Manugraph India Limited

Industrials — Specialty Industrial Machinery · NSE

₹16.50₹0.00 (0.00%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Manugraph India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Manugraph India Limited engages in the manufacture and sale of printing machines in India and internationally. It provides newspaper web, folder, and packaging and converting machines, as well as manufactures engineering components. The company also exports its products.

IndustrySpecialty Industrial Machinery

SectorIndustrials

Employees190

Annual revenue₹85 Cr

How does it make money?

Turns over ₹85 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹9 left at the operating level before interest, tax and depreciation. Each of its 190 employees supports ₹44.7 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹44.7 lakh

Who are its competitors?

The closest listed comparisons in its industry are SIEMENS LTD, ABB INDIA LIMITED, LARSEN & TOUBRO LTD., HAVELLS INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 9.5% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +9% while net margin moved -140% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+9%

Margin effect-140%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 3.0% — barely ahead of inflation
✗ Latest-year revenue growth of -18.8% is below the longer-term trend — momentum is fading

Quality vs. Valuation

Company Quality

49/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

8.5x

Sector Median

66.2x

median of 4 sector peers

🟢Against its sector it trades 87% below the peer median of 66.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

66.2x median of 4 peers · -87%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.2x

PEG

0.96

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from -18.5% to 8.6% over 3 years.
Debt is being paid down
Total debt is down 71% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -11.4% to 8.5%.
Return on capital is rising
ROCE has improved from -7.1% to 9.5%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 5.17x — earnings must service borrowings before shareholders see anything.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.91 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -18.5% to 8.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 71% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 87% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 5.17x. Interest is payable whether or not the business has a good year.
Growth barely outpaces inflation
Revenue compounding at 3.0% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 7%✓ 8.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✗ 3.0% CAGR
Latest reported year was -18.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 9.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹52 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

8.5x

Cheap

Cheap against the generic band

P/B Ratio

0.86x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.93

Profitable

Profitable on a per-share basis

ROE

8.5%

Moderate

Moderate capital efficiency

ROCE

9.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

5.17x

High

High leverage

Revenue Growth (YoY)

-18.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

8.9%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-11.2%

Weak

Thin margins leave little room for error

Net Margin

6.8%

Average

Average bottom-line conversion

Current Ratio

0.91

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.26

Defensive

Steadier than the market

52W Range Position

47%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

17.8 / 16.4

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

23.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹78 Cr	₹66 Cr	₹57 Cr	₹85 Cr	+3.0%
EBITDA	-₹14 Cr	-₹17 Cr	-₹12 Cr	₹7 Cr	—
EBITDA Margin	-18.5%	-25.4%	-20.8%	8.6%	—
PAT (Net Profit)	-₹11 Cr	-₹20 Cr	-₹27 Cr	₹5 Cr	—
EPS	₹-3.71	₹-6.53	₹-8.78	₹1.63	—
ROE	-11.4%	-24.9%	-50.1%	8.5%	—
ROCE	-7.1%	-17.5%	-32.7%	9.5%	—
Total Debt	₹11 Cr	₹18 Cr	₹7 Cr	₹3 Cr	-34.1%
Free Cash Flow	-₹6 Cr	-₹7 Cr	₹0 Cr	₹1 Cr	—

🟢 Revenue has grown at 3.0% a year over 3 years.

🟢 EBITDA has turned positive, from -₹14 Cr to ₹7 Cr.

🟢 EBITDA Margin has risen from -18.5% to 8.6% over 3 years (+27.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹11 Cr to ₹5 Cr.

🟢 EPS has turned positive, from ₹-3.71 to ₹1.63.

🟢 ROE has risen from -11.4% to 8.5% over 3 years (+19.9 pts).

🟢 ROCE has risen from -7.1% to 9.5% over 3 years (+16.6 pts).

🟢 Total Debt has shrunk at 34.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹6 Cr to ₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹137 Cr

Total Liabilities

₹79 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹1 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

65.3%

Corporate Actions

Ex-Dividend Date

04 Dec 2019

Peer Comparison

Company	P/E	ROE
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%
HAVELLS INDIA LIMITED	43.5x	17.1%

Recent News

1 positive5 general

Manugraph India vs Nifty 50: Share Price Performance Compared

Univest, 06 Oct

Manugraph India Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 31 Aug

Manugraph India Ltd (NSE: MANUGRAPH) Gains 18.40% as Stock Draws Market Attention

Kalkine India, 23 Sept

Manugraph India publishes AGM notice; book closure starts Aug 17

scanx.trade, 29 Jul

Manugraph India standalone net profit rises 9.22% in the June 2026 quarter

Business Standard, 11 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Manugraph India Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Watch Items

Revenue growth is negative (-18.8%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongValuation

MiddlingFinancial Health · Profitability

WeakBusiness Quality · Growth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

1 of 5 tripwires tripped — Revenue growth stays above 4% a year · see Key things to watch ↑