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.