Baroda Extrusion - Baroda Extrusion

📊 BSE: 513502 🏢 Aluminium, Copper & Zinc Products 📅 Last Updated: 11/13/2025 15:25

💰 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.