Manugraph India Ltd (MANUGRAPH)
🎯 Key Takeaways
- Manugraph India Ltd appears to be in a structural decline phase, marked by persistent losses, negative returns, and deteriorating operational efficiency. Despite stable promoter holding, the company has shown no profitability over the past year, with margins deeply negative and cash flow from operations consistently negative.
- Revenue grew 169.6% QoQ to ₹35 in Q4FY23.
- ⚠️ Persistent operational losses and negative margins with no visible path to profitability.
- Market Cap
- ₹58
- P/B Ratio
- 0.58
- ROE
- -11.1%
- ROCE
- -7.0%
- Debt/Equity
- 0.11
- Promoter
- 57.7%
📖 The Story
Manugraph India Ltd appears to be in a structural decline phase, marked by persistent losses, negative returns, and deteriorating operational efficiency. Despite stable promoter holding, the company has shown no profitability over the past year, with margins deeply negative and cash flow from operations consistently negative. Management has not announced any strategic pivot or turnaround initiative, suggesting the current trajectory may be structural rather than cyclical.
📰 What's Happening
The most recent developments include the re-appointment of Shailesh Shirguppi as Whole Time Director effective July 1, 2026, and Madhavi Kilachand as Independent Director for five years starting June 29, 2026, approved by the Board on June 24, 2026. Earlier, on May 19, 2026, the Board approved the audited financial results for Q4FY26 and the full year ended March 31, 2026, with an unmodified auditor's opinion. Management has consistently attributed share price volatility to market movements, emphasizing full compliance with SEBI disclosure norms and denying any operational basis for price swings.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 |
|---|---|---|---|---|
| Revenue | 6 | 25 | 13 | 35 |
| Operating Profit | -5 | -3 | -7 | -2 |
| OPM % | -77.6% | -12.3% | -53.9% | -4.5% |
| Net Profit | -5 | -4 | -0 | -2 |
| EPS | ₹-1.78 | ₹-1.15 | ₹-0.02 | ₹-0.67 |
The company's financial trajectory shows a sharp deterioration in operational performance, with revenue declining from ₹35 million in March 2023 to just ₹6 million in June 2022, while operating losses widened significantly. Operating margins have remained deeply negative, ranging from -4.5% to -77.6%, indicating no meaningful recovery in cost structure or demand. Net losses persist, and earnings per share has turned increasingly negative, reflecting weak top-line momentum and inability to achieve scale or pricing power.
🔮 Management Outlook & What's Next
Management has not provided forward-looking guidance on revenue, margins, or capital allocation in the available filings. The only explicit commentary relates to clarifying that recent share price movements are market-driven and unrelated to company operations, with no mention of recovery plans or strategic initiatives. The re-appointment of key directors suggests continuity in leadership but does not signal a shift in strategic direction or operational focus.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2022 | Mar 2022 | Mar 2023 | Mar 2023 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | 104 | 110 | 93 | 95 |
| Borrowings | 18 | 16 | 10 | 15 |
| Total Liabilities | 170 | 175 | 172 | 180 |
| Fixed Assets | 91 | 91 | 90 | 89 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 170 | 175 | 172 | 180 |
The balance sheet shows minimal equity base of ₹6 crore with reserves declining slightly from ₹104 crore to ₹95 crore over the latest two years, while borrowings have reduced from ₹18 crore to ₹10 crore, indicating modest deleveraging. Total assets have remained relatively stable around ₹170–180 crore, suggesting limited reinvestment or growth in asset base. The company maintains a very low debt-to-equity ratio of 0.11, but this reflects financial immobility rather than strength, as it lacks the scale or profitability to deploy capital meaningfully.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2023 |
|---|---|
| Operating | -6 |
| Investing | +17 |
| Financing | -10 |
| Net Cash Flow | +1 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 57.7% | 57.7% | 57.7% | 57.7% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 1.8% | 1.8% | 1.7% | 1.6% |
| Public | 31.6% | 31.6% | 32.0% | 32.1% |
| # Shareholders | 12,322 | 11,983 | 11,924 | 11,894 |
Promoter holding remains stable at 57.67% over the past year, indicating no dilution or sale by the promoter group. Institutional ownership is negligible, with FII holding at 0% and DII slightly elevated at 1.62–1.77%, suggesting limited investor interest. The shareholder base is highly fragmented, with over 11,800 public shareholders, which may contribute to low liquidity and heightened volatility. There are no signs of activist accumulation or strategic stake-building by external investors.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.34 L Cr | 56.7 | 36.6% | — | 0.00 |
| WELCORP | 72,223 | 31.3 | 27.3% | — | 0.24 |
| APLAPOLLO | 61,085 | 49.7 | 35.9% | — | 0.15 |
| INDOMIM | 60,675 | — | — | — | 0.39 |
| TIINDIA | 47,521 | 78.3 | 23.6% | — | 0.05 |
| KIRLOSENG | 31,117 | 57.0 | 13.7% | — | 1.47 |
| JYOTICNC | 23,775 | 73.9 | 18.5% | — | 0.42 |
| CARBORUNIV | 23,764 | 112.7 | 8.0% | — | 0.08 |
| GRINDWELL | 21,279 | 48.8 | 23.3% | — | 0.00 |
| RATNAMANI | 19,227 | 44.4 | 15.7% | — | 0.07 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Persistent operational losses and negative margins with no visible path to profitability. 2. Complete absence of institutional investor interest, signaling lack of confidence in the business model. 3. Management's failure to address underlying performance issues despite repeated disclosures, raising governance concerns. 4. High sensitivity to market movements due to low trading volumes and retail dominance, increasing price volatility without fundamental support.
📋 Recent Filings
- Announcement2026-09-28Manugraph India clarified that its share price movement on September 28, 2026, was purely market-driven with no company involvement, reaffirming compl…
- Announcement2026-07-25Manugraph India Limited confirmed dematerialized security certificates were processed and cancelled within regulatory timelines for the quarter ended …
- 🟡 Board Meeting2026-06-24Manugraph India Limited announced the re-appointment of Shailesh Shirguppi as Whole Time Director for three years effective July 1, 2026, and Madhavi …
- regulation 312026-06-22Manugraph India Limited's promoter group disclosed on April 7, 2026, that their shareholdings remained unencumbered throughout the financial year 2025…
- 🟡 Board Meeting2026-05-19Manugraph India Limited announced the Board approved audited financial results for the quarter and year ended March 31, 2026, along with an unmodified…
- Announcement2026-04-29Manugraph India Limited confirmed dematerialized security certificates were validated and updated in depositories' records for the quarter ending Marc…
- 🔴 annual report2026-04-09Manugraph India Limited clarified to NSE that recent share price movements are market-driven and unrelated to company operations. The firm reaffirmed …
- Announcement2026-04-08Manugraph India Limited filed a general corporate document on April 8, 2026. Without access to specific filing details, material financial metrics, op…
🧠 Analyst's Read
Manugraph India Ltd is currently in a distressed, stagnant phase with no visible catalysts for recovery. The company's financials reflect a business under structural pressure, and management's lack of strategic clarity or forward guidance raises concerns about long-term viability. Investors should monitor for any shift in capital allocation, new business initiatives, or improvement in cash flow generation, but no such signals are currently evident.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-30.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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