OUTCOME OF BM AS ON 11.11.25
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.0 pts more than Nifty Microcap 250 and 1.2 pts more than its Aluminium, Copper & Zinc Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Baroda Extrusion's Board approved unaudited results for Q2/H1 FY26. Revenue from operations rose ~24% YoY in Q2 to Rs 4,420.49 lakhs (vs Rs 3,565.90 lakhs) and grew to Rs 8,226.42 lakhs for H1 (vs Rs 6,872.05 lakhs). Profit after tax jumped sharply to Rs 124.64 lakhs in Q2 and Rs 212.82 lakhs in H1, compared with just Rs 4.95 lakhs and Rs 19.18 lakhs a year ago. The company raised Rs 37.40 crores via a preferential issue of 4.53 crore shares at Rs 8.25 each — partly by converting an unsecured loan of Rs 20 crores and partly by fresh fund infusion of Rs 17.40 crores. This recapitalisation flipped previously negative net worth (-Rs 1,970.34 lakhs at March 2025) to positive equity of Rs 1,970.81 lakhs. However, net cash outflow from operating activities was a steep -Rs 1,634.95 lakhs in H1, and the auditor issued a Qualified Opinion flagging non-compliance with Section 73 of the Companies Act regarding unadjusted advances of Rs 64.96 lakhs.
Sharp profit rebound and balance sheet repair via the preferential issue are positives, but the deeply negative operating cash flow and the auditor's qualified opinion on the unadjusted advances are red flags shareholders should note.