Jefferies has upgraded its target price for Belrise Industries, an auto component manufacturer, to ₹250, indicating a potential 19% increase from its last closing price of ₹210.50. This revision is based on the company's solid performance in the March quarter, where its EBITDA and profit after tax increased by 5% and 17% year-on-year, respectively. Belrise's total operating income rose by 12% to ₹25,528 million, primarily driven by a 21% increase in manufacturing revenues, despite a decline in trading revenues. The company has also secured new orders that could contribute about ₹3 billion to annual revenues. Furthermore, Belrise is diversifying into aerospace and defense, supported by recent acquisitions and strategic partnerships. Jefferies projects a 26% CAGR in EBITDA and a 30% CAGR in EPS for the company over FY26-28, despite potential risks such as reliance on a major customer and input cost pressures. Overall, Jefferies maintains a 'Buy' rating on Belrise, reflecting confidence in its growth trajectory.