Company Overview

Baroda Extrusion Limited is an Indian manufacturer of copper extrusion products with 35+ years of experience, incorporated in 1991. Manufacturing facility located at Garadhiya, Vadodara, Gujarat with approximately 3,600 MT annual installed capacity. The company produces customized copper products including tubes, rods, flats, bus bars, anode, nuggets, coils & profiles.

Operational Highlights

  • Serves industries including Electricals, Transformers, Energy, HVAC, EVs, Solar and Infrastructure
  • Client base includes MNCs, MSMEs, PSUs such as NPCIL, and Government bodies such as BARC
  • Holds 5 BIS & ISI Mark Licences: IS 1897:2008, IS 613:2000, IS 4171:1983, IS 2501:1995, IS 10773:1995
  • ISO 9001:2015 certified for quality management
  • Serves 1,000+ customers across 18 Indian states
  • Manufacturing facility located 26 km from Vadodara Railway Station and 20 km from Vadodara Airport
  • Owns expansion-ready industrial land bank of approximately 20 lakh sq ft (Tulsipura: ~11 lakh sq ft, Dungarpura: ~9 lakh sq ft)

Financial Performance (Q2 FY27)

All figures in ₹ lakhs on standalone unaudited basis

Quarterly Comparison:

  • Revenue: ₹6,398.84 (Q2 FY27) vs ₹4,420.49 (Q2 FY26) - up 44.75% YoY
  • Total Income: ₹6,399.98 (Q2 FY27) vs ₹4,470.62 (Q2 FY26) - up 43.16% YoY
  • EBITDA: ₹511.19 (Q2 FY27) vs ₹217.93 (Q2 FY26) - up 134.57% YoY
  • EBITDA Margin: 7.99% (Q2 FY27) vs 4.93% (Q2 FY26) - up 62.04% YoY
  • PAT: ₹354.45 (Q2 FY27) vs ₹124.64 (Q2 FY26) - up 184.38% YoY
  • PAT Margin: 5.54% (Q2 FY27) vs 2.82% (Q2 FY26) - up 96.46% YoY
  • EPS: ₹0.18 (Q2 FY27) vs ₹0.08 (Q2 FY26) - up 125.00% YoY

Sequential Comparison (Q2 FY27 vs Q1 FY27):

  • Revenue increased 33.57% from ₹4,790.51
  • EBITDA increased 38.65% from ₹368.63
  • PAT increased 34.26% from ₹264.00

Balance Sheet Position (as at 30th September, 2026)

All figures in ₹ lakhs on standalone unaudited basis

Liabilities:

  • Equity Capital: ₹1,943.82 (unchanged from 31st March, 2026)
  • Reserve & Surplus: ₹1,151.68 (increased from ₹550.13)
  • Long-Term Borrowings: ₹445.25 (increased from ₹160.21)
  • Short-Term Borrowings: ₹166.72 (decreased from ₹397.80)
  • Trade Payables: ₹1,803.59 (decreased from ₹2,181.17)
  • Total Liabilities: ₹6,054.89 (increased from ₹5,540.08)

Assets:

  • Fixed Assets: ₹164.6 (increased from ₹154.03)
  • Investment Property: ₹90.33 (increased from ₹89.54)
  • Inventories: ₹3,347.46 (increased from ₹2,576.18)
  • Trade Receivables: ₹2,234.64 (decreased from ₹2,463.67)
  • Cash & Cash Equivalents: ₹1.61 (decreased from ₹42.76)
  • Total Assets: ₹6,054.89 (increased from ₹5,540.08)

Management Commentary & Strategic Focus

Mr. Alpesh Kanugo, Managing Director, stated the company continues to build on its established presence in copper rods, tubes, flats, busbars, strips, and profiles. The company serves applications across electrical, power, transformers, HVAC, renewable energy, EV, defense, data centers, and industrial sectors.

Strategic priorities include:

  • Strengthening product capabilities and catering to customized requirements
  • Improving utilization of existing manufacturing platform
  • Deepening domestic value addition and participating in import substitution
  • Expanding presence in export markets
  • Leveraging growing demand for specialized copper products in India

Market Context

India's copper demand reached 1.88 million tonnes in FY25, showing 9% YoY growth. Demand is supported by power & infrastructure, construction, renewables, data centres, consumer durables and electrification. Wires, cables and transformers accounted for 43% of total copper demand in FY25. India's Copper Vision targets a 6× increase in copper demand by 2047.

Corporate Governance

Management Team:

  • Mr. Alpesh Kanugo: Managing Director, 28 years of experience in finance, banking and organizational development
  • Ms. Vaishali Joshi: Company Secretary & Compliance Officer, 15 years of experience in secretarial, finance and accounts
  • Ms. Meera Kanugo: Whole-Time Director, 15+ years of experience in copper marketing, sales, and commercial business development

Disclaimer

The presentation is for general information purposes only and does not constitute an offer or recommendation to purchase securities. Contains forward-looking statements subject to risks and uncertainties. Past performance not indicative of future results.