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Baroda Extrusion Ltd

BAROEXT

BSE

₹8.90-1.44%19 Oct 2026 at 3:29 PM

Reports

Metal Copper and Copper Alloy Products

Baroda Extrusion Ltd

BAROEXT

BSE

₹8.90

-1.44%

19 Oct 2026 at 3:29 PM

SOICxStockScans Reports

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Metal Copper and Copper Alloy Products

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

Baroda Extrusion is fundamentally a copper shaping business - it takes raw copper and scrap, melts it, and pushes it through dies to create rods, tubes, strips and profiles that conduct electricity or heat in everything from air conditioners to power grids. Founded in 1991 by Late Mr. Parasmal Kanugo as India’s first public-listed copper extrusion company, it has spent over three decades evolving from a basic plant into a niche supplier of more than 50 product types to over a thousand clients across 18 states. The recurring approach is to stay close to original equipment manufacturers, make exactly the custom shape they need, and keep the operation lean - one integrated factory, in-house tooling, and no foreign adventures.

Business segments

Two engines running on the same factory floor - a core manufacturing business that extrudes copper into high-conductivity shapes for electrical and thermal industries, and a small trading desk that buys and sells metals using the same customer relationships.

1. Copper extrusion: where copper takes shape

The company runs a single integrated plant that melts, extrudes, draws and finishes copper into over 50 custom products - mostly for OEMs building electrical equipment and cooling systems - with enough spare capacity to grow without building a new factory.

One roof, every step - the Vadodara plant handles the full chain from copper scrap and billets through extrusion, drawing, forming, chemical testing, pickling and surface finishing, so quality is controlled in-house at every stage. The machinery includes a 900-tonne extrusion press, an induction furnace, 25 draw benches and a bright annealing furnace, giving it the muscle to produce roughly 3,600 tonnes a year.
Shapes, not just metal - the product catalogue spans bus bars and flats for power distribution, seamless tubes for HVAC and refrigeration, rods for wires and cables, strips, sections, profiles, billets, anodes and nuggets, all tailored to customer specifications rather than sold as commodity stock. On top of bare copper, the plant also makes insulated versions - enamelled pipe and tube, paper-covered wire, submersible winding wire, fibreglass-insulated strips and even aluminium winding wire - with enamelled copper pipe alone accounting for about 70% of production.
OEMs are the anchor - the main buyers are the air conditioning, refrigeration and power-electrical industries, and the client list reads like a who’s-who of Indian infrastructure: BARC, ONGC, BHEL, Tata Steel, IndianOil, the Ministry of Defence and NPCIL all feature. No single customer dominates the order book - none crosses 10% of revenue - which spreads the risk across MNCs, MSMEs, PSUs and government bodies.
Certified to plug in - the company holds five BIS and ISI licences covering copper strip, rods, bars and tubes for electrical and engineering use, which is among the highest count for an Indian manufacturer and a hard-to-replicate credential when selling to government and infrastructure buyers. It is also ISO 9001:2015 certified, registered under Make in India, and listed on the Government e-Marketplace portal.
Room to run - current capacity utilisation sits at about 80%, meaning the plant can absorb roughly a fifth more volume before any major capital spend is needed. Beyond the existing factory, the company owns two adjacent land parcels totalling roughly 20 lakh square feet, giving it a ready canvas for expansion when demand calls for it.

2. Metals trading: a side desk built on the same relationships

A small trading division, started in FY23, that buys and sells ferrous and non-ferrous metals by leveraging the customer network and market know-how already built around the extrusion business.

Born from the existing setup - the company launched the trading desk after spotting opportunities to use its available infrastructure, business expertise and long-standing customer relationships to move metal without necessarily extruding it first.
Not a separate business - the company operates only in one segment, "Copper Manufacturing," and does not break out any other revenue separately, which signals it is a secondary activity rather than a standalone profit centre.

Group structure and partners

A standalone listed company with no subsidiaries or joint ventures, run by a second-generation promoter and backed by a clean balance sheet after settling a decades-old legacy debt.

Single entity, no maze - Baroda Extrusion has no subsidiary, joint venture or associate company; the entire business is conducted through the one BSE-listed entity, so consolidated financials are not even applicable.
Debt overhang removed - for years the company was locked in litigation with its major lender SICOM Limited, with cross-suits and a winding-up petition that led it to stop servicing the debt entirely. In October 2024, after the debt was assigned to Brijlaxmi Leasing and Finance, the company settled the entire outstanding - originally Rs. 130.37 crores - for a one-time payment of Rs. 25.51 crores, releasing all mortgage charges on fixed assets and personal guarantees of promoters and directors.
Promoter-led, professionally audited - Mr. Alpesh Kanugo, with over 28 years in the copper industry, serves as Executive Director & CFO, while the board includes three independent directors. The auditors are M/s. Maloo Bhatt & Co., re-appointed through to the 38th AGM in 2029, and the company’s bankers are State Bank of India and HDFC Bank.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

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Mkt Cap

Market Capitalization

₹173Cr

Close Price

₹8.90

Industry

Metal Copper and Copper Alloy Products

Price To Earnings

16.79

Price To Sales

0.90

Revenue

₹192Cr

Rev Gr TTM

Revenue Growth TTM

17.26%

PAT Gr TTM

PAT Growth TTM

-55.57%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	32	29	34	33	36	44	46	38	44	44	56	48
Growth YoY Revenue Growth YoY%	-2.9	-5.5	3.6	1.6	10.8	53.5	36.8	15.1	23.9	-0.4	22.0	25.9
Expenses ExpensesCr	32	29	35	33	36	44	44	37	43	41	53	44
Operating Profit Operating ProfitCr	0	0	-2	0	0	1	2	1	2	3	3	4
OPM OPM%	1.0	-0.1	-5.4	0.5	-0.1	2.0	4.6	2.9	3.8	6.8	6.1	7.7
Other Income Other IncomeCr	0	0	0	0	0	0	19	0	1	0	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	-1	0	0	1	21	1	2	3	4	4
Tax TaxCr	0	0	0	0	0	0	2	0	1	1	1	1
PAT PATCr	0	0	-1	0	0	1	19	1	1	2	3	3
Growth YoY PAT Growth YoY%	128.9	98.2	-321.0	333.3	-87.2	1,860.0	1,461.3	528.6	2,400.0	140.9	-83.5	200.0
NPM NPM%	1.2	-0.2	-4.1	0.4	0.1	2.0	40.7	2.3	2.8	4.8	5.5	5.5
EPS EPS₹	0.0	0.0	-0.1	0.0	0.0	0.1	1.3	0.1	0.1	0.1	0.2	0.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	32	29	34	33	36	44	46	38	44	44	56	48
Growth YoY Revenue Growth YoY%	-2.9	-5.5	3.6	1.6	10.8	53.5	36.8	15.1	23.9	-0.4	22.0	25.9
Expenses ExpensesCr	32	29	35	33	36	44	44	37	43	41	53	44
Operating Profit Operating ProfitCr	0	0	-2	0	0	1	2	1	2	3	3	4
OPM OPM%	1.0	-0.1	-5.4	0.5	-0.1	2.0	4.6	2.9	3.8	6.8	6.1	7.7
Other Income Other IncomeCr	0	0	0	0	0	0	19	0	1	0	1	0
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	0	0	-1	0	0	1	21	1	2	3	4	4
Tax TaxCr	0	0	0	0	0	0	2	0	1	1	1	1
PAT PATCr	0	0	-1	0	0	1	19	1	1	2	3	3
Growth YoY PAT Growth YoY%	128.9	98.2	-321.0	333.3	-87.2	1,860.0	1,461.3	528.6	2,400.0	140.9	-83.5	200.0
NPM NPM%	1.2	-0.2	-4.1	0.4	0.1	2.0	40.7	2.3	2.8	4.8	5.5	5.5
EPS EPS₹	0.0	0.0	-0.1	0.0	0.0	0.1	1.3	0.1	0.1	0.1	0.2	0.1

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	25	14	30	51	52	52	108	130	127	159	183	192
Growth Revenue Growth%	6.6	-44.5	116.7	68.0	2.0	0.2	106.9	20.4	-2.3	25.0	14.8	17.3
Expenses ExpensesCr	29	16	32	53	73	52	107	134	129	156	173	181
Operating Profit Operating ProfitCr	-4	-2	-1	-2	-21	0	2	-4	-2	3	9	12
OPM OPM%	-14.2	-15.3	-4.0	-3.3	-39.8	-0.1	1.4	-2.9	-1.2	2.0	5.0	6.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	1	19	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-4	-2	-1	-2	-21	0	1	-3	-1	22	10	12
Tax TaxCr	0	0	0	0	-5	0	0	0	0	2	2	3
PAT PATCr	-3	-2	-1	-2	-16	0	1	-3	-1	20	7	9
Growth PAT Growth%	-48.2	40.4	43.1	-39.6	-844.9	99.4	1,532.8	-348.6	67.9	1,896.2	-62.8	-55.6
NPM NPM%	-13.8	-14.8	-3.9	-3.2	-29.9	-0.2	1.3	-2.6	-0.9	12.4	4.0	4.7
EPS EPS₹	-0.2	-0.1	-0.1	-0.1	-1.0	0.0	0.1	-0.2	-0.1	1.3	0.4	0.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	25	14	30	51	52	52	108	130	127	159	183	192
Growth Revenue Growth%	6.6	-44.5	116.7	68.0	2.0	0.2	106.9	20.4	-2.3	25.0	14.8	17.3
Expenses ExpensesCr	29	16	32	53	73	52	107	134	129	156	173	181
Operating Profit Operating ProfitCr	-4	-2	-1	-2	-21	0	2	-4	-2	3	9	12
OPM OPM%	-14.2	-15.3	-4.0	-3.3	-39.8	-0.1	1.4	-2.9	-1.2	2.0	5.0	6.1
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	1	19	1	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	1	1
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-4	-2	-1	-2	-21	0	1	-3	-1	22	10	12
Tax TaxCr	0	0	0	0	-5	0	0	0	0	2	2	3
PAT PATCr	-3	-2	-1	-2	-16	0	1	-3	-1	20	7	9
Growth PAT Growth%	-48.2	40.4	43.1	-39.6	-844.9	99.4	1,532.8	-348.6	67.9	1,896.2	-62.8	-55.6
NPM NPM%	-13.8	-14.8	-3.9	-3.2	-29.9	-0.2	1.3	-2.6	-0.9	12.4	4.0	4.7
EPS EPS₹	-0.2	-0.1	-0.1	-0.1	-1.0	0.0	0.1	-0.2	-0.1	1.3	0.4	0.5

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	19
Reserves ReservesCr	-31	-33	-34	-36	-51	-51	-50	-53	-54	-35	6
Current Liabilities Current LiabilitiesCr	51	52	53	56	60	10	16	17	13	31	29
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	50	50	53	60	21	2
Total Liabilities Total LiabilitiesCr	35	35	34	35	24	23	31	32	33	33	55
Current Assets Current AssetsCr	11	11	8	12	16	15	23	24	26	28	52
Non Current Assets Non Current AssetsCr	24	24	25	24	8	8	8	7	7	6	3
Total Assets Total AssetsCr	35	35	34	35	24	23	31	32	33	33	55

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	15	15	15	15	15	15	15	19
Reserves ReservesCr	-31	-33	-34	-36	-51	-51	-50	-53	-54	-35	6
Current Liabilities Current LiabilitiesCr	51	52	53	56	60	10	16	17	13	31	29
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	0	0	50	50	53	60	21	2
Total Liabilities Total LiabilitiesCr	35	35	34	35	24	23	31	32	33	33	55
Current Assets Current AssetsCr	11	11	8	12	16	15	23	24	26	28	52
Non Current Assets Non Current AssetsCr	24	24	25	24	8	8	8	7	7	6	3
Total Assets Total AssetsCr	35	35	34	35	24	23	31	32	33	33	55

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	-3	0	0	-2	-5	17	-17
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	3	0	0	3	6	-18	17
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	1	-1	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	-3	0	0	-3	-5	17	-17
CFO To PAT CFO To PAT%	0.2	-2.6	7.1	-4.2	19.2	-507.5	-10.7	67.2	465.3	88.2	-232.7
CFO To EBITDA CFO To EBITDA%	0.2	-2.5	6.8	-4.1	14.5	-668.3	-9.9	61.2	327.0	547.3	-185.6

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	0	0	0	-3	0	0	-2	-5	17	-17
Investing Cash Flow Investing Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Financing Cash Flow Financing Cash FlowCr	0	0	0	0	3	0	0	3	6	-18	17
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	1	-1	0
Free Cash Flow Free Cash FlowCr	0	0	0	0	-3	0	0	-3	-5	17	-17
CFO To PAT CFO To PAT%	0.2	-2.6	7.1	-4.2	19.2	-507.5	-10.7	67.2	465.3	88.2	-232.7
CFO To EBITDA CFO To EBITDA%	0.2	-2.5	6.8	-4.1	14.5	-668.3	-9.9	61.2	327.0	547.3	-185.6

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9	7	4	5	4	15	65	23	54	97	150	173
Price To Earnings Price To Earnings							48.8			5.0	20.4	16.8
Price To Sales Price To Sales	0.3	0.5	0.1	0.1	0.1	0.3	0.6	0.2	0.4	0.6	0.8	0.9
Price To Book Price To Book	-0.6	-0.4	-0.2	-0.2	-0.1	-0.4	-1.9	-0.6	-1.4	-5.0	6.0	7.0
EV To EBITDA EV To EBITDA	-15.7	-25.5	-41.5	-30.3	-2.6	-883.8	77.2	-20.1	-71.4	38.8	16.9	15.3
Profitability Ratios Profitability Ratios
GPM GPM%	-9.2	-7.1	-0.4	-1.0	1.7	2.1	2.6	-0.7	0.9	3.9	6.7	6.7
OPM OPM%	-14.2	-15.3	-4.0	-3.3	-39.8	-0.1	1.4	-2.9	-1.2	2.0	5.0	6.1
NPM NPM%	-13.8	-14.8	-3.9	-3.2	-29.9	-0.2	1.3	-2.6	-0.9	12.4	4.0	4.7
ROCE ROCE%	-11.1	-7.0	-4.1	-5.9	-147.0	-0.6	9.3	-23.1	-5.4	330.6	34.1	34.1
ROE ROE%	22.3	11.7	6.3	8.0	43.1	0.3	-3.9	8.9	2.8	-100.1	29.4	29.4
ROA ROA%	-9.9	-6.0	-3.5	-4.7	-64.6	-0.4	4.4	-10.8	-3.3	59.8	13.2	13.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	9	7	4	5	4	15	65	23	54	97	150	173
Price To Earnings Price To Earnings							48.8			5.0	20.4	16.8
Price To Sales Price To Sales	0.3	0.5	0.1	0.1	0.1	0.3	0.6	0.2	0.4	0.6	0.8	0.9
Price To Book Price To Book	-0.6	-0.4	-0.2	-0.2	-0.1	-0.4	-1.9	-0.6	-1.4	-5.0	6.0	7.0
EV To EBITDA EV To EBITDA	-15.7	-25.5	-41.5	-30.3	-2.6	-883.8	77.2	-20.1	-71.4	38.8	16.9	15.3
Profitability Ratios Profitability Ratios
GPM GPM%	-9.2	-7.1	-0.4	-1.0	1.7	2.1	2.6	-0.7	0.9	3.9	6.7	6.7
OPM OPM%	-14.2	-15.3	-4.0	-3.3	-39.8	-0.1	1.4	-2.9	-1.2	2.0	5.0	6.1
NPM NPM%	-13.8	-14.8	-3.9	-3.2	-29.9	-0.2	1.3	-2.6	-0.9	12.4	4.0	4.7
ROCE ROCE%	-11.1	-7.0	-4.1	-5.9	-147.0	-0.6	9.3	-23.1	-5.4	330.6	34.1	34.1
ROE ROE%	22.3	11.7	6.3	8.0	43.1	0.3	-3.9	8.9	2.8	-100.1	29.4	29.4
ROA ROA%	-9.9	-6.0	-3.5	-4.7	-64.6	-0.4	4.4	-10.8	-3.3	59.8	13.2	13.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHERA	PARMESHWAR	CUBEXTUB	BAROEXT	MCL	SHILGRAVQ	RAJMET
Market CapitalizationMkt CapCr	442	436	333	173	142	91	83
Close PriceClose₹	181.00	285.00	232.52	8.90	52.26	148.68	2.99
IndustryIndustry	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products
Price To EarningsPE	12.94	13.42	44.12	16.79	31.48	13.77	42.71
Price To SalesPS	0.25	0.22	1.10	0.90	0.53	0.93	0.34
RevenueRevenueCr	1,741	1,973	303	192	268	98	241
Revenue Growth TTMRev Gr TTM%	27.3%	42.7%	15.7%	17.3%	83.3%	5.0%	-69.5%
PAT Growth TTMPAT Gr TTM%	72.2%	195.9%	8.2%	-55.6%	-1.9%	70.3%	175.2%

	SHERA	PARMESHWAR	CUBEXTUB	BAROEXT	MCL	SHILGRAVQ	RAJMET
Market CapitalizationMkt CapCr	442	436	333	173	142	91	83
Close PriceClose₹	181.00	285.00	232.52	8.90	52.26	148.68	2.99
IndustryIndustry	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products	Metal Copper and Copper Alloy Products
Price To EarningsPE	12.94	13.42	44.12	16.79	31.48	13.77	42.71
Price To SalesPS	0.25	0.22	1.10	0.90	0.53	0.93	0.34
RevenueRevenueCr	1,741	1,973	303	192	268	98	241
Revenue Growth TTMRev Gr TTM%	27.3%	42.7%	15.7%	17.3%	83.3%	5.0%	-69.5%
PAT Growth TTMPAT Gr TTM%	72.2%	195.9%	8.2%	-55.6%	-1.9%	70.3%	175.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26

Result PPT Transcript Summary

Mar 26

Result PPT

Transcript

Summary

Dec 25