Belrise Industries Acquires Hyva India’s Tipper Business to Strengthen Commercial Vehicle Portfolio
Belrise Industries Limited has announced the acquisition of the India Tipper Body business of Hyva (India) Private Limited, a subsidiary of JOST Werke SE, through a Business Transfer Agreement (BTA) executed on a slump sale basis. The strategic acquisition is expected to strengthen Belrise’s position in the commercial vehicle ecosystem and expand its capabilities as a Tier-0.5 supplier to leading OEMs.
The company disclosed the acquisition through an investor presentation submitted to the stock exchanges under Regulation 30 of the SEBI Listing Regulations.
Strategic Acquisition to Expand Commercial Vehicle Business
The acquisition enables Belrise Industries to enter the specialized tipper body manufacturing segment, a critical component used in construction, mining, infrastructure, and heavy commercial vehicle applications.
According to the investor presentation, the business has been acquired at an Enterprise Value (EV) to EBITDA multiple of approximately 3.6x, based on CY2025 financials.
Transaction Highlights
- Business Acquired: India Tipper Body business of Hyva (India) Pvt. Ltd.
- Seller: Hyva (India) Pvt. Ltd., a subsidiary of JOST Werke SE
- Mode of Acquisition: Business Transfer Agreement (Slump Sale)
- Purchase Consideration: US$5.65 million
- Valuation Multiple: Approximately 3.60x EV/EBITDA
- Estimated CY2025 EBITDA: Around US$1.57 million
- Estimated Return on Capital Employed (ROCE): Approximately 20%
The valuation has been calculated on a cash-free and debt-free basis, using management accounts for calendar year 2025.
Strengthens Belrise’s Position as a Tier-0.5 Supplier
The acquisition significantly enhances Belrise’s commercial vehicle capabilities by adding a specialized engineering business with long-standing relationships across India’s truck manufacturing industry.
The acquired business offers several strategic advantages:
- Supplies all of India’s top five commercial vehicle OEMs
- Expertise in design and development of tipper bodies
- Strong presence in construction, mining, and infrastructure equipment
- Adds a leading European commercial vehicle OEM to Belrise’s customer portfolio
- Enhances engineering and product development capabilities
Management believes the acquisition will strengthen Belrise’s position as a preferred supplier for commercial vehicle manufacturers.
Manufacturing Footprint Expands
The acquired business includes three manufacturing facilities strategically located across India:
- Pune
- Jamshedpur
- Bengaluru
These facilities are expected to improve Belrise’s manufacturing reach and provide closer access to key commercial vehicle production hubs.
Why the Acquisition Matters
India’s infrastructure development, mining activities, and road construction projects continue to drive demand for heavy commercial vehicles and specialized equipment such as tippers.
By acquiring Hyva India’s tipper body business, Belrise gains:
- Access to a well-established product portfolio
- Proven engineering expertise
- Strong customer relationships with leading OEMs
- Additional manufacturing capacity
- Entry into a higher-value commercial vehicle segment
The acquisition also diversifies Belrise’s revenue base beyond its traditional automotive component business.
Strategic Benefits for Belrise
The acquisition aligns with Belrise Industries’ long-term growth strategy by:
- Expanding its commercial vehicle product portfolio
- Increasing content per vehicle supplied to OEMs
- Strengthening relationships with global and domestic vehicle manufacturers
- Enhancing engineering-led manufacturing capabilities
- Supporting long-term growth in infrastructure-linked sectors