in sheet metal processing and fabrication and is one of the top 3 firms with a respectable market share of 24 per cent in the overall 2- wheeler metal components segment in terms of revenue. The company also specialises in sheet metal pressing and fabrication for three-wheelers and four- wheelers, passenger vehicles as well as commercial vehicles.

Being a well-established precision sheet metal pressing and fabrication company, Belrise is well-positioned to capitalise on the growing 2-wheeler, 3-wheeler and 4- wheeler (passenger and commercial vehicles) markets in India and globally. Technologically, the company uses advanced manufacturing with over 800 welding robots and has a strong future-ready product range. About 73% of its components work across both ICE and EV vehicles, making its portfolio highly resilient, and the company has 31 long-standing OEMs.

Central to the company’s strategic roadmap is the evolution from a tier-I component supplier to a tier 0.5 system supplier, achieved by providing integrated systems and complex sub-assemblies, thus deepening customer integration.

This transformation has been accelerated by strategic acquisitions, including the purchase of a 100% stake in H-One India Pvt Ltd for Rs 190 crore in March 2025.

20 PLANTS

The company operates through around 20 manufacturing facilities located at Aurangabad, Waluj, Ranjangao, Chakan, Pirangut (Pune), Dharwad, Bangalore and Chennai in southern India, Pantnagar and Bhiwawadi in northern India, and Indore in central India. Belrise is steadily growing on the financial front. During the last four years, its sales turnover has expanded from Rs 5,397 crore in fiscal year 2012 to Rs 8,291 crore in fiscal 2025, with operating profit rising from Rs 775 crore to Rs 1,021 crore and the profit at net level inching up from Rs 262 crore to Rs 355 crore. What is more, prospects for the company going ahead are all the more promising. Consider:

• The company’s financial position is steadily improving, with reserves at the end of September 30, 2025 standing at Rs 4,526 crore – over 10 times its equity capital of Rs 445 crore. The company is reducing its risk, after going public in March 2025, to Rs 1,418 crore by September 2025. This will reduce the annual interest costs by Rs 150 crore and consequent PAT gain of Rs 110 crore, coupled with organic growth prospects. The company is poised to clock Rs 500 crore of PAT in fiscal 2027
• Belrise is an undisputed market leader in highprecision metal components for the 2-wheeler space, with a marketshare of over 24 per cent. The company manufactures critical components like chassis, suspension, exhaust systems, and high-precision steering columns. With the domestic 2-wheeler space expected to report a healthy volume growth trajectory over 2025-27 amidst healthy farm income, a forecast of an above-normal monsoon as well as increasing urban penetration, Belrise is poised to grow in double digits in this domain. An added advantage is its premiumisation focus.

GLOBAL REACH

• Belrise can boast of a diversified customer base with a domestic and international reach. It has built longstanding relationships with over 290 EMS, including industry leaders such as Bajaj Auto, Honda, Hero MotorCorp, Jaguar Land Rover, Tata Motors and Royal Enfield. The company’s products are supplied both domestically and globally, with exports to key global markets like Austria, Slovakia, the UK, Japan and Thailand. This broad and diversified customer base reduces dependency on any single client or geography, providing resilience against sectoral or regional downturns. The company’s ability to serve both domestic and global OEMs positions it well for growth as the global automotive supply chain become more integrated and as foreign OEMs continue to invest in India.

JAPANESE TECH

• Strategic expansion and tech nology enhancement have brightened the outlook for Belrise. The company’s recent acquisition of H-One India, the Indian arm of Japan’s H-One company, is a significant move that strengthens the technological capabilities and expands its manufacturing footprint. HOne India specialises in high-tensile steel components for 4-wheeler space, which are crucial for light weighting vehicle safety and fuel efficiency. By integrating H-One India’s advanced technology and two North India manufacturing plants, Belrise not only boosts its production capacity and logistical efficiency, but also gains access to H-One’s established relationships with marquee Japanese OEMs in India. This acquisition broadens Belrise’s customer base, diversifies its product portfolio and enhances its ability to deliver safety-critical and high-performance components. This will, in turn, give a boost to the company’s topline as well as bottomline.

I.P.O. RUSH

• Investors have remarkable faith and trust in Belrise. The recent IPO of the company was met with massive response – the issue was oversubscribed as many as 41 times. The quota reserved for qualified institutional buyers was booked by a whopping 108.36 times. The portion set aside for non-institutional investors (NIIs) was subscribed 38.33 times and the retail investors’ quota received 4.27 times bidding. The IPO met with over 25 lakh applications worth around Rs 62,000 crore. The Belrise stock, issued at a price of Rs 90 per piece (face value Rs 10) made a debut on listing at Rs 100 and is now placed in the range of Rs 185/190 per share. Though the risk is high as the current price is on the higher side, the long-term outlook for the company is highly promising. Discerning investors with a risk-taking mentality can add the stock to their portfolios.

PERFORMANCE INDICATORS (Rs. in crore)

SAGILITY INDIA

Indian power behind US healthcare

Bengaluru-headquartered, BSE-NSE listed and formerly known as Berkmeer India, the company is a renowned provider of technology-enabled business process management services exclusively for the US healthcare industry (Payers and Providers) with over 18,000 employees. It combines technology and transformation domain experience to help clients draw closer to their members. The company focuses on improving financial outcomes, boosting strong client retention and growth, and is certified as a ‘Great Place to Work’.

The company optimises the entire member- patient experience through service offerings for clinical case management, member engagement, provider solutions, payment integrity, claims cost containment and analytics. Sagility has more than 25,000 employees across five countries.

The company supports the core business of both payers and providers. Services to payers span their entire operational spectrum, including centralised claims administration and clinical services functions. These include claims administration, payment integrity, clinical management and other services.

The company’s growth focus is deepening relationships with existing US healthcare clients and expanding with new ones. A technologically integrated company that is leveraging Artificial Intelligence with automation to enhance operational efficiency, it has been validated by the Science Based Targets Initiative (SBTI) for greenhouse gas (GHG) emission reduction targets as at March 2026.

During the last three years, the company has resorted to inorganic expansion by acquiring Devlin Consulting (2023), Birchal (2024) and Broadpath (2025) to bolster AI and payment integrity services.

SALES BOOM

The company has made rapid strides on the financial front after it incorporated in 2021 and went public in 2024. During the last four years, its sales turnover has expanded around six times from Rs 923 crore in fiscal 2022 to Rs 5,570 crore in fiscal 2025, with operating profit shooting up more than five and a half times from Rs 193 crore to Rs 1,307 crore and the profit at net level surging to Rs 539 crore, in striking contrast to a loss of Rs 5 crore.

• Sagility is a technology-enabled pure play healthcare-focused solutions and services provider which supports payers and providers that are based in the US. The company delivers best-in-class operations, enhance member and provider experiences and improves the quality of care while enabling financial and clinical outcomes that are cost-effective and scalable. The company serves a complex and high-stakes industry where deep domain understanding is essential. That is why the company has chosen to specialise and it reflects in its deep client relationships and outcomes. Employees are also very happy and are always ready to do their best. The company is rightly categorised as a ‘great place to work’. Viewed in the context of the status and prospects of the industry it serves, the market it caters to, the technologies involved and its satisfied skilled staff, prospects for the company are highly promising.
• The global healthcare sector in general and India’s in particular are booming, driven by an increasing demand for quality services and innovative solutions. Sagility has emerged as a standout player in the healthcare segment. The company claims that it understand healthcare operations like no one else. Its knowledge is embedded in every process, enabling it to create meaningful value for payers, providers and stakeholders. As a technology-enabled pure play healthcare BPM company, it provides specialised services to US health insurance companies (payers) and healthcare providers. Core operations include claims, processing clinical services, and revenue cycle management. The company operates with a strong focus on Artificial Intelligence and automation-driven solutions. It supports payers with benefits administration and providers with revenue cycle management and patient engagement. Prospects for these businesses are highly encouraging.

HAPPY STAFF

• Sagility has an employee rating of 4.5 out of 5 stars, based on 906 company reviews on Glassodor, which indicates that most employees have an excellent working experience there. This is expected to give a big boost to the company’s performance.
• The company shows a positive long-term outlook with projected revenue growth, despite short-term bearish trends and recent price declines. Analysts forecast significant upside potential for the next 2-3 years with revenue expected to grow at a 20% CAGR over the next three years, driven by its focus on specialised healthcare services. In view of this, analysts have an average 1-year target for the share price at Rs 60.33 to Rs 70.38, implying a substantial upside from the current range of Rs 36-39.
• According to the management, revenue is expected to grow by 14.7% per annum with EPS (earning per share) expected to grow at 18.7% per annum.

ACQUISITION BOOST

• Sagility acquired US-based Broadpath Healthcare Solutions in 2025 for Rs 502 crore in an allcash deal. Broadpath has brought a work-from-home delivery model with 1,600 employees across the US and the Philippines. The American company’s Bhive remote work platform enhances Sagility’s AI and automationled efficiency agenda, supporting cross-selling opportunities and operational scale. The management expects the deal to be earnings-accretive, improve growth and profitability, and deepen Sagility’s sales, marketing and account management capabilities.
• The company’s service portfolio includes member engagement, member acquisition, claims and appeals, administration provider enrolment and credentialing. The acquisition has added over 30 new clients to Sagility and significantly expands its presence in the mid-payer segment, further strengthening Sagility’s position among the top 10 largest health plans in the US.
• The outlook for Sagility is considered to be robust, backed by an expanding US healthcare BPO market and strategic positioning. The US healthcare system is increasingly turning to business process outsourcing (BPO) to manage growing operational complexities and rising administrative costs. This trend is fuelled by factors such as stringent regulations, the shift to new coding and billing standards, and the expanding need for advanced analytics to optimist revenue cycle management and patient care services. Outsourcing allows healthcare payers and providers to reduce overheads, improve accuracy in claims processing and billings, and access technology-driven efficiencies including AI and automation – areas where Sagility has demonstrated strong capabilities. In the recent market depression, the share price of Sagility has tumbled to Rs 37. Investors with patience and a long-term outlook will do well to accumulate these stocks to reap a rich harvest after 4-5 years.

PERFORMANCE INDICATORS (Rs. in crore)