NSE: BELDING · BSE: 513307
BELDING INDIA LIMITED
After selling its foil manufacturing business, the Pune-based company now operates through recently acquired subsidiaries in Battery Energy Storage Systems, X-ray security screening, modular data centres, edge computing, and defence technologies. Standalone FY26 total income was ₹37.90 lakhs and consolidated total income was ₹57,995 lakhs, with losses reported from continuing operations in both. Recent acquisitions include Evolve IT Solutions (100% for Rs 10.75 crore), a Pune-based maker of baggage, cargo and vehicle X-ray scanners with FY25 turnover of Rs 20.81 crore; BESS Limited (99%, October 2025); DC&T Global (100%, December 2025); and Metafin (55%). A JV with HD Fabcon, Belding HD India Private Limited (55% owned), was incorporated in June 2026 to pursue BESS and renewable energy projects. The company launched an indigenously designed Hybrid BESS targeting data centres, hospitals, airports, telecom towers, mining, oil and gas, defence, and remote industrial sites, claiming 40 to 80 percent diesel reduction. Customers include operators of airports, ports, defence facilities and critical infrastructure for the screening business, alongside the BESS target segments. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. X-ray security screening systems, Battery Energy Storage Systems (BESS), Modular data centres, edge computing and defence technologies, Foil manufacturing. Recently transformed multi-business industrial, clean-energy and defence-technology roll-up
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 0 |
| EBITDA (ex other income) | (1) |
| margin % | (2793.2) |
| Owners' profit | 0 |
| EPS, as reported (₹) | 11.12 |
| ROE % · ROCE % | (0.3) · 0.3 |
| Debt / equity (x) | 0.01 |
| Cash from operations | 36 |
| Capex | (59) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 0 | 0 |
| Profit before tax | (1) | 3 |
| Net profit | (1) | (5) |
| EPS (₹) | (0.84) | 3.21 |
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) | 350.6 | 11.7 | 9 of 9 | 0% |
| P/B | 1.1 | 0.9 | 3 of 4 | 33% |
| ROCE | 0.1 | 16.4 | 9 of 9 | 0% |
| ROE | (0.3) | 3.7 | 4 of 4 | 0% |
| Debt / Equity | 0.0 | 0.1 | 2 of 4 | 67% |
| EBITDA margin | 19761.8 | 7.4 | 1 of 4 | 100% |
| Market cap | 1203 | 82 | 1 of 9 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Belding India submits Q2 FY26-27 dematerialisation certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 8 Oct 2026 · Belding India gets NSE listing approval, trading starts Oct 12 | capital market events | medium | — | — |
| 30 Sept 2026 · Secretarial auditor appointed for 5-year term | management changes | medium | — | — |
| 30 Sept 2026 · AGM voting results: 4 resolutions passed at Belding India's 41st AGM | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM held; 4 resolutions transacted including registered office shift | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closure for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 19 Sept 2026 · Belding India enters strategic partnership for North America data center expansion | compliance | low | — | — |
| 9 Sept 2026 · Newspaper publication of 41st AGM notice and e-voting info | compliance | minimal | — | — |
| 8 Sept 2026 · Notice of 41st AGM and Annual Report FY 2025-26 sent to shareholders | compliance | minimal | — | — |
| 8 Sept 2026 · Belding India files first voluntary BRSR for FY 2025-26 | compliance | low | — | — |
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.