Belrise Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Belrise Industries Ltd trades at ₹227, in a confirmed uptrend and 56 weeks into that stage. That is +18.7% against its own 200-day average. It sits at 83% of a 52-week range of ₹137 to ₹246. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 53 straight weeks.

Today the stock is in a confirmed uptrend — week 56 of stage 2, confirmed. At ₹227 it trades +18.7% versus its 200-day average and sits at 83% of its 52-week range (₹137–₹246).

Against the market, two honest reads. Cumulative: over the last 1.1 years the stock moved +142% while the NIFTY 500 moved +2% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 53 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Belrise Industries Ltd trades at 44.1× P/E, about the priciest it has ever traded. Its long-run median P/E is 28.3×, measured across 1.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 44.1× is about the priciest it has ever traded, against a long-run median of 28.3× measured over 1.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +2.2% against a +82.6% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Belrise Industries Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −16.6% at the trough to +39.6% off a 5-quarter-old trough, ROCE holding at 17.0%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

67.9/100 — rank 2 of 4 in Auto Ancillaries - 2 Wheelers · 84% evidence confidence

Belrise Industries Ltd scores 67.9 out of 100 against the 4 companies it is compared with in Auto Ancillaries - 2 Wheelers, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.2 + 16.7 + 15 + 17 = 67.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Belrise Industries Ltd reported ₹2,553 Cr of revenue in the Mar 26 quarter, +12.3% year on year. That is the 7th straight quarter of year-on-year growth. Over 8 years it has compounded at 16.2% a year. The last full year, FY26, came in at ₹9,509 Cr. The last four reported quarters add to ₹9,510 Cr.

Belrise Industries Ltd reported ₹2,553 Cr of revenue in the Mar 26 quarter, +12.3% year on year. That is the 7th straight quarter of year-on-year growth. Over 8 years it has compounded at 16.2% a year. The last full year, FY26, came in at ₹9,509 Cr. The last four reported quarters add to ₹9,510 Cr.

FY26 revenue came in at ₹9,509 Cr (+14.7% on the year), capping 8 years at 16.2% compound. The latest quarter (Mar 26) printed ₹2,553 Cr, +12.3% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.3% growth against the decade's 16.2% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.7% over the last 4 quarters against +12.7%/yr over the last 8 — stabilising; TTM profit +39.6% vs +25.8%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (−1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Belrise Industries Ltd's operating margin is 11.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 11.0% to 14.0%. The current quarter sits inside that band.

Belrise Industries Ltd's operating margin is 11.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 11.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, −1.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 11.0%–14.0%.

🚨 Why the margin moved: operating margin went −0.8 pp year on year while gross margin went +0.5 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +18.2% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Belrise Industries Ltd earned ₹130 Cr of net profit in the Mar 26 quarter, +18.2% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹497 Cr. The 8-year compound rate is 11.7%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹110 Cr.

Belrise Industries Ltd earned ₹130 Cr of net profit in the Mar 26 quarter, +18.2% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹497 Cr. The 8-year compound rate is 11.7%. That is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹110 Cr.

Mar 26 profit was ₹130 Cr, +18.2% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹497 Cr (+40.0%), and the 8-year compound rate is 11.7%.

Why profit moved: revenue contributed +12.3% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +44.2% vs revenue +15.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 185% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 185% of Belrise Industries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹876 Cr of operating cash against ₹497 Cr of profit. After ₹542 Cr of capital spending, ₹334 Cr was left as free cash.

FY26: operating cash of ₹876 Cr against reported profit of ₹497 Cr, leaving free cash of ₹334 Cr after ₹542 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 185% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 185%: the cash cycle tightened 17 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹1,847 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Belrise Industries Ltd's cash conversion cycle runs 48 days in FY26, down from 65 days in FY21. Capital spending ran ₹1,847 Cr over the last 3 years. At FY26 sales of ₹9,509 Cr each day of that cycle holds about ₹26.1 Cr, so roughly ₹1,250 Cr sits inside the business at any moment.

FY26: debtors at 67 days, inventory at 44 days — roughly 1.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 48 days, tighter than FY21's 65.

The full loop: cash goes out to suppliers and production on day 0; stock waits 44 days to sell; customers pay about 67 days after that; and suppliers themselves are paid at 63 days — netting out to the 48-day cycle.

In money terms: at FY26 sales of ₹9,509 Cr, each day of the cycle holds about ₹26.1 Cr — so the 48-day loop keeps roughly ₹1,250 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,847 Cr over the last 3 fiscal years against ₹1,012 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹240 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 15% and the ROIC − WACC spread is −2.1 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Belrise Industries Ltd earns a ROCE of 15% in FY26. That is up from a trough of 11% in FY21. Return on invested capital clears the cost of that capital by −2.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 5.2% net margin on 1.11× asset turns.

FY26 ROCE is 15%, recovered from a FY21 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 5.2% net margin × 1.11× asset turns × 1.64× balance-sheet leverage ≈ 9.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.9% − 12.0% = a −2.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.29.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Belrise Industries Ltd carries total debt of ₹1,521 Cr against shareholder equity of ₹5,226 Cr as of Mar 26, a debt-to-equity of 0.29 — effectively unlevered. On the annual view that ratio went from 1.52 in FY22 to 0.29 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1,521 Cr against shareholder equity of ₹5,226 Cr — a debt-to-equity of 0.29. On the annual view, debt-to-equity went from 1.52 (FY22) to 0.29 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 11.9 points over 5 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 11.9 points of Belrise Industries Ltd over 5 quarters, the biggest move on the register. That takes promoters to 61.1% of the company. Domestic institutions moved +6.0 points over the same window, to 13.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −11.9 points over 5 quarters to 61.1%; Domestic institutions: +6.0 points over 5 quarters to 13.1%; Foreign institutions: +5.3 points over 5 quarters to 12.1%.

🚨 Why the register moved: promoters drove it (−11.9 points), absorbed on the other side by domestic institutions (+6.0 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Belrise Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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