🔍

Manugraph India Limited (MANUGRAPH)

₹16.49 -0.06% last close, 16 Oct

📊 NSE: MANUGRAPH 🏢 Engineering 📢 Latest filing: 24 Aug 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Manugraph India's revenue was ₹25.7 Cr (-18.8% year on year, +2.5% on the previous quarter), and net profit ₹7.5 Cr (+9.3% year on year); the operating margin was -10.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹25.7	-18.8%	+2.5%
Operating profit	₹-2.7	to loss	to loss
Net profit	₹7.5	+9.3%	from loss
EPS (₹)	2.45	+8.9%	from loss
Operating margin	-10.4%	—	—

Full quarterly financials → Results calendar →

MANUGRAPH bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 10 sessions in about the last 20. 7 bulk or block deals were reported in MANUGRAPH in the last 60 days: ₹1 Cr bought and ₹1 Cr sold.

₹16.49NSE close · -0.06%

Date	Side	Counterparty	Value	Price	Quantity	Type
23 Sep	Buy	Luna Investments	₹0.59 Cr	₹23.48	250,000	Bulk
23 Sep	Buy	Indra Kiran Ventures	₹0.50 Cr	₹24.20	205,600	Bulk
23 Sep	Sell	Bharat Kunverji Kenia	₹0.45 Cr	₹23.53	192,308	Bulk
23 Sep	Sell	Nimish Laxmichand Kenia	₹0.42 Cr	₹24.14	175,000	Bulk
23 Sep	Buy	Shivam Omar	₹0.39 Cr	₹23.47	164,804	Bulk

Circuit stocks →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Manugraph Shareholders Approve All 54th AGM Resolutions with 99.83% In-Favour Votes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 06:11 PM

Manugraph India Limited announced the submission of the Scrutinizer's Consolidated Report for its 54th Annual General Meeting held on August 24, 2026. A total of 11,894,969 votes were cast, representing 39.11% of the 30,415,061 total outstanding shares. All resolutions—including the adoption of audited financial statements, the re-appointment of Independent Director Ms. Madhavi Kilachand, and cost auditor remuneration—were passed with requisite majority, securing 99.83% votes in favor.

All resolutions passed with 99.83% votes cast in favour (11,874,373 votes) and 0.17% against (20,596 votes)
Overall voting participation stood at 39.11% (11,894,969 total votes cast out of 30,415,061 shares)
Promoter group participation stood at 67.68% of promoter holding (11,871,612 votes cast)
AGM conducted on August 24, 2026, with cut-off date for eligibility fixed on August 17, 2026

💡 Track upcoming quarterly operational updates and financial performance for any signs of turnaround in core operations and flexo-machine adoption.

Manugraph Shareholders Approve All AGM Resolutions With 99.83% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 06:09 PM

Manugraph India Limited has submitted the Scrutinizer's consolidated report for its 54th Annual General Meeting held on August 24, 2026. Shareholders approved all agenda items, including the adoption of FY26 audited financial statements and the re-appointment of Independent Director Ms. Madhavi Kilachand for a second five-year term. Out of 11,894,969 total votes cast (39.11% turnout on 30,415,061 total shares), 11,874,373 votes (99.83%) were in favour and 20,596 votes (0.17%) were against. Promoter participation accounted for 11,871,612 votes, which voted 100% in favour of all resolutions.

All resolutions passed with 99.83% majority (11,874,373 votes in favour vs 20,596 against)
Total voting turnout stood at 39.11% with 11,894,969 votes polled across 30,415,061 total shares
Promoter group cast 11,871,612 votes, representing 100% support for all tabled agenda items
Re-appointment of Ms. Madhavi Kilachand as Independent Director for a 5-year term from June 29, 2026 approved
Total number of shareholders on cut-off date (August 17, 2026) stood at 12,022

💡 Track upcoming quarterly financial performance to evaluate operational turnaround progress in flexo-packaging machinery and debt service metrics.

Manugraph Schedules 54th AGM for August 24, 2026; Book Closure from August 17

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jul 2026, 05:14 PM

Manugraph India Limited has announced its 54th Annual General Meeting (AGM) will be held on August 24, 2026, via video conferencing. To facilitate this, the company has declared a book closure period from August 17, 2026, to August 24, 2026. This is a standard administrative procedure for the Rs 44 Cr market cap company. Investors should note the company remains in a loss-making phase, reporting a TTM net loss of Rs 11 Cr on revenue of Rs 80 Cr.

54th Annual General Meeting scheduled for August 24, 2026, at 12:30 PM IST
Book closure period set for 8 days from August 17 to August 24, 2026
Company reported a net loss of Rs 11.03 Cr for FY23
Operating profit margin remains negative at -18.9% as per TTM data

💡 Monitor the AGM for management commentary regarding the transition to flexo-machines for plastic packaging and updates on asset monetization efforts.

Manugraph 54th AGM on Aug 24; FY26 Turnaround with Rs 4.96 Cr PAT on 48% Revenue Growth

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 29 Jul 2026, 05:10 PM

Manugraph India has scheduled its 54th Annual General Meeting for August 24, 2026, to approve FY26 results and director re-appointments. The company reported a significant financial turnaround in FY26, achieving a Profit After Tax of Rs 4.96 Cr compared to a loss of Rs 26.69 Cr in FY25. Revenue grew 47.7% YoY to Rs 81.63 Cr, driven by the company's pivot toward plastic packaging machinery. Debt levels were also reduced from Rs 7.00 Cr to Rs 3.00 Cr during the fiscal year.

FY26 Revenue increased to Rs 81.63 Cr from Rs 55.28 Cr in FY25, a growth of 47.7%
Turnaround to a Net Profit of Rs 4.96 Cr in FY26 after five consecutive years of losses
Total Borrowings reduced by 57% to Rs 3.00 Cr as of March 31, 2026
Proposed re-appointment of Mr. Shailesh B. Shirguppi as Whole Time Director with a monthly basic salary of Rs 95,224
Employee headcount further rationalized to 190 from 197 in the previous year

💡 Monitor the sustainability of the FY26 turnaround in upcoming quarterly results to ensure the pivot to flexo-packaging machines is consistently profitable. Watch for management commentary during the AGM regarding the 'Default' credit status mentioned in qualitative profiles.

Manugraph Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jul 2026, 07:04 PM

Manugraph India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all security certificates received for dematerialization were processed, mutilated, and cancelled as per regulatory requirements. The Registrar and Transfer Agent, MUFG Intime India Pvt. Ltd., has verified that the depositories' names were substituted in the register of members within prescribed timelines. This is a standard administrative filing with no impact on the company's financial performance or operations.

Compliance report covers the quarter ended June 30, 2026
Confirmation provided by Registrar and Transfer Agent MUFG Intime India Pvt. Ltd.
Security certificates received for dematerialization were processed within prescribed timelines
Certificates were mutilated and cancelled after due verification by the depository participant

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for actual business performance indicators.

Manugraph Re-appoints Shailesh Shirguppi as WTD for 3 Years and Madhavi Kilachand for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Jun 2026, 03:51 PM

Manugraph India Limited has announced the re-appointment of two key directors following its board meeting on June 24, 2026. Mr. Shailesh B. Shirguppi, a company veteran with 35 years of experience, has been re-appointed as Whole Time Director (Works) for a three-year term starting July 1, 2026. Additionally, Ms. Madhavi Kilachand has been re-appointed as an Independent Director for a second five-year term effective June 29, 2026. These appointments are subject to shareholder approval at the upcoming Annual General Meeting and aim to maintain leadership continuity.

Re-appointment of Mr. Shailesh B. Shirguppi as Whole Time Director (Works) for a 3-year tenure.
Ms. Madhavi Kilachand re-appointed as Independent Director for a second term of 5 years.
Mr. Shirguppi brings 35 years of internal experience across R&D, manufacturing, and technical sales.
The board confirmed that neither director is debarred by SEBI or related to company promoters.
Appointments are pending final confirmation by members at the forthcoming Annual General Meeting.

💡 This is a routine management update ensuring leadership stability; investors should monitor the upcoming AGM for formal ratification of these appointments.

Manugraph India Promoters Declare Zero Encumbrance on 1.75 Crore Shares for FY26

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 22 Jun 2026, 03:34 PM

The promoters and promoter group of Manugraph India Limited have submitted their annual declaration under Regulation 31(4) of SEBI (SAST) Regulations for the financial year 2025-26. They have confirmed that the total promoter holding of 1,75,40,078 shares remains entirely free of any encumbrance or pledges. Key entities such as Multigraph Machinery Company Private Limited and various Shah family HUFs maintain significant unpledged stakes, indicating no debt-related risk against promoter equity.

Promoters declared zero encumbrance on the total holding of 1,75,40,078 shares for FY 2025-26.
Multigraph Machinery Company Private Limited holds the largest block within the group at 60,02,517 shares.
Pradeep Sanat Shah HUF and Sanjay Sanat Shah HUF hold 41,56,701 and 3,764,441 shares respectively.
The declaration confirms that no direct or indirect encumbrances were created during the specified financial year.

💡 Investors can take comfort in the fact that there is zero promoter pledge risk in the company. No immediate action is required as this is a routine but positive annual compliance disclosure.

Manugraph India Approves FY2026 Audited Results with Unmodified Audit Opinion

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 19 May 2026, 05:17 PM

Manugraph India Limited has approved its audited financial results for the quarter and full year ended March 31, 2026, during its board meeting on May 19, 2026. The company confirmed that the statutory auditors have issued an audit report with an unmodified opinion, suggesting no major accounting discrepancies. While the specific profit and loss figures were not detailed in this cover letter, the filing confirms regulatory compliance and the conclusion of the audit cycle. Investors should now focus on the detailed financial tables to assess the company's margin performance and revenue growth.

Board approved audited financial results for the quarter and year ended March 31, 2026
Statutory Auditors issued an unmodified opinion on the financial statements
Compliance maintained under Regulation 33 of SEBI (LODR) Regulations, 2015
Board meeting concluded at 4:55 p.m. on May 19, 2026

💡 Investors should examine the full financial statement to analyze revenue trends and debt levels. The clean audit report is a positive sign of transparency, but operational performance remains the key driver for the stock.

Manugraph India Submits Q4 FY26 Compliance Certificate Under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Apr 2026, 04:43 PM

Manugraph India Limited has filed its quarterly compliance certificate for the period ending March 31, 2026, as required by SEBI (Depositories and Participants) Regulations. The company's Registrar and Transfer Agent, MUFG Intime India Pvt. Ltd., confirmed that all dematerialization requests were processed within the mandated timelines. This includes the verification, cancellation, and mutilation of physical certificates and updating the register of members. Such filings are standard administrative procedures for listed companies in India.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation of adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations.
RTA MUFG Intime India Pvt. Ltd. verified and processed dematerialization requests.
Physical certificates were cancelled and substituted with depository names in the register.

💡 Investors should treat this as a routine administrative update with no impact on the company's fundamentals or stock valuation.

Manugraph India Clarifies Significant Share Price Movement

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Apr 2026, 05:16 PM

Manugraph India Limited has responded to a clarification request from the National Stock Exchange regarding recent significant movements in its share price. The company officially stated that it has disclosed all material information in compliance with SEBI (LODR) Regulations, 2015. Management clarified that the price and volume fluctuations are purely market-driven and linked to general market conditions. No undisclosed material events or information currently exist that would impact the stock's valuation.

Response submitted to NSE on April 9, 2026, regarding unusual price movement
Company confirms full compliance with Regulation 30 of SEBI (LODR) Regulations
Management states price/volume changes are purely market-driven and not linked to internal actions
No pending material information or announcements that could affect price discovery

💡 As the company has confirmed no new material developments, investors should treat the recent price volatility as speculative or market-driven. Exercise caution and focus on fundamental performance rather than short-term price fluctuations.

Manugraph India Q3 Results: Revenue Jumps 59% YoY; Company Swings to 9M Profit of ₹6.18 Crore

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 05:02 PM

Manugraph India reported a strong performance for the quarter ended December 31, 2025, with revenue from operations rising 59.5% YoY to ₹17.68 crore. The company has achieved a significant turnaround, posting a net profit of ₹6.18 crore for the nine-month period compared to a massive loss of ₹25.54 crore in the previous year. Profitability was aided by a one-time gain of ₹2.18 crore from the sale of assets at its Kolhapur unit and a sharp reduction in finance costs. Despite ongoing exceptional expenses related to employee retirement schemes, the operational trajectory remains positive.

Quarterly revenue from operations increased to ₹1,768.52 lakhs from ₹1,108.82 lakhs in the same quarter last year.
Net profit for the nine-month period stood at ₹618.62 lakhs, reversing a loss of ₹2,554.09 lakhs YoY.
Exceptional gain of ₹218.75 lakhs recorded during the nine-month period from the disposal of movable assets at Kolhapur Unit II.
Finance costs for the nine-month period were reduced significantly to ₹65.62 lakhs from ₹243.15 lakhs in the previous year.
Basic EPS for the nine-month period improved to ₹2.03 from a negative ₹8.40 in the prior year period.

💡 The company's transition from heavy losses to profitability and the reduction in debt-related finance costs are strong positive signals. Investors should watch for the sustainability of revenue growth in the engineering segment once one-time asset sale gains are excluded.

Manugraph India Reports Q3 FY26 Net Profit of ₹43.57 Lakhs, Turning Around from Year-Ago Loss

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Feb 2026, 04:33 PM

Manugraph India Limited reported a significant turnaround in Q3 FY26, posting a net profit of ₹43.57 lakhs compared to a net loss of ₹455.35 lakhs in the same quarter last year. Revenue from operations grew by 176% year-on-year to ₹1,768.52 lakhs. The company also showed sequential improvement, with profits rising from ₹6.25 lakhs in Q2 FY26. For the nine-month period ended December 2025, the company has turned profitable with a net profit of ₹13.87 lakhs, aided by an exceptional gain from asset sales.

Revenue from operations surged 176% YoY to ₹1,768.52 lakhs in Q3 FY26.
Net profit stood at ₹43.57 lakhs, a sharp recovery from a loss of ₹455.35 lakhs in Q3 FY25.
Nine-month performance shows a turnaround to ₹13.87 lakhs profit versus a loss of ₹2,554.09 lakhs in the previous year.
Exceptional gain of ₹218.75 lakhs recorded in the nine-month period from the sale of movable assets at Kolhapur Unit II.
Earnings Per Share (EPS) improved to ₹0.14 for the quarter compared to a negative ₹1.50 in the year-ago period.

💡 The company has successfully transitioned into profitability after significant losses in the previous year, though investors should note that nine-month profits were heavily supported by one-time asset sales. Monitor the sustainability of operational revenue growth in the coming quarters to confirm a long-term recovery.

Manugraph India Submits SEBI Compliance Certificate for Quarter Ended December 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jan 2026, 04:49 PM

Manugraph India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Transfer Agent MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that security certificates were duly mutilated, cancelled, and the depository names were updated in the register of members within the mandated timelines. This is a standard procedural filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by MUFG Intime India Private Limited (formerly Link Intime India).
Verified that securities received for dematerialization were processed and listed on relevant stock exchanges.
Confirmed that physical certificates were mutilated and cancelled after due verification by depository participants.

💡 No action is required as this is a routine regulatory compliance filing. Investors should continue to monitor the company's upcoming financial results for operational performance updates.

View All MANUGRAPH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined by 9.75% YoY, falling from INR 65.76 Cr in FY24 to INR 59.35 Cr in FY25. The company is transitioning from traditional printing presses to flexo-machines for the plastic packaging industry, though specific segment-wise revenue splits were not detailed.

Geographic Revenue Split

Not disclosed in available documents, although the company previously operated a subsidiary, Manugraph Americas Inc., which has since been deconsolidated as the company reported no subsidiaries as of September 30, 2025.

Profitability Margins

Profitability is severely strained with a Net Loss of INR 26.62 Cr in FY25 compared to a loss of INR 19.61 Cr in FY24, representing a 35.7% increase in losses. The Net Profit Margin is deeply negative due to high fixed costs and declining revenue.

EBITDA Margin

EBITDA is negative; operating losses widened as total expenses (INR 7.51 Cr excluding depreciation and finance costs) exceeded total income. Employee benefit expenses alone consumed 31.8% of total revenue in FY25.

Capital Expenditure

The company realized INR 14.72 Cr from investing activities in FY25, primarily driven by the sale of property, plant, and equipment and advances against assets held for sale, rather than new capital investment.

Credit Rating & Borrowing

The company is rated 'CRISIL D Issuer Not Cooperating', indicating a default status. Finance costs increased by 16.8% YoY to INR 2.43 Cr in FY25 from INR 2.08 Cr in FY24, reflecting high borrowing costs relative to its credit profile.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like steel or electronic components are not listed, but 'Cost of materials consumed' totaled INR 29.21 Cr, representing 49.2% of total revenue in FY25.

Capacity Expansion

No planned expansion mentioned; current focus is on asset monetization, as evidenced by the INR 14.72 Cr inflow from asset sales in FY25.

Raw Material Costs

Raw material costs decreased by 10.5% YoY to INR 29.21 Cr in FY25, closely tracking the 9.75% decline in revenue, suggesting a stable variable cost structure despite lower volumes.

📈 Strategic Growth

Growth Strategy

The company is pivoting toward the plastic packaging industry by manufacturing flexo-machines. This strategy relies on a technical partnership with Carraro Srl, Italy, to move away from the declining traditional newspaper printing press market.

Products & Services

Flexo-machines for food packaging printing and traditional web offset printing presses for newspapers and book publishing.

Brand Portfolio

Manugraph

New Products/Services

Flexo-machines for the plastic packaging industry, with the first order delivered in March 2018; revenue contribution from this new line is intended to offset the decline in traditional printing machinery.

Strategic Alliances

Technical collaboration with Carraro Srl, Italy, for the manufacture of advanced flexo-printing machines.

🌍 External Factors

Industry Trends

The printing machinery industry is disrupting as demand shifts from paper-based media to flexible plastic packaging. Manugraph is positioning itself in the food packaging segment to capture growth in the FMCG sector.

Competitive Landscape

Competes with global and domestic manufacturers of printing and packaging machinery; faces intense pressure from digital media alternatives.

Competitive Moat

The company's moat is its long-standing reputation in web offset printing and its exclusive partnership with Carraro Srl for flexo-machines, though this moat is currently weakened by the company's 'Default' credit status.

Macro Economic Sensitivity

Highly sensitive to the digital shift in media consumption, which reduces capital expenditure by newspaper publishers for printing hardware.

Consumer Behavior

Shift toward packaged foods increases demand for flexo-printed packaging, which is the primary driver for the company's new product line.

Geopolitical Risks

Dependency on Italian partner Carraro Srl for technology makes the company vulnerable to trade or regulatory changes affecting Euro-zone partnerships.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards for industrial machinery and safety norms for food-grade packaging equipment.

Taxation Policy Impact

The company reported a deferred tax credit of INR 1.90 Cr as of September 2025, reflecting its loss-making position.

Legal Contingencies

The company has disclosed pending litigations in Note 35 of its financial statements, though specific INR values for these contingencies were not provided in the summary documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a going concern given the widening net loss of INR 26.62 Cr and its 'CRISIL D' credit rating.