MANUGRAPHIndustrials

Manugraph India Limited

Industrial Products · ISIN INE867A01022 · BSE 505324 · NSE EQ · FV ₹2
Last price
₹15
+0.33%today
What this company does

Manugraph India Limited operates in Industrial Products, part of the Industrials sector. It booked ₹35 cr of revenue in its latest quarter (Q4 FY23) and kept -5.8% of sales as profit.

The Company is the largest manufacturer of single-width web-offset printing presses in India and has a significant share of the world market for its products.
In the report:
50out of 100
Equitytale Health Score
Mixed

Healthier than 50% of companies in Industrials, on the 4 of 6 measures we could read for it. Each measure is ranked against the 234–290 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
51

At close. Not part of the score.

Profitability & returns6

How much profit it earns on the money it employs

Balance sheet46

How much it owes, and whether earnings cover the interest

Valuation96

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: cash quality, growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Some things to watch
Strengths
Sales up 180% vs last year
Promoters hold 58%
No promoter shares pledged
Watch-outs
! Currently loss-making
! Thin -5.8% net margin
! Low -8.2% return on equity
! Operating cash flow is negative

What if I invest in MANUGRAPH?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹15 +0.33%
latest close · 2026-09-17
1-year return
+9.3%
52-wk low ₹1152-wk high ₹23
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/B ratio0.47Below book
Below bookModerateHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity-8.2%Loss
WeakFairStrong ▸15%
Return on capital-4.6%Loss
WeakFairStrong
Net margin-5.8%Loss
ThinDecentStrong
EBITDA margin-3.1%Loss
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.11Comfortable
LowModerateHigh ▸1
Interest cover-2.2×Risky
RiskyOkayStrong ▸5×
Current ratio1.43Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹46 cr
Book value
₹33
EPS
₹-0.67
latest quarter
Net debt
₹9 cr
owes more than its cash
Enterprise value
₹55 cr
EBITDA
₹-4 cr
annualised
EBIT
₹-6 cr
annualised
Operating margin
-4.0%
Return on assets
-4.7%
Earnings yield
P/S
0.33
Sales / share
₹46.2
Tax rate
Face value
₹2
Shares
3.0 cr
Working capital
₹22 cr
Current assets
₹72 cr
Current liabilities
₹50 cr
Delivery %
76.1%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The company's latest annual profit was negative, so we won't call it cheap off older profits.

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q4 FY23 (consolidated)
Revenue from Operations₹35 cr
Other Income₹18 L
Total Income₹35 cr
Cost of Materials₹18 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹8 cr
Employee Benefit Expense₹6 cr
Finance Costs₹64 L
Depreciation & Amortisation₹32 L
Other Expenses₹4 cr
Total Expenses₹37 cr
Profit before Tax₹-2 cr
Tax Expense₹-1 L
Net Profit₹-2 cr
Net margin on total income-5.8%
Where the money goes · Q4 FY23
% of total spend
Materials + stock-in-trade₹26 cr69.2%
Employee benefit expense₹6 cr16.9%
Finance costs₹64 L1.7%
Depreciation & amortisation₹32 L0.9%
Other expenses₹4 cr11.3%
Total income ₹35 cr

The company made a net loss of ₹2 cr this quarter — income covered only 95 of every ₹100 it spent on costs and tax.

Quarterly results · consolidated (₹ cr)
MetricQ2 FY23Q3 FY23Q4 FY23
Revenue25 cr13 cr35 cr
Total income26 cr14 cr35 cr
Expenses29 cr21 cr37 cr
Profit before tax-3 cr29 L-2 cr
Tax9 L8 L-1 L
Net profit (owners' share)-4 cr-7 L-2 cr
Net margin (owners' share, on revenue)-13.8%-0.5%-5.8%
EPS (₹)-1.15-2.23-0.67
YoY (latest quarter): total income +176.9% · net profit
Balance sheet & cash flow · as of Mar 2023
Low debt
Total assets
₹172 cr
Shareholder equity
₹99 cr
parent shareholders
Total debt
₹10 cr
Cash
₹1 cr
Cash flow · FY23
Operating
₹-6 cr
Investing
₹17 cr
Financing
₹-10 cr
Peer comparison
Industrial Products · by market value
CompanyPriceMarket capP/E
INDO-MIM Limited₹993₹48,086 cr50.1
Aditya Infotech Limited₹3,378₹39,814 cr70.0
Syrma SGS Technology Limited₹1,618₹31,158 cr77.9
Honeywell Automation India Limited₹33,915₹29,845 cr49.7
Kaynes Technology India Limited₹3,520₹23,596 cr104.5
Jyoti CNC Automation Limited₹981₹22,305 cr97.7
LMW Limited₹18,170₹19,406 cr87.4
Tega Industries Limited₹1,920₹14,425 cr
LLOYDS ENGINEERING WORKS LIMITED₹80₹11,801 cr42.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹0.5
ex 4 Dec 2019
ActionDetailEx-date
Dividend₹0.5 / share4 Dec 2019
Dividend₹0.6 / share20 Jul 2018
Dividend₹0.5 / share19 Jul 2017
Dividend₹1 / share18 Jul 2016
Dividend₹0.5 / share5 Aug 2015
Dividend₹1 / share13 Aug 2014
Who owns it · 2026-06-30
No pledge
Promoter
57.7%
FII / Foreign
DII / Domestic
1.6%
Retail / others
40.7%
Smart-money activity
Insider trades
SoldSanat M. Shah · Promoters14.63 L15 Dec 23
BoughtAmeeta Sanjay Shah · Promoters7.31 L15 Dec 23
BoughtRupalli Pradeep Shah · Promoters7.31 L15 Dec 23
Bulk / block deals
BoughtMITTAL RIMPY · NSE1.79 L @ ₹26.243 Oct 24
SoldMITTAL RIMPY · NSE1.69 L @ ₹26.383 Oct 24
SoldSANJANABEN SUKHABHAI KHANT · NSE2.37 L @ ₹29.5226 Aug 24
Stake changes
BothAmeeta Shah · promoter→ 3.57% · 7.31 L15 Dec 23
BothRupalli P Shah · promoter→ 2.69% · 7.31 L15 Dec 23
BothSanat manilal Shah · promoter→ 4.03% · 14.63 L15 Dec 23
What shareholders were asked to approve
10 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 24 Aug 2026
See the official result
1
Consideration and adoption of the audited financial statement of the Company for the financial year ended March 31, 2026 and the reports of the Board of Directors and Auditors thereon.
⚑ Passed only because promoters voted yes
Backed by 12% of shareholders other than promotersneeded 50%
2,763 votes for, 20,594 against
2
Appointment of Director in place of Mr. Shailesh B. Shirguppi (DIN: 08770042), who retires by rotation and being eligible, offers himself for re-appointment.
⚑ Passed only because promoters voted yes
Backed by 12% of shareholders other than promotersneeded 50%
2,761 votes for, 20,596 against
3
Re-appointment of Mr. Shailesh B. Shirguppi (DIN: 08770042) as Whole-time Director (Works) for a period of three years with effect from July 1, 2026 and fixation of his remuneration.
⚑ Passed only because promoters voted yes
Backed by 12% of shareholders other than promotersneeded 75%
2,761 votes for, 20,596 against
4
Re-appointment of Ms. Madhavi Kilachand (DIN: 00296504) as an Independent Director of the Company for a second term of five years commencing from June 29, 2026
⚑ Passed only because promoters voted yes
Backed by 12% of shareholders other than promotersneeded 75%
2,761 votes for, 20,596 against
5
Ratification of the remuneration of the Cost Auditors for the financial year 2026-27
⚑ Passed only because promoters voted yes
Backed by 12% of shareholders other than promotersneeded 50%
2,761 votes for, 20,596 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 12 named members
owning 57.7% between them · as of 2026-06-30
Multigraph Machinery Co Pvt. Ltd19.74%
Pradeep Sanat Shah HUF13.67%
Sanjay Sanat Shah HUF12.38%
Sanjay Sanat Shah3.80%
Ameeta Shah3.57%
Rupalli Pradeep Shah2.92%
Aditya Sanjay Shah0.92%
Arrmaan Ralhan0.53%

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.