Belding India Ltd

₹ 794 4.89%

11 Nov - close price

About

Belding India Ltd (formerly Synthiko Foils Ltd) is a Pune-based engineering and technology group focused on data-centre EPC/modular infrastructure, battery energy storage systems, precision/OEM manufacturing, defence solutions and X-ray security screening. ^[1]

Key Points

Business transformation
Incorporated in 1984, the company changed control in 2025 and was renamed Belding India on February 23, 2026. The old foil business was sold for ₹9.51 cr and later classified as discontinued.^[1] ^[2]

Website BSE NSE

Market Cap ₹ 1,142 Cr.
Current Price ₹ 794
High / Low ₹ 2,400 / 721
Stock P/E
Book Value ₹ 726
Dividend Yield 0.00 %
ROCE -0.14 %
ROE -0.16 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 1.09 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
Company has a low return on equity of -0.07% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Aluminium, Copper & Zinc Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	6.03	6.53	6.13	6.40	5.46	4.99	4.31	0.00	0.00	0.00	0.00	0.00	0.00
YoY Sales growth	-17.74%	+32.72%	+1.16%	-10.24%	-9.45%	-23.58%	-29.69%	-100.00%	-100.00%	-100.00%	-100.00%
	5.79	6.36	5.87	5.89	5.44	4.90	4.39	0.00	0.22	0.53	0.35	0.29	0.77
Operating Profit	0.24	0.17	0.26	0.51	0.02	0.09	-0.08	0.00	-0.22	-0.53	-0.35	-0.29	-0.77
OPM %	3.98%	2.60%	4.24%	7.97%	0.37%	1.80%	-1.86%
	0.07	0.03	0.00	0.00	0.04	0.00	-0.04	2.34	0.20	0.08	0.14	0.11	0.34
Interest	0.12	0.12	0.09	0.05	0.02	0.01	0.00	0.00	0.00	0.00	0.01	0.00	0.45
Depreciation	0.04	0.04	0.03	0.03	0.03	0.03	0.04	0.00	0.00	0.00	0.00	0.00	0.00
Profit before tax	0.15	0.04	0.14	0.43	0.01	0.05	-0.16	2.34	-0.02	-0.45	-0.22	-0.18	-0.88
Tax %	20.00%	25.00%	35.71%	23.26%	0.00%	40.00%	-18.75%	0.00%	0.00%	0.00%	18.18%	0.00%	-29.55%
	0.11	0.03	0.10	0.33	0.01	0.03	-0.13	2.34	-0.02	-0.45	-0.26	-0.18	-0.62
EPS in Rs	1.22	0.33	1.11	3.67	0.11	0.33	-1.44	26.00	-0.22	-0.31	-0.18	-0.12	-0.43
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	20.63	17.28	17.29	21.48	30.54	31.34	26.06	29.55	25.65	25.82	21.16	0.00	0.00
Sales growth	+12.18%	-16.24%	+0.06%	+24.23%	+42.18%	+2.62%	-16.85%	+13.39%	-13.20%	+0.66%	-18.05%	-100.00%	-100.00%
	19.64	16.20	16.48	20.47	29.33	30.18	25.05	27.80	24.95	25.05	20.62	1.14	1.94
Operating Profit	0.99	1.08	0.81	1.01	1.21	1.16	1.01	1.75	0.70	0.77	0.54	-1.14	-1.94
OPM %	4.80%	6.25%	4.68%	4.70%	3.96%	3.70%	3.88%	5.92%	2.73%	2.98%	2.55%
	0.51	0.21	0.40	0.40	0.22	0.24	0.36	0.18	0.01	0.10	0.00	2.83	0.67
Interest	0.77	0.75	0.67	0.64	0.65	0.54	0.51	0.43	0.27	0.41	0.08	0.03	0.46
Depreciation	0.21	0.24	0.23	0.19	0.18	0.25	0.36	0.27	0.21	0.15	0.13	0.00	0.00
Profit before tax	0.52	0.30	0.31	0.58	0.60	0.61	0.50	1.23	0.23	0.31	0.33	1.66	-1.73
Tax %	15.38%	33.33%	32.26%	27.59%	26.67%	22.95%	22.00%	26.02%	26.09%	25.81%	24.24%	2.41%
	0.45	0.19	0.21	0.42	0.44	0.46	0.38	0.92	0.17	0.22	0.24	1.63	-1.51
EPS in Rs	5.62	2.11	2.33	4.67	4.89	5.11	4.22	10.22	1.89	2.44	2.67	1.13	-1.04
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-100%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-557%

Stock Price CAGR
10 Years:	35%
5 Years:	51%
3 Years:	60%
1 Year:	-39%

Return on Equity
10 Years:	0%
5 Years:	0%
3 Years:	0%
Last Year:	0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	0.86	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	14.48	14.48
Reserves	1.74	1.93	2.14	2.57	3.01	3.47	3.85	4.77	4.93	5.15	5.39	1,037.30	1,036.49
	4.53	4.71	0.68	0.48	0.47	0.39	1.57	0.77	0.46	0.00	0.00	1.22	26.18
	3.42	2.62	9.39	7.81	6.49	6.66	5.04	5.59	4.24	1.74	0.76	0.71	1.90
Total Liabilities	10.55	10.13	13.08	11.73	10.84	11.39	11.33	12.00	10.50	7.76	7.02	1,053.71	1,079.05
	2.14	2.16	1.94	1.82	1.79	2.23	1.90	1.71	1.50	1.16	1.04	0.00	0.00
CWIP	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10
Investments	0.21	0.18	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,047.09	1,058.73
	8.08	7.79	11.10	9.91	9.05	9.16	9.43	10.29	9.00	6.60	5.98	6.62	20.22
Total Assets	10.55	10.13	13.08	11.73	10.84	11.39	11.33	12.00	10.50	7.76	7.02	1,053.71	1,079.05

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0.01	-0.13	0.07	0.06	-0.55	1.03	-0.72	0.26	-0.23	2.04	2.36	1.82
	-0.17	-0.04	0.23	0.04	-0.11	-0.66	-0.01	-0.07	0.01	0.19	-0.02	-2.59
	0.71	0.26	-0.23	-0.31	0.48	-0.45	0.75	-0.51	0.11	-2.28	-1.66	0.12
Net Cash Flow	0.53	0.10	0.07	-0.21	-0.18	-0.08	0.02	-0.32	-0.11	-0.05	0.68	-0.66
Free Cash Flow	-0.31	-0.27	0.06	0.00	-0.71	0.34	-0.76	0.18	-0.23	2.23	2.34	5.83
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-1%	-12%	9%	6%	-45%	89%	-71%	15%	-33%	265%	439%	-205%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	71.48	87.03	96.90	86.49	72.55	64.75	74.93	71.02	78.41	52.30	56.06
Inventory Days	51.93	60.66	124.23	84.75	33.10	41.05	60.23	64.16	55.49	46.57	39.27
Days Payable	50.85	47.30	128.20	71.01	20.43	26.45	15.96	15.03	6.02	4.36	1.03
Cash Conversion Cycle	72.56	100.39	92.92	100.23	85.22	79.35	119.21	120.16	127.88	94.52	94.30
Working Capital Days	12.21	17.53	19.42	26.17	26.89	25.39	50.42	53.98	66.03	71.81	82.28
ROCE %	19.01%	14.34%	17.50%	32.06%	30.23%	25.33%	18.33%	26.14%	7.89%	11.73%	6.68%	-0.14%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Nov 2026

Number of Permanent Employees
employees

xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
									x

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BESS Assembly Capacity
GWh

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Shareholding Pattern

Numbers in percentages

7 Recently

	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026	Oct 2026
	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	52.28%	55.78%	55.78%	55.78%	55.78%	55.78%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.71%	3.60%	0.20%	0.25%	0.24%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.35%	6.36%	6.36%	5.54%	5.54%
	47.72%	47.72%	47.72%	47.72%	47.73%	47.73%	47.72%	34.15%	34.25%	37.67%	38.42%	38.44%
No. of Shareholders	2,157	2,232	2,382	2,408	2,265	2,136	2,033	1,239	1,454	1,533	2,636	2,690

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Oct 2026
	44.66%	44.66%	47.46%	47.46%	48.59%	50.90%	52.28%	52.28%	52.28%	55.78%	55.78%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.60%	0.24%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.36%	5.54%
	55.34%	55.34%	52.54%	52.54%	51.41%	49.10%	47.72%	47.72%	47.73%	34.25%	38.44%
No. of Shareholders	1,112	1,158	1,058	1,062	1,086	1,405	1,990	2,157	2,265	1,454	2,690

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Belding India Ltd

Belding India Ltd

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Quarterly Results

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Shareholding Pattern

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