NSE: WHBRADY · BSE: 501391
W H BRADY & CO. LTD.
Operates as a small holding group with three lines of revenue: manufacturing carried out through its subsidiary Brady & Morris Engineering Company Limited, renting of office space at Brady House on Veer Nariman Road in Fort, Mumbai, and a small trading book. Consolidated FY26 revenue was ₹88.57 crore, of which the Manufacturing segment (run by Brady & Morris Engineering) contributed ₹17.46 crore on a YTD basis and drove a ~15% year-on-year rise in Q3 FY26 consolidated revenue. The Renting line (Leave & License) generated only ₹3.57 crore in FY26 YTD revenue but produced ₹3.13 crore in EBIT, reflecting a high-margin lease of the Fort property. Trading contributed ₹1.83 crore and was loss-making at the EBIT level. Materials are the single largest cost, accounting for 49.0% of revenue, followed by employee cost at 22.3% and other operating expenses at 25.6%; capex was 12.9% of revenue, partly because the company paid ₹9.77 crore to convert the 1,012.54 sqm Brady House land from leasehold to freehold in May 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing, Renting (Leave & License), Trading. Small, diversified industrial holding with manufacturing, commercial property rental and trading.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 59 | 74 | 89 | 105 | 89 |
| EBITDA (ex other income) | 7 | 9 | 11 | 32 | 5 |
| margin % | 12.6 | 12.7 | 12.6 | 30.4 | 5.9 |
| Owners' profit | 4 | 5 | 9 | 21 | 5 |
| EPS, as reported (₹) | 19.72 | 26.84 | 44.15 | 106.59 | 50.76 |
| ROE % · ROCE % | 10.4 · 13.4 | 12.5 · 16.2 | 16.8 · 21.6 | 28.5 · 32.7 | 6.4 · 8.2 |
| Debt / equity (x) | 0.12 | 0.11 | 0.08 | 0.11 | 0.08 |
| Cash from operations | 5 | 11 | 8 | (0) | 5 |
| Capex | (0) | (2) | (3) | (17) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24 | 27 | 23 | 30 | 24 | 17 | 27 | 21 |
| Profit before tax | 5 | 5 | 4 | 19 | 4 | 1 | 4 | (1) |
| Net profit | 4 | 4 | 3 | 16 | 3 | 1 | 3 | (0) |
| EPS (₹) | 14.41 | 15.46 | 12.61 | 64.11 | 10.26 | 4.44 | 11.46 | (1.56) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Renting (Leave & License) | 15 | 17.0 |
| Trading | 7 | 7.4 |
| Manufacturing | 73 | 82.5 |
| Total, before eliminations | 95 | 100.0 |
Exhibit 4: 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 | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.3 | 19.3 | 14 of 27 | 50% |
| P/B | 1.2 | 2.5 | 6 of 24 | 74% |
| ROCE | 7.1 | 12.3 | 20 of 31 | 37% |
| ROE | 6.4 | 10.3 | 16 of 24 | 35% |
| Debt / Equity | 0.1 | 0.2 | 11 of 24 | 57% |
| EBITDA margin | 0.7 | 10.8 | 22 of 23 | 5% |
| Revenue growth | (30.3) | (5.5) | 20 of 23 | 14% |
| Profit growth | (101.2) | (5.0) | 19 of 23 | 18% |
| Market cap | 121 | 103 | 15 of 31 | 53% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Board Meeting on Nov 3, 2026 to approve Q2 unaudited financial results | results | low | — | — |
| 15 Oct 2026 · SEBI Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · 113th AGM: All 4 resolutions passed, financial statements adopted | board shareholder meetings | low | — | — |
| 26 Sept 2026 · W.H. Brady 113th AGM held via video conferencing, results in 2 days | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Notice of 113th AGM scheduled on September 26, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · AGM notice and FY26 annual report link sent to members | compliance | minimal | — | — |
| 31 Aug 2026 · Annual Report FY2025-26 and 113th AGM Notice filed | compliance | low | — | — |
| 31 Aug 2026 · Notice of 113th AGM on September 26, 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · AGM notice: Members asked to update email and KYC details | 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.