Manugraph India Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Operating margins have improved to 8.1% from -17.3%
- Company has delivered good sales growth of 24.5% CAGR over last 5 years
- Company comfortably covers its interest (8.9x coverage)
- Company generates healthy free cash flow
CONS
- Company has a low return on equity of -17.8% over last 3 years
- Company has a low return on capital employed of -11.5%
- Recent results are weak - TTM profit is down 29.7% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.12x)
- Working capital days have increased from -38 to 7 days
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.80 | 61.95 | 150703.70 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 922.60 | 85.51 | 45620.81 | 0.64 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3729.70 | 74.90 | 44441.73 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| KIRLOSENG | 2267.40 | 60.41 | 32995.17 | 0.31 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| JYOTICNC | 1026.55 | 72.57 | 23346.12 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2180.15 | 77.65 | 19787.80 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 572.05 | 54.07 | 18185.38 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2765.75 | 128.52 | 17861.70 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| LLOYDSENGG | 84.88 | 58.86 | 13165.22 | 0.29 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1552.65 | 552.07 | 11664.70 | 0.13 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KENNAMET | 4534.30 | 85.10 | 9965.59 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| MANUGRAPH | 14.45 | 7.86 | 43.95 | 0.00 | -2.04 | 13.56 | 35.10 | 180.35 | 12.62 | -3.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 18 | 23 | 15 | 13 | 12 | 6 | 28 | 32 | 14 | 18 | 25 | 26 | |
| 15 | 24 | 26 | 18 | 15 | 18 | 10 | 28 | 26 | 15 | 17 | 24 | 29 | |
| Operating Profit | -5 | -6 | -3 | -3 | -2 | -6 | -4 | -0 | 6 | -0 | 1 | 1 | -3 |
| OPM % | -49.18% | -34.41% | -11.26% | -23.34% | -18.56% | -46.58% | -62.09% | -0.79% | 18.29% | -3.24% | 5.88% | 2.79% | -11.45% |
| 0 | 0 | 0 | 0 | 0 | -11 | 0 | -0 | 2 | -0 | -0 | -0 | -9 | |
| Interest | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -5 | -7 | -3 | -4 | -3 | -18 | -5 | -1 | 7 | -1 | 0 | 0 | 7 |
| Tax % | 2.43% | -0.43% | -2.80% | -6.48% | 6.73% | -1.50% | 1.94% | -9.43% | 8.08% | 6.09% | 8.33% | 3200.00% | -13.23% |
| Net Profit | -5 | -7 | -3 | -4 | -3 | -18 | -5 | -1 | 7 | -1 | 0 | -1 | 7 |
| -1.72 | -2.32 | -1.08 | -1.41 | -0.91 | -9.15 | -1.50 | -0.38 | 2.25 | -0.36 | 0.14 | -0.40 | 2.45 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 258 | 185 | 251 | 121 | 30 | 46 | 80 | 66 | 59 | 89 | 83 | |
| 258 | 191 | 260 | 151 | 45 | 59 | 94 | 83 | 72 | 81 | 84 | |
| Operating Profit | 0 | -7 | -9 | -30 | -16 | -13 | -15 | -17 | -12 | 7 | -2 |
| OPM % | 0.05% | -3.70% | -3.50% | -24.51% | -52.64% | -27.63% | -18.72% | -25.55% | -20.58% | 8.08% | -2.01% |
| -35 | -5 | -1 | -1 | -8 | 1 | 8 | 1 | -11 | 1 | -10 | |
| Interest | 1 | 1 | 2 | 2 | 3 | 2 | 3 | 2 | 3 | 1 | 1 |
| Depreciation | 6 | 5 | 4 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -42 | -19 | -16 | -34 | -28 | -16 | -11 | -20 | -27 | 7 | 6 |
| Tax % | -4.10% | -11.35% | 3.42% | -2.56% | -1.70% | 1.35% | -2.83% | -1.28% | -0.27% | 27.10% | 6.34% |
| Net Profit | -44 | -21 | -15 | -35 | -29 | -15 | -11 | -20 | -27 | 5 | 6 |
| EPS | -14.45 | -6.78 | -5.03 | -11.62 | -9.44 | -5.05 | -3.71 | -6.53 | -8.78 | 1.63 | — |
| Dividend Payout % | -3.46% | -7.44% | -8.35% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -11%
- 5 Years:
- 24%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -2%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- -11%
- 5 Years:
- 3%
- 3 Years:
- -15%
- 1 Year:
- -35%
RETURN ON EQUITY
- 10 Years:
- -16%
- 5 Years:
- -15%
- 3 Years:
- -18%
- Last Year:
- 9%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| 225 | 203 | 185 | 147 | 118 | 104 | 93 | 74 | 47 | 52 | |
| 0 | 3 | 0 | 9 | 19 | 18 | 11 | 18 | 7 | 3 | |
| Trade Payables | 23 | 37 | 17 | 24 | 9 | 7 | 23 | 16 | 13 | 14 |
| 56 | 57 | 47 | 40 | 31 | 35 | 40 | 37 | 69 | 63 | |
| Total Liabilities | 309 | 304 | 255 | 226 | 183 | 170 | 172 | 151 | 142 | 138 |
| 105 | 101 | 97 | 95 | 93 | 92 | 90 | 89 | 85 | 78 | |
| 88 | 58 | 18 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | |
| 48 | 78 | 80 | 62 | 53 | 51 | 60 | 44 | 31 | 33 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 6 | 1 | |
| Cash & Bank | 19 | 4 | 26 | 22 | 11 | 8 | 2 | 0 | 3 | 3 |
| 49 | 63 | 34 | 45 | 26 | 19 | 21 | 17 | 18 | 23 | |
| Total Assets | 309 | 304 | 255 | 226 | 183 | 170 | 172 | 151 | 142 | 138 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27 | -32 | -14 | -28 | -23 | -5 | -6 | -7 | 0 | 1 | |
| Cash from Investing | -25 | 27 | 20 | 18 | 14 | 4 | 17 | 0 | 15 | 3 |
| Cash from Financing | -4 | -0 | -5 | 6 | 8 | -4 | -10 | 5 | -13 | -5 |
| -2 | -6 | 1 | -3 | -1 | -0 | 1 | -1 | 2 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -14.45 | -8.07 | -5.99 | -11.62 | -9.44 | -5.05 | -3.71 | -6.53 | -8.78 | 1.63 |
| Book Value (₹) | 75.89 | 81.31 | 74.46 | 50.34 | 40.82 | 36.05 | 32.60 | 26.21 | 17.52 | 19.08 |
| Dividend per Share (₹) | 0.50 | 0.60 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -12.44 | -6.00 | -4.25 | -10.82 | -8.88 | -4.61 | -3.26 | -6.16 | -8.52 | 1.91 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 2.37% | 1.64% | -1.35% | -21.74% | -41.39% | -23.07% | -17.29% | -25.54% | -20.58% | 8.08% |
| Net Margin % | -15.35% | -10.89% | -6.10% | -29.20% | -96.67% | -33.34% | -14.20% | -30.20% | -44.98% | 5.59% |
| ROE % | -19.67% | -9.40% | -7.69% | -20.58% | -20.70% | -13.14% | -10.82% | -22.21% | -40.14% | 8.90% |
| ROCE % | -18.47% | -7.77% | -7.03% | -18.53% | -16.83% | -9.69% | -6.88% | -16.65% | -30.54% | 12.62% |
| -14.58% | -6.72% | -5.48% | -14.69% | -14.02% | -8.70% | -6.61% | -12.29% | -18.19% | 3.54% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 21 | 23 | 17 | 36 | 132 | 18 | 8 | 10 | 23 | 15 |
| Inventory Days | 70 | 121 | 115 | 215 | 708 | 411 | 254 | 288 | 228 | 132 |
| Payable Days | 53 | 100 | 63 | 91 | 321 | 108 | 96 | 147 | 132 | 99 |
| 37 | 45 | 69 | 160 | 519 | 321 | 166 | 152 | 119 | 48 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.01x | 0.00x | 0.06x | 0.15x | 0.16x | 0.11x | 0.22x | 0.13x | 0.05x |
| Interest Coverage (x) | -44.07x | -12.96x | -8.33x | -19.22x | -10.16x | -5.31x | -2.87x | -7.24x | -9.45x | 8.94x |
| 2.19x | 2.04x | 2.71x | 1.92x | 2.03x | 1.80x | 1.43x | 1.06x | 0.88x | 1.04x | |
| GROWTH | ||||||||||
| Revenue Growth % | -4.79% | -28.51% | 35.94% | -51.79% | -75.47% | 55.13% | 72.80% | -17.36% | -9.75% | 49.35% |
| Operating Profit Growth % | -54.98% | -54.37% | -209.09% | -678.32% | 53.30% | 13.53% | -29.50% | -17.06% | 28.67% | 164.22% |
| Net Profit Growth % | -834.65% | 53.10% | 25.75% | -130.86% | 18.80% | 46.49% | 26.43% | -75.76% | -34.42% | 118.56% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -75.76% | -34.42% | 118.56% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.89x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.80x | 0.94x | 0.50x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | -5.03x | -4.72x | 4.01x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-24 - Manugraph India Limited has submitted the Exchange a copy Srutinizers report of undefined held on August 24, 2026
2026-08-24 - Manugraph India Limited has informed the Exchange regarding Proceedings of undefined held on August 24, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-12 - Manugraph India Limited has informed the Exchange about Copy of Newspaper Publication relating to publication of Unaudited Financial Results
2026-08-11 - Manugraph India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-04 - Manugraph India Limited has informed the Exchange about Copy of Newspaper Publication relating to intimation of Board Meeting
2026-07-30 - Manugraph India Limited has informed the Exchange about Copy of Newspaper Publication relating to AGM
2026-07-29 - Manugraph India Limited has informed the Exchange that Record date for the purpose of Meeting is 17-Aug-2026.
2026-07-29 - Manugraph India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 24, 2026
2026-07-29 - Manugraph India Limited has informed the Exchange about Copy of Newspaper Publication relating to AGM
News
Recent coverage and analyst commentary for MANUGRAPH
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