Brady & Morris Engineering Company Ltd (505690)
Q2 FY27 results
📅 Next results: 03 Nov 2026 (board meeting)Brady & Morris Engineering Company Ltd's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Brady & Morris' revenue was ₹17.4 Cr (-12.0% year on year, -0.1% on the previous quarter), and net profit ₹0.8 Cr (-50.0% year on year); the operating margin was 4.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹17.4 | -12.0% | -0.1% |
| Operating profit | ₹0.9 | -59.0% | -28.9% |
| Net profit | ₹0.8 | -50.0% | -43.8% |
| EPS (₹) | 3.42 | -50.0% | -43.8% |
| Operating margin | 4.9% | — | — |
📢 Recent Corporate Announcements
Brady & Morris Engineering Company Ltd has informed exchanges pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015. The company has sent communication letters providing the web-link of the Annual Report 2025-26 to shareholders whose email addresses are not registered with the company or depositories. This is a standard statutory compliance filing related to the dispatch of annual report information. It has no direct impact on the company's financial standing or operations.
- Compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations, 2015
- Web-link of the Annual Report for financial year 2025-26 shared with unregistered email holders
- Filing submitted to BSE on August 31, 2026
Brady & Morris Engineering Company Ltd has released its 80th Annual Report for FY 2025-26 and scheduled its Annual General Meeting for September 26, 2026. Key special business includes seeking shareholder approval for material related-party transactions with promoter group entity W. H. Brady And Company Ltd for borrowings and corporate guarantees up to ₹300 crore. The disclosures reflect FY26 ROCE at 15.00% and Net Profit margin at 7.63%. Furthermore, the company reported recovering ₹19.70 lakhs during the year from the previously disclosed ₹440.00 lakh cyber fraud incident from FY25.
- Convened the 80th Annual General Meeting for Saturday, September 26, 2026 via VC/OAVM.
- Proposed an ordinary resolution to approve material related-party borrowing/guarantee arrangements with W. H. Brady & Co. up to ₹300 crore.
- Reported FY26 Return on Capital Employed (ROCE) of 15.00% and Net Profit Ratio of 7.63%.
- Disclosed recovery of ₹19.70 lakhs in FY26 out of the ₹440.00 lakh cyber fraud that occurred in FY24-25, with court attachments ongoing for ₹17.33 lakhs.
Brady & Morris Engineering Company has issued the notice for its 80th Annual General Meeting (AGM) scheduled for September 26, 2026, via video conferencing. Key ordinary business includes the adoption of FY26 financial statements and the re-appointment of Director Pavan G. Morarka. In special business, the company is seeking shareholder approval for material related party transactions (borrowings and corporate guarantees) with W. H. Brady And Company Limited up to an aggregate limit of ₹300 crore. The counterparty entity W. H. Brady reported FY26 turnover of ₹21.61 crore and a net profit of ₹0.90 crore.
- 80th AGM convened for Saturday, September 26, 2026, at 11:30 AM IST via Video Conferencing.
- Proposes enabling approval for material related party transactions up to ₹300 crores with W. H. Brady And Company Limited for borrowings and corporate guarantees.
- Related party W. H. Brady And Company Limited recorded FY26 turnover of ₹21.61 crores and net profit of ₹0.90 crores.
- Director Pavan G. Morarka (associated since 1989) retires by rotation and seeks re-appointment.
Brady & Morris Engineering Company Ltd has disclosed the contact details of its Key Managerial Personnel (KMP) authorized to determine the materiality of events and make disclosures to the stock exchange. Mr. Rajender Kumar Sharma (CFO) and Mr. Sanyo Rodrigues (Company Secretary) are the designated officials. This filing is a mandatory compliance requirement under Regulation 30(5) of SEBI (LODR) Regulations, 2015. It has no direct impact on the company's TTM revenue of ₹73 Cr or its operational performance.
- Designated Mr. Rajender Kumar Sharma (CFO) for determining materiality of events under Regulation 30(5).
- Designated Mr. Sanyo Rodrigues (Company Secretary) for making disclosures to the Stock Exchange.
- The company maintains a stable promoter holding of 73.98% as of the latest March 2026 filing.
- Announcement follows a fiscal year (FY26) where the company generated ₹73.11 Cr in revenue.
Brady & Morris Engineering reported a weak start to FY27, with revenue from operations declining 12% YoY to ₹17.46 Cr from ₹19.84 Cr. Net profit for the quarter fell 11% YoY to ₹1.37 Cr, down from ₹1.54 Cr in Q1 FY26. While performance was flat on a sequential (QoQ) basis compared to March 2026, the company is currently operating at a lower scale than its FY25 average. A 113% surge in other income to ₹0.94 Cr helped mitigate the impact of lower operational sales on the bottom line.
- Revenue from operations fell 12% YoY to ₹17.46 Cr compared to ₹19.84 Cr in the year-ago period.
- Net Profit (PAT) decreased 11% YoY to ₹1.37 Cr from ₹1.54 Cr.
- Other income grew significantly to ₹0.94 Cr, up from ₹0.44 Cr in Q1 FY26.
- Cost of materials consumed reduced to ₹9.79 Cr from ₹11.89 Cr, reflecting lower volumes.
- Earnings Per Share (EPS) for the quarter stood at ₹6.09, down from ₹6.84 YoY.
Brady & Morris Engineering reported a contraction in its financial performance for the quarter ended June 30, 2026. Revenue from operations fell 12% year-on-year to Rs 17.46 Cr, while net profit declined 11% to Rs 1.37 Cr compared to the same period last year. Sequentially, the performance remained flat with revenue and profit matching the March 2026 quarter exactly. The company has scheduled its 80th Annual General Meeting for September 26, 2026.
- Revenue from operations decreased by 12% YoY to Rs 17.46 Cr from Rs 19.84 Cr
- Net profit for the quarter stood at Rs 1.37 Cr, down 11% from Rs 1.54 Cr in Q1 FY26
- Earnings Per Share (EPS) declined to Rs 6.09 from Rs 6.84 in the year-ago period
- Total expenses for the quarter were reduced to Rs 16.76 Cr from Rs 18.20 Cr YoY
- 80th Annual General Meeting (AGM) is convened for September 26, 2026
Brady & Morris Engineering Company Ltd has announced a board meeting on August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This follows a challenging FY26 where revenue declined to ₹73.11 Cr from ₹90.31 Cr in FY25. The trading window for designated persons has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared. Investors will be monitoring for signs of recovery in margins and revenue growth after the recent fiscal downturn.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
- Trading window closed from July 01, 2026, until 48 hours after the announcement.
- Company reported a TTM revenue of ₹73 Cr against a previous FY25 revenue of ₹90.31 Cr.
- FY26 PAT stood at ₹5.57 Cr, a significant drop from ₹24.01 Cr in FY25.
- Current annual capacity remains at 8,400 pulley blocks and 300 cranes.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 20.07% YoY to INR 90.31 Cr in FY25 from INR 75.21 Cr in FY24. While specific segment percentages are not disclosed, the growth was driven by increased demand for material handling equipment like cranes and pulley blocks.
Geographic Revenue Split
The company maintains a Pan-India network of sales offices and dealers with a factory in Bareja, Gujarat, allowing service to every corner of the country. Specific regional percentage splits are not disclosed.
Profitability Margins
Net Profit Margin improved significantly from 11.10% in FY24 to 26.42% in FY25. However, Operating Profit Margin declined from 15.19% to 11.14% in the same period, indicating pressure on core operational costs despite higher final net earnings.
EBITDA Margin
Operational Profit (EBITDA) was INR 12.07 Cr in FY25, representing a 6.44% YoY decline from INR 12.91 Cr in FY24. This suggests that while revenue grew, the cost of goods sold or operating expenses rose faster than sales.
Capital Expenditure
The company planned to prepay preferential shares to its parent company, W. H. Brady & Co. Ltd., amounting to INR 4 Cr in FY24 and INR 4 Cr in FY25. No specific large-scale greenfield CapEx was detailed, though maintenance of facilities in Vatva and Bareja continues.
Credit Rating & Borrowing
Credit rating was upgraded in January 2025 to 'Crisil BBB-/Stable/Crisil A3' from 'Crisil BB+/Stable/Crisil A4+'. Bank limit utilization is moderate at approximately 65.06% as of late 2023.
Operational Drivers
Raw Materials
Specific raw materials include steel, components for electric hoists, and chain links. While exact cost percentages per material are not disclosed, operating profitability is noted as highly vulnerable to fluctuations in these input prices.
Import Sources
Not specifically disclosed, though the company operates manufacturing facilities in Vatva and Bareja, Gujarat, sourcing components for customized crane specifications.
Capacity Expansion
Current annual capacity stands at 8,400 pulley blocks and 300 cranes across two facilities in Gujarat. Expansion plans are focused on productivity improvements rather than specific unit-count increases in the immediate term.
Raw Material Costs
Raw material costs are a significant driver of the 11.14% operating margin. The company utilizes an order-backed manufacturing model to manage inventory risks associated with customized specifications.
Manufacturing Efficiency
Inventory turnover was 102 days in FY25 compared to 100 days in FY24. Debtors turnover stood at 87 days in FY25 vs 83 days in FY24, showing a slight lengthening of the working capital cycle.
Logistics & Distribution
The company utilizes a Pan-India network of sales offices and dealers to service the infrastructure and industrial sectors across India.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is targeted through a 20% improvement in scale of operations to trigger further credit rating upgrades. Strategy involves improving productivity, revenue, and profits by leveraging the 'Morris' brand recall and established relationships in cyclical end-user industries like infrastructure.
Products & Services
Chain pulley blocks, EOT cranes, various other types of industrial cranes, and electric hoist blocks.
Brand Portfolio
Morris
New Products/Services
The company focuses on customized, order-backed material handling solutions tailored to specific client engineering requirements.
Market Expansion
The company aims to leverage its existing Pan-India network to increase market penetration in the domestic infrastructure landscape.
Market Share & Ranking
Considered India’s premier manufacturer of Material Handling Equipment with over 70 years of operations.
Strategic Alliances
Originally incorporated as a partnership with UK-based Morris Material Handling Ltd. (MMH); currently a subsidiary of W. H. Brady & Co. Ltd (72.73% - 73.98% holding).
External Factors
Industry Trends
The material handling industry is evolving with a focus on customization and better fixed-cost absorption. The industry is currently seeing a trend of 'order-backed' manufacturing to mitigate inventory risks.
Competitive Landscape
Faces intense competition from large organized players and smaller unorganized entities, which limits scalability and bargaining power.
Competitive Moat
The company possesses a strong brand moat through the 'Morris' name, which has over a century of recall in India. This is supported by the Morarka family's 60+ years of management experience.
Macro Economic Sensitivity
Highly sensitive to the domestic investment climate and GDP growth, as demand for material handling equipment is a derivative of industrial CapEx.
Consumer Behavior
Shift toward demanding higher quality and customized specifications in infrastructure projects.
Geopolitical Risks
Exposure is primarily domestic, but global economic volatility affects the pricing of raw materials like steel.
Regulatory & Governance
Industry Regulations
Operations are subject to manufacturing standards for heavy engineering and safety norms for material handling equipment.
Taxation Policy Impact
The effective tax rate is reflected in the difference between PBT of INR 29.44 Cr and PAT of INR 24.01 Cr for FY25.
Legal Contingencies
No major pending litigation or defaults were highlighted in the provided reports; the company maintains an Audit Committee for oversight.
Risk Analysis
Key Uncertainties
Vulnerability to cyclical downturns in end-user industries and volatility in input prices which could impact margins by 4-5% if not managed.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Vatva and Bareja), though sales are Pan-India.
Third Party Dependencies
Dependency on a network of dealers for sales and on the parent company (W. H. Brady) for certain financial arrangements (preferential shares).
Technology Obsolescence Risk
Risk is moderate; the company must continuously update crane and hoist designs to meet modern industrial safety and efficiency standards.
Credit & Counterparty Risk
Receivables stood at 99 days as of March 2024, indicating a moderate working capital cycle and credit exposure to industrial clients.
