Baroda Extrusion Ltd

Baroda Extrusion Ltd trading window to close from 1 October 2026 until 48 hours after the declaration of the unaudited financial statements for the quarter ended 30 September 2026

Financial performance

• Revenue from operations: ₹18,251.12 Lakh in FY25-26, up from FY24-25.
• Total income: ₹18,389.57 Lakh in FY25-26.
• PBDIT: ₹1,058.08 Lakh in FY25-26.
• PAT: ₹733.43 Lakh; EPS ₹0.42.
• Dividend declared for FY25-26: none.
• Prior-year exceptional item of ₹1,883.94 Lakh disclosed in FY24-25.
• Cash flow from operations: net outflow ₹1,706.75 Lakh.
• Zero production loss across all manufacturing sites.

Capital structure & funding

• Equity share capital rose to ₹1,943.82 Lakh after preferential allotment of 4,53,33,316 shares.
• Authorised capital increased to ₹20 crore.
• Total borrowings ₹558.01 Lakh; current ₹397.80 Lakh; non-current ₹160.21 Lakh.
• Funds raised via preferential issue: ₹37.40 crore.
• Borrowing limit proposed to be raised to ₹200 crore.

Governance & board changes

• Chairman & MD Parasmal Kanugo died on 14 Nov 2025.
• Alpesh Kanugo appointed MD from 29 May 2026.
• Meera Kanugo appointed Executive Director from 12 Aug 2026.
• Nilesh Shah appointed Independent Director from 29 May 2026.
• Ms. Rina Patel resigned on 28 Aug 2025.
• Board as of 31 Mar 2026: four directors; three independent.
• Independent Directors enrolled in IICA databank and familiarisation programs.

Audits & internal controls

• Statutory auditors: Maloo Bhatt & Co.; Secretarial: Swati Bhatt & Co.
• Internal auditors: Surti & Talati; Cost auditors: Divyesh Vagadiya.
• Internal financial controls: disclaimer of opinion due to partial implementation.
• Secretarial audit: no qualifications; compliance reports were filed.
• Going concern: material uncertainty flagged by auditors.

Outlook & risks

• Global copper price volatility and supply-chain disruptions pose risk.
• Rupee volatility could raise imported input costs.
• India's growth trajectory and policy measures support manufacturing demand.
• EVs, renewables, and infrastructure drive copper-based product demand.

Operations & performance

• Navnirman focused on capacity expansion and efficiency improvements.
• No subsidiaries; core copper extrusion business remains central.
• Quality controls and process improvements sustain customer relationships.
• Capital investments aim to enhance capacity and energy efficiency.

Dividend policy & communications

• Dividend policy not applicable; no dividend declared for FY25-26.
• Shareholder communications conducted via electronic mode; AGM/EVoting details in notices.

AGM notice & e-voting

• 33rd AGM scheduled Sep 24, 2026 via VC/OAVM.
• Notice of AGM and FY2025-26 Annual Report available on company site and stock exchanges.
• E-voting window remote Sep 21–23, 2026.
• Voting cut-off date Sep 17, 2026.
• AGM participation via VC/OAVM; remote voters can vote, not again.
• Annual Report FY2025-26 and AGM Notice on NSDL evoting portal.
• Requests for physical copy to email vdmlcs@hotmail.com.
• Notice issued Aug 31, 2026 to members via electronic mode.
• Contact NSDL for e-voting queries.

AGM & e-voting details

• AGM on 24 September 2026 at 11:00 AM via VC/OAVM.
• Remote e-voting available 21 September 2026 09:00 to 23 September 2026 17:00.
• Cut-off date for e-voting eligibility is 17 September 2026.
• Shareholders may attend after remote voting but cannot vote again.
• Only members on the registrar as of the cut-off date are eligible.
• Notice hosted on company website and NSDL e-voting platform.
• Queries to cs@barodaextrusion.com or Ms. Vaishali Joshi at +91 9016203113.

Book closure details

• Book closure from 18.09.2026 to 24.09.2026 (inclusive).
• Purpose: Annual General Meeting through VC/OAVM.
• AGM: 24-09-2026 at 11:00 A.M. via VC/OAVM.
• Security: Equity shares (ISIN INE927K01023).
• Dividend: NIL payable per share.

Financial Performance

• Revenue from operations: ₹47.90 crore (FY27) and ₹38.05 crore (FY26).
• Total revenue: ₹47.90 crore (FY27) and ₹38.05 crore (FY26).
• Other income: ₹0.15 in Q1 FY27; nil in FY25.
• Cost of material consumed: ₹46.19 crore (FY26); ₹36.81 crore (FY25).
• Purchase of stock-in-trade: ₹0.72 crore (FY26); ₹1.81 crore (FY25).
• Change in inventory: −₹4.44 crore (FY26); −₹3.15 crore (FY25).
• Employee benefit expense: ₹0.3971 crore (FY26); ₹0.3633 crore (FY25).
• Finance cost: ₹0.13 crore (FY26); ₹0.16 crore (FY25).
• Depreciation & amortisation: ₹0.04 crore (FY26); ₹0.03 crore (FY25).
• Other expense: ₹0.134 crore (FY26); ₹0.0113 crore (FY25).
• Total expense: ₹44.40 crore (FY26); ₹37.17 crore (FY25).
• EBITDA: ₹3.68 crore (FY26); ₹1.08 crore (FY25); YoY EBITDA growth ₹2.59 crore (238%).
• Profit before tax: ₹3.50 crore (FY26); ₹0.88 crore (FY25).
• PAT: ₹2.64 crore (FY26); ₹0.88 crore (FY25).
• Total comprehensive income: ₹2.64 crore (FY26); ₹0.88 crore (FY25).
• EPS: ₹0.13 (FY26); ₹0.06 (FY25).
• Revenue growth YoY: 25.87%; PAT margin reported as 137.86% (per transcript).
• Order book: ₹20 crore as on 31 July 2026; expected to convert into approved sales.

Operations & Customers

• Key customers include BARC and NPCIL; current revenue share from them is minor but scope to grow.
• Supplier capability: oxygen-free billets; forging and machining to meet third-party specs for government buyers.
• Defense/ ammunition: some orders via GeM; heavy hollow pipes under development for defense needs.
• Export potential: active engagement with international customers; US market open for certain copper products.
• Hedging approach: no formal hedging; material purchased as orders come; margins protected by long-term supply relations.

Capex & Projects

• Capex planned: ₹20–25 crore for machines and plant upgradation.
• Expansion goal: heavy hydraulic extrusion press to widen copper product range.
• Post-expansion capacity target: >6,000 tons per annum; plant adjacent to current factory.
• Product scope: copper, copper alloys; ability to handle multiple sizes and forms for diverse needs.
• Timeline: expansion decisions aligned with existing facilities; aims for smooth commissioning.

Guidance & Outlook

• Long-term target: revenue path to ₹1,000 crore in 3–5 years; scalable capex ~₹20–25 crore.
• Current CAPEX and capacity expansion seen as enablers for higher volumes and value addition.
• Q1 FY27 EBITDA margin reported at 7.7% (vs 2.86% prior); trajectory to sustain improvement.

Q&A Highlights

• Export and defense exposure: more opportunity as capacities expand and markets open.
• Price volatility: no formal hedging; relies on internal efficiency and customer stability.
• Inorganic growth: open to partnerships; no current plan for takeover; focus on strengthening Baroda brand.
• Right to win: 35-year track record, integrated capabilities (melting to extrusion), 700+ customers.
• Volume target: current ~430 tons per quarter; expansion to ~500 tons per month with new capex.

Balance Sheet & Liquidity

• Statement from MD: virtually debt-free; positive net worth; cash-positive operating profile.
• Commercial bank support described as adequate to meet expansion needs.

Operational Metrics Snapshot

• Q1 FY27 EBITDA: ₹3.694 crore; EBITDA margin: 7.7%.
• Order book: ₹20 crore as of 31 July 2026; expected to convert to sales.

Filing Status

• Wrapper-only filing; no substantive transcript content present.
• Audio recording of the Q1FY26 earnings call on 13 August 2026 at 15:00 is on the company site.

Business overview

• Baroda Extrusion is a copper extrusion manufacturer with 35+ years of experience.
• Vadodara plant operates at 3,600 MT annual capacity.
• Serves power, electrical infrastructure, renewables, EVs, HVAC, and government sectors.

Operational highlights

• Unexecuted order book of 220 Cr as of end-July 2026, with execution by Aug 2026.
• Capex plan of ~725-730 Cr for plant and machinery; capacity expansion to 6,000 MT.
• Current capacity utilisation ~80%; expansion land bank ~20 lakh sq ft.

Financial performance

• Total income 4,790.66 Lakhs; EBITDA 368.63 Lakhs; PAT 264.00 Lakhs.
• EBITDA margin 7.70%; PAT margin 5.51%.
• ROE 280.14%; ROCE 39.97%; Debt-to-Equity 0.06x.

Capital structure & liquidity

• Equity capital rose to 1,943.82 Lakhs; reserves negative.
• Long-term borrowings 160.21; short-term borrowings 397.80 Lakhs.
• Cash and cash equivalents 42.76 Lakhs; total liabilities 5,540.08 Lakhs.

Strategic priorities & outlook

• MD's plan targets revenue of ~₹21,000 crore in 3–5 years.
• Capex and expansion to capture higher volumes from power, renewables, EVs.
• Expansion-ready land bank supports future growth.

Risks & governance

• Execution risk on capex expansion and copper-cycle volatility.
• Disciplined capital deployment and debt management emphasized by management.
• Debt reduced by approximately 90% since previous period.

Governance & leadership

• Managing Director Alpesh Kanugo leads the company; 28+ years in copper industry.

Financial results and key approvals

• Approved unaudited Q1 FY2026-27 results for quarter ended 30 June 2026.
• Revenue Rs 4,790.51 lakh; PAT Rs 264.00 lakh; PBT Rs 350.17 lakh.
• Appointed Mrs. Meera Kanugo as Whole-time Director for 5 years from 12 Aug 2026, subject to shareholders' approval.
• Cost Auditor appointed for 2026-27 with rectification.
• 35th AGM fixed for 24 September 2026 at the registered office.
• Directors' Report with Annexures and AGM Notice approved.
• Independent Auditor's Review Report: no material misstatement observed.