Belrise Industries Limited (NSE:BELRISE) announced on 4 August 2026, via a Regulation 30 press release, the acquisition of the India Tipper Body Business of Hyva India Private Limited, a subsidiary of JOST Werke SE, through a Business Transfer Agreement on a slump sale basis for approximately USD 5.65 million.
Key Highlights
- The acquisition is structured as a slump sale through a Business Transfer Agreement, with a total purchase consideration of approximately USD 5.65 million at an EV/EBITDA multiple of approximately 3.60x.
- Hyva India's Tipper Body Business reported an EBITDA of approximately USD 1.57 million for CY2025, with a return on average capital employed of around 20%.
- The acquired business operates three manufacturing facilities located in Pune, Jamshedpur, and Bangalore, and supplies all of India's top five commercial vehicle OEMs.
- Following the transaction, Hyva India will retain its Tipping Kits and Hydraulic Systems business and continue to serve OEMs, body builders, and dealers independently.
About the Company
Belrise Industries Limited (NSE:BELRISE), headquartered in Pune, Maharashtra, is a precision engineering company manufacturing safety-critical systems for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and agricultural vehicles. The company holds approximately 24% market share in precision sheet metal pressing and fabrication by revenue, operates 22 manufacturing facilities in India and two in Europe, and reported a turnover of INR 95,091 million. It serves 38 OEMs globally, including major aerospace and defence customers.
Announcement in Detail
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Belrise Industries disclosed the execution of a Business Transfer Agreement to acquire the India Tipper Body Business of Hyva India Private Limited, a subsidiary of JOST Werke SE. The transaction is on a slump sale basis, valued at approximately USD 5.65 million, representing an EV/EBITDA multiple of approximately 3.60x based on the business delivering EBITDA of approximately USD 1.57 million for CY2025.
Established in 1997, Hyva India's Tipper Body Business is described in the press release as the only Hyva business globally dedicated to the design, manufacture, and sale of complete tipper bodies. The acquired unit serves construction, mining, and infrastructure sectors and brings with it a key European commercial vehicle OEM relationship, alongside the three domestic manufacturing locations in Pune, Jamshedpur, and Bangalore.
Impact on Investors
Investors will note that the acquisition expands Belrise's manufacturing footprint and customer base within the commercial vehicle segment, adding three facilities and an additional European OEM relationship. The disclosed EV/EBITDA multiple of approximately 3.60x, against a CY2025 EBITDA of approximately USD 1.57 million, provides a reference point for assessing the transaction's pricing relative to the acquired unit's recent earnings. The filing shows this is a board-approved acquisition at the Business Transfer Agreement stage; regulatory or NCLT approvals, if any, have not been separately disclosed in this announcement.
The disclosed terms indicate the transaction is funded as a purchase consideration rather than a share-swap, meaning no equity dilution for existing Belrise shareholders is indicated by this filing. Shareholders will observe that the deal size of approximately USD 5.65 million is modest relative to Belrise's reported turnover of INR 95,091 million, which limits balance sheet risk from this specific transaction.
Sector / Market Context
India's commercial vehicle segment, particularly in the tipper and heavy-duty truck category, is closely linked to government capital expenditure on roads, mining, and infrastructure. According to data published by the Society of Indian Automobile Manufacturers (SIAM), commercial vehicle wholesale volumes have tracked infrastructure spend cycles over successive fiscal years. Body-building and specialised tipping solutions represent a value-added layer above the bare chassis, with Tier-0.5 suppliers increasingly integrating this capability to offer complete solutions to OEMs rather than discrete components. This structural shift has driven consolidation activity among precision engineering and auto component manufacturers across India.