🔍 BARODA EXTRUSION LTD
BSE: 513502 | ISIN: INE927K01023 | India’s First Copper Extrusion Plant
📍 CMP: ₹9.15 ▲ 0.21% (as of May 15, 2026) | Market Cap: ₹178.60 Cr
📘 FOR INFORMATION & EDUCATIONAL PURPOSE ONLY
🏭 1) COMPANY OVERVIEW – COPPER SPECIALIST SINCE 1991
✅ India's first copper extrusion plant established in 1991, manufacturing unit in Savli, Vadodara (Gujarat) spread across 22,118 sq.mtrs.
✅ Core verticals: Copper rods, sections, profiles | Job work services | Trading of ferrous & non-ferrous metals.
✅ Key end-user industries: Air Conditioning, Refrigeration, Power & Electrical sectors.
✅ Production capacity: 6,000 MT per annum | ISO 9001:2000 certified with in-house chemical lab.
✅ Capacity & backward integration: Provides potential cost advantage in copper processing.
🎙️ RUPEE SPEAK INSIGHT – FOUNDATIONAL EDGE
Being the first-mover in copper extrusion gives Baroda Extrusion a niche position in the Indian market. As India accelerates electrification, EV infrastructure, and renewable energy, copper demand remains a structural theme. The company’s 6,000 MT capacity represents its scale of operations.
📊 2) POINT-TO-POINT: FINANCIAL TURNAROUND OBSERVATION
🔹 Year-over-Year Performance Shift:
- FY24: Net loss of ₹1.10 crore
- FY25: PAT at ₹19.72 crore (notable improvement)
- 9M FY26 vs 9M FY25: PAT up by +299% (₹4.25 Cr vs ₹1.07 Cr)
- Q3FY26 PAT: ₹2.12 crore (▲142% YoY)
| Quarterly EBIT Margin | Dec 2025: 6.72% | vs Dec 2024: 1.98% (expansion observed) |
| 9M FY26 Sales Growth | ₹126.58 Cr ▲11.8% YoY | |
| Full Year FY25 Sales | ₹159.05 Cr ▲25% YoY | |
🎙️ RUPEE SPEAK INSIGHT – EARNINGS TRAJECTORY
The company has moved from losses to profitability over the last two years. While Q4FY25 included certain one-off gains (reflected in 45% EBIT margin), the underlying business in subsequent quarters has stabilized with 4-7% operating margins. The 9-month PAT growth of nearly 300% indicates improved operational discipline.
📌 Note for Readers: The March 2025 quarter showed exceptional margin of 45.67% which appears to include extraordinary items. Normalized margins for the copper extrusion business typically range between 4-7% as seen in subsequent quarters.
📌 3) RECENT CORPORATE UPDATES & COMPLIANCE
✅ SEBI Compliance: Quarterly certificate submitted for Q4FY26 under depository regulations. During the quarter, 16 shareholders dematerialized 27,000 shares.
✅ Independent Directors’ Meeting (Mar 25, 2026): Annual performance review of board and non-executive directors conducted.
✅ Shareholding pattern filed: As on March 31, 2026, submitted to BSE.
✅ Board meeting (Feb 12, 2026): Approved Q3FY26 results and nine-month financials.
✅ Trading division launched in 2023: Added a new vertical in ferrous & non-ferrous metals trading.
🎙️ RUPEE SPEAK INSIGHT – CORPORATE GOVERNANCE
Regular filing of compliance certificates and dematerialization of shares reflect improving transparency. The trading division launched in 2023 diversifies the revenue base and may assist in raw material supply chain management.
📈 4) STOCK PERFORMANCE OBSERVATIONS (as of May 15, 2026)
| Current Price | ₹9.15 | 52-Week Range | ₹6.51 – ₹13.93 |
| 1 Month Return | ▲5.29% | 3 Months Return | ▼8.40% |
| 6 Months Return | ▲13.80% | 1 Year Return | ▲1.10% |
| 5-Day SMA | ₹9.20 | 20-Day SMA | ₹9.10 |
| Upper Circuit | ₹9.62 | Lower Circuit | ₹8.72 |
📊 Volatility Indicator (Beta): 0.75 (observed lower volatility relative to Nifty) | Average delivery volume ~80,000 shares.
🎙️ RUPEE SPEAK INSIGHT – TECHNICAL CONTEXT
The stock has recovered from its 52-week low of ₹6.51 and is currently trading near its 20-day simple moving average. With a beta of 0.75, the stock has historically exhibited lower volatility compared to the broader market index.
💎 5) FUNDAMENTALS AT A GLANCE
| P/E Ratio (TTM) | 7.77x | Industry P/E (indicative) | ~20-25x (for metal peers) |
| Book Value / Share | ₹1.01 | Face Value | ₹1.00 |
| Return on Equity (RoE) | -24.39% | EPS (TTM) | ₹0.31 |
| Dividend Yield | 0% | Promoter Holding | As per latest BSE filing |
🎙️ RUPEE SPEAK INSIGHT – VALUATION METRICS
The stock trades at a single-digit P/E multiple of 7.77x based on trailing twelve-month earnings. The negative Return on Equity reflects past accumulated losses; however, recent profitability trends indicate a gradual improvement in capital efficiency.
⚖️ 6) SECTOR TAILWINDS & BUSINESS RISKS
✅ OPPORTUNITIES / SECTOR TRENDS:
- 🏭 Copper demand in India: Growth in EV infrastructure, solar power, wind energy, and power T&D sectors.
- 📌 First-mover positioning: Established presence in copper extrusion for AC, refrigeration, and electrical industries.
- 📈 Operational leverage potential: Fixed cost absorption may improve with higher capacity utilization.
- 🔄 Trading vertical (2023): Adds revenue diversification and flexibility.
⚠️ RISK FACTORS TO CONSIDER:
- 📉 Copper price volatility: Raw material price fluctuations affect margins and working capital.
- 💰 Small-cap liquidity: Lower trading volumes may lead to higher price swings.
- 📊 Normalized margin variability: Extraordinary Q4FY25 margin (45%) not indicative of regular operations; typical range observed 4-7%.
- 🏦 Historical RoE: Past capital inefficiencies reflected in negative RoE, though recent quarters show improvement.
🎙️ RUPEE SPEAK INSIGHT – BALANCED ASSESSMENT
Baroda Extrusion operates in a sector with strong structural demand (copper), but investors should be aware of commodity price risks and the early stage of its financial turnaround. The company’s ability to sustain margin improvement over consecutive quarters remains a key factor to monitor.
📘 7) EDUCATIONAL SUMMARY – KEY TAKEAWAYS
🔍 POINT-TO-POINT OBSERVATIONS (for learning purposes):
• Baroda Extrusion is India's first copper extrusion plant with a 6,000 MTPA production capacity.
• The company has shown a financial turnaround from a net loss in FY24 to profitability in FY25 and 9M FY26.
• Q3FY26 PAT grew ~142% YoY, while 9M FY26 PAT grew ~299% YoY (compared to the same period last year).
• Normalized EBIT margins currently range between 4-7%, after an exceptional Q4FY25 margin of 45% (which included one-off gains).
• Key end-user industries include power, AC, refrigeration — sectors linked to India’s electrification and climate control growth.
• The stock has a 52-week range of ₹6.51 to ₹13.93, with a current P/E of 7.77x (TTM).
• Risks include copper price volatility, small-cap liquidity, and sustaining margin improvement.
• Baroda Extrusion is India's first copper extrusion plant with a 6,000 MTPA production capacity.
• The company has shown a financial turnaround from a net loss in FY24 to profitability in FY25 and 9M FY26.
• Q3FY26 PAT grew ~142% YoY, while 9M FY26 PAT grew ~299% YoY (compared to the same period last year).
• Normalized EBIT margins currently range between 4-7%, after an exceptional Q4FY25 margin of 45% (which included one-off gains).
• Key end-user industries include power, AC, refrigeration — sectors linked to India’s electrification and climate control growth.
• The stock has a 52-week range of ₹6.51 to ₹13.93, with a current P/E of 7.77x (TTM).
• Risks include copper price volatility, small-cap liquidity, and sustaining margin improvement.
🎙️ RUPEE SPEAK INSIGHT – FINAL EDUCATIONAL NOTE
"Understanding a turnaround: Baroda Extrusion illustrates how commodity-linked small-caps can recover through cost discipline and sector tailwinds. The story here is about operational stabilization and copper's demand trajectory. For educational purposes, observe how normalized margins (4-7%) differ from one-off spikes, and how RoE can lag behind profit growth during early recovery phases."
📋 8) FACT SHEET – QUICK REFERENCE (EDUCATIONAL USE)
| Company | Baroda Extrusion Ltd (India’s 1st copper extrusion plant) | ||
| CMP (May 15, 2026) | ₹9.15 | Market Cap | ₹178.60 Cr |
| 52-Week Range | ₹6.51 – 13.93 | P/E (TTM) | 7.77x |
| Q3FY26 PAT (YoY) | ▲142.7% | 9M PAT growth (YoY) | ▲299% |
| Annual Capacity | 6,000 MTPA | Key Sectors Served | Power, AC, Refrigeration |
| Normalized EBIT Margin | 4-7% (excl. one-off quarter) | Beta | 0.75 |
📌 This fact sheet is for informational purposes only. All data is sourced from public disclosures (BSE filings, quarterly results, MoneyWorks4me, Economic Times). Readers are encouraged to conduct independent research.
⚠️ SEBI DISCLAIMER – FOR EDUCATION & INFORMATION ONLY
This report is for educational and informational purposes only. It does not constitute investment advice, stock recommendations, or an offer to buy/sell any securities. Stock market investments are subject to market risks. Past performance (including the Q4FY25 exceptional margin) does not guarantee future outcomes. This document contains no "buy," "sell," "accumulate," or price target recommendations. All facts, figures, and observations are derived from publicly available sources (BSE, NSE, MoneyWorks4me, Economic Times, and company filings). Readers are strongly advised to consult a SEBI-registered financial advisor before making any investment decisions. The author/platform shall not be held liable for any financial losses or actions taken based on this report.
This report is for educational and informational purposes only. It does not constitute investment advice, stock recommendations, or an offer to buy/sell any securities. Stock market investments are subject to market risks. Past performance (including the Q4FY25 exceptional margin) does not guarantee future outcomes. This document contains no "buy," "sell," "accumulate," or price target recommendations. All facts, figures, and observations are derived from publicly available sources (BSE, NSE, MoneyWorks4me, Economic Times, and company filings). Readers are strongly advised to consult a SEBI-registered financial advisor before making any investment decisions. The author/platform shall not be held liable for any financial losses or actions taken based on this report.
