Baroda Extrusion Ltd (513502)
🎯 Key Takeaways
- Baroda Extrusion Ltd is a small-cap non-ferrous metals company operating in extrusion manufacturing, currently in a mature or potentially distressed phase given negative ROE and volatile profitability. The business shows no clear growth trajectory, with declining margins and inconsistent earnings, though capital efficiency appears high due to elevated ROCE.
- Revenue declined 14.4% QoQ to ₹48 in Q1FY27.
- ⚠️ Persistent negative ROE (-46.1%) raises concerns about capital sustainability and profitability resilience.
📖 The Story
Baroda Extrusion Ltd is a small-cap non-ferrous metals company operating in extrusion manufacturing, currently in a mature or potentially distressed phase given negative ROE and volatile profitability. The business shows no clear growth trajectory, with declining margins and inconsistent earnings, though capital efficiency appears high due to elevated ROCE. Management has not provided forward guidance, and recent filings reflect administrative actions rather than strategic expansion.
📰 What's Happening
The most recent material event was the announcement of a shareholder record date and AGM closure from 18 to 24 September 2026 for the annual meeting scheduled on 24 September at 11:00 A.M., with ₹NIL dividend proposed. This follows a series of quarterly filings showing fluctuating revenue and margins, with no disclosed capital expenditure or strategic initiatives. The company has not announced new orders, capacity expansions, or management changes in recent quarters, indicating operational continuity without visible transformation.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 38 | 44 | 44 | 56 | 48 |
| Operating Profit | 1 | 2 | 3 | 3 | 4 |
| OPM % | 2.8% | 3.7% | 6.7% | 6.0% | 7.6% |
| Net Profit | 1 | 1 | 2 | 3 | 3 |
| EPS | ₹0.06 | ₹0.08 | ₹0.13 | ₹0.18 | ₹0.14 |
Quarterly revenue has shown modest volatility, peaking at ₹56 crore in Mar 2026 before declining to ₹44 crore in the next two quarters, while operating margins have remained range-bound between 3.7% and 7.6%. Profitability remains thin, with net profit stabilizing around ₹2-3 crore but earnings per share declining in recent periods. The downward trend in revenue and margins since mid-2025 suggests pressure on top-line performance, though cost control has prevented steeper profit erosion.
🔮 Management Outlook & What's Next
Management has not provided any forward-looking guidance, strategic roadmap, or commentary on future growth prospects in the latest filings. The absence of guidance, coupled with a history of administrative updates rather than business updates, signals limited transparency on future expectations. The company’s last disclosed operational update was the AGM agenda, with no mention of market expansion, product innovation, or margin improvement plans.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 15 | 15 | 19 | 19 |
| Reserves | -54 | -35 | 0 | 6 |
| Borrowings | 58 | 26 | 5 | 6 |
| Total Liabilities | 40 | 33 | 43 | 55 |
| Fixed Assets | 2 | 2 | 2 | 2 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 40 | 33 | 43 | 55 |
The balance sheet shows a stable but modest capital structure, with equity remaining flat at ₹19 crore in March 2026 while reserves declined from ₹6 crore to ₹0, suggesting possible utilization or reclassification. Borrowings decreased slightly to ₹6 crore from ₹5 crore, indicating minimal debt accumulation. Total assets grew to ₹55 crore, implying modest asset base expansion, but the lack of significant capex or investment activity suggests capital allocation is not aggressive.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +17 |
| Investing | -0 |
| Financing | -18 |
| Net Cash Flow | -1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 55.4% | 54.9% | 54.9% | 54.9% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 39.1% | 40.4% | 40.6% | 40.8% |
| # Shareholders | 24,276 | 26,959 | 29,496 | 28,862 |
Promoter holding has slightly declined from 55.38% in Q2FY26 to 54.94% in Q1FY27, while public shareholding has gradually increased, reflecting stable institutional interest despite low FII/DII exposure. The growing number of shareholder accounts (24,276 to 28,862) indicates broadening retail participation. No pledging or significant dilution is evident, but the absence of foreign or domestic institutional accumulation suggests limited investor confidence or coverage.
⚖️ Peer Comparison — Non Ferrous Metals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDZINC | 2.52 L Cr | 14.8 | 76.5% | 75.4% | 0.36 |
| HINDALCO | 2.28 L Cr | 13.7 | 11.1% | 12.0% | 0.71 |
| VAML | 1.70 L Cr | — | — | — | -0.81 |
| VEDL | 1.07 L Cr | 5.4 | 27.0% | 57.5% | 0.65 |
| NATIONALUM | 68,093 | 10.1 | 42.2% | 31.3% | 0.00 |
| HINDCOPPER | 50,904 | 44.8 | 44.4% | 34.1% | 0.03 |
| GRAVITA | 13,145 | 33.1 | 21.0% | 18.9% | 0.14 |
| JAINREC | 9,690 | 26.4 | 20.9% | 23.1% | 0.81 |
| PRECWIRE | 9,091 | — | — | — | 0.14 |
| KSHINTL | 6,464 | 46.4 | 33.9% | 43.4% | 1.21 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent negative ROE (-46.1%) raises concerns about capital sustainability and profitability resilience. 2. Revenue volatility and stagnant margin trends indicate vulnerability to input cost fluctuations or demand weakness in the metals sector. 3. High ROCE (194.8%) may reflect asset efficiency but could be misleading if underpinned by low investment or shrinking operations. 4. Lack of management guidance or strategic updates increases uncertainty around long-term viability.
📋 Recent Filings
-
🟡 voting results 1 September 2026Baroda Extrusion Ltd announced the publication of an extract of notice for e-voting and book closure in Business Standard and Loksatta newspapers on S...
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🔴 annual report 1 September 2026Baroda Extrusion Limited reported a 15% revenue increase to ₹18,251.12 lakhs for FY2025-26, driven by higher sales across copper products. Profit befo...
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🟡 Board Meeting 31 August 2026Baroda Extrusion Ltd announced that its register of members and share transfer books will close from 18 to 24 September 2026 for the AGM, with the mee...
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🟡 Board Meeting 31 August 2026Baroda Extrusion Limited announced remote e-voting facilities for its upcoming AGM on September 24, 2026, allowing shareholders to vote via video conf...
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🟡 concall transcript 30 June 2026Baroda Extrusion Limited, celebrating its 35th anniversary, reported strong YoY growth in Q1 FY27 with revenue up 25.87% to ₹47.90 crores, EBITDA surg...
🧠 Analyst's Read
Baroda Extrusion Ltd exhibits financial instability masked by accounting efficiency, with deteriorating profitability and no visible growth drivers. Investors should monitor future AGMs for strategic clarity and any shift in capital allocation or market positioning. Until then, the company remains a high-risk, low-transparency entity with limited upside potential.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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