Belrise Industri IPO

Distinguished market leader in the high-growth field of precision sheet metal pressing and fabrication within a large and growing automotive component industry.

Technology-enabled, innovation driven development and process engineering capabilities.

Vertically integrated manufacturing facilities offering a diverse range of products.

Longstanding customer relationships developed through years of collaboration and value addition.

Largely EV-agnostic product portfolio, strategically positioned to scale in tandem with burgeoning electric vehicle market in India.

Experienced promoters and management team.

Seven out of its 17 manufacturing facilities are located in the state of Maharashtra. This concentration poses potential for regional risk exposure, which may adversely affect its business, results of operations, financial condition and cash flows.

Revenue from its ten largest customers comprises a significant portion of the company revenue from operations (63.82% for the nine months period ended December 31, 2024, 49.26% for the nine months period ended December 31, 2023, 50.77% for the Financial Year 2024, 57.93% for the Financial Year 2023 and 64.43% for the Financial Year 2022). Any failures to maintain its relationship with these customers or any adverse changes affecting their financial condition will have an adverse effect on its business, results of operations, financial condition and cash flows.

The company has entered into, and may continue to enter into related party transactions. Its cannot assure you that such transactions, individually or in the aggregate, will not have an adverse effect on its business, results of operations, financial condition and cash flows.

If the company is unable to maintain the existing levels of capacity utilization at its manufacturing facilities, its margins and profitability may be adversely affected. Further, a slowdown or shutdown in its manufacturing operations could have an adverse effect on its business, results of operations, financial condition and cash flows.

Its contractual arrangements with the company`s OEM customers are generally requirement contracts, and any termination of such contracts or decline in the production requirements of any of its OEM customers, may adversely affect its business, results of operations, financial condition and cash flows.

Fluctuations in the prices and disruptions in the availability of raw materials may have an adverse effect on its business, results of operations, financial condition and cash flows.

Its manufacturing facilities are subject to periodic inspections and audits by regulatory authorities. Its may be recipient of adverse observations from such visits which may damage its business and reputation leading to an adverse effect on its business, results of operations, financial condition and cash flows.

The discontinuance or non-availability of subsidies availed by it may adversely affect its business, results of operations, financial condition and cash flows.

Pricing pressure from customers may adversely affect its profitability, which may in turn have an adverse effect on its business, results of operations, financial condition and cash flows.

The company derives a significant portion of its revenue from operations from the sale of automotive components for two-wheeler vehicles (64.56% for the nine months period ended December 31, 2024, 59.92% for the nine months period ended December 31, 2023, 63.30% for the Financial Year 2024, 65.48% for the Financial Year 2023 and 73.18% for the Financial Year 2022). Any decrease in demand for two-wheeler vehicles or any development that makes the sale of automotive components for the two-wheeler vehicle market less beneficial economically may adversely affect its business, results of operations, financial condition and cash flows.

The company derives a significant portion of its revenue from operations from the sale of automotive components for two-wheeler vehicles (64.56% for the nine months period ended December 31, 2024, 59.92% for the nine months period ended December 31, 2023, 63.30% for the Financial Year 2024, 65.48% for the Financial Year 2023 and 73.18% for the Financial Year 2022). Any decrease in demand for two-wheeler vehicles or any development that makes the sale of automotive components for the two-wheeler vehicle market less beneficial economically may adversely affect its business, results of operations, financial condition and cash flows.

Non-compliance with and changes in, safety, environmental and labour laws and other application regulations, may adversely affect its business, results of operations and financial condition.

Its may faces a decrease in revenue from sale of products for use in internal combustion engine vehicles due to the growing use of electric vehicles, which may adversely affect its business, results of operations, financial condition and cash flows.

Certain of its Promoters and Directors are interested in the Company and this may result in conflict of interest with it.

Certain of our Promoters and Directors are interested in our Company and this may result in conflict of interest with us.

We may be compelled to relocate our manufacturing facilities if our customers relocate their facilities or reduce or terminate their regional business with us, which may result in substantial relocation or shutdown costs.

Our business requires significant capital expenditure. If we are unable to have access to capital, it may adversely affect our business, results of operations, financial condition and cash flows.

An inability to compete effectively in the competitive automotive components industry could result in the loss of customers, which could have an adverse effect on our business, results of operations, financial condition and cash flows.

An inability to compete effectively in the competitive automotive components industry could result in the loss of customers, which could have an adverse effect on our business, results of operations, financial condition and cash flows.

We have and may encounter delays or cost overruns in the completion of the construction of our manufacturing facilities in Bhiwadi (Rajasthan), Chennai (Tamil Nadu) and Pune (Maharashtra), which may adversely affect our business, results of operations, financial condition and cash flows.

Its may be compelled to relocate the company manufacturing facilities if its customers relocate their facilities or reduce or terminate their regional business with it, which may result in substantial relocation or shutdown costs.

Its business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, financial condition and cash flows.

Its business requires significant capital expenditure. If the company is unable to have access to capital, it may adversely affect its business, results of operations, financial condition and cash flows.

The company has and may encounter delays or cost overruns in the completion of the construction of its manufacturing facilities in Bhiwadi (Rajasthan), Chennai (Tamil Nadu) and Pune (Maharashtra), which may adversely affect its business, results of operations, financial condition and cash flows.

The company has and may encounter delays or cost overruns in the completion of the construction of its manufacturing facilities in Bhiwadi (Rajasthan), Chennai (Tamil Nadu) and Pune (Maharashtra), which may adversely affect its business, results of operations, financial condition and cash flows.

The company is subject to risks associated with product liability, warranty and recall if its products are found to be defective, which may arise from its products failing to perform as expected or meet the stringent quality standards, which may adversely affect its reputation, business, results of operations, financial condition and cash flows.

This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, CRISIL Intelligence, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Issue.

The Company intends to utilize a portion of the Net Proceeds for prepayment of loans from entities related to the Book Running Lead Managers.

The company and certain of its Group Companies were subject to an investigation visit, by the Assistant Commissioner of State Tax, Pune, conducted under section 67 of the Maharashtra Goods and Services Tax Act, 2017 and under section 64 of the Maharashtra Value Added Tax Act 2002, wherein various issues were identified and tax liabilities including interest were levied.

Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties and in turn may have an adverse effect on the Company`s business, financial condition, results of operation and cash flows.

The company derives a portion of its revenue from operations from the company wholly-owned Material Subsidiary, Badve Engineering Trading FZE (20.32% for the nine months period ended December 31, 2024, 23.53% for the nine months period ended December 31, 2023, 19.39% for the Financial Year 2024, 17.97% for the Financial Year 2023 and 9.29% for the Financial Year 2022), and any adverse developments affecting business conducted by such subsidiary may adversely affect its business, results of operations, financial condition and cash flows.

The company does not own its Registered and Corporate Office and certain of its manufacturing facilities, and thus the company is exposed to the risks associated with leasing real estate and any adverse developments could affect its business, results of operations, financial condition and cash flows.

Its inability to effectively execute the company business plan and growth strategies could adversely affect its business, results of operations, financial condition and cash flows.

The Company and Promoters are involved in certain legal proceedings. An adverse outcome in any of these proceedings may adversely affect its reputation, business, results of operations, financial condition and cash flows.

If the company fails to obtain, maintain or renew the statutory and regulatory licenses, permits and approvals required for its business and operations, its business, results of operations, financial condition and cash flows may be adversely affected.

The company failures to identify and understand evolving industry trends and preferences and to adopt new technologies and develop new products to meet customer demands may adversely affect its business, results of operations, financial condition and cash flows.

Its may faces a decrease in demand for automotive components due to a variety of factors which are beyond its control, including economic slowdowns, monsoon weather, high interest rates, increase in vehicle cost of ownership, regulations affecting vehicle prices, cyclicality of industries for two-wheeler vehicles, passenger vehicles and commercial vehicles, which in turn may adversely affect its business, results of operations, financial condition and cash flows.

Certain of its corporate records, filings and instruments of transfer are not traceable. The company cannot assure you that legal proceedings or regulatory actions will not be initiated against it in the future, or that the company will not be subject to any penalty imposed by the competent regulatory authority in relation to such discrepancies.

Its operations are labour intensive and could be adversely affected by strikes or labour unrest.

Its international business exposes the company to complex management, legal, tax and economic risks, which could adversely affect its business, results of operations, financial condition and cash flows.

Its may faces supply-side challenges such as availability and cost of raw materials, shortage in skilled labour and technological obsolescence, which may in turn affect its business, results of operations, financial condition and cash flows.

The company has entered into contract manufacturing agreements with related parties in November 2024 and are dependent on such parties. Any failures to maintain its relationship with such parties will have an adverse effect on its business, results of operations, financial condition and cash flows.

The company appoint contract labour for carrying its certain of the company operations and we may be held responsible for paying the wages of such workers if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its business, results of operations, financial condition and cash flows.

Failures to keep its technical knowledge confidential could erode its competitive advantage. Further, if the company is unable to adequately protect its intellectual property rights, its competitive position and business may be adversely affected.

Its reliance on third party for certain aspects of the company operations, including on-site job work, transport and logistics may affect the quality of its products and the company ability to meet delivery timelines to its customers, which may adversely affect its business, results of operations, financial condition and cash flows.

Any disruptions in the availability of electricity, fuel and water at its manufacturing facilities may adversely affect its business operations.

The company regularly work with hazardous materials and activities in its operations can be dangerous, which may cause injuries to people or property.

We have availed certain loans towards our capital expenditure and as of March 31, 2025, ?15,668.52 million is outstanding towards such loans. If we are unable to commence operations at our upcoming facilities on time and repay our outstanding borrowings in a timely manner or at all, our business, prospects, financial condition, results of operations and cash flows will be adversely affected.

Our inability to meet our obligations, including financial and restrictive covenants, under our financing arrangements could adversely affect our business, results of operations, financial condition and cash flows.

During the nine months period ended December 31, 2024 and Financial Years 2024 and 2023, our Company has not incurred the requisite portion of expenditures towards corporate social responsibility ("CSR") requirements under the Companies Act 2013.

We are exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely affect our business, results of operations and cash flows.

The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.

The success of its business depends substantially on the company management team and operational workforce. Its inability to attract or retain such manpower could adversely affect its business and operations.

Significant disruptions of information technology systems or breaches of data security could have an adverse effect on its business, results of operations, financial condition and cash flows.

Any difficulties in identifying, consummating and integrating acquisitions, investments or alliances may expose it to potential risks and have an adverse effect on its business, results of operations and financial condition.

The company track certain operational and key business metrics with internal systems and tools. Certain of its operational metrics are subject to inherent challenges in measurement which may adversely affect its business and reputation.

The company has availed unsecured borrowings which may be recalled by lenders at any time in the future. If the company is unable to repay its outstanding borrowings in a timely manner or at all, its business, prospects, financial condition, results of operations and cash flows will be adversely affected.

Its may not be sufficiently protected or insured for certain losses that its may incur or claims that its may faces against the company.

Information relating to the installed manufacturing capacity, actual production and capacity utilization of its manufacturing facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.

Information relating to the installed manufacturing capacity, actual production and capacity utilization of its manufacturing facilities included in this Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.

The company cannot assure payment of dividends on the Equity Shares in the future and its ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.

The company has issued equity shares pursuant to bonus issues in the past. There can be no assurance that the company will issue equity shares pursuant to a bonus issue in the future.

The company has issued equity shares pursuant to bonus issues in the past. There can be no assurance that the company will issue equity shares pursuant to a bonus issue in the future.