WH Brady & Company Ltd (501391)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, WH Brady's revenue was ₹19.4 Cr (-17.6% year on year, -8.5% on the previous quarter), and net profit ₹2.5 Cr (-5.0% year on year); the operating margin was 2.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹19.4 | -17.6% | -8.5% |
| Operating profit | ₹0.6 | -66.7% | from loss |
| Net profit | ₹2.5 | -5.0% | from loss |
| EPS (₹) | 8.94 | +3.6% | from loss |
| Operating margin | 2.9% | — | — |
📢 Recent Corporate Announcements
WH Brady & Company Ltd has submitted its Annual Report for FY 2025-26 and issued notice for its 113th Annual General Meeting on September 26, 2026. Key agenda items include the re-appointment of Independent Director Mr. Cyrus Vachha for a 5-year term and shareholder approval for material related party transactions with Brady & Morris Engineering Company Ltd for loans/guarantees/securities up to Rs. 300 crores. In FY26, the company posted a consolidated revenue of Rs 88.57 crore and net profit of Rs 6.47 crore.
- 113th AGM scheduled for Saturday, September 26, 2026, at 12:30 PM IST via VC/OAVM.
- Shareholder approval sought for material related party transactions up to Rs. 300 crores with Brady & Morris Engineering Co. Ltd.
- Proposed 5-year re-appointment of Mr. Cyrus Vachha as Independent Director from September 29, 2026, to September 28, 2031.
- Proposed RPT authorization limit of Rs. 300 crores exceeds current market cap of Rs 169 crore (~178%).
WH Brady & Company Ltd has issued the notice for its 113th Annual General Meeting scheduled for September 26, 2026, via video conferencing. Key agenda items include the adoption of FY26 financial statements, the re-appointment of directors, and approval for material related party transactions (loans/guarantees/security) with group company Brady & Morris Engineering Co. Ltd for up to ₹300 crore. The proposed ₹300 crore RPT enabling limit is significant relative to WH Brady's net worth of ₹48 crore.
- 113th AGM scheduled for Saturday, September 26, 2026 at 12:30 PM IST via VC/OAVM.
- Seeking shareholder approval for material Related Party Transactions with Brady & Morris Engineering Co. Ltd up to ₹300 crore for FY27 and onwards.
- Proposed re-appointment of Mr. Cyrus Vachha (age 81) as Non-Executive Independent Director for a 5-year term ending September 28, 2031.
- Related entity Brady & Morris Engineering reported FY26 turnover of ₹73.10 crore, net profit of ₹5.57 crore, and net worth of ₹53.07 crore.
WH Brady & Company Ltd has filed an update under Regulation 30(5) of SEBI (LODR) Regulations, 2015, providing contact details for its Key Managerial Personnel (KMP). The filing identifies Mr. Rajender Kumar Sharma (CFO) and Mr. Sanyo Rodrigues (Company Secretary) as the authorities for determining the materiality of events and making disclosures to the stock exchange. This is a standard administrative procedure with no impact on the company's financial performance or operations.
- Disclosure submitted under Regulation 30(5) of SEBI (LODR) Regulations, 2015
- Mr. Rajender Kumar Sharma, CFO, designated for determining materiality and making disclosures
- Mr. Sanyo Rodrigues, Company Secretary, designated for determining materiality and making disclosures
- Company maintains a market capitalization of Rs 172 Cr as of the announcement date
WH Brady & Company reported a stagnant top-line for Q1 FY27, with revenue from operations at ₹5.39 Cr compared to ₹5.34 Cr in the same quarter last year. Net Profit declined significantly by 40.7% YoY to ₹0.64 Cr, primarily due to a sharp reduction in 'Other Income' which fell from ₹2.36 Cr to ₹0.09 Cr. The company has transitioned to a new tax regime with a 22% rate and utilized a portion of its ₹1.99 Cr MAT credit. Additionally, the board approved the re-appointment of Mr. Cyrus Vachha as an Independent Director for a second five-year term.
- Net Profit for Q1 FY27 fell to ₹0.64 Cr from ₹1.08 Cr in Q1 FY26, a 40.7% decline.
- Other Income plummeted by 96% YoY, dropping from ₹2.36 Cr to just ₹0.09 Cr.
- Revenue from operations remained nearly flat at ₹5.39 Cr, representing only 1% YoY growth.
- Re-appointment of 81-year-old Independent Director Cyrus Vachha for a 5-year term until September 2031.
- Company opted for a 22% tax rate under the new Income Tax Act 2025, utilizing 25% of current tax liability from MAT credits.
WH Brady & Company reported a stagnant standalone performance for the quarter ended June 30, 2026, with revenue at Rs 5.39 Cr compared to Rs 5.34 Cr in the previous year. Net profit declined significantly by 44% YoY to Rs 0.60 Cr, down from Rs 1.08 Cr, primarily due to compressed margins in the trading segment. The company has transitioned to the new tax regime (Section 201) with a 22% base rate. Trading remains the primary revenue driver, contributing approximately 74% of total standalone turnover.
- Standalone Revenue remained nearly flat at Rs 5.39 Cr vs Rs 5.34 Cr in Q1 FY26.
- Net Profit dropped 44% YoY to Rs 0.60 Cr from Rs 1.08 Cr in the year-ago period.
- Trading segment revenue stood at Rs 3.97 Cr, while Renting (Leave & License) contributed Rs 1.42 Cr.
- Other expenses rose to Rs 2.51 Cr, representing 46% of total revenue, impacting operating profitability.
- The company opted for the new tax regime effective April 1, 2026, with a base tax rate of 22%.
WH Brady & Company Ltd reported a standalone net profit of ₹0.89 Cr for the quarter ended June 30, 2026, a 17% decline from ₹1.08 Cr in the same period last year. Standalone revenue remained nearly flat at ₹5.39 Cr compared to ₹5.34 Cr YoY. The company has transitioned to a new tax regime with a 22% rate and utilized ₹1.99 Cr in MAT credits. Segment performance was mixed, with the Renting business providing stability while the Trading segment saw a sharp revenue jump to ₹1.83 Cr from ₹0.47 Cr YoY.
- Standalone Revenue for Q1 FY27 stood at ₹5.39 Cr, representing a marginal 1% growth YoY.
- Standalone Net Profit decreased to ₹0.89 Cr from ₹1.08 Cr in the previous year's corresponding quarter.
- Trading segment revenue surged by 289% YoY to ₹1.83 Cr, up from ₹0.47 Cr.
- Renting (Leave & License) segment remains the primary revenue driver at ₹3.57 Cr, though down from ₹4.87 Cr YoY.
- The company opted for a new taxation regime under Section 201 of the Income Tax Act 2025 at a 22% rate.
WH Brady & Company has scheduled a board meeting for August 13, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a challenging FY26 where annual revenue declined 15.7% to ₹88.57 Cr and the March 2026 quarter reported a net loss of ₹0.2 Cr. Investors will be looking for a recovery in operating margins, which compressed to 5.9% TTM from 12.8% in FY25. The trading window for designated persons has been closed since July 1, 2026.
- Board meeting scheduled for August 13, 2026, to review Q1 FY27 performance
- Trading window closed from July 1, 2026, until 48 hours post-result announcement
- Company reported a net loss of ₹0.2 Cr in the immediate preceding quarter (March 2026)
- TTM revenue stands at ₹89 Cr against a market capitalization of ₹173 Cr
- Promoter holding remains stable at 73.76% as of March 2026
Financial Performance
Revenue Growth by Segment
Total Net Turnover decreased by 21.02% YoY to INR 29.50 Cr (INR 2949.76 Lakhs) from INR 37.35 Cr. Segment-specific growth percentages for Trading and Infrastructure are not explicitly broken down, though the company operates in Aviation, Highways, and Material Handling Equipment trading.
Geographic Revenue Split
The company has a nationwide presence in India with a client base for trading extending from Africa to South East Asia. Specific percentage splits per region are not disclosed in available documents.
Profitability Margins
Net Profit Margin improved to 11.70% in FY 2024-25 from 9.12% in FY 2023-24. Operating Profit Margin (EBITDA) increased to 16.50% from 11.28% YoY, indicating improved operational efficiency despite lower top-line revenue.
EBITDA Margin
EBITDA Margin stood at 16.50% for FY 2024-25, representing a significant YoY increase from 11.28%. Operational Profit (EBITDA) grew by 14.20% to INR 5.60 Cr (INR 559.55 Lakhs).
Capital Expenditure
Not disclosed in available documents; however, the company reported a significant increase in Working Capital by INR 5.08 Cr, reaching INR 8.51 Cr (INR 851.08 Lakhs) from INR 3.43 Cr.
Credit Rating & Borrowing
ICRA withdrew the [ICRA]B+ (Stable) rating in February 2022 due to non-cooperation and at the company's request. Interest Coverage Ratio declined to 10.14:1 from 15.93:1 YoY, suggesting higher interest costs or lower relative earnings to cover them.
Operational Drivers
Raw Materials
Steel and mechanical components for Material Handling Equipment (manufactured by subsidiary Brady & Morris Engineering Co. Ltd.). Specific percentage of total cost is not disclosed.
Key Suppliers
Global Technology Companies (Principals) for Aviation and Highway sectors; Brady & Morris Engineering Company Limited (subsidiary) for Material Handling Equipment.
Raw Material Costs
Not disclosed in available documents; however, the company notes that inflation pressures affect demand and pricing for its products.
Manufacturing Efficiency
Debtors turnover improved significantly to 22 days in FY 2024-25 from 39 days in FY 2023-24, indicating faster cash collection. Inventory turnover days are reported as NIL, reflecting the trading nature of the parent company.
Logistics & Distribution
The company utilizes a large nationwide network of dealers and distributors for Material Handling Equipment distribution.
Strategic Growth
Growth Strategy
Management is exploring new opportunities to improve activities, focusing on the Aviation and Highways sectors through global technology partnerships. The strategy involves leveraging a 112-year legacy ('Quality our Legacy') and a nationwide dealer network to sustain market share and improve operational margins.
Products & Services
Material Handling Equipment (MHE), Air Traffic Control systems, Airport Terminals, Air Cargo Terminals, and support services for Highways (Pre-Sales, Project Management, Logistics).
Brand Portfolio
W. H. Brady, Brady & Morris Engineering Company Limited.
Market Expansion
The company aims to extend modern technology to all regions within India and maintains a client base ranging from Africa to South East Asia.
Market Share & Ranking
Management states the company was able to sustain its market share despite fluctuating consumer demand, though specific ranking is not provided.
Strategic Alliances
Partnerships with leading Global Technology Companies for Aviation and Highway infrastructure solutions.
External Factors
Industry Trends
The Indian infrastructure landscape is rapidly changing with a focus on modernizing airports and highways. The company is positioning itself as a solution provider for Air Traffic Control and Cargo Terminals to capitalize on this growth.
Competitive Landscape
Faces competition from new entrants and established players in the infrastructure and material handling sectors; management uses 'Quality our Legacy' as a differentiator.
Competitive Moat
Durable moat built on a 112-year legacy (founded 1913) and 70 years of expertise in Material Handling Equipment trading. This long-standing reputation and established dealer network provide a competitive advantage in customer trust and reach.
Macro Economic Sensitivity
Highly sensitive to Indian infrastructure spending and GDP growth, particularly in the aviation and highway sectors.
Consumer Behavior
Shift toward demanding more advanced technology in infrastructure projects, which the company addresses through its global principal associations.
Geopolitical Risks
Exposure to international markets (Africa, SE Asia) and reliance on global technology principals introduces risks related to trade policies and international relations.
Regulatory & Governance
Industry Regulations
Subject to compliance and regulatory pressure including changes to tax laws and safety/quality standards for infrastructure projects.
Taxation Policy Impact
The company notes risks from changes to tax laws. Effective tax rate is approximately 20.18% based on PBT of INR 396.75 Lakhs and PAT of INR 316.67 Lakhs.
Legal Contingencies
The company reported zero shareholder complaints received or pending as of March 31, 2025.
Risk Analysis
Key Uncertainties
Economic conditions and inflation pressures affecting demand (High impact), labor shortages/attrition of key staff (Medium impact), and natural calamities (Low/Unpredictable impact).
Geographic Concentration Risk
Primary revenue concentration is in India, with secondary exposure to Africa and South East Asia.
Third Party Dependencies
High dependency on Global Technology Principals for the Aviation and Highways business segments.
Technology Obsolescence Risk
The company mitigates technology risk by partnering with global leaders to introduce modern technology to the Indian market.
Credit & Counterparty Risk
Debtors turnover improved to 22 days, suggesting high-quality receivables and efficient credit management.
