WH Brady & Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Building Manufacturing: 75.4% • Trading: 12.7% • Rental: 11.9%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has delivered good profit growth of 40.2% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 29.7%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.2%
- Company has consistently been profitable over the last 5 years
- Company comfortably covers its interest (24.0x coverage)
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 83.3% versus prior year
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.42x)
- Total debt has risen sharply - up 101.4% year on year
- Working capital days have increased from 86 to 163 days
- Contingent liabilities are large at 63.9% of net worth
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 45.58 | 41.07 | 1308.57 | 14.41 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| WHBRADY | 493.70 | 24.99 | 125.89 | 0.00 | 2.49 | -4.74 | 19.44 | -17.56 | 43.84 | 2.89 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 19 | 23 | 30 | 24 | 27 | 23 | 30 | 24 | 17 | 27 | 21 | 19 | |
| 15 | 17 | 20 | 27 | 21 | 23 | 20 | 28 | 22 | 15 | 24 | 22 | 20 | |
| Operating Profit | 3 | 2 | 3 | 4 | 3 | 4 | 3 | 2 | 2 | 1 | 3 | -1 | -0 |
| OPM % | 16.53% | 11.33% | 11.09% | 12.21% | 13.82% | 14.39% | 14.71% | 6.50% | 7.25% | 8.74% | 10.36% | -3.58% | -1.40% |
| 2 | 1 | 2 | 1 | 2 | 2 | 2 | 18 | 3 | 1 | 2 | 1 | 3 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 5 | 3 | 4 | 4 | 5 | 5 | 4 | 19 | 4 | 1 | 4 | -1 | 3 |
| Tax % | 29.48% | 27.74% | 27.72% | 23.66% | 23.65% | 28.05% | 24.94% | 13.18% | 26.82% | 7.38% | 25.32% | 75.90% | 16.71% |
| Net Profit | 0 | 0 | 0 | 0 | 4 | 4 | 3 | 16 | 3 | 1 | 3 | -0 | 2 |
| 12.67 | 8.78 | 40.43 | 12.26 | 14.41 | 15.46 | 12.61 | 64.09 | 10.26 | 4.44 | 11.46 | -0.78 | 9.77 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 50 | 39 | 59 | 67 | 52 | 59 | 74 | 89 | 105 | 84 | |
| 38 | 42 | 36 | 49 | 59 | 46 | 52 | 65 | 78 | 92 | 81 | |
| Operating Profit | 8 | 8 | 3 | 10 | 8 | 7 | 7 | 10 | 11 | 13 | 3 |
| OPM % | 17.65% | 16.04% | 6.85% | 16.42% | 11.98% | 13.25% | 12.58% | 13.02% | 12.60% | 12.04% | 3.82% |
| 0 | 1 | 4 | 1 | 1 | 1 | 2 | 1 | 7 | 24 | 7 | |
| Interest | 2 | 3 | 3 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 2 | 3 |
| Profit before Tax | 4 | 4 | 2 | 6 | 6 | 6 | 7 | 9 | 15 | 33 | 7 |
| Tax % | 21.24% | 21.71% | 30.75% | 20.73% | 15.38% | 10.68% | 24.94% | 24.18% | 27.18% | 18.64% | 13.03% |
| Net Profit | 3 | 3 | 2 | 5 | 5 | 5 | 5 | 7 | 11 | 27 | 6 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 19.67 | 19.69 | 19.72 | 26.84 | 35.15 | 80.91 | — |
| Dividend Payout % | 6.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 10%
- 3 Years:
- 21%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 26%
- 5 Years:
- 36%
- 3 Years:
- 71%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 19%
- 3 Years:
- 24%
- Last Year:
- 38%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Minority Interest | 1 | 1 | 0 | 1 | 1 | 2 | 3 | 4 | 6 | 13 |
| 50 | 52 | 52 | 55 | 58 | 38 | 43 | 48 | 58 | 80 | |
| 29 | 26 | 22 | 18 | 11 | 10 | 13 | 12 | 13 | 19 | |
| Trade Payables | 9 | 16 | 11 | 11 | 8 | 5 | 7 | 6 | 7 | 10 |
| 6 | 9 | 9 | 7 | 6 | 5 | 8 | 9 | 13 | 12 | |
| Total Liabilities | 97 | 107 | 97 | 94 | 86 | 62 | 76 | 81 | 100 | 137 |
| 48 | 14 | 12 | 13 | 38 | 11 | 10 | 10 | 13 | 15 | |
| Capital Work in Progress | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| 1 | 34 | 33 | 32 | 2 | 11 | 18 | 25 | 35 | 38 | |
| 15 | 15 | 18 | 16 | 14 | 10 | 12 | 11 | 12 | 17 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 | 24 | |
| Cash & Bank | 2 | 1 | 4 | 4 | 4 | 5 | 6 | 8 | 7 | 32 |
| 30 | 40 | 28 | 28 | 27 | 25 | 30 | 26 | 11 | 10 | |
| Total Assets | 97 | 107 | 97 | 94 | 86 | 62 | 76 | 81 | 100 | 137 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 7 | 3 | 9 | 8 | 11 | 6 | 13 | 8 | 4 | |
| Cash from Investing | -2 | -2 | 4 | -2 | 1 | -6 | -3 | -7 | -1 | 23 |
| Cash from Financing | -4 | -5 | -1 | -6 | -8 | -5 | -2 | -6 | -7 | -0 |
| -3 | -1 | 6 | -0 | 0 | 1 | -0 | -2 | -0 | 23 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 12.13 | 12.59 | 7.48 | 17.80 | 17.68 | 16.85 | 16.28 | 21.38 | 35.15 | 80.91 |
| Book Value (₹) | 76.74 | 92.93 | 215.01 | 225.14 | 236.31 | 159.11 | 178.41 | 198.37 | 237.47 | 323.69 |
| Dividend per Share (₹) | 0.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 20.53 | 20.19 | 12.59 | 27.38 | 27.20 | 25.96 | 25.19 | 31.84 | 48.99 | 114.93 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 18.57% | 15.57% | 8.43% | 18.05% | 14.20% | 15.30% | 15.11% | 15.29% | 12.60% | 12.04% |
| Net Margin % | 6.80% | 5.65% | 3.92% | 8.65% | 7.52% | 9.57% | 8.48% | 9.19% | 12.58% | 25.85% |
| ROE % | 17.37% | 14.86% | 4.07% | 9.10% | 8.52% | 9.96% | 11.69% | 14.24% | 20.26% | 37.99% |
| ROCE % | 11.59% | 14.59% | 8.32% | 12.23% | 11.11% | 11.75% | 15.78% | 18.19% | 27.02% | 43.84% |
| 3.04% | 3.16% | 1.57% | 5.35% | 5.57% | 6.77% | 7.26% | 8.67% | 12.40% | 22.91% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 133 | 146 | 183 | 89 | 74 | 79 | 80 | 76 | 75 | 78 |
| Inventory Days | 117 | 96 | 148 | 104 | 82 | 82 | 67 | 57 | 47 | 51 |
| Payable Days | 140 | 201 | 321 | 147 | 110 | 92 | 76 | 66 | 53 | 59 |
| 109 | 40 | 9 | 47 | 45 | 69 | 71 | 66 | 69 | 71 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.53x | 0.92x | 0.33x | 0.24x | 0.08x | 0.09x | 0.13x | 0.12x | 0.09x | 0.13x |
| Interest Coverage (x) | 2.66x | 2.46x | 1.88x | 3.75x | 4.65x | 7.98x | 8.79x | 12.01x | 14.95x | 24.01x |
| 1.63x | 1.46x | 1.59x | 1.75x | 2.75x | 3.29x | 2.01x | 2.20x | 1.89x | 2.53x | |
| GROWTH | ||||||||||
| Revenue Growth % | 2.63% | 7.24% | -22.13% | 52.66% | 12.95% | -21.36% | 12.86% | 25.64% | 20.29% | 17.50% |
| Operating Profit Growth % | 0.45% | 3.02% | -61.24% | 210.47% | -11.14% | -15.29% | 11.58% | 27.09% | 56.45% | -0.75% |
| Net Profit Growth % | 50.83% | 2.07% | -50.35% | 219.95% | -1.85% | 0.14% | 0.17% | 36.07% | 64.51% | 141.44% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 64.38% | 130.20% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.34x | 9.58x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.83x | 2.39x |
| 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 | 0.00x | 6.11x | 9.98x |
Documents
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