MANUGRAPH - Manugraph India
📢 Recent Corporate Announcements
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.
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.
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.
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.
Third Party Dependencies
High dependency on Carraro Srl for the technology required to compete in the flexo-machine market.
Technology Obsolescence Risk
High risk of obsolescence for traditional printing press products as digital media continues to replace print.
Credit & Counterparty Risk
Trade receivables stood at INR 5.47 Cr as of September 2025, with a provision for expected credit loss of INR 2.81 lakhs made in FY25.