BSE: 544680
Narmadesh Brass Industries Lim
Manufactures brass industrial products from a base in Jamnagar, Gujarat, classified under 'Other Industrial Products'. FY26 revenue from operations reached Rs 9,522.48 lakh on total revenue of Rs 9,722.60 lakh, up roughly 10% year-on-year. Raw materials dominate the cost structure at 96.6% of revenue, with employees at 2.6%, other operating costs at 3.4% and depreciation at 1.1%, pointing to a materials-intensive manufacturing setup. The business listed on the BSE SME platform in January 2026 (Scrip Code 544680) via an IPO that raised Rs 3,259 lakhs, with proceeds deployed towards debt repayment (Rs 1,450 lakhs), machinery and equipment (Rs 329 lakhs), working capital (Rs 1,020 lakhs) and general corporate purposes (Rs 460 lakhs). Despite top-line growth, profit after tax fell about 30% to Rs 355.13 lakh, with H2 FY26 swinging to a Rs 76.42 lakh loss after a Rs 431.55 lakh profit in H1. It is classified as a SEBI 'Large Corporate' on the basis of its outstanding borrowings. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacture and sale of brass industrial products. Materials-intensive SME manufacturer of brass industrial products
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 95 |
| EBITDA (ex other income) | 5 |
| margin % | 4.8 |
| Owners' profit | 4 |
| EPS, as reported (₹) | 22.86 |
| ROE % · ROCE % | 6.7 · 9.8 |
| Debt / equity (x) | 0.19 |
| Cash from operations | (14) |
| Capex | (5) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 62 |
| Profit before tax | (1) |
| Net profit | (1) |
| EPS (₹) | 4.92 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 21,784 | 23.6 | 9.84 | 18.7 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,363 | 68.1 | 15.54 | 45.3 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,087 | 36.5 | 18.83 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,039 | 24.3 | 3.25 | 11.4 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 3,819 | 24.1 | 1.94 | 10.9 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 3,780 | 24.4 | 2.70 | 14.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,389 | 21.1 | 4.31 | 17.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,512 | 27.5 | 3.73 | 20.2 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.0 | 18.4 | 25 of 27 | 8% |
| P/B | 1.5 | 2.5 | 9 of 24 | 65% |
| ROCE | 7.0 | 12.3 | 21 of 31 | 33% |
| ROE | 6.7 | 10.3 | 15 of 24 | 39% |
| Debt / Equity | 0.2 | 0.2 | 12 of 24 | 52% |
| EBITDA margin | 0.6 | 10.8 | 23 of 23 | 0% |
| Market cap | 81 | 102 | 18 of 31 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Filing of SEBI Reg 74(5) certificate for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · 1st AGM post IPO voting results: both resolutions passed unanimously | compliance | minimal | — | — |
| 29 Sept 2026 · 1st AGM post IPO held; financial statements adopted, director re-appointed | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Newspaper notice published for 1st AGM post-IPO, 29 September 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Book Closure from Sep 22 to Sep 28 for 1st AGM Post IPO | compliance | minimal | — | — |
| 3 Sept 2026 · FY25-26 Annual Report and 1st AGM Notice post IPO | results | high | — | — |
| 3 Sept 2026 · Narmadesh Brass Industries to hold 1st AGM post IPO on Sept 29, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Narmadesh Brass appoints Internal and Secretarial Auditors for FY2026-28 | management changes | medium | — | — |
| 2 Sept 2026 · Board approves auditor appointments and AGM notice for FY 2025-26 | management changes | medium | — | — |
| 13 Jul 2026 · No share demat or remat requests in Apr-Jun 2026 quarter | 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.