Brady & Morris financials

Mumbai-based manufacturer of cranes and material handling equipment, sold under the Morris brand through a dealer and distributor network across India.

Market cap: ₹147 Cr
Sector: Capital Goods

What Brady & Morris does

Brady & Morris Engineering Company Limited, a subsidiary of W. H. Brady & Co. Ltd., started operations in 1946 and manufactures cranes and material handling equipment at its factory in Gujarat. Products are marketed under the Morris brand and distributed pan-India through a network of dealers and distributors managed by the company. The company operates under a long-term arrangement with parent W. H. Brady & Co. Ltd. covering sale of Morris-brand products, purchase of goods and materials, and payment of commission for facilitating sales.

Segments

Material handling equipment

Manufacturing factory: 1 (Bareja, Sarsa-Kanera Road, Kheda district, Gujarat)
Branch & sales offices: 2 (Kolkata, Chennai)

Founded 1946Headquarters Mumbai, Maharashtra, India Company website

Quarterly results

Q1 FY27: revenue down 12.0%, net profit down 50.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	23	20	27	20	13 −45%	23 +16%	17 −35%	17 −12%
Expenses	20	17	25	18	12	20	16	17
EBITDA	3	3	1	2	1 −84%	3 −12%	1 −18%	1 −59%
Margin	15%	15%	6%	11%	4%	12%	7%	5%
Other income	0	0	19	0	1	1	1	1
Interest	0	0	1	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0
Profit before tax	3	3	20	2	1 −80%	3 +2%	2 −92%	1 −50%
Tax rate	25%	26%	15%	26%	29%	25%	16%	25%
Net profit	2	2	17	2	0 −80%	2 +3%	1 −92%	1 −50%
EPS	10.80	9.42	75.78	6.84	2.13	9.73	6.09	3.42

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −45.2% 1Y

1Y: ₹1,250 on 10 Sept 2025 → ₹684.9. High ₹1,345.4 (15 Sept 2025), low ₹653 (10 Sept 2026).

Financials, as filed

Revenue grew 6.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 8.9%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹60 Cr	₹75 Cr	₹90 Cr	₹73 Cr
Operating profit	₹7 Cr	₹12 Cr	₹11 Cr	₹7 Cr
Operating margin	12.2%	16.4%	12.7%	8.9%
Interest	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr
Depreciation	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr
Net profit	₹5 Cr	₹8 Cr	₹24 Cr	₹6 Cr
Net margin	8.4%	11.2%	26.6%	7.6%
Cash from operations	₹5 Cr	₹6 Cr	₹-1 Cr	₹3 Cr
Free cash flow	₹4 Cr	₹3 Cr	₹22 Cr	₹2 Cr
ROCE	25.3%	40.3%	25.4%	14.1%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr
Reserves	₹5 Cr	₹8 Cr	₹13 Cr	₹21 Cr	₹47 Cr	₹51 Cr
Borrowings	₹18 Cr	₹18 Cr	₹14 Cr	₹8 Cr	₹6 Cr	₹5 Cr
Other liabilities	₹9 Cr	₹14 Cr	₹12 Cr	₹17 Cr	₹13 Cr	₹11 Cr
Total liabilities	₹33 Cr	₹42 Cr	₹41 Cr	₹48 Cr	₹68 Cr	₹69 Cr
Fixed assets	₹8 Cr	₹8 Cr	₹8 Cr	₹10 Cr	₹10 Cr	₹9 Cr
Capital work in progress	₹1 Cr	₹1 Cr	₹2 Cr	₹1 Cr	₹1 Cr	₹1 Cr
Investments	₹4 Cr	₹4 Cr	₹4 Cr	₹0 Cr	₹16 Cr	₹20 Cr
Other assets	₹21 Cr	₹29 Cr	₹27 Cr	₹37 Cr	₹41 Cr	₹38 Cr
Total assets	₹33 Cr	₹42 Cr	₹41 Cr	₹48 Cr	₹68 Cr	₹69 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.10 pp while the public trimmed −0.10 pp. The shareholder count shrank 5% to 2,644.

Promoters: 74.0%
FIIs: 0.1%
DIIs: 0.0%
Public: 25.9%

Since Jun 2025

FIIs +0.10 pp
Public −0.10 pp
Promoters 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Investor Education and Protection Fund (IEPF) newly disclosed 1.90% held

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Brady & Morris above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
W H Brady And Co Ltd	72.73%	unchanged
R K S Distributors Private Limited	7.00%	unchanged
Morris Material Handling Limited	6.19%	unchanged
Investor Education and Protection Fund (IEPF)	1.90%	newly disclosed
Pavan Gokulchand Morarka	1.00%	unchanged
Shivum Holdings Pvt. Ltd.	0.20%	unchanged
Vaibhav Pavan Morarka	0.03%	unchanged
Rachna Pavan Morarka	0.03%	unchanged
Brady Entertainment Private Limited	0.00%	unchanged
Mgm International Private Limited	0.00%	unchanged
Nawalgarh Trading Private Limited	0.00%	unchanged
Gunjan Properties Private Limited	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹685, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~-9%. At that growth it is worth ₹64 — downside of 91%.

Growth the price implies: 36.5% a year; for 7 years, fading to 4%
It has actually compounded at: -8.8% a year; net profit, FY23–FY26 · EPS -8.8%
The gap: 0.5 pp; -91% downside if it only repeats history

Price today ₹684.9 Value at the reference growth ₹64.21

Change the assumptions yourself →

Learn to analyse Brady & Morris

Guides on how to read this kind of business and the numbers that matter.