WEBSITE BSE:513307 NSE: BELDING Inc. Year: 1984 Industry: Packaging My Bucket: Add Stock
Last updated: 10:47
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1. Business Overview
Belding India Ltd. operates within the packaging sector in India. Its core business involves manufacturing and supplying various packaging solutions. The company likely caters to a diverse range of industries such as food & beverage, pharmaceuticals, personal care, and industrial goods. It makes money by producing and selling packaging materials, which could include flexible packaging (pouches, films), rigid packaging (containers, bottles), or specialized industrial packaging, to business clients.
2. Key Segments / Revenue Mix
Specific segment breakdown and revenue mix for Belding India Ltd. are not publicly available based on the provided information. Generally, companies in the packaging industry might segment their operations by material type (e.g., plastic, paper, metal, glass), product type (e.g., flexible, rigid, corrugated), or end-use application (e.g., food, pharma, industrial). Without specific data, it is not possible to detail Belding's exact composition.
3. Industry & Positioning
The Indian packaging industry is dynamic and fragmented, characterized by a mix of large integrated players and numerous small to medium-sized enterprises. It is heavily influenced by growth in end-user industries like Fast Moving Consumer Goods (FMCG), e-commerce, pharmaceuticals, and food processing. Belding India Ltd. operates within this competitive landscape, likely contending with both national and regional manufacturers. Its specific market share or positioning relative to direct peers is not ascertainable without further data. The industry is also evolving with increasing demand for sustainable and innovative packaging solutions.
4. Competitive Advantage (Moat)
Without specific company details, it is challenging to definitively assess Belding's competitive advantages. Potential moats in the packaging industry could include:
Scale and Cost Efficiency: Large operational scale can lead to lower per-unit costs and better raw material procurement.
Customer Relationships & Switching Costs: Long-term contracts, integrated supply chains, and specialized packaging solutions can create high switching costs for clients.
Technological Expertise: Proprietary manufacturing processes or advanced material science can offer product differentiation.
Distribution Network: An efficient supply chain and wide distribution reach.
The existence and strength of these advantages for Belding India Ltd. are speculative without further information.
5. Growth Drivers
Key factors that can drive growth for Belding India Ltd. over the next 3-5 years include:
Rising Domestic Consumption: Increasing disposable incomes and urbanization in India drive demand for packaged goods across various sectors.
E-commerce Growth: The rapid expansion of online retail necessitates robust and protective packaging solutions.
Pharmaceutical Sector Expansion: India's growing pharmaceutical market requires specialized and compliant packaging.
Focus on Sustainable Packaging: Investment in recyclable, biodegradable, or reduced-plastic packaging solutions can tap into an expanding market segment.
Capacity Expansion/Modernization: Increasing production capacity or upgrading technology to meet demand and improve efficiency.
6. Risks
Key business risks for Belding India Ltd. include:
Raw Material Price Volatility: Fluctuations in the prices of key inputs such as plastics (polymers), paperboard, and metals can impact profit margins.
Intense Competition: The fragmented nature of the Indian packaging industry can lead to pricing pressures and margin erosion.
Regulatory Changes: Government policies concerning plastic usage, waste management, and environmental compliance can necessitate costly operational adjustments.
Economic Slowdown: A downturn in the Indian economy could reduce demand from end-user industries, affecting sales volumes.
Technology Obsolescence: Failure to invest in modern machinery or adopt new packaging technologies could lead to competitive disadvantage.
7. Management & Ownership
Specific details regarding the promoters, management team's quality, and ownership structure of Belding India Ltd. are not provided. In India, many companies are promoter-led, where the founding family or group holds a significant stake and often plays a key role in management. The quality of governance, strategic vision, and succession planning are crucial aspects to evaluate for such entities.
8. Outlook
Belding India Ltd., as a player in the Indian packaging sector, operates within a fundamentally growing market driven by strong consumption trends and industrial expansion. The company has the potential to benefit from India's demographic dividend and the increasing demand for packaged products across various end-user industries. However, the industry is also characterized by intense competition and susceptibility to raw material price fluctuations. Furthermore, evolving regulatory landscapes regarding sustainability and waste management present both opportunities for innovation and compliance challenges. Its ability to navigate these dynamics, manage costs effectively, and adapt to changing customer preferences for sustainable and efficient packaging will be critical for sustained performance.
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Market Cap ₹2027 Cr.
Stock P/E 8406.5
P/B 1.9
Current Price ₹1400
Book Value ₹ 728.6
Face Value 10
52W High ₹2400
Dividend Yield 0%
52W Low ₹ 425.6
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 7 | 6 | 7 | 6 | 6 | 5 | 4 | 5 | 0 |
| Other Income | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Total Income | 6 | 7 | 6 | 7 | 6 | 6 | 6 | 4 | 5 | 0 |
| Total Expenditure | 6 | 7 | 6 | 6 | 6 | 6 | 5 | 4 | 5 | 0 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 1 | 0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 |
| Profit Before Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 3 | -0 |
| Provision for Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 |
| Profit After Tax | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 2 | -0 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | 2 | -0 |
| Adjusted Earnings Per Share | 1 | -0.3 | 1.3 | 0.4 | 1.1 | 3.8 | 0.1 | -1.5 | 26.9 | -0.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 21 | 17 | 17 | 22 | 31 | 31 | 26 | 30 | 26 | 26 | 21 | 14 |
| Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 21 | 17 | 18 | 22 | 31 | 32 | 26 | 30 | 26 | 26 | 21 | 15 |
| Total Expenditure | 20 | 16 | 17 | 21 | 29 | 30 | 25 | 28 | 25 | 25 | 21 | 14 |
| Operating Profit | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Profit Before Tax | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 3 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 |
| Adjusted Earnings Per Share | 2.6 | 2.2 | 2.4 | 4.9 | 5 | 5.3 | 4.4 | 10.6 | 1.9 | 2.5 | 2.8 | 25 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -19% | -11% | -7% | 0% |
| Operating Profit CAGR | 0% | -21% | 0% | -7% |
| PAT CAGR | 0% | -100% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 245% | 53% | 97% | 43% |
| ROE Average | 4% | 4% | 7% | 10% |
| ROCE Average | 7% | 9% | 14% | 19% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 6 | 6 | 6 | 6 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 7 | 6 | 9 | 8 | 6 | 7 | 5 | 6 | 4 | 1 | 1 |
| Total Liabilities | 11 | 10 | 13 | 12 | 11 | 11 | 11 | 12 | 11 | 8 | 7 |
| Fixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 8 | 8 | 11 | 10 | 9 | 9 | 9 | 10 | 9 | 7 | 6 |
| Total Assets | 11 | 10 | 13 | 12 | 11 | 11 | 11 | 12 | 11 | 8 | 7 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | 0 | 0 | -1 | 1 | -1 | 0 | -0 | 2 | 2 |
| Cash Flow from Investing Activities | -0 | -0 | 0 | 0 | -0 | -1 | -0 | -0 | 0 | 0 | -0 |
| Cash Flow from Financing Activities | 1 | 0 | -0 | -0 | 0 | -0 | 1 | -1 | 0 | -2 | -2 |
| Net Cash Inflow / Outflow | 1 | 0 | 0 | -0 | -0 | -0 | 0 | -0 | -0 | -0 | 1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.61 | 2.24 | 2.4 | 4.85 | 5.01 | 5.33 | 4.37 | 10.56 | 1.9 | 2.5 | 2.77 |
| CEPS(Rs) | 3.82 | 5.02 | 5 | 7.01 | 7.12 | 8.25 | 8.54 | 13.66 | 4.33 | 4.27 | 4.3 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.15 | 32.24 | 34.64 | 39.55 | 44.56 | 49.89 | 54.26 | 64.82 | 66.72 | 69.23 | 72 |
| Core EBITDA Margin(%) | 4.52 | 6.2 | 4.63 | 4.71 | 3.95 | 3.67 | 3.87 | 5.9 | 2.28 | 2.89 | 2.2 |
| EBIT Margin(%) | 6.27 | 6.02 | 5.65 | 5.7 | 4.07 | 3.64 | 3.88 | 5.64 | 1.93 | 2.76 | 1.94 |
| Pre Tax Margin(%) | 2.54 | 1.7 | 1.78 | 2.72 | 1.95 | 1.93 | 1.91 | 4.17 | 0.89 | 1.17 | 1.55 |
| PAT Margin (%) | 2.16 | 1.13 | 1.2 | 1.96 | 1.42 | 1.48 | 1.46 | 3.11 | 0.65 | 0.84 | 1.14 |
| Cash Profit Margin (%) | 3.17 | 2.53 | 2.5 | 2.83 | 2.02 | 2.29 | 2.85 | 4.02 | 1.47 | 1.44 | 1.77 |
| ROA(%) | 4.31 | 1.88 | 1.8 | 3.4 | 3.87 | 4.17 | 3.35 | 7.88 | 1.47 | 2.38 | 3.26 |
| ROE(%) | 17.42 | 7.21 | 7.17 | 13.09 | 11.92 | 11.28 | 8.4 | 17.73 | 2.89 | 3.68 | 3.93 |
| ROCE(%) | 19.13 | 14.21 | 17.5 | 32.28 | 30.14 | 25.17 | 18.36 | 26.25 | 7.81 | 11.51 | 6.63 |
| Receivable days | 81.36 | 86.2 | 91.45 | 82.01 | 66.54 | 67.58 | 76.41 | 68.59 | 80.08 | 65.05 | 59.9 |
| Inventory Days | 28.69 | 49.42 | 73.09 | 73.69 | 37.92 | 30.96 | 45.43 | 48.06 | 54 | 43.11 | 40.34 |
| Payable days | 56.69 | 55.13 | 87.64 | 86.75 | 33.87 | 23.17 | 24.39 | 14.5 | 11.4 | 5.21 | 3.21 |
| PER(x) | 12.82 | 17.82 | 14.02 | 16.71 | 8.08 | 11.26 | 11.18 | 7.76 | 180.62 | 48.12 | 82.19 |
| Price/Book(x) | 2.21 | 1.24 | 0.97 | 2.05 | 0.91 | 1.2 | 0.9 | 1.26 | 5.15 | 1.74 | 3.16 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.46 | 0.42 | 0.15 | 0.32 | 0.11 | 0.16 | 0.2 | 0.26 | 1.18 | 0.41 | 0.9 |
| EV/Core EBITDA(x) | 6.29 | 5.69 | 2.19 | 4.8 | 2.4 | 3.67 | 3.88 | 3.98 | 42.94 | 12.16 | 35.26 |
| Net Sales Growth(%) | 12.34 | -16.49 | 0.54 | 23.97 | 42.17 | 2.54 | -17.01 | 13.38 | -13.2 | 0.67 | -18.05 |
| EBIT Growth(%) | 40.42 | -19.82 | -5.74 | 25.22 | 1.38 | -8.32 | -11.37 | 64.76 | -70.29 | 43.82 | -42.49 |
| PAT Growth(%) | 47.79 | -56.46 | 7.02 | 102.62 | 3.31 | 6.27 | -17.95 | 141.44 | -81.97 | 31.45 | 10.74 |
| EPS Growth(%) | -26.11 | -14.21 | 7.02 | 102.61 | 3.31 | 6.27 | -17.95 | 141.44 | -81.97 | 31.45 | 10.74 |
| Debt/Equity(x) | 1.74 | 1.68 | 0.22 | 0.14 | 0.12 | 0.09 | 0.33 | 0.14 | 0.08 | 0.01 | 0 |
| Current Ratio(x) | 1.23 | 1.29 | 1.2 | 1.29 | 1.44 | 1.4 | 1.76 | 1.78 | 2.08 | 4.41 | 11.7 |
| Quick Ratio(x) | 0.86 | 0.91 | 1.2 | 1.51 | 3.25 | 2.28 | 2.69 | 2.6 | 10.71 | -23.2 | 7.98 |
| Interest Cover(x) | 1.68 | 1.39 | 1.46 | 1.91 | 1.92 | 2.13 | 1.97 | 3.84 | 1.85 | 1.73 | 5 |
| Total Debt/Mcap(x) | 1.56 | 1.36 | 0.23 | 0.07 | 0.13 | 0.07 | 0.37 | 0.11 | 0.02 | 0.01 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.28 | 52.28 | 52.28 | 52.28 | 52.28 | 52.28 | 52.28 | 52.28 | 55.78 | 55.78 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.72 | 3.61 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.35 | 6.36 |
| Public | 47.72 | 47.72 | 47.72 | 47.72 | 47.72 | 47.72 | 47.72 | 47.72 | 34.15 | 34.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.81 | 0.81 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.05 | 0.05 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.09 | 0.09 |
| Public | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.49 | 0.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 1.45 | 1.45 |
* The pros and cons are machine generated.
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