Belding India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Belding India Ltd trades at ₹1,006, in a confirmed uptrend and 92 weeks into that stage. That is −21.6% against its own 200-day average. It sits at 33% of a 52-week range of ₹447 to ₹2,134. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 92 of stage 2, confirmed. At ₹1,006 it trades −21.6% versus its 200-day average and sits at 33% of its 52-week range (₹447–₹2,134).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +2,139% while the NIFTY 500 moved +282% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-07-01) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Belding India Ltd trades at 509.1× P/E, against too little history to rank. Its long-run median P/E is 584.0×, measured across 0.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 509.1× is against too little history to rank, against a long-run median of 584.0× measured over 0.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −178.3% against a +125.2% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read.

Belding India Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 1.0% — the per-curve reads carry the story. The read is built from 11 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

37.7/100 — rank 3 of 5 in Aluminium · 63% evidence confidence

Belding India Ltd scores 37.7 out of 100 against the 5 companies it is compared with in Aluminium, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 10 + 5.7 + 10 + 12 = 37.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Belding India Ltd reported ₹0.2 Cr of revenue in the Jun 26 quarter, −95.8% year on year. The last full year, FY26, came in at ₹0.0 Cr. The last four reported quarters add to ₹0.3 Cr. A multi-year compound rate is not shown because the annual history behind it is too short to compute one honestly.

FY26 revenue came in at ₹0.0 Cr (−100.0% on the year). The latest quarter (Jun 26) printed ₹0.2 Cr, −95.8% year on year.

Acceleration check: trailing-twelve-month revenue grew −98.4% over the last 4 quarters against −90.0%/yr over the last 8 — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Belding India Ltd's operating margin is −1,727.3% in the Jun 26 quarter, −1,723.6 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −2,600.0% to 6.3%. The current quarter sits inside that band.

The latest quarter's operating margin is −1,727.3%, −1,723.6 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −2,600.0%–6.3%.

🚨 Why the margin moved: operating margin went −1,735.2 pp year on year while gross margin went −160.3 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Belding India Ltd posted a net loss of ₹4.1 Cr in the Jun 26 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY26 year was a loss of ₹4.0 Cr. That loss is 1,877.3% of the quarter's revenue.

Jun 26 profit was ₹−4.1 Cr, −276.5% year on year. On the full year, FY26 printed ₹−4.0 Cr (null).

🚨 Read this profit with care: at ₹−4.1 Cr it is larger than the whole quarter's revenue of ₹0.2 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −1,727.3% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 158% of Belding India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹36.0 Cr of operating cash against ₹−4.0 Cr of profit. After ₹848 Cr of capital spending, ₹−812 Cr was left as free cash.

FY26: operating cash of ₹36.0 Cr against reported profit of ₹−4.0 Cr, leaving free cash of ₹−812 Cr after ₹848 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 158% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 158%: the cash cycle stretched 41,734 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 424.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Belding India Ltd's cash conversion cycle runs 41,853 days in FY26, up from 119 days in FY21. Capital spending ran ₹848 Cr over the last 3 years.

FY26: debtors at 41,853 days (an asset-light business — no inventory to speak of) — for a full cycle of 41,853 days, looser than FY21's 119.

On the investment side: capital spending of ₹848 Cr over the last 3 fiscal years against ₹2.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹196 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Belding India Ltd earns a ROCE of 1% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 0.0% net margin on 3.00× asset turns.

FY26 ROCE is 1%.

Why the return is what it is — the wiring (FY25): 0.0% net margin × 3.00× asset turns × 1.19× balance-sheet leverage ≈ 0.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Belding India Ltd carries ₹38.0 Cr of borrowings against ₹1,049 Cr of equity in FY26, a debt-to-equity of 0.04. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹1.6 Cr to ₹38.0 Cr. Capital spending ran ₹848 Cr across the last 3 of those years.

FY26: borrowings of ₹38.0 Cr against equity of ₹1,049 Cr — a debt-to-equity of 0.04. Operating profit covers the interest bill −1×. Over 5 years borrowings went from ₹1.6 Cr to ₹38.0 Cr while capital spending ran ₹848 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 6.4 points of Belding India Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 6.4% of the company. Promoters moved +3.5 points over the same window, to 55.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +6.4 points over 8 quarters to 6.4%; Promoters: +3.5 points over 8 quarters to 55.8%; Foreign institutions: +0.2 points over 8 quarters to 0.2%.

Why the register moved: domestic institutions drove it (+6.4 points), alongside promoters (+3.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Belding India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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