Belrise Industries Acquires Hyva India Tipper Body Business to Expand Commercial Vehicle Portfolio

Belrise Industries Limited has completed the acquisition of the Tipper Body Business of Hyva India Private Limited, a subsidiary of JOST Werke SE, for a total consideration of approximately USD 5.65 million. The transaction represents a strategic expansion of Belrise's presence in the commercial vehicle segment by strengthening its manufacturing capabilities, enhancing its product portfolio, and broadening its customer network across India.

Acquisition Strengthens Commercial Vehicle Business

The acquired business has been valued at an enterprise value-to-EBITDA multiple of approximately 3.60x. During calendar year 2025, the business generated an EBITDA of around USD 1.57 million while delivering a return on average capital employed of nearly 20%. These financial metrics reflect the operational efficiency of the acquired unit and support Belrise's objective of expanding through strategically valued assets within the commercial vehicle manufacturing sector.

Manufacturing Facilities Included in the Transaction

The acquisition includes three manufacturing facilities located in Pune, Jamshedpur, and Bangalore. These production plants are expected to enhance Belrise's manufacturing footprint and improve its ability to serve customers across multiple regions. By integrating these facilities into its operations, the company aims to strengthen production capacity while supporting future growth opportunities in the commercial vehicle market.

Key Highlights of the Acquisition

• Acquisition value of approximately USD 5.65 million.
• Enterprise value to EBITDA multiple of approximately 3.60x.
• Calendar year 2025 EBITDA of approximately USD 1.57 million.
• Return on average capital employed of around 20%.
• Three manufacturing plants located in Pune, Jamshedpur, and Bangalore.
• Expanded customer reach across leading commercial vehicle OEMs.

Transaction Overview and Financial Metrics

Key Financial Details of Belrise Industries' Acquisition

Broader Customer Access and Business Continuity

The transaction brings Hyva India's design and manufacturing expertise into Belrise's commercial vehicle portfolio, enabling the company to serve the top five commercial vehicle original equipment manufacturers in India while also adding a major European commercial vehicle manufacturer to its customer base. Following completion of the acquisition, Hyva will continue operating its Tipping Kits and Hydraulic Systems business independently in India, ensuring business continuity while allowing both companies to focus on their respective strategic priorities.

Frequently Asked Questions

What does Belrise Industries' acquisition of Hyva India's Tipper Body Business mean?
The acquisition enables Belrise Industries to expand its commercial vehicle manufacturing capabilities by integrating Hyva India's Tipper Body Business into its operations. The deal, valued at approximately USD 5.65 million, includes three manufacturing plants and strengthens Belrise's access to leading commercial vehicle OEMs in India while adding a major European commercial vehicle manufacturer to its customer base. Hyva will continue operating its Tipping Kits and Hydraulic Systems business independently in India.

What assets and financial performance are included in the acquisition?
The acquired business includes manufacturing facilities in Pune, Jamshedpur, and Bangalore. It recorded an EBITDA of approximately USD 1.57 million during calendar year 2025 and generated a return on average capital employed of around 20%. The transaction was completed at an enterprise value-to-EBITDA multiple of approximately 3.60x, reflecting the financial performance and operational value of the acquired business.