Belding India Ltd (513307)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Belding India's revenue was ₹0.2 Cr, and net profit ₹-4.1 Cr; the operating margin was -1688.0%.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹0.2 | — | +649.7% |
| Operating profit | ₹-3.8 | — | to loss |
| Net profit | ₹-4.1 | — | loss narrowed |
| EPS (₹) | -2.21 | — | loss narrowed |
| Operating margin | -1688.0% | — | — |
📢 Recent Corporate Announcements
Belding India Limited (formerly Synthiko Foils Limited) has received approval from the National Stock Exchange of India (NSE) for listing and trading of its equity shares. A total of 1,44,78,849 equity shares of face value Rs 10 each will commence trading on NSE under the symbol 'BELDING' from October 12, 2026. Out of these, 36,19,713 shares remain locked in until July 14, 2027, while the remaining 1,08,59,136 shares are free to trade. The company currently has a market capitalization of Rs 1,494 crore despite minimal operating revenues (TTM revenue near Rs 0 crore).
- Received NSE listing approval for 1,44,78,849 equity shares of face value Rs 10 each.
- Trading on NSE will be effective from October 12, 2026, under the scrip symbol 'BELDING'.
- 36,19,713 shares are under lock-in until July 14, 2027; remaining 1,08,59,136 shares are free.
- Dual listing on NSE alongside BSE expands market access for its Rs 1,494 crore market cap equity base.
Belding India Limited has signed a strategic partnership with an unnamed US-based technology distribution and OEM supply partner to expand its modular data center solutions across North America. Under the agreement, the partner will exclusively market, distribute, and support Belding's systems across 3 countries: the United States, Canada, and Mexico. The partnership covers systems supplied under Belding's own brand and on an OEM/ODM basis, though financial terms and order values were not disclosed. The move follows the company's shift from aluminium foil manufacturing into 5 specialised tech verticals, while trailing revenue remains minimal at ₹0.22 cr in Q1 FY27 (June 2026).
- Exclusive distribution and marketing agreement covering 3 countries: United States, Canada, and Mexico
- Expansion covers complete modular data center solutions, controls, components, spare parts, and accessories
- Solutions to be deployed across both ODM and OEM models
- Belding is operating 5 specialised business verticals including Edge Data Centers, BESS, and Defence Technology
- Financial consideration, order volume, and revenue sharing details were not disclosed
Belding India Limited has secured shareholder approval via postal ballot to regularize the appointment of Mr. Rajesh Chandrakant Vaishnav as a Non-Executive Independent Director. The approved tenure spans 5 consecutive years, effective from May 22, 2026, through May 21, 2031. Mr. Vaishnav brings over 27 years of entrepreneurial experience, having previously founded Vintage Cards and Creations Limited and managed real estate developments spanning approximately 80 acres.
- Shareholder approval granted via postal ballot remote e-voting concluded on August 21, 2026
- Appointment of Mr. Rajesh Chandrakant Vaishnav as Non-Executive Independent Director confirmed for a 5-year term (May 22, 2026 to May 21, 2031)
- Profile highlights 27+ years of business experience, including expanding a retail network to over 375 outlets across 110 cities
Belding India Ltd (formerly Synthiko Foils Limited) has announced the resignation of Ms. Muskan Gurumukhdas Pinjani from the position of Company Secretary and Compliance Officer. The Board of Directors took note of the resignation in a meeting held on July 30, 2026. The resignation will be effective from the close of business hours on August 5, 2026. The officer is leaving to pursue other professional aspirations, and the company must now appoint a successor to fulfill mandatory regulatory requirements.
- Resignation of Ms. Muskan Gurumukhdas Pinjani effective from August 5, 2026
- Board meeting held on July 30, 2026, to take note of the resignation
- Company maintains a significant net worth of Rs 1,052 Cr with minimal debt of Rs 1 Cr
- The outgoing officer cited 'other professional aspirations' as the reason for departure
Belding India has approved the merger of its 100% subsidiary, DC&T Global Private Limited, into itself. DC&T Global brings a substantial net worth of Rs 446.89 crore to the parent company, despite reporting a minimal turnover of just Rs 1.20 lakhs in FY26. The merger aims to consolidate high-growth business lines, including Data Centre EPC and Battery Energy Storage Systems (BESS), directly into the listed entity. As this is a merger of a wholly-owned subsidiary, no new shares will be issued, and the shareholding pattern remains unchanged.
- Transferor company DC&T Global has a reported net worth of Rs 446.89 crore as of FY26.
- Consolidated net worth of Belding India stands at Rs 1,048.43 crore following the consolidation.
- The merger involves zero cash consideration or share issuance as the subsidiary is 100% owned.
- DC&T Global's turnover for FY26 was extremely low at only Rs 1.20 lakhs.
- The merger integrates specialized manufacturing assets for Data Centres and BESS directly onto the listed company's books.
Belding India Ltd has announced the resignation of Ms. Muskan Gurumukhdas Pinjani from the position of Company Secretary and Compliance Officer (Key Managerial Personnel). The Board took note of the resignation on July 30, 2026, and it will be effective from the close of business hours on August 5, 2026. The officer is leaving to pursue other professional aspirations. This administrative change occurs in a micro-cap company (Rs 61 Cr market cap) that has reported zero revenue for the last three consecutive quarters.
- Resignation of Company Secretary and Compliance Officer effective August 5, 2026
- Board of Directors took note of the resignation in a meeting held on July 30, 2026
- Company reported Rs 0.0 revenue for the quarter ended March 2026
- Market capitalization of the company stands at Rs 61 Cr as of the announcement date
Belding India (formerly Synthiko Foils) reported a standalone net loss of ₹18.21 Lakhs for Q1 FY27, a significant decline from the ₹233.76 Lakhs profit in Q1 FY26 which was driven by discontinued operations. The company reported zero revenue from operations, with its only income being ₹10.87 Lakhs from 'Other Income'. Consolidated losses were wider at ₹31.98 Lakhs following the incorporation of a new 55% subsidiary, Belding HD India Private Limited, in June 2026. Auditors have issued a qualified opinion regarding unreconciled vendor balances and inter-corporate deposits, a carry-over issue from the previous financial year.
- Standalone revenue from operations remained at ₹0.00 for the quarter ended June 30, 2026.
- Standalone net loss from continuing operations was ₹18.21 Lakhs vs a loss of ₹25.72 Lakhs in the preceding quarter.
- Consolidated net loss attributable to owners stood at ₹31.98 Lakhs for the quarter.
- Incorporated a new subsidiary, Belding HD India Private Limited, on June 22, 2026, with a 55% stake.
- Total expenses for the standalone entity were ₹29.16 Lakhs, primarily driven by employee benefits and other costs.
Belding India reported a net loss of ₹18.21 Lakhs for Q1 FY27, with total income declining to ₹10.87 Lakhs from ₹13.64 Lakhs in the previous quarter. The board has approved the merger of its 100% subsidiary, DC&T Global Private Limited, which specializes in Data Centre EPC and Battery Energy Storage Systems (BESS). This merger aims to consolidate high-growth technical assets and manufacturing capabilities directly into the listed entity without any new share issuance. Additionally, the Company Secretary has resigned effective August 5, 2026.
- Reported a net loss of ₹18.21 Lakhs for the quarter ended June 30, 2026, compared to a profit of ₹233.76 Lakhs in the year-ago period (which included discontinued operations).
- Total income for the quarter was ₹10.87 Lakhs, primarily consisting of 'Other Income' with zero revenue from operations.
- Approved the merger of 100% subsidiary DC&T Global Private Limited to bring Data Centre and BESS manufacturing assets onto the parent balance sheet.
- No shares will be issued for the merger as the transferor is a wholly-owned subsidiary, resulting in zero equity dilution.
- Company Secretary Muskan Pinjani resigned to pursue other professional aspirations, effective August 5, 2026.
Belding India Ltd has scheduled a board meeting for July 30, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. This announcement is critical as the company has reported zero revenue for the last three consecutive quarters (September 2025 to March 2026). Investors will be looking for signs of operational resumption, given the TTM revenue stands at only ₹5 Cr against a market cap of ₹64 Cr. The company maintains a significant net worth of ₹1052 Cr despite recent operational inactivity.
- Board meeting scheduled for July 30, 2026, to approve Q1 results.
- Company reported ₹0.0 Cr revenue in the three preceding quarters (Mar 2026, Dec 2025, Sep 2025).
- TTM revenue currently stands at ₹5 Cr, primarily driven by the June 2025 quarter.
- Market capitalization is ₹64 Cr with a high Net Worth of ₹1052 Cr.
- Promoter holding has remained stable at 55.78% as of June 2026.
Belding India Ltd has announced the 100% acquisition of Evolve IT Solutions Private Limited, a Pune-based manufacturer specializing in advanced X-ray security screening and inspection technologies. This acquisition marks a significant strategic pivot for Belding, moving beyond its traditional aluminum foil business into high-growth sectors like defense, airport security, and critical infrastructure. While the acquisition cost was not disclosed, the move is material given Belding's small TTM revenue of Rs 5 Cr and market cap of Rs 66 Cr. Evolve brings an owned manufacturing and R&D facility in MIDC, Bhosari, which supports the 'Make in India' initiative.
- 100% equity stake acquisition in Evolve IT Solutions Private Limited to strengthen indigenous technology capabilities.
- Acquisition adds advanced X-ray baggage scanners, vehicle scanners, and dual-view systems to Belding's portfolio.
- Evolve operates an owned manufacturing and R&D facility at MIDC, Bhosari, Pune.
- Belding's TTM revenue is currently only Rs 5 Cr, making this a potentially transformative business addition.
- The company aims to target high-growth opportunities in airports, metro rail, and defense establishments.
Belding India has completed the 100% acquisition of Evolve IT Solutions Private Limited for a cash consideration of Rs 10.75 Crores. The target company specializes in security screening technology (X-ray scanners) and reported an FY25 turnover of Rs 20.81 Crores, which is significantly higher than Belding's TTM revenue of Rs 5 Crores. This acquisition marks a major strategic pivot from aluminium foils into industrial electronics and security infrastructure. The deal value represents approximately 16.3% of Belding's current market capitalization of Rs 66 Crores.
- Acquired 100% equity stake in Evolve IT Solutions for a cash consideration of Rs 10.75 Crores
- Target company FY25 turnover of Rs 20.81 Crores is ~416% of Belding's TTM revenue of Rs 5 Crores
- Acquisition cost represents ~16.3% of Belding's current market capitalization of Rs 66 Crores
- Target entity has a 15-year operational history with an R&D and manufacturing facility in Pune
- Diversifies business into high-growth security screening and AI-enabled imaging technologies
Belding India Ltd (formerly Synthiko Foils Limited) has announced its intention to list its existing equity shares on the Main Board of the National Stock Exchange (NSE). The Board of Directors approved this proposal via a circular resolution on July 17, 2026. Currently listed on the BSE, the company seeks to expand its presence to India's largest stock exchange. The listing is subject to regulatory approvals from the NSE and other authorities.
- Board approval for NSE listing granted on July 17, 2026
- Proposal involves direct listing on the NSE Main Board
- Company was formerly known as Synthiko Foils Limited
- Application process to be initiated in due course following board approval
Belding India Limited has launched its indigenously developed Hybrid Battery Energy Storage System (Hybrid BESS) at the India Energy Storage Week 2026. The system is designed to integrate with diesel generators (DG), claiming to reduce fuel consumption by 40-80% depending on the load profile. The product targets high-growth sectors including data centers, defense, and manufacturing, providing instant backup and peak load shaving capabilities. This launch marks a strategic move into the clean energy transition space under the 'Make in India' initiative.
- Reduces diesel consumption by 40-80% depending on the specific load profile
- Product launched at India Energy Storage Week 2026 and unveiled by the Minister of State for New and Renewable Energy
- Targets 10+ critical infrastructure sectors including data centers, mining, and defense installations
- Indigenously conceptualized, designed, and developed by Belding India Limited
- Provides instant backup power to eliminate interruptions during diesel generator startup
Financial Performance
Revenue Growth by Segment
Total revenue was INR 25.65 Cr in FY23, representing a 13.2% decline from INR 29.55 Cr in FY22. Segment-specific growth percentages were not disclosed.
Profitability Margins
Operating Profit Margin (OPM) improved to 3.90% in FY25 from 3.34% in FY24 (+16.76% YoY). Net Profit Margin (NPM) increased to 1.14% in FY25 from 0.84% in FY24 (+35.71% YoY) due to effective cost reduction strategies.
EBITDA Margin
Operating Profit Margin was 3.90% in FY25, up from 3.34% in FY24, reflecting a 16.76% improvement in core operational profitability.
Credit Rating & Borrowing
CRISIL Ratings withdrawn its ratings on bank facilities following a no-dues certificate and company request. Previous ratings were under 'ISSUER NOT COOPERATING' due to lack of information. Borrowing costs are minimized as debt was reduced to Nil in FY25.
Operational Drivers
Raw Materials
Aluminum foils (primary raw material) used for slitting, lamination, coating, and printing. Specific cost percentages per material were not disclosed.
Strategic Growth
Growth Strategy
The company aims to achieve growth by targeting the Pharmaceutical and FMCG sectors, leveraging the unique properties of aluminum foils (protection from sunlight and preservation) to meet the increasing demand for well-packaged food and medicines.
Products & Services
Slitted, laminated, coated, and printed aluminum foils specifically designed for the pharmaceutical packaging industry.
Brand Portfolio
Synthiko Foils.
External Factors
Industry Trends
Aluminum is one of the fastest-growing metals globally. The industry is shifting toward more sophisticated packaging for Pharma and FMCG to ensure product longevity and safety.
Competitive Landscape
The segment is characterized by enhanced competition from new market entrants and established players in the non-ferrous metal industry.
Competitive Moat
The company's moat is based on the technical properties of aluminum foil for preservation. This is sustainable as long as pharmaceutical standards require high-barrier packaging, though it faces threats from changing packaging dynamics.
Macro Economic Sensitivity
Aluminum demand is expected to align with GDP growth rates, as it is heavily utilized in Power, Transport, and Construction sectors.
Consumer Behavior
Increased consumer interest in well-packaged food and preserved pharmaceutical products is driving steady demand growth.
Geopolitical Risks
Importations at cheaper prices from international markets pose a threat to domestic market share and pricing stability.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act, 2013 and Guidance Notes on Audit of Internal Financial Controls. The company maintains an audit trail feature in its accounting software to ensure regulatory compliance.
Legal Contingencies
The company reported zero pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Key risks include Forex fluctuations and competition from cheaper imports, which could impact margins by increasing input costs or forcing price reductions.
Technology Obsolescence Risk
Changing dynamics of packaging requirements pose a risk to the existing product folio, requiring constant adaptation to new industry standards.
Credit & Counterparty Risk
Debtors Turnover Ratio increased 8.56% YoY to 6.09 in FY25, indicating improved credit quality and timely realization of receivables.
