Belding India Limited

Basic Materials — Aluminum · BSE

₹930.10−₹25.10 (−2.63%)

DalalBaazaar Score

34 / 100

🔴 Weak

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, the company is currently loss-making.

In simple words: The company is currently losing money, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:03 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Belding India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Belding India Limited engages in engineering, manufacturing, and technology-led infrastructure solutions services in India.

IndustryAluminum

SectorBasic Materials

Employees23

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-10824 reaches shareholders as profit, with ₹17915 left at the operating level before interest, tax and depreciation. Each of its 23 employees supports ₹12,174 of revenue a year, the signature of a people-led business.

EBITDA margin17915.4%

Net margin-10823.9%

Revenue / employee₹12,174

Who are its competitors?

The closest listed comparisons in its industry are HINDALCO INDUSTRIES LTD, VEDANTA LIMITED, TATA STEEL LIMITED, JSW STEEL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

HINDALCO INDUSTRIES LTDP/E 12.3x · ROE 12.0%

VEDANTA LIMITEDP/E 10.4x · ROE 18.7%

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

JSW STEEL LIMITEDP/E 12.0x · ROE 24.7%

What is its competitive advantage?Little sign of one

Returns on capital of 0.3% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE0.3%

ROE-0.3%

Peer median ROE18.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -100% while net margin moved -1676079% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-100%

Margin effect-1676079%

DalalBaazaar Score

34/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 89.7% a year
✗ Latest-year revenue growth of -95.7% is below the longer-term trend — momentum is fading
✗ Profit fell 1357.0% in the latest year

Quality vs. Valuation

Company Quality

31/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

30/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

1.28x

EV/EBITDA

275.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from 2.5% to 17915.4% over 3 years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 804% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 2.9% to -0.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 7.9% to 0.3% — often a sign of competition or overexpansion.

Red Flags

5 items require attention · 3 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 804% over 3 years, from ₹4 Cr to ₹38 Cr.
🔴High leverageFinancial
Debt/Equity of 3.66x — earnings must service borrowings before shareholders see anything.
🔴The company is lossmakingFinancial
Net profit of -₹3 Cr in the latest reported year.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹46 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 732% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 2.5% to 17915.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 7.7x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Returns on shareholder capital are falling
ROE has dropped from 2.9% to -0.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 17913%✓ 17915.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 7.7x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹46 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 8%✗ 0.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

3 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 2 neutral · 8 weak

Market Cap

₹1,347 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

1.28x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹-6.48

Loss-making

Negative earnings per share — the business is losing money

ROE

-0.3%

Weak

Weak capital efficiency

ROCE

0.3%

Weak

Low return on total capital employed

Debt/Equity

3.66x

High

High leverage

Revenue Growth (YoY)

-95.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

-1357.0%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹46 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹930.1

Operating Margin

-1377.7%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

4.14

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.18

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

953.1 / 975.6

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

38.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹26 Cr	₹26 Cr	—	₹0 Cr	-89.7%
EBITDA	₹1 Cr	₹1 Cr	₹0 Cr	₹5 Cr	+98.2%
EBITDA Margin	2.5%	3.3%	—	17915.4%	—
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	-₹3 Cr	—
EPS	₹0.95	₹1.25	₹2.77	₹-6.7	—
ROE	2.9%	3.6%	3.8%	-0.3%	—
ROCE	7.9%	11.4%	—	0.3%	—
Total Debt	₹4 Cr	₹2 Cr	—	₹38 Cr	+108.3%
Free Cash Flow	-₹0 Cr	₹2 Cr	₹2 Cr	-₹46 Cr	—

🔴 Revenue has shrunk at 89.7% a year over 3 years.

🟢 EBITDA has grown at 98.2% a year over 3 years.

🟢 EBITDA Margin has risen from 2.5% to 17915.4% over 3 years (+17912.8 pts).

🔴 PAT (Net Profit) has turned negative, from ₹0 Cr to -₹3 Cr.

🔴 EPS has turned negative, from ₹0.95 to ₹-6.7.

🔴 ROE has fallen from 2.9% to -0.3% over 3 years (-3.1 pts).

🔴 ROCE has fallen from 7.9% to 0.3% over 3 years (-7.6 pts).

🔴 Total Debt has grown at 108.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,144 Cr

Total Liabilities

₹95 Cr

Total Debt

₹38 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹14 Cr

Capex

-₹59 Cr

Shareholding (proxy)

Institutional Holding

4.0%

Insider Holding

65.5%

Peer Comparison

Company	P/E	ROE
HINDALCO INDUSTRIES LTD	12.3x	12.0%
VEDANTA LIMITED	10.4x	18.7%
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%

Recent News

2 mixed4 general

Belding India seeks e-voting on director pay, RPTs

scanx.trade, 18 Oct

Belding India Limited Statistics – NSE:BELDING

TradingView, 12 Oct

Belding India Limited (BELDING.BO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 01 Oct

Belding India (BSE:513307) - Stock Analysis

Simply Wall Street, 24 Feb

Belding India Forms Renewable Energy JV; Focuses on BESS

HDFC Sky, 23 JunPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

Belding India forms JV with HD Fabcon to foray into renewable energy domain

Business Standard, 23 JunPartnership

🟡Mixed / dependsA partnership, whose value depends entirely on terms that a headline will not carry. Worth reading the filing before assuming either way.

Watch Items

Revenue growth is negative (-95.7%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🔴Business QualityWeak7.5/20

🔴Financial HealthStretched7/20

🔴GrowthWeak5/20

🔴ProfitabilityWeak3.8/15

🟡ValuationFair7.1/15

🔴RiskHigh3.7/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 17913%17915.4%
✗Debt / EBITDA falls below 3x7.7x
✗Free cash flow remains positive-₹46 Cr
✗Interest cover stays above 3x2.2x
✗ROCE stays above 8%0.3%