Belrise Industries Share Price Today (28 November 2025): JM Financial Starts Coverage With ‘Buy’ as Fresh Highs Keep the Rally Alive

Belrise Industries Limited (NSE: BELRISE, BSE: 544405) stayed firmly in the spotlight on Friday, 28 November 2025, as the newly listed auto-ancillary stock hovered near record highs and attracted a fresh wave of bullish commentary from brokerages and technical analysts.

Belrise Industries share price today: near record highs on heavy volumes

By late morning on 28 November 2025, Belrise Industries was trading around the ₹168–₹169 mark on the NSE, after touching an intraday high of ₹172.68, which also doubles as its 52-week and all-time high. The day’s low so far has been about ₹167.7, with volumes crossing 1.3 crore shares — significantly above recent averages. ^[1]

Key intraday metrics as of late morning (IST):

Last traded zone: around ₹168–₹169
Previous close: ₹167.65
Day’s range: ₹167.71–₹172.68
52-week range: ₹89.15–₹172.68
NSE volume: ~1.34 crore shares by 11:11 am IST
Market capitalisation: roughly ₹14,900–15,000 crore ^[2]

Different data providers show slightly different snapshots depending on timestamp, but they all agree on one thing: Belrise is trading within a few percent of its lifetime high on strong turnover.

Over a longer horizon, Belrise has already rewarded early shareholders handsomely:

The stock is up about 72% over the last year, according to ICICIdirect and INDmoney. ^[3]
It has rallied roughly 87% over its IPO issue price of ₹90, as Business Today highlights. ^[4]

That kind of move in just six months is why you’re hearing the word “multibagger” tossed around in headlines.

Fresh trigger today: JM Financial initiates coverage with a ₹215 target

The big fundamental catalyst on 28 November 2025 is the initiation note from JM Financial, which has started coverage on Belrise with a ‘Buy’ rating and a target price of ₹215 per share. ^[5]

Here are the key takeaways from JM’s thesis, as reported by Business Standard and Business Today:

Valuation vs peers:
- JM values Belrise at 25x FY28E P/E, implying a target of ₹215.
- The brokerage estimates that Belrise is currently trading at around 19x its FY28E EPS, compared to about 27x for comparable peers in auto components, suggesting further room for re-rating. ^[6]
Earnings growth outlook:
JM expects Belrise to clock a CAGR of ~13% in revenue, 14% in EBITDA and 29% in PAT between FY25 and FY28, driven by:
- Higher content-per-vehicle (CPV) in two-wheelers as premiumisation gathers pace.
- Strong penetration with existing OEM customers.
- Expansion in four-wheeler (passenger and light commercial vehicle) components.
- Ongoing deleveraging of the balance sheet. ^[7]
CPV and market share narrative:
- Belrise has around 24% share in India’s two-wheeler metal components segment in key product categories. ^[8]
- JM notes that the company’s CPV in 2Ws is currently about ₹12,500 per vehicle, with potential to rise to ₹17,300 over the medium term — roughly a 1.4x increase. ^[9]
Four-wheeler opportunity:
- About 11.7% of FY25 manufacturing revenue comes from four-wheelers (PV + LCV).
- Management aims to double this share over the next 2–2.5 years.
- The Indian PV+LCV metal products market is estimated at ₹56,600 crore in FY25, projected to reach ₹87,700 crore by FY30 (9% CAGR), around 2.5x the size of the 2W components market — a much larger playground. ^[10]
EV resilience and portfolio mix:
JM estimates 73% of Belrise’s products remain relevant across both ICE and EV platforms, and highlights ongoing work on EV-focused parts such as hub motors, motor controllers, chargers, and lightweight structural components. ^[11]
Potential value unlocking:
Around 21% of revenue comes from a lower-margin commodity trading business (Badve Trading FZE), which runs at about 6% margin vs ~14% in manufacturing. JM thinks a possible hive-off of this trading arm and simplification of related-party structures could unlock further value. ^[12]

Net-net, JM Financial is arguing that Belrise’s growth runway plus governance cleanup and balance-sheet repair justify a premium to current valuations, even after a near-doubling from IPO levels.

Technical buzz today: multiple intraday ‘buy’ calls on Belrise

Belrise is not only on the radar of fundamental analysts; short-term traders are all over it today.

1. Livemint – Sumeet Bagadia’s “breakout stock” list

In a column on breakout trades published early on 28 November 2025, Sumeet Bagadia of Choice Broking included Belrise in his list of five breakout stocks for the day. His suggested setup: ^[13]

Buy Belrise Industries at: ₹167
Target: ₹181
Stop-loss: ₹162

Bagadia’s inclusion underscores the stock’s strong price action and momentum after a big post-IPO move and continued volume build-up.

2. Livemint – Vaishali Parekh’s intraday picks

In a separate Livemint piece the same morning, Vaishali Parekh of Prabhudas Lilladher named Belrise as one of her three intraday ‘buy’ ideas for Friday. Her trading levels: ^[14]

Buy at: ₹164
Target: ₹174
Stop-loss: ₹160

Two independent intraday strategists putting Belrise on their “stocks to buy today” list reinforces the idea that short-term momentum traders are actively rotating into the name.

3. ETMarkets – “Buy Belrise Industries at ₹167.65 | Upside 10%”

On Thursday evening (27 November), ETMarkets ran a “Market Trading Guide” for Friday, recommending Belrise for up to 10% upside: ^[15]

Entry: ₹167.65
Target: ₹184
Stop-loss: ₹159

The technical rationale from Bonanza Portfolio’s Kunal Kamble is classic chartist language:

Breakout from a cup-and-handle pattern on the daily chart.
Strong bullish candlestick, backed by volumes well above the 20-day average.
Price trading above its 20, 50, and 100-day EMAs, confirming a strong uptrend.
RSI around 65–66 and trending higher, signalling strong bullish momentum.

Combine those three sets of calls and you get the picture: Belrise is one of the more crowded momentum trades on Dalal Street today, with traders eyeing short-term targets in the ₹174–₹184 band, while JM Financial pitches a more medium-term ₹215 story.

Business performance and recent results: strong Q2 and post-IPO execution

Under the hood, the company’s recent financials help explain why so many institutions are suddenly enthusiastic.

Q2 FY26 numbers: profit growth far ahead of revenue

Capital Market and other data providers summarise the September 2025 quarter (Q2 FY26) as follows: ^[16]

Standalone net profit: up about 89% year-on-year.
Consolidated net profit: up around 81.5% year-on-year, to roughly ₹133 crore.
Consolidated revenue: about ₹2,353 crore in Q2 FY26.

INDmoney also notes that Belrise’s quarterly net profit grew ~19% sequentially, pointing to ongoing operating leverage as volumes ramp up. ^[17]

Returns and profitability

From various data providers:

1M return: +12–13%
3M return: about +19–20%
1Y return: ≈ +72%
ROE / ROCE: around 14% each. ^[18]

On valuations, there’s some dispersion across platforms:

Moneycontrol: TTM P/E about 33x, P/B around 5.5x, with sector P/E near 58x for auto ancillaries. ^[19]
ICICIdirect: TTM P/E roughly 32–33x, P/B about 3x and market cap near ₹14,940 crore. ^[20]
INDmoney: TTM P/E closer to 24–25x, possibly using a different trailing earnings base. ^[21]

The exact multiple depends on whose numbers you trust, but the broad message is: Belrise is not “cheap” in absolute terms; the bull case is that its growth and structural positioning justify these valuations, especially if earnings compound at the high-teens to high-twenties pace that brokerages project.

Dividend and balance sheet signals

Belrise declared a final dividend of ₹0.55 per share (11% on face value) for FY25, with an ex-date of 22 August 2025 and payment on 28 September 2025. ^[22]
CRISIL has reaffirmed/upgraded its credit rating to ‘AA-/A1+’ on the company’s bank facilities and NCDs, underscoring an improving credit profile post-IPO and deleveraging. ^[23]

Business profile: from Badve Engineering to Belrise

For readers who haven’t followed the story closely, Belrise is not a tiny newbie despite its recent listing.

ICICIdirect and the IPO documents lay out the evolution: ^[24]

Incorporated in 1996 as Badve Engineering Private Limited in Maharashtra.
Converted to a public company in 2008 and later rechristened Belrise Industries Limited in August 2022.
Operates 30+ manufacturing facilities across India, serving major OEMs in two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and agri-vehicles.
Product portfolio spans:
- Sheet metal and chassis systems
- Polymer components
- Suspension systems
- Body-in-white parts
- Exhaust systems
- EV powertrain components
- Solar panel structures

The company also exports and supplies to global OEMs, including Jaguar Land Rover in Europe, and has been gradually expanding into EV, renewable energy, defence and aerospace components. ^[25]

Recent corporate actions: defence push and amalgamation moves

Beyond stock-price fireworks, Belrise has been busy reshaping its structure and adjacencies:

In August 2025, the board approved the incorporation of a wholly owned subsidiary in India focused on engineering and technologies for defence, space, aerospace and allied industries, aligning with its metal and systems capabilities. ^[26]
Later in 2025, Belrise incorporated a subsidiary named Belrise Defence & Aerospace, strengthening that pivot. ^[27]
On 11 November 2025, the board approved:
- Unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2025.
- A scheme of amalgamation between H‑One India Private Limited and Belrise Industries, simplifying the structure and consolidating the acquired 4W-focused business. ^[28]
The company has also filed a statement of deviation/variation in utilisation of IPO proceeds and a monitoring agency report for the September quarter, as required by SEBI – an important governance check for a large fresh-issue IPO. ^[29]

These steps feed directly into the “corporate simplification and value-unlock” angle that brokerages like JM Financial and Investec have flagged.

Sentiment check: investors and search interest are piling in

According to INDmoney’s analytics: ^[30]

Investor positions in Belrise on the INDmoney platform have increased by about 26% over the last 30 days, compared with the prior month.
Search interest for the stock has climbed roughly 49% in the same period.

That dovetails with:

Heavy trading volumes relative to 20-day averages. ^[31]
A string of “Buy” ratings from Jefferies, Investec, and now JM Financial, each with progressively higher target prices. ^[32]

Put simply: Belrise has moved from being “just another IPO” to becoming a mainstream mid-cap momentum-and-fundamental story in the auto-ancillary space.

Key risks that today’s euphoria is glossing over

The bullish narrative is compelling, but the research notes themselves are explicit about the risk factors. Summarising what Investec, Jefferies and others have flagged: ^[33]

Two-wheeler concentration:
Around two-thirds to 70% of revenue still comes from the two-wheeler segment. A cyclical or structural slowdown in domestic 2Ws would hurt.
Customer concentration:
Bajaj Auto has historically contributed a very large chunk (around half) of revenue. Overdependence on a single OEM always carries bargaining-power and volume risk.
Commodity trading business:
The overseas trading arm (Badve Trading FZE), dealing in welding electrodes, lithium‑ion batteries and other materials, is margin-dilutive and exposed to commodity price swings. Until it is restructured or hived off, it drags consolidated profitability.
EV transition risk:
While 73% of current products are EV-agnostic and the company is actively adding EV-oriented products, parts tied to internal combustion engines still face long-term technological risk.
Valuation risk:
Even if you take the lower of the reported P/E estimates, Belrise trades at a premium to the broader market and at a discount-but-not-a-bargain vs auto-ancillary peers. A miss in execution, slower-than-expected 4W scale-up, or a weak auto cycle could compress multiples.

What today’s move means for investors

Putting everything together for 28 November 2025:

The stock is consolidating just below record highs after an ~87% move over IPO price in six months, backed by strong Q2 earnings and de-leveraging. ^[34]
Three sets of intraday/breakout calls (Livemint x2, ETMarkets) have made Belrise a high-visibility trading play for the day, with targets from ₹174 to ₹184 and tight stop-losses. ^[35]
JM Financial’s initiation with a ₹215 target has given the “longer-term” story fresh credibility, adding to earlier bullish coverage from Jefferies and Investec, which had targets of ₹135 and ₹185 respectively. ^[36]
Investor participation and search interest are rising sharply, suggesting Belrise is transitioning from niche to mainstream mid-cap status in market conversations. ^[37]

For traders, today’s significance lies in whether Belrise can sustain above the ₹170–₹172 zone and build a base closer to its recent highs, validating the series of breakout calls.

For long-term investors, the questions are more fundamental:

Can management actually deliver the growth CAGRs (13–29%) that brokers are pencilling in?
Will the 4W, defence and EV businesses scale fast enough to diversify away from a Bajaj-centric 2W base?
And will the promised simplification of the trading business and group structure materialise in a way that improves margins and reduces perceived governance risk?

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