BSE: 513502
BARODA EXTRUSION LTD.
Manufactures extruded metal products in the aluminium, copper and zinc space from a facility in Vadodara, Gujarat. FY26 revenue was Rs 182.51 cr, up 14.75% YoY, with Q4 FY26 revenue rising 26% QoQ to Rs 55.94 cr. End markets cited by management include EVs, renewables and data centres. The business is heavily materials-driven — raw metal inputs make up 94.5% of revenue — with employee costs at 0.9% of revenue and other opex at 2.6%, producing an FY26 EBITDA margin of 5.80%, up from 2.09% a year earlier. Management has stated current capacity utilisation at 80% and indicated a revenue target of about Rs 1,000 cr over the next 3–5 years. The balance sheet was reshaped during the year: total borrowings were cut by roughly 90% to Rs 5.58 cr, while Rs 37.40 cr was raised through a preferential issue of 4.53 cr equity shares at Rs 8.25 each, partly by converting a Rs 20 cr unsecured loan. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Extruded aluminium, copper and zinc products. Small, materials-intensive metal extrusion business with high revenue volatility tied to commodity input costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 108 | 130 | 127 | 159 | 183 |
| EBITDA (ex other income) | 1 | (4) | (2) | 22 | 9 |
| margin % | 1.4 | (2.9) | (1.2) | 13.8 | 5.0 |
| Owners' profit | 1 | (3) | (1) | 20 | 7 |
| EPS, as reported (₹) | 0.09 | (0.23) | (0.07) | 1.32 | 0.42 |
| ROE % · ROCE % | (3.9) · 9.3 | 8.9 · (23.0) | 2.8 · (5.4) | (100.1) · 1377.9 | 29.4 · 38.8 |
| Debt / equity (x) | (1.44) | (1.39) | (1.51) | (1.34) | 0.22 |
| Cash from operations | (0) | (2) | (5) | 17 | (17) |
| Capex | (0) | (0) | 0 | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36 | 44 | 46 | 38 | 44 | 44 | 56 | 48 |
| Profit before tax | 0 | 1 | 21 | 1 | 2 | 3 | 4 | 4 |
| Net profit | 0 | 1 | 19 | 1 | 1 | 2 | 3 | 3 |
| EPS (₹) | 0.00 | 0.06 | 1.25 | 0.06 | 0.08 | 0.13 | 0.18 | 0.13 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BELDING INDIA LIMITED | 1,203 | 350.6 | 1.15 | 242.9 | (0.3) | 0.1 | — | 19761.8 |
| PARMESHWAR METAL LIMITED | 413 | 10.2 | — | — | — | 42.2 | — | — |
| SHARVAYA METALS LIMITED | 203 | 16.9 | — | — | — | 20.2 | — | — |
| BARODA EXTRUSION LTD. ◆ | 184 | 18.2 | 7.38 | — | 29.4 | 36.5 | — | 7.7 |
| SHILP GRAVURES LTD. | 82 | 11.7 | 0.76 | 5.5 | 6.5 | 7.6 | 7.0 | 7.1 |
| SAMPAT ALUMINIUM LIMITED | 27 | 4.3 | — | — | — | 11.4 | — | — |
| AMCO INDIA LTD. | 25 | 18.0 | 0.67 | — | 0.9 | 1.3 | — | 5.4 |
| OM METALLOGIC LIMITED | 23 | 4.4 | — | — | — | 16.4 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.2 | 11.7 | 8 of 9 | 13% |
| P/B | 7.4 | 0.9 | 4 of 4 | 0% |
| ROCE | 36.5 | 16.4 | 2 of 9 | 88% |
| ROE | 29.4 | 3.7 | 1 of 4 | 100% |
| Debt / Equity | 0.2 | 0.1 | 3 of 4 | 33% |
| EBITDA margin | 7.7 | 7.4 | 2 of 4 | 67% |
| Revenue growth | 25.9 | 23.6 | 1 of 3 | 100% |
| Profit growth | 199.4 | 199.4 | 2 of 3 | 50% |
| Market cap | 184 | 82 | 4 of 9 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Unaudited September 2026 results published in newspapers | compliance | minimal | — | — |
| 27 Oct 2026 · Q2 revenue up 45% and net profit rises 184% to Rs 3.54 crore | results | high | — | — |
| 27 Oct 2026 · Half-year profit jumps 191 percent; operating cash flow is negative | results | medium | — | — |
| 21 Oct 2026 · Board to approve September 2026 half-year results | results | low | — | — |
| 8 Oct 2026 · RTA Compliance Certificate under Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Baroda Extrusion receives orders worth 27.83 crores in Sep 2026 | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 FY26 results are declared | compliance | minimal | — | — |
| 2 Sept 2026 · Annual Report 2025-26 filed; AGM on Sep 24 with director changes | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Baroda Extrusion files 35th Annual Report for FY26; AGM on 24 Sept 2026 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Baroda Extrusion publishes notice of book closure and e-voting for 35th AGM | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.