Belrise Industries

** Jefferies raises PT on India's Belrise Industries BELR.NS to 250 rupees from 215 rupees, maintains "buy" rating, citing strong order wins, an expanding business footprint and healthy earnings growth prospects

** BELR rises 4.6% to two-week high at 223.20 rupees, set for best session in over two months

** Co entered the global aerospace supply chain through acquisitions, signed a partnership to explore defence opportunities - brokerage sees them as potential medium-term growth drivers

** Jefferies expects Belrise - a key supplier of chassis and exhaust systems to 2-wheeler makers - to benefit from cyclical recovery in 2-wheeler demand, alongside higher component content per vehicle and gradual expansion into passenger and commercial vehicles

** BELR's 12-month forward P/E ratio at 25.99, higher than avg 24.22; Jefferies says valuation justified by growth visibility and expanding capabilities

** YTD, BELR up 18%

(Reporting by Pranav Kashyap in Bengaluru)

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** Brokerage firm JM Financial says Belrise Industries' BELR.NS acquisition of U.K.-based Chester Hall Precision to enable diversification into aerospace and defence segments

** BELR on Wednesday said its subsidiary signed definitive agreement to acquire Chester Hall Precision, which has presence in global aerospace, space and defence sectors

** Chester Hall's established customer base, certifications and precision engineering expertise to provide a strong platform for BELR to scale globally, JM Financial says

** However, it adds that near-term impact on consolidated revenue and earnings of BELR will be marginal at 2% for fiscal years 2027 and 2028

** Raises PT on shares to 225 rupees from 215 rupees, retains "buy" rating

** Shares up 0.5% at 184.6 rupees in a weak market; on course for third straight session of gains

** YTD, BELR down 0.4%

(Reporting by Vivek Kumar M)

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March 18 (Reuters) - Belrise Industries Ltd BELR.NS:

• BELRISE INDUSTRIES LTD - UNIT SIGNS AGREEMENT TO BUY CHESTER HALL PRECISION ENGINEERING HOLDINGS

• BELRISE INDUSTRIES - CONSIDERATION PAYABLE FOR ACQUISITION £13.2 MILLION

Source text: ID:nNSE6jfq2S

Further company coverage: BELR.NS

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** JM Financial initiates coverage on India's Belrise Industries BELR.NS with 'buy', sets price target at 215 rupees

** PT implies a ~28% upside to newly listed co's stock price

** Brokerage says, the auto component manufacturer has significantly outperformed the industry with revenue CAGR of 11.5% over FY16-FY25 vs 1.4% CAGR for domestic two-wheeler industry

** Adds, growth led by deeper client penetration and new product launches

** Says, co aims to double its presence in the four-wheeler market, which makes 11.7% of its revenue, in the next 2- 2.5 years

** ~73% of Belrise's product offerings remain technically relevant and economically necessary across both gas vehicles and EVs, brokerage adds

** On the day, BELR largely flat at 168.35 rupees

** Stock price has risen ~68% since trading debut on May 28

(Reporting by Ananta Agarwal in Bengaluru)

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** Belrise Industries BELR.NS rises 2.3% to 154.5 rupees, highest since October 24

** Auto components maker posts ~81.3% y/y surge in September-quarter consol profit; rev from ops rises 13.7% y/y

** More than 10.3 mln shares trades, 2.1x the 30-day avg

** BELR gains ~60% since market debut on May 28

(Reporting by Rudra Singh)

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** Auto components maker Belrise Industries BELR.NS rise as much as 3.5% to 149.95 rupees; last up 2.6%

** Uptick after Investec starts with "buy", sets PT at 185 rupees, implying 28% upside to last close

** Brokerage says co well placed for growth due to expansion of ties with original equipment makers (OEM), new product roll-out, two-wheeler focus

** Adds co's four-wheeler business should see significant step-up on strong orderbook, improved tech capabilities, tie-up with Japanese OEMs

** Forecasts four-wheeler revenue to rise to 14% in FY28 from 9% in FY25

** Expects co to deliver 30% PAT CAGR over FY25-FY28; says valuations remain reasonable

** BELR, listed on May 28, has risen 66% from issue price of 90 rupees

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Belrise Industries BELR.NS rise 1% to 134.6 rupees

** Auto parts maker's Q1 consol PAT increases 56% y/y, consol rev up 27%

** Co repaid debt of nearly 15.96 bln rupees through IPO proceeds; net debt stands at nearly 7.7 bln rupees, as of June 30

** Jefferies ("buy", PT: 135 rupees) says net interest expense, though higher than estimate, fell y/y due to IPO proceeds, which in turn boosted quarterly net profit

** Since May 28 listing, BELR posts back-to-back profit, stock up 38%

(Reporting by Urvi Dugar)

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** Attractive value "hard to find" in Indian equities outside financials, with MSCI India's 1-year forward PE at 23.3x, and 26.4x excluding financials, well above 10-year averages :Jefferies

** With Indian markets expected to move sideways in the near term, bottom-up stock picking will be key, brokerage says

** Adds, newly listed auto parts firm Belrise Industries BELR.NS, IT services company Sagility SAGL.NS, and Adani Energy Solutions ADAI.NS to its model portfolio

** Sagility is added by trimming Infosys' INFY.NS weight; Belrise replaces Eicher Motors EICH; and Adani Energy takes Nuvama Wealth's NUVA.NS spot following regulatory curbs on derivatives trading

** Jefferies now identifies 11 Indian stocks as value buys under its coverage (except financials)

** The changes reflect focus on selective, fundamentals-driven bets amid rich valuations, according to Jefferies

** BELR shares are up 2.1%, while SAGL and ADAI are down 1.5% and 1%, respectively

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Auto components maker Belrise Industries BELR.NS rises as much as 6.6% to 109.25 rupees

** Jefferies starts with "buy"; sets PT at 135 rupees, an upside of 38% to last close

** Expects healthy 12% revenue CAGR over FY25-FY28, led by rising two-wheeler (2W) demand, industry premiumisation, increasing content-per-vehicle, expansion in four-wheelers, exports

** Says any simplification of group structure can further boost valuations

** Notes co enhancing 2W content-per-vehicle by 38% through portfolio expansion, including proprietary components like steering columns, brakes, filters

** BELR last up 2.2%, gains 4.8% since listing on May 28

(Reporting by Meenakshi Maidas in Bengaluru)

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