Belding India Ltd (BELDING)

About

Small-cap industrial products company in non-ferrous metals (aluminium, copper, zinc) with market cap ₹1,382 Cr. Recent quarters show thin revenue (₹4–5 Cr range) and severe profitability pressure: losses in 3 of last 4 quarters. Zero debt provides balance-sheet strength despite operational challenges.

Face value: ₹10

Market cap

₹1,302 Cr

P/E

—

P/B

1.2×

Dividend yield

0%

ROE

-0.7%

ROCE

0.5%

Debt / equity

0.01

OPM

—

EPS (TTM)

₹-2.5

Book value

₹724.7

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Profitability collapse: net losses in 3 of last 4 quarters (Mar 2026 -₹0.26 Cr, Dec 2025 -₹0.45 Cr); operating margins swung from 7.48% (Mar 2021) to negative
FII institutional exit: holdings fell from 3.61% (Mar 2026) to 0.2% (Jun 2026) in three months, signaling eroding confidence
Extreme stock volatility without fundamental support: 52-week range ₹889–₹2,362 (166% swing) amid sustained losses suggests speculative risk and valuation uncertainty
Revenue visibility weak and base thin: most quarters show n/a; verify customer concentration, order book, and demand sustainability

Generated analysis · source review pending

Growth drivers

Zero debt (D/E = 0) enables investment flexibility if margins recover
Operating margins could recover from recent negative to 7.48% (Mar 2021) with stronger demand or cost control
Non-ferrous metals demand recovery could drive revenue growth above ₹4–5 Cr quarterly base — verify order book and industrial sector demand

Generated analysis · source review pending

214 historical price candles were omitted because the exchange source has not been verified.

₹898.3-10.1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of 2.3% (3-yr avg)
−Revenue shrank over the last 5 years (-74.2% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

42/100

Business quality: 27
Growth: 0
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Precision Wires India LimitedPRECWIREPRECWIRE	₹9,166 Cr	₹9,328 Cr	₹6,077 Cr	₹285 Cr	4.7%	₹175 Cr	2.9%	35.6%	23%	15
Ksh International LimitedKSHINTLKSHINTL	₹6,971 Cr	₹7,287 Cr	₹3,712 Cr	₹226 Cr	6.2%	₹130 Cr	3.5%	22.7%	13.6%	79
Cmr Green Technologies LimitedCMRGREENCMRGREEN	₹4,894 Cr	₹6,291 Cr	₹8,640 Cr	₹453 Cr	5.3%	₹212 Cr	2.6%	20.1%	13.9%	87
Vidya Wires LimitedVIDYAWIRESVIDYAWIRES	₹1,935 Cr	₹2,020 Cr	₹1,840 Cr	₹86 Cr	4.7%	₹58 Cr	3.1%	18.2%	12%	64
Belding India LtdBELDINGBELDING	₹1,302 Cr	₹1,312 Cr	₹0 Cr	₹-1 Cr	—	₹-4 Cr	—	0.5%	-0.7%	21,030
Parmeshwar Metal LtdPARMESHWARPARMESHWAR	₹467 Cr	—	₹1,973 Cr	₹43 Cr	2.2%	₹32 Cr	1.7%	—	—	—
Euro Panel Products LimitedEUROBONDEUROBOND	₹363 Cr	₹518 Cr	₹518 Cr	₹56 Cr	10.9%	₹26 Cr	5.3%	25.6%	16.6%	197
Cubex Tubings LimitedCUBEXTUBCUBEXTUB	₹238 Cr	₹281 Cr	₹303 Cr	₹6 Cr	2.3%	₹8 Cr	2.6%	15.8%	9.4%	87
Baroda Extrusion LtdBAROEXTBAROEXT	₹178 Cr	₹184 Cr	₹159 Cr	₹3 Cr	5%	₹20 Cr	4%	73.1%	29.4%	59
Century Extrusions LimitedCENTEXTCENTEXT	₹145 Cr	₹208 Cr	₹513 Cr	₹35 Cr	6.6%	₹12 Cr	2.3%	30.1%	13.2%	68
Sharvaya Metals LtdSHARVAYASHARVAYA	₹143 Cr	—	₹230 Cr	₹18 Cr	8%	₹12 Cr	5.1%	—	—	—
Shilp Gravures LtdSHILGRAVQSHILGRAVQ	₹85 Cr	₹88 Cr	₹87 Cr	₹12 Cr	13.3%	₹11 Cr	13.1%	15.7%	12.4%	71

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	26	30	26	26	21	0
	—	—	—	—	—	1
	1	2	1	1	1	-1
OPM %	3.8%	5.9%	2.7%	2.9%	2.6%	-2,600%
Depreciation	0	0	0	0	0	2
Interest	1	0	0	0	0	1
	0	0	0	0	0	8
Profit before tax	1	1	0	0	0	4
Tax	—	—	—	—	—	8
Tax %	—	—	—	—	—	187.7%
	0	1	0	0	0	-4
PAT margin %	1.5%	3.1%	0.7%	0.9%	1.1%	—
EPS (₹)	—	—	—	—	—	-11.1
EPS adjusted (₹)	4.4	10.6	2	2.5	2.8	-2.5
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1	1	1	1	1	14
Reserves	4	5	5	5	5	1,035
	0	0	0	0	0	10
	7	6	5	2	1	85
Total equity & liabilities	11	12	11	8	7	1,144
	2	2	2	1	1	599
CWIP	—	—	—	—	—	196
Investments	—	—	—	—	—	0
	—	—	—	—	—	348
Total assets	11	12	11	8	7	1,144

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	0	-0	2	2	36
	-0	-0	0	0	-0	-1,091
	1	-1	0	-2	-2	1,056
Net cash flow	0	-0	-0	0	1	0
Free cash flow	—	—	—	—	—	-23
CFO / Operating profit %	-72%	14.9%	-32.9%	280.3%	453.7%	—

Compounded sales growth

7 years: —
5 years: -74%
3 years: -90%
1 year: -100%

Return on equity

7 years: —
5 years: 5%
3 years: 2%
Last year: -0%

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—
EBITDA margin %	3.8%	5.9%	2.7%	2.9%	2.6%	-2,600%
EBIT margin %	2.5%	5%	1.9%	2.4%	1.9%	-9,600%
PAT margin %	1.5%	3.1%	0.7%	0.9%	1.1%	-11,833.3%
Working capital
Receivable days	—	—	—	—	—	41,853
Inventory days	—	—	—	—	—	23
Payable days	—	—	—	—	—	20,846
NWC days	—	—	—	—	—	21,030
Leverage
Current ratio	1.77	1.79	2.1	4.4	11.73	4.14
Debt to EBITDA	0	0	0	0	0	—
Debt to equity	0	0	0	0	0	0.01
Interest coverage	2	3.9	1.9	1.7	5.1	2.2
Asset turnover	2.3	2.46	2.44	3.33	3.01	0
Return ratios
Return on assets %	3.4%	7.7%	1.6%	2.8%	3.4%	-0.3%
Return on capital employed %	16.8%	27.1%	8%	11.4%	6.4%	0.5%
Return on equity %	8.1%	16.3%	2.9%	3.7%	3.8%	-0.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	55.78%	55.78%	55.78%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	3.72%	3.61%	0.2%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	6.35%	6.36%	6.36%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.72%	47.72%	47.72%	47.72%	47.72%	47.72%	47.72%	47.72%	47.72%	34.15%	34.25%	37.66%
No. of shareholders	—	—	—	—	—	—	—	—	2,033	1,239	1,454	1,533

Promoter holding up 3.5 percentage points since Sep 2023.

27 deals · 13 Sept 2021 – 31 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
31 Jul 2026	SAGEONE-FLAGSHIP GROWTH OE FUND	Bulk	BSE	Buy	85,000	₹1,013.76	₹8.62 Cr
17 Jul 2026	SETU SECURITIES PVT LTD	Bulk	BSE	Buy	3,13,045	₹1,007.40	₹31.54 Cr
17 Jul 2026	SETU SECURITIES PVT LTD	Bulk	BSE	Sell	52,486	₹1,053.28	₹5.53 Cr
17 Nov 2025	SHAUNAK JAGDISH SHAH	Bulk	BSE	Buy	5,000	₹1,370.25	₹0.69 Cr
26 Sept 2025	MANOJ KUMAR KANDA	Bulk	BSE	Sell	9,073	₹346.35	₹0.31 Cr
5 May 2025	RAVINDRA MARUVADA	Bulk	BSE	Sell	13,658	₹183.90	₹0.25 Cr
5 May 2025	RUCHIRA GOYAL	Bulk	BSE	Buy	10,000	₹183.90	₹0.18 Cr
30 Aug 2024	SETU SECURITIES PVT. LTD.	Bulk	BSE	Buy	12,500	₹108.40	₹0.14 Cr
30 Aug 2024	SETU SECURITIES PVT. LTD.	Bulk	BSE	Sell	11,104	₹117.93	₹0.13 Cr
30 Aug 2024	MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITED	Bulk	BSE	Sell	10,000	₹118.73	₹0.12 Cr

1–10 of 27

1 / 3

Mr. Umesh Kumar SahayNon-Executive - Non Independent Director-Chairperson
Mr. Abhishek NarbariaExecutive Director-MD
Mr. Nikhil Dilipbhai BhutaNon-Executive - Non Independent Director
Ms. Gayathri Srinivasan IyerNon-Executive - Independent Director
Mr. Tarun Dinesh AgarwalNon-Executive - Independent Director
Mr. Rajesh Chandrakant VaishnavNon-Executive - Independent Director
Mr. Rajdeep Kishor GajjarChief Financial Officer
Ms. Muskan Gurumukhdas PinjaniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Belding India Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

21

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results30 Jul 2026

1

Face value ₹10 → ₹522 Mar 2016 · ex-date

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

31 announcementsExport CSV

30 Sept 2026, 7:53 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 7:41 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 7:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Sept 2026, 6:25 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

19 Sept 2026, 8:50 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

9 Sept 2026, 4:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 11:54 pmCompany Update

Issuance Of Letters To Shareholders Under Regulation 36(1)(B) Of SEBI (LODR) Regulations, 2015

General PDF

8 Sept 2026, 11:37 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

Date	Category	Subject	Filing
30 Sept 2026, 7:53 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
30 Sept 2026, 7:41 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

Loading announcements…

Belding India Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Stock splits1

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Stock splits1

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

1

1

1

1