Belding India Limited has acquired a 100% equity stake in Evolve IT Solutions Private Limited for ₹10.75 crore, significantly expanding its footprint in the advanced security and inspection technology sector. The acquisition, completed on July 23, 2026, transforms Evolve into a wholly-owned subsidiary, allowing Belding to integrate capabilities in X-ray inspection, AI-enabled imaging, and precision engineering. This strategic move positions the company to address high-growth opportunities in domestic and international markets across energy, infrastructure, logistics, and homeland security.

The transaction was disclosed to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A (1) Part A of Schedule III and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The Board of Directors approved the acquisition, which was executed at arm's length with no involvement from promoters, promoter groups, or group companies. No governmental or regulatory approvals were required for the completion of the deal.

Strategic Vision and Leadership Commentary

Umesh Kumar Sahay, Chairman of Belding India Limited, stated that the acquisition represents a strategic entry into India’s rapidly growing security technology ecosystem. He emphasized that the move complements the company’s leadership in Battery Energy Storage Systems (BESS), Modular Data Centers, and advanced manufacturing. According to Sahay, the integration of indigenous cargo scanners, vehicle inspection systems, and intelligent X-ray security solutions supports long-term innovation, import substitution, and global growth while aligning with the Government’s Make in India and Atmanirbhar Bharat initiatives.

Evolve IT Solutions, incorporated on February 18, 2009, operates from an owned manufacturing and R&D facility at MIDC, Bhosari, Pune. The company specializes in critical security infrastructure, including baggage scanners, cargo inspection systems, vehicle scanners, under-vehicle surveillance systems, and dual-view X-ray systems. Its solutions are deployed in airports, ports, logistics hubs, border security installations, defence establishments, metro rail networks, and customs facilities.

Financial Profile of Evolve IT Solutions

The target company demonstrated consistent revenue generation over the last three fiscal years, with a notable increase in FY25. The financial performance highlights the stability of its business model in the security screening industry.

Strategic Impact

Belding stated that the acquisition strengthens its ability to deliver comprehensive technology solutions by adding cargo and vehicle scanning solutions to its portfolio. The integration of Evolve’s expertise in industrial electronics and mission-critical security technologies complements Belding’s existing advanced manufacturing capabilities. This expansion allows the company to offer end-to-end security screening solutions, leveraging Evolve’s strong in-house capabilities in product design, engineering, and innovation.

What the Numbers Show

The acquisition cost of ₹10.75 crore represents a multiple of approximately 0.5x on Evolve’s FY25 turnover of ₹20.81 crore. This valuation suggests a strategic entry point for Belding, acquiring established manufacturing assets and R&D facilities in a high-barrier-to-entry sector. The revenue growth from ₹14.81 crore in FY24 to ₹20.81 crore in FY25 indicates recovering or expanding demand for security screening solutions, validating the timing of the acquisition for market expansion.

Belding India Limited has initiated a postal ballot process to seek shareholder approval for fixing the remuneration of its Managing Director and other key executives, appointing an independent director, and approving material related party transactions. The remote e-voting facility is available from Thursday, July 23, 2026, at 9:00 A.M. (IST) to Friday, August 21, 2026, at 5:00 P.M. (IST). The results of the postal ballot will be announced on or before Tuesday, August 25, 2026.

Shareholders are requested to vote on five resolutions. The special resolutions include fixing the remuneration of Mr. Abhishek Narbaria, Managing Director, for a period of three financial years from FY 2026-27 to FY 2028-29. The remuneration for Mr. Narbaria is proposed at ₹3.6 crores per annum for FY 2026-27, ₹4.8 crores per annum for FY 2027-28, and ₹6.0 crores per annum for FY 2028-29, plus a performance incentive not exceeding 5% of net profit. Additionally, the Board seeks approval to fix the remuneration of Mr. Umesh Kumar Sahay, Chairperson and Non-Executive Director, at ₹3.6 crores per annum for FY 2026-27, and Mr. Nikhil Dilipbhai Bhuta, Non-Executive Director, at ₹1.2 crores per annum for FY 2026-27.

Another special resolution seeks approval for the appointment of Mr. Rajesh Chandrakant Vaishnav as an Independent Director for a term of five years commencing from May 22, 2026. The company also proposes an ordinary resolution to approve material related party transactions with various entities, including BESS Limited, DC&T Defence Limited, and EFC (I) Limited, among others, for the financial year 2026-27. The total value of proposed transactions with these related parties aggregates to significant amounts, such as ₹1,00,00,00,000 with EFC (I) Limited for design and build turnkey contracts.

Key Details