New Delhi, Sept. 24 -- A rare debut surge-67% since its listing in May-catapulted Belrise Industries Ltd's promoter Shrikant Badve into the dollar billionaires' club on Tuesday.

Yet, the very side bet that has powered the Pune-headquartered auto component maker's growth-an aggressive push into commodity trading-is also what makes analysts uneasy, given the global market volatility, geopolitical risks and the uncertainties tied to lithium-ion batteries, the lifeline of the electric vehicle (EV) industry. Belrise is also into trading of steel, coils and some electronic products.

It is indeed rare for an auto component manufacturer to be involved in commodity trading business. However, for Belrise Industries, the business has more than tri...