Belrise Industries Limited · NSE:BELRISE
Belrise Industries — Merger or Acquisition (January 2026)
21 slides from Belrise Industries's merger presentation, Jan 31, 2026
Slide 1: Stock exchange filing letter: Scheme of Amalgamation presentation
Dated: January 31, 2025 The Secretary, Listing Department The Secretary, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Bandra Kurla Dalal Street, Mumbai – 400 001 Complex, Bandra Kurla (E), Mumbai – 400 051 Scrip Code
Slide 2: Simplifying Group Structure through Merger
Belrise Industries Limited Simplifying Group Structure through Merger January 2026 RESTRICTED
Slide 3: Table of Contents
Table of Contents Executive Summary 01 Company Overview 02 Contribution to Belrise’s Growth Strategies 03 Merger Rationale & Financial Profile 04 RESTRICTED
Slide 4: Executive Summary
01 Section Executive Summary RESTRICTED
Slide 5: Merger of BAPL & EITSPL with Belrise
Merger of Badve Autocomps Pvt. Ltd. (BAPL) & Eximius Infra Tech Solution Pvt. Ltd. (EITSPL) with Belrise One of the top players Longstanding customer relationships: in Indian 2W plastic components1 with Large 2W & 3W OEM, Leading >14% market share2 Consumer Durables OEM ++; Promoter-owned Entities B
Slide 6: Merger Rationale
Merger Rationale 1 Simplified group structure, materially reducing RPT by 11,511.38m1 2 Increased Content per Vehicle through engineered plastic components, and Tier-0.5 system assembliess 3 Higher verticalization leading to improved operational efficiencies across manufacturing & supply chain 4 Inc
Slide 7: Company Overview
02 Section Company Overview RESTRICTED
Slide 8: About Badve Autocomps Pvt. Ltd. & Eximius Infra Tech Solutions Pvt. Ltd.
About Badve Autocomps Pvt. Ltd. (BAPL) & Eximius Infra Tech Solutions Pvt. Ltd. (EITSPL) Badve Autocomps (BAPL) is a manufacturer of engineered plastics, and safety critical metal systems Eximius Infra Tech Solutions (EITSPL) is a Tier-0.5 supplier (System Supplier) and EV-powertrain component manuf
Slide 9: Diversified revenue split across all vehicle classes
Diversified revenue split across all vehicle classes By Vehicle Type (Post-merger1 for BAPL and EITSPL) 3.51% 34.09% FY25 Revenue 62.40% 2-Wheeler + 3-Wheeler 4-Wheeler (Commercial + Passenger) Other 1. Does not include ‘Other Operating Revenue’ 8 RESTRICTED
Slide 10: Delivering Customer Success through multiple Facilities
Delivering Customer Success through multiple Facilities Sheet Metal Fabrication Capability Existing Facilities 50+ Robots Annual Production Capacity for Welding 13,000+ MTPA No. of Job workers 1,550+ Plastic Processing Capacity 30+ machines up No. of Employees to 1,800 T Maharashtra 400+ Aurangabad
Slide 11: Extensive product portfolio which is largely powertrain agnostic
Extensive product portfolio which is largely powertrain agnostic System Assembly 2-Wheelers 4-Wheelers Seating Cowl Spare Wheel Fairing Plastic Assembly Cowl Exhaust Side Dash System Board Foot Front Rest Fender Wheel Copper Dashboard Side Stand Cover (3W) busbar Main Stand Chassis 10 RESTRICTED
Slide 12: Longstanding relationships, reinforced by recognitions from customers and international bodies
Longstanding relationships, reinforced by recognitions from customers and international bodies Top Indian 2W & 3W OEM Top Global Consumer Durables OEM Selected to export engineered plastic Selected to supply polymer and metal assemblies across their 2W 15+ components for consumer durables, 5+ years
Slide 13: Contribution to Belrise's Growth Strategies
03 Section Contribution to Belrise’s Growth Strategies RESTRICTED
Slide 14: Pillars of Growth
Pillars of Growth 01 Deepening Presence in the Two-Wheeler Segment Increased Verticalization leading to Larger Economies 02 of Scale Accelerating from a Tier-1 supplier (component supplier) to a 03 Tier-0.5 supplier (system supplier) 13 RESTRICTED 13
Slide 15: Deepening presence in the Two-wheeler segment
1. Deepening presence in the Two-wheeler segment Wallet share consolidation in existing OEM New products leading to higher Content Per Vehicle (CPV) Plastic moulding Increase by 30% 3,000 20,300 2,500 17,300 800 1,500 12,500 Current Post Merger Increase in CPV Belrise CPV due to BAPL Wallet Share Wa
Slide 16: Increased Verticalization leading to Larger Economies of Scale
2. Increased Verticalization leading to Larger Economies of Scale Example (1): Verticalization between Belrise and EITSPL – Fairing Assembly EITSPL Belrise BAPL Robotic Stamping Tube Processing Fabrication Fairing Assembly OEM Injection Plastic PU Moulding Painting Example (2): Verticalization betwe
Slide 17: Transitioning from a Tier-1 supplier to a Tier 0.5 supplier
3. Transitioning from a Tier-1 supplier (component supplier) to a Tier 0.5 supplier (System supplier) An increase in complexity and magnitude of assembly for will allow Belrise to continuing increase stickiness Top Indian 2W & 3W Company • EITSPL is currently one of their larger sheet metal and plas
Slide 18: Financial Profile
04 Section Financial Profile RESTRICTED
Slide 19: Financial highlights – FY25
Financial highlights – FY25 BAPL Financials EITSPL Financials Revenue 14,211 6,956* EBITDA 1,873 848 EBITDA margin (%) 13.2% 12.2% PAT 793 330 PAT margin (%) 5.6% 4.7% Post-merger: Addition of revenue of INR ~10,000m (Net of RPT) Timeline: 10-12 months, subject to receipt of regulatory approvals Not
Slide 20: Merger valuation
Merger valuation Merger valuation Advisors Belrise P/E Ratio → ~30.91 Independent registered valuer → Ernst & Young (E&Y) BAPL & EITSPL combined P/E ration → ~8.32 Fairness Opinion → JM Financial Swap ratio 140 shares of Belrise for every 1 shares of BAPL 10 shares of Belrise for every 135 shares of
Slide 21: Thank You
Thank You RESTRICTED
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