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Auto components Historical case study · data as of 24 Jul 2026 · published 27 Oct 2026 (95 days later)

Belrise Industries — 100-point case study

How Belrise Industries looked on 50 technical and 50 fundamental measures on 24 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: BELRISE
Close on 24 Jul 2026	₹228.26
Market cap then	₹22,083 crore
Valuation	P/E 44.4× · P/B 4.23×
Momentum	RSI (14) 47 · 1-year return +72.5%
Next 3 months	-11.3% vs Nifty 50 -4.3% (to 26 Oct 2026)

Scorecard

Technical — 50 points

15 bullish · 23 neutral · 1 caution · 10 bearish — the picture leaned positive.

Fundamental — 50 points

14 bullish · 32 neutral · 1 caution · 2 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Belrise Industries listed on 28 May 2025, so the price history starts at listing (about 14 months before the snapshot) and annual financials on Screener begin in FY22. A Rs 1,700 crore QIP completed in Aug 2026, after the snapshot, increased the share count.

Technical analysis — 50 points

Calculated by code from daily prices up to 24 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.11%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.11% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +4.9%	Bullish	The 100-session trend line was up (+0.27%/day) and the stock was +4.9% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +72.5%	Bullish	Compared with a year earlier the price was +72.5%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 228.12 / 30W 203.34	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 252.00→239.70; lows 210.51→219.81	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	11.6	Neutral	ADX at 11.6 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 18.0 / –DI 21.9	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	232.28 (-1.7%)	Bearish	Close of 228.26 was 1.7% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	227.34 (+0.4%)	Bullish	Close of 228.26 was 0.4% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	189.77 (+20.3%)	Bullish	Close of 228.26 was 20.3% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 231.31 / 21E 231.77	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 23 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 19.8% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+3.0% in 20 sessions	Bullish	The 50-day average rose 3.0% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	232 / 227 / 214 / 190	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	231.75 (-1.5%)	Bearish	Anchored to the start of July, the volume-weighted average price was 231.75; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	47.1	Neutral	RSI at 47.1 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 0.29 / signal 1.12	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.92 → -0.83	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	0.29	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 46.6 / %D 58.3	Bearish	Slow stochastic at 46.6 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-68.5	Neutral	%R of -68.5 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-99	Neutral	CCI at -99 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-1.4%	Neutral	Price changed -1.4% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.29 (bands 222.76–241.80)	Neutral	%B of 0.29 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 8.2% (5th pct of 6M)	Caution	Band width was at the 5th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹7.85 (3.4% of price)	Neutral	A typical day's range was about ₹7.85, or 3.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	32.8% vs 1Y 38.3%	Neutral	Annualised 30-day volatility was 32.8%, close to the one-year level of 38.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	216.52–247.11	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.08	Neutral	A beta of 1.08 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.57× / 5-day 0.70×	Neutral	The final session traded 0.57× its 20-day average volume and the last five sessions averaged 0.70× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.31	Bullish	Average volume on up days was 1.31× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.19	Bearish	CMF at -0.19 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	61.2	Bullish	MFI, a volume-weighted RSI, was 61.2. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹122 cr/day	Neutral	About ₹122 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	225.81 / 219.81 / 207.28	Neutral	Nearest support (prior swing lows) sat at 225.81, 1.1% below the close, then 219.81, 207.28. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	238.10 / 252.00	Neutral	Nearest resistance (prior swing highs) sat at 238.10, 4.3% above the close, then 252.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 230.36 \| R1 240.90 \| S1 217.71	Neutral	Classic pivots from July's high/low/close gave a pivot of 230.36; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 229 \| 38.2% 215 \| 50.0% 204 \| 61.8% 192	Neutral	Measuring the 6-month rise from 155.25 to 252.00, the close was nearest the 23.6% retracement at 229.17. How to read: Information only.
42	52-week high / low	H 252.00 / L 121.60	Neutral	The close was 9.4% below the 52-week high and 87.7% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 08 Apr at 191.15	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 191.15 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 219.81–252.00	Neutral	The close was inside the prior 20-day range of 219.81–252.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 24 Jul the candle opened 227.00, ranged 224.00–230.32 and closed 228.26: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 214.91–226.06; Tenkan 231.85 / Kijun 235.91	Bullish	Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -5.6% / 3M +6.6%	Bullish	The stock outperformed the Nifty 50 by 6.6 points over three months and underperformed by 5.6 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +41.2%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 41.2 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	15 bullish · 10 bearish · 23 neutral · 1 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 225.81, resistance 238.10. This is a description of the chart on 24 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 24 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 24 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	44.4×	Neutral	At ₹228.26 the market valued the company at about ₹22,083 crore, or 44.4× the ₹497 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	4.23×	Neutral	Market cap was 4.23× the Mar 2026 book value (equity + reserves) of ₹5,226 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.32×	Neutral	The company was valued at 2.32× its trailing-12-month sales of ₹9,510 crore. How to read: Information only.
4	EV / EBITDA (approx.)	20.5×	Neutral	Enterprise value (market cap + ₹1,521 cr borrowings; cash not netted) was 20.5× trailing operating profit of ₹1,154 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	2.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.69	Bearish	P/E of 44.4 divided by 3-year profit growth of 16.5% a year gives a PEG of 2.69. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.24%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹0.55 a share, a 0.24% yield on the ₹228.26 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹22,083 cr	Neutral	At about ₹0.22 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹79.02 vs ₹228.26	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹79.02; the price was 189% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+14.7%	Bullish	Revenue for FY26 was ₹9,509 crore, +14.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+12.3%	Bullish	The Jan–Mar 2026 quarter brought ₹2,553 crore of revenue, +12.3% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+40.0%	Bullish	FY26 net profit was ₹497 crore, +40.0% on FY25's ₹355 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+18.2%	Bullish	Quarterly profit was ₹130 crore versus ₹110 crore a year earlier (+18.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	13.0%	Bullish	Revenue compounded at 13.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	16.5%	Bullish	Net profit compounded at 16.5% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	n/a	Neutral	Not available. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+2.2%	Neutral	Reported EPS went from ₹5.46 to ₹5.58 (+2.2%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	12%	Neutral	Operating profit (EBITDA) was 12% of sales in FY26 versus 12% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	12% → 13% → 12% → 11%	Neutral	Quarterly margins moved from 12% to 11% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	5.2%	Neutral	₹5.2 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	12.5%	Neutral	FY26 profit was 12.5% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	15%	Neutral	Return on capital employed (debt + equity) was 15% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	5.81%	Neutral	Net profit was 5.81% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	16%	Neutral	Non-operating 'other income' of ₹105 crore made up 16% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.29	Bullish	Borrowings of ₹1,521 crore were 0.29× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	1.32×	Neutral	Debt equalled 1.32 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.9×	Neutral	Earnings before interest and tax covered interest cost 3.9 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+93.8%	Bullish	Shareholders' equity grew +93.8% from ₹2,697 crore to ₹5,226 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹240 cr (8% of fixed assets)	Neutral	Projects under construction (CWIP) were 8% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	59 days	Neutral	Working capital tied up equalled 59 days of sales (FY25: 34). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	48 days	Neutral	It took 48 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	67 (FY25 70)	Neutral	Customers took 67 days on average to pay, versus 70 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹876 cr	Bullish	The business generated ₹876 crore of operating cash in FY26 versus ₹704 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹258 cr	Bullish	After capital spending, free cash flow was ₹258 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.76×	Bullish	Operating cash flow was 1.76× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	1.2%	Neutral	FY26 free cash flow was 1.2% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹225 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹225 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹618 cr	Neutral	Implied capital expenditure was about ₹618 crore, 6.5% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	10%	Neutral	The company paid out about 10% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 10% / 10%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+36.5%	Caution	Paid-up equity capital changed +36.5% (₹326 cr → ₹445 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	66.46% (-6.55 pts YoY)	Bearish	Promoters owned 66.46% at Jun 2026 versus 73.01% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	9.40% (+2.62 pts YoY)	Bullish	FIIs held 9.40% at Jun 2026, up from 6.78% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	10.00% (+2.88 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 10.00%, up from 7.12%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.2 lakh (-3.2% YoY)	Neutral	The shareholder count moved from 2.2 lakh to 2.2 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved. Failed: asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 3 weakness(es)	Neutral	Strengths: Company has reduced debt. Weaknesses: Stock is trading at 3.47 times its book value; Promoter holding has decreased over last quarter: -5.32%; Company has a low return on equity of 13.3% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	14 bullish · 2 bearish · 32 neutral · 1 caution	Bullish	On the numbers published by 24 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 44.4×, P/B 4.23×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 24 Apr 2026 – 24 Jul 2026 that an investor could have known on the snapshot date.

25 May 2026 Belrise Industries reports Q4 FY26 results: net profit up 18% to Rs 130.2 crore — For the quarter ended 31 March 2026, consolidated revenue was Rs 2,552.8 crore (up 12% from Rs 2,274.3 crore) and net profit Rs 130.2 crore (up 18% from Rs 110.0 crore). FY26 revenue was Rs 9,509 crore. A final dividend of Rs 0.55 per share was proposed, subject to AGM approval. source
25 May 2026 Belrise board approves plan to raise up to Rs 2,000 crore via QIP — At its meeting on 24 May 2026 the board approved raising up to Rs 2,000 crore through a qualified institutions placement, subject to shareholder and regulatory approvals. source
25 May 2026 Q4 FY26 earnings call: Rs 220 crore Japanese two-wheeler OEM order, mid-teens FY27 revenue growth guided — On the 24 May 2026 earnings call, management cited an order from a Japanese two-wheeler OEM for exhaust systems and metal components (about Rs 220 crore peak annual revenue, production from Q4 FY27) and guided mid-teens FY27 revenue growth with broadly stable EBITDA margins. source
04 Jul 2026 Belrise gets NSE and BSE 'no adverse observations' for merger of Badve Autocomps and Eximius Infra Tech — The exchanges' observation letters dated 3 July 2026 clear the scheme of amalgamation (approved by the board on 31 January 2026) to be filed with the NCLT within six months. source
15 Jul 2026 Belrise opens QIP at floor price of Rs 230.79 per share — The QIP opened on 14 July 2026 at a floor price of Rs 230.79 per share (face value Rs 5), with a discount of up to 5% permitted; shareholders approved the fundraise by postal ballot in June 2026. source

What happened next (24 Jul 2026 → 26 Oct 2026)

Price went from ₹228.26 to ₹202.44 by 26 Oct 2026 (-11.3%) while the Nifty 50 moved -4.3% — underperforming by 7.0 points.
Highest ₹268.20 on 12 Aug 2026; lowest ₹194.19 on 26 Oct 2026.
S1 225.81: broken on a closing basis on 21 Oct 2026.
S2 219.81: broken on a closing basis on 21 Oct 2026.
R1 238.10: cleared on a closing basis on 03 Aug 2026.
R2 252.00: cleared on a closing basis on 10 Aug 2026.
200-day SMA: price was above it at the snapshot and crossed below on 23 Oct 2026.
Apr–Jun 2026 results (reported 14 Aug 2026): revenue ₹2,546 crore (+12.6% YoY), net profit ₹122 crore (+8.9% YoY), operating margin 12% vs 12% a year earlier (Screener consolidated figures).

Later news

04 Aug 2026 Belrise to acquire Hyva India's tipper body business for about USD 5.65 million — Belrise signed a business transfer agreement to buy the Tipper Body Division of Hyva India (a JOST Werke subsidiary), including three Indian plants, at about 3.6x EV/EBITDA. source
12 Aug 2026 Belrise QIP upsized to Rs 1,700 crore — The QIP, launched at Rs 1,200 crore, was upsized by over 40% to Rs 1,700 crore (about USD 175 million) on investor demand, per law firm Sidley, which advised placement agent Jefferies. source
14 Aug 2026 Belrise Q1 FY27: revenue up 12.6% to Rs 2,546.5 crore, PAT up 8.9% — Results announced 14 August 2026: consolidated revenue Rs 2,546.47 crore (+12.57% YoY), PAT Rs 121.67 crore (+8.94%), EBITDA Rs 293.26 crore with margin 11.5% vs 12.4% a year earlier. Earnings call held 17 August. source
30 Sep 2026 Belrise holds 30th AGM; Rs 0.55 final dividend record date 15 September — The 30th AGM was held on 30 September 2026 (voting results filed 1 October). Record date for the Rs 0.55 per share final dividend for FY26 was 15 September 2026. source

Educational summary. On 24 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -11.3% against -4.3% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Belrise Industries today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 27 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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