Belrise completes merger of group companies as manufacturing scale increases and aerospace ambitions take shape

Consolidation adds ₹1,000 crore revenue while the company makes its first global aerospace acquisition and deepens defence capabilities

Belrise Industries Limited said it has merged two profitable group companies, Badve Autocomps and Eximius Infra Tech, into the listed entity as part of its plan to build a larger and more diversified precision engineering platform, while simultaneously scaling its presence in defence and aerospace manufacturing.
The merger brings together two operating businesses with strong financial performance. Badve Autocomps reported revenues of ₹1,421 crore, EBITDA of ₹187 crore with margins of 13.2 percent, and profit after tax of ₹79 crore. Eximius Infra Tech recorded revenues of ₹696 crore, EBITDA of ₹85 crore with margins of 12.2 percent, and profit after tax of ₹33 crore. After related party eliminations, the consolidation is expected to add approximately ₹1,000 crore in revenue, ₹272 crore in EBITDA, and ₹112 crore in profit after tax to the combined entity.

Shrikant Badve, Managing Director of Belrise Industries Limited, said the merger was central to simplifying the group structure and expanding manufacturing depth. “The merger of Badve Autocomps and Eximius Infra Tech with Belrise Industries is a defining step in simplifying our group structure and building a larger, more integrated manufacturing platform. This gives us the scale and capability to engage OEMs more deeply and move further up the value chain as a system level supplier. This consolidation was a key commitment articulated in our DRHP at the time of our IPO, and with this merger, we have delivered on that promise.”
Executed at close to book value, the transaction implies a price to earnings multiple of 8.3 times for the merged entities on an FY25 basis, compared with 30.9 times for the listed entity on a trailing twelve month basis. The company said this would result in immediate earnings per share accretion for shareholders. EY acted as the independent registered valuer for the transaction, while JM Financial provided the fairness opinion. The merger is also expected to reduce related party transactions by approximately ₹1,152 crore.

Following the consolidation, Belrise is expected to emerge as one of the largest players in India’s two wheeler plastic components segment with an estimated market share of around 25 percent. The company expects content per vehicle to rise by over ₹3,000 in two wheelers, or about 20 percent, supported by a broader range of engineered plastic components and integrated system offerings. Wallet share among existing OEM customers is expected to increase by 30 percent, while about 34 percent of incremental revenue post merger is projected to come from passenger and commercial vehicle segments, supporting diversification beyond two wheelers.
Alongside the merger, Belrise has completed its first international acquisition in aerospace through the purchase of SDM, a Europe based manufacturer of high precision machined components for aero structures, aero engines, and robotics. The acquisition gives Belrise direct access to global aerospace supply chains, including programmes linked to the world’s largest commercial aircraft manufacturer and a leading French fighter aircraft OEM. SDM is expected to generate revenues of approximately €3 to €4 million in FY27, forming the base of Belrise’s longer term aerospace strategy.

The company has also entered a strategic collaboration with Israel based Plasan Sasa to localise advanced armoured vehicle technologies and the Autonomous Electric Mission Module in India, with initial assembly planned domestically and a pathway into Plasan’s global manufacturing ecosystem.

Swastid Badve, Chief of Staff to the Managing Director of Belrise Industries Limited, said the aerospace and defence initiatives marked a significant step for the group. “The acquisition of SDM represents a critical inflection point in Belrise’s expansion into high precision, safety critical aerospace manufacturing. SDM’s capabilities and its presence in global aerospace supply chains provide us immediate access to international programmes and a strong foundation to build an export oriented aerospace platform from India. Our collaboration with Plasan Sasa further complements this strategy as we selectively scale our presence in defence applications through localisation and advanced manufacturing.”

Belrise Industries Limited is an India based automotive component manufacturer headquartered in Pune, providing safety critical systems and engineering solutions across two wheelers, three wheelers, passenger vehicles, commercial vehicles, and agri vehicles. The company’s portfolio includes metal chassis systems, polymer components, suspension systems, body in white components, and exhaust systems. Its products are powertrain agnostic, serving both electric and internal combustion engine platforms. Belrise operates 21 manufacturing facilities across nine states and supplies to more than 30 OEMs, while also expanding into aerospace, defence, and renewable energy segments through its precision engineering capabilities.

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