NSE: MANUGRAPH · BSE: 505324
MANUGRAPH INDIA LIMITED
Manufactures printing and graphics machinery from facilities in Kolhapur, organised across at least two units (Unit I and Unit II). During FY26 the company disposed of movable assets at Kolhapur Unit II and classified 2 acres of factory land at Unit 1 as held for sale. Revenue for FY26 was Rs 88.637 crore, up 49% from Rs 5,934.82 lakhs in FY25, with the company returning to a net profit of Rs 4.9542 crore after a loss the prior year. Materials are the dominant cost at 58.5% of revenue, followed by employee costs at 19.7% and other operating expenses at 17.3%. Depreciation at 1.0% of revenue and capex at 0.4% indicate a mature, low-reinvestment asset base. Total assets stood at Rs 136.6248 crore at FY26-end. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Printing and graphics machinery. Industrial machinery manufacturer with mature, low-reinvestment asset base
Exhibit 1: Financial summary, FY19–FY23 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|
| Revenue | 251 | 121 | 30 | 46 | 80 |
| EBITDA (ex other income) | (11) | (33) | (27) | (14) | (8) |
| margin % | (4.5) | (27.4) | (92.2) | (30.3) | (10.1) |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | (5.31) | (11.61) | (9.43) | (4.21) | (3.62) |
| ROE % · ROCE % | (8.5) · (5.1) | (23.2) · (19.2) | (23.3) · (18.6) | (12.7) · (9.9) | (11.1) · (6.3) |
| Debt / equity (x) | 0.00 | 0.06 | 0.15 | 0.16 | 0.11 |
| Cash from operations | — | — | (22) | (1) | (6) |
| Capex | — | — | (0) | 0 | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY22 | Q2 FY22 | Q3 FY22 | Q4 FY22 | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4 | 16 | 13 | 13 | 6 | 25 | 13 | 35 |
| Profit before tax | (4) | (3) | (5) | (3) | (5) | (3) | 0 | (2) |
| Net profit | (4) | (3) | (4) | (2) | (5) | (4) | (0) | (2) |
| EPS (₹) | (1.30) | (1.04) | (1.12) | (0.75) | (1.78) | (1.15) | (2.32) | (0.67) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.5 | 3.1 | 4 of 112 | 97% |
| ROCE | (8.6) | 11.3 | 137 of 142 | 4% |
| ROE | (11.1) | 9.8 | 110 of 113 | 3% |
| Debt / Equity | 0.1 | 0.2 | 44 of 113 | 62% |
| EBITDA margin | (3.1) | 12.4 | 103 of 110 | 6% |
| Revenue growth | 180.3 | 20.6 | 6 of 114 | 96% |
| Profit growth | 13.6 | 17.1 | 57 of 109 | 48% |
| Market cap | 46 | 273 | 110 of 141 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting scheduled for November 4, 2026 | compliance | minimal | — | — |
| 26 Oct 2026 · Manugraph confirms dematerialisation processing for September 2026 quarter | compliance | minimal | — | — |
| 26 Oct 2026 · Board meeting set for November 2026 financial results | results | low | — | — |
| 28 Sept 2026 · Manugraph clarifies on recent share price movement | regulatory legal | low | — | — |
| 22 Sept 2026 · BSE seeks clarification from Manugraph India on price movement | regulatory legal | high | — | — |
| 24 Aug 2026 · All five resolutions passed at Manugraph India 54th AGM | board shareholder meetings | low | — | — |
| 24 Aug 2026 · 54th AGM held; all 5 resolutions passed with 99.83% approval | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 financial results filed with exchange | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 results - revenue dips, profit lifted by asset sale gain | results | medium | — | — |
| 4 Aug 2026 · Newspaper notice of Board Meeting on August 11, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.