Baroda Extrusion Ltd (513502)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Baroda Extrusion's revenue was ₹47.9 Cr (+25.9% year on year, -14.4% on the previous quarter), and net profit ₹2.6 Cr (+200.0% year on year); the operating margin was 7.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹47.9 | +25.9% | -14.4% |
| Operating profit | ₹3.7 | +238.1% | +8.1% |
| Net profit | ₹2.6 | +200.0% | -14.3% |
| EPS (₹) | 0.14 | +126.7% | -15.0% |
| Operating margin | 7.7% | — | — |
📢 Recent Corporate Announcements
Baroda Extrusion Limited announced the receipt of purchase orders totaling Rs 27.83 crore during the month of September 2026. This monthly order intake represents approximately 14.5% of the company's TTM revenue of Rs 192 crore and over 58% of its Q1 FY27 revenue (Rs 47.91 crore). The orders span various copper alloy products, including copper flats, pipes, rods, coils, and profiles for electrical, defense, HVAC, and industrial applications. Execution timelines and individual client names were not disclosed.
- Received purchase orders aggregating to Rs 27,83,01,348.00 in September 2026
- Monthly order intake equals ~14.5% of TTM revenue (Rs 192 Cr)
- Supplies cover a wide range of copper solids including flats, pipes, rods, coils, and sections
- End-user segments include electrical panels, bus bars, transformers, defense, and HVAC systems
Baroda Extrusion Limited has announced the schedule for remote e-voting for its upcoming Annual General Meeting (AGM) to be held on September 24, 2026, via Video Conferencing. The cut-off date to determine shareholder voting eligibility is set for September 17, 2026. Remote e-voting opens on September 21, 2026, at 9:00 AM and ends on September 23, 2026, at 5:00 PM via NSDL. This is a routine administrative filing regarding shareholder voting procedures.
- AGM scheduled for September 24, 2026, at 11:00 AM via VC/OAVM.
- Remote e-voting begins on September 21, 2026 (09:00 AM) and concludes on September 23, 2026 (5:00 PM).
- Cut-off date for voting eligibility is fixed as September 17, 2026.
- E-voting platform provided via agreement with NSDL.
Baroda Extrusion Limited has announced the closure of its Register of Members and Share Transfer Books from September 18, 2026, to September 24, 2026 (both days inclusive). The book closure is scheduled for conducting the Annual General Meeting (AGM) on September 24, 2026, at 11:00 AM via Video Conference/OAVM. The company confirmed that the dividend payable per share is NIL for the period.
- Book closure scheduled from September 18, 2026, to September 24, 2026
- AGM to be held on September 24, 2026, at 11:00 AM via VC/OAVM
- Dividend declared is NIL per share
Baroda Extrusion Limited (BEL) hosted its inaugural investor earnings call on August 13, 2026, marking 35 years in operations. For Q1, the company reported revenue from operations of ₹47.90 crore (up 25.9% YoY from ₹38.05 crore) and PAT of ₹2.64 crore (up 200% YoY from ₹0.88 crore), with EBITDA surging 238% YoY to ₹3.68 crore. Management highlighted its virtually debt-free status, 5 BIS licenses, and an active base of over 700 customers. Management is evaluating the addition of a heavy capacity hydraulic extrusion press to expand value-added copper and copper alloy manufacturing.
- Q1 revenue reached ₹47.90 crore compared to ₹38.05 crore in the prior-year period
- Q1 PAT rose 200% YoY to ₹2.64 crore from ₹0.88 crore, while EBITDA surged 238% YoY to ₹3.68 crore
- Company serves over 700 customers with 5 BIS licenses across solid, hollow, and customized copper sections
- Management evaluating installation of a heavy capacity hydraulic extrusion press to drive higher-margin alloy products
Baroda Extrusion has released the audio recording of its Q1 FY26-27 earnings call held on August 13, 2026. This follows a period where the company reported TTM revenue of ‡183 Cr and a net profit of ‡7 Cr. The call likely addressed the company's 5.0% operating margins and its strategy to leverage its 3,600 MTPA copper extrusion capacity. Investors can access the recording on the company's website for qualitative insights into management's outlook on the automotive and defense sectors.
- Earnings call conducted on August 13, 2026, at 15:00 IST regarding Q1 FY27 results
- Company operates with a TTM revenue base of ‡183 Cr and a market cap of ‡170 Cr
- Current installed manufacturing capacity stands at 3,600 MT per annum
- Operating profit margins remain tight at 5.0% as per TTM data
- Promoter holding remains stable at 54.94% as of June 2026
Baroda Extrusion has announced a significant growth phase with a planned capital expenditure of Rs 25-30 Cr to increase its copper extrusion capacity from 3,600 MTPA to 6,000 MTPA. The company reported an unexecuted order book of Rs 20 Cr as of July 2026, which is approximately 11% of its TTM revenue. For Q1 FY27, the company achieved a revenue of Rs 47.91 Cr, marking a 25.87% YoY growth. The expansion will be supported by an existing 20 lakh sq. ft. land bank and a strengthened balance sheet with a Debt-to-Equity ratio of 0.06x.
- Planned capex of Rs 25-30 Cr focused on plant and machinery expansion
- Targeting a 66% increase in capacity from 3,600 MTPA to 6,000 MTPA
- Unexecuted order book of Rs 20 Cr as of end-July 2026
- Q1 FY27 revenue grew 25.87% YoY to Rs 47.91 Cr
- Debt reduction of nearly 90% over the last 2 years, resulting in 0.06x D/E ratio
Baroda Extrusion Ltd reported a strong year-on-year performance for Q1 FY27, with revenue from operations rising 25.9% to ₹47.91 Cr compared to ₹38.06 Cr in Q1 FY26. Net profit surged 200% YoY to ₹2.64 Cr, up from ₹0.88 Cr, although it saw a sequential decline of 14.3% from the March 2026 quarter. The company also announced the appointment of Mrs. Meera Kanugo as a Whole-time Director for a five-year term. Raw material costs remain the dominant expense, consuming approximately 96% of the quarterly revenue before inventory adjustments.
- Revenue from operations grew 25.9% YoY to ₹47.91 Cr from ₹38.06 Cr.
- Net profit increased 200% YoY to ₹2.64 Cr, compared to ₹0.88 Cr in the year-ago period.
- Earnings Per Share (EPS) rose to ₹0.136 from ₹0.06 YoY.
- Raw material consumption stood at ₹46.20 Cr, representing a significant portion of the cost structure.
- Mrs. Meera Kanugo appointed as Whole-time Director for a 5-year tenure starting August 12, 2026.
Baroda Extrusion reported a strong year-on-year performance for Q1 FY27, with revenue from operations rising 25.9% to ₹47.91 Cr compared to ₹38.06 Cr in Q1 FY26. Net profit surged 200% YoY to ₹2.64 Cr, up from ₹0.88 Cr, although it saw a sequential decline from Q4 FY26's ₹3.08 Cr. The company's EPS improved to ₹0.136 from ₹0.06 YoY. Additionally, the board appointed Mrs. Meera Kanugo as a Whole-time Director for a five-year term, subject to shareholder approval.
- Revenue from operations grew 25.9% YoY to ₹47.91 Cr in Q1 FY27.
- Net Profit (PAT) increased by 200% YoY to ₹2.64 Cr from ₹0.88 Cr.
- Earnings Per Share (EPS) rose to ₹0.136 from ₹0.06 in the year-ago quarter.
- Appointment of Mrs. Meera Kanugo as Whole-time Director for a 5-year tenure starting August 12, 2026.
- 35th Annual General Meeting (AGM) scheduled for September 24, 2026.
Baroda Extrusion Ltd has scheduled a group investor meeting and earnings call for August 13, 2026, at 3:00 PM IST. The company, which operates in the copper extrusion segment with a TTM revenue of ₹183 Cr, clarified that no unpublished price sensitive information (UPSI) will be shared. This meeting follows a fiscal year where the company achieved a PAT of ₹7 Cr and maintains a high ROCE of 56.0%. Investors can participate via the provided Zoom registration link.
- Investor meeting/earnings call scheduled for August 13, 2026, at 15:00 PM.
- Company reported TTM revenue of ₹183 Cr and TTM PAT of ₹7 Cr.
- Current installed capacity stands at 3,600 MT per annum with a 900 MT extrusion press.
- Promoter holding remains stable at 54.94% as of June 2026.
Baroda Extrusion Ltd has scheduled a board meeting for August 12, 2026, to approve the un-audited financial results for the quarter ended June 30, 2026. The board will also consider the appointment of Mrs. Meera Kanugo as a Whole-time Director and finalize details for the 35th Annual General Meeting (AGM). This follows a fiscal year (FY26) where the company achieved a revenue of ₹183 Cr and a PAT of ₹7 Cr. Investors should note the high ROCE of 56% and low debt-to-equity ratio of 0.24 as context for the upcoming results.
- Board meeting scheduled for August 12, 2026, to approve Q1 FY27 results.
- Proposal to appoint Mrs. Meera Kanugo as a Whole-time Director of the company.
- Meeting will finalize the date, time, and place for the 35th Annual General Meeting (AGM).
- Company reported a TTM revenue of ₹183 Cr and a net profit of ₹7 Cr leading into this quarter.
- Board to rectify the appointment and remuneration for Cost Auditors for FY 2026-27.
Financial Performance
Revenue Growth by Segment
Total revenue from operations, including other income, reached INR 159.19 Cr in FY 2024-25, representing a growth of 24.56% compared to INR 127.80 Cr in the previous year. Segment-specific growth percentages were not disclosed.
Profitability Margins
Operating Profit Margin improved significantly to 13.70% in FY 2024-25 from -1.34% in FY 2023-24. Net Profit Ratio stood at 12.39% in FY 2024-25 compared to -0.86% in the previous year, driven largely by exceptional items.
EBITDA Margin
Operating Profit Margin was 13.70% in FY 2024-25, a substantial recovery from the -1.34% reported in FY 2023-24, indicating improved core operational efficiency before exceptional gains.
Capital Expenditure
The company maintains an infrastructure including a 900 MT extrusion press and an induction furnace of 1 M.T/Hr. Specific planned capital expenditure in INR Cr for the upcoming period was not disclosed.
Credit Rating & Borrowing
The company has a Debt-Equity Ratio of -1.07 as of March 31, 2025, reflecting an eroded net worth. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Copper (primary raw material) and various consumables. Specific percentage of total cost for each was not disclosed.
Import Sources
The company utilizes imported raw materials and consumables, though specific countries of origin were not disclosed.
Capacity Expansion
Current installed capacity is 3,600 MT per annum. The plant is equipped with a 900 MT extrusion press and 25 draw benches. Future expansion timelines were not disclosed.
Raw Material Costs
Raw material costs are a critical driver; the company noted that elevated prices of copper and imported consumables impact production costs and profitability margins.
Manufacturing Efficiency
The company operates a specialized copper extrusion plant with a 3,600 MTPA capacity. Specific capacity utilization percentages were not disclosed.
Strategic Growth
Expected Growth Rate
6.1-6.7%
Growth Strategy
The company aims to achieve growth by leveraging its position as India's first copper extrusion plant, targeting high-growth sectors like automotive, defense, aerospace, and telecommunications. Strategy includes innovation in copper coil production and utilizing its 3,600 MTPA capacity to meet rising domestic demand.
Products & Services
Copper coils, copper extruded sections, and various copper-based components for industrial use.
Brand Portfolio
Baroda Extrusion Limited (BEL).
Market Expansion
Targeting the electrical equipment industry and infrastructure sectors to capitalize on India's projected economic growth.
Market Share & Ranking
Identified as the first copper extrusion plant in India with specialized in-house infrastructure.
External Factors
Industry Trends
The industry is seeing growth in the electrical equipment and automotive sectors. BEL is positioning itself by maintaining modern machinery like bright annealing furnaces to meet evolving quality standards.
Competitive Landscape
Operates in a competitive landscape within the electrical equipment and industrial components industry.
Competitive Moat
The company's moat is based on its 'first-mover' status in the Indian copper extrusion market and its comprehensive in-house facilities, which are difficult to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (projected at 6.1% to 6.7%) and global demand-supply conditions for copper.
Consumer Behavior
Demand is shifting toward high-quality, precision-extruded copper products for use in advanced electronics and healthcare lighting.
Geopolitical Risks
Global uncertainties and trade barriers affecting the import of raw materials and consumables are cited as potential risks.
Regulatory & Governance
Industry Regulations
The company is subject to Section 73 of the Companies Act regarding advances and Section 148 regarding the maintenance of cost records.
Taxation Policy Impact
The company failed to de-recognize Deferred Tax Assets (DTA) of INR 2.92 Cr despite eroded net worth, leading to a qualified audit opinion. This departure from Ind AS 12 inflated reported profits.
Legal Contingencies
The company has a pending regulatory issue regarding an advance of INR 45.73 Lakhs from Sundram Metal Sales which was not appropriated within 365 days, violating Section 73 of the Companies Act. Other pending litigations are referenced in Note 30B.
Risk Analysis
Key Uncertainties
There is a material uncertainty related to 'Going Concern' as the company's net worth is eroded and it has reported losses in the past. This casts significant doubt on its ability to meet liabilities as they fall due.
Third Party Dependencies
Dependency on imported raw material suppliers is noted, but specific percentages were not disclosed.
Technology Obsolescence Risk
The company mitigates technology risk by utilizing modern 900 MT extrusion presses and induction furnaces.
Credit & Counterparty Risk
Trade Receivable Turnover Ratio was 30.56 in FY 2024-25, indicating the speed of collections from customers.
