Manugraph India Limited (MANUGRAPH) AI Stock Analysis

• Market Cap: ₹377.15M
• Dividend Yield: N/A
• Average Volume (3M): 4.06K
• Price to Earnings (P/E): 28.2
• Beta (1Y): 1.06
• Revenue Growth: 27.73%
• EPS Growth: N/A
• Country: IN
• Employees: 343
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Machinery
• EPS (TTM): 0.14
• Shares Outstanding: 30,415,060
• 10 Day Avg. Volume: 2,216
• 30 Day Avg. Volume: 4,056
• PEG Ratio: -0.06
• Price to Book (P/B): 1.02
• Price to Sales (P/S): 0.91
• P/FCF Ratio: -26.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 38 Underperform
• Price Target: ₹11.50 ▼(-28.13% Downside)
• Action: Reiterated Date: 11/25/25
• Date: Action: Reiterated 11/25/25

Manugraph India Limited's stock score is primarily impacted by its poor financial performance, characterized by declining revenues and negative profitability. The technical analysis indicates a bearish trend, with potential for short-term rebound due to oversold conditions. The stock is significantly overvalued based on its P/E ratio, further lowering its attractiveness. No earnings call or corporate events data were available to influence the score.

Positive Factors

Recurring after-sales revenue

A meaningful recurring revenue stream from after-sales, spare parts and services provides steadier cash inflows than capital equipment sales. Over months this supports revenue visibility, customer stickiness and margin stability as installed base utilization sustains service demand.

Slight deleveraging in 2025

An observable improvement in debt-to-equity, even if modest, reduces interest burden risk and improves financial flexibility. Sustained deleveraging would lower refinancing pressure, support investment in service capabilities and make the balance sheet more resilient over the medium term.

Modest free cash flow improvement

A small uptick in free cash flow indicates initial progress converting operations into cash. If sustained, this trend can fund maintenance of the installed base, reduce dependency on external funding and enable targeted reinvestment to stabilize revenue and margins over coming quarters.

Negative Factors

Persistent negative profitability

Ongoing negative EBIT and net income signal structural margin problems and operational inefficiency. Continued losses erode equity, constrain reinvestment in products and services, and make it difficult to rebuild profitable growth without meaningful cost or revenue improvements.

Negative operating cash flow

Sustained negative operating cash flow undermines liquidity and forces reliance on external financing or asset sales to cover working capital. This structural cash shortfall limits the firm's ability to maintain service levels and invest in customer retention or product upgrades.

Declining shareholders' equity

A shrinking equity base reduces the capital cushion against downturns and increases effective leverage. Over months this impairs borrowing capacity, raises lenders' scrutiny, and heightens solvency risk if operational losses persist and equity is not replenished.

Manugraph India Limited Business Overview & Revenue Model

Company Description

Manugraph India Limited engages in the manufacture and sale of printing machines in India. It offers newspaper web offset, folder, and packaging converting machines. The company also exports its products to Germany, France, the United Kingdom, the United States, and internationally. Manugraph India Limited was incorporated in 1972 and is based in Mumbai, India.

How the Company Makes Money

Manugraph India Limited makes money primarily by selling capital equipment used in print production—most notably printing presses and related machinery/systems—where revenue is recognized from the supply (and where applicable, installation/commissioning) of these machines to customers. A second recurring revenue stream typically comes from after-sales services tied to its installed base, such as maintenance/servicing, technical support, repairs, and the supply of spare parts and consumables required to keep equipment operating. The company’s earnings are influenced by the mix of new machine sales (which are generally more cyclical and dependent on customers’ capital expenditure cycles) versus higher-frequency after-sales/spares revenue (which tends to be steadier and linked to utilization of installed equipment). Specific details on any significant partnerships or customer concentration are null.

Manugraph India Limited Financial Statement Overview

Summary

Manugraph India Limited is facing significant financial challenges, with declining revenues, negative profitability, and constrained cash flows. The company is heavily leveraged, which poses a risk in a competitive industry like industrial machinery. Strategic measures are needed to stabilize revenues, improve margins, and manage debt to ensure long-term viability.

Income Statement

Manugraph India Limited has been experiencing a declining revenue trend over recent years, with a significant drop in total revenue from 2020 to 2025. The company has consistently reported negative EBIT and net income, indicating ongoing operational challenges and profitability issues. Gross and net profit margins are negative, highlighting a need for strategic realignment to improve financial health.

Balance Sheet

The debt-to-equity ratio improved slightly as of 2025, indicating some reduction in leverage. However, the company still maintains a high level of liabilities relative to equity. Stockholders' equity has been decreasing, reflecting losses from negative net income. The equity ratio shows a diminishing portion of assets financed by equity, pointing to potential financial instability.

Cash Flow

Manugraph India Limited's cash flow from operations remains negative, impacting its free cash flow negatively. Although there was a slight improvement in free cash flow from 2024 to 2025, the operating cash flow to net income ratio remains unfavorable. The company needs to focus on improving operational cash flows to sustain its financial commitments.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	801.97M	593.48M	657.58M	790.91M	454.26M	294.98M
Gross Profit	273.43M	-6.47M	174.22M	224.60M	171.38M	104.33M
EBITDA	28.92M	-233.98M	-165.70M	-67.59M	-117.53M	-239.92M
Net Income	448.00K	-266.93M	-198.58M	-112.98M	-139.48M	-287.11M
Balance Sheet
Total Assets	1.40B	1.42B	1.51B	1.72B	1.70B	1.83B
Cash, Cash Equivalents and Short-Term Investments	57.02M	30.75M	4.30M	16.40M	83.81M	110.53M
Total Debt	60.00M	70.00M	176.43M	105.00M	177.81M	188.54M
Total Liabilities	812.80M	888.89M	713.50M	728.40M	603.06M	603.05M
Stockholders Equity	591.18M	532.75M	797.11M	991.40M	1.10B	1.23B
Cash Flow
Free Cash Flow	30.48M	-20.73M	-66.20M	-66.50M	-13.85M	-219.82M
Operating Cash Flow	31.14M	-19.37M	-65.10M	-61.00M	-8.15M	-219.40M
Investing Cash Flow	10.74M	145.58M	3.87M	166.60M	36.41M	131.26M
Financing Cash Flow	-13.79M	-106.75M	50.00M	-100.30M	-35.97M	71.53M

Manugraph India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANUGRAPH, the sentiment is Negative. The current price of 16 is above the 20-day moving average (MA) of 14.04, above the 50-day MA of 14.96, and below the 200-day MA of 18.98, indicating a bearish trend. The MACD of -0.66 indicates Positive momentum. The RSI at 33.15 is Neutral, neither overbought nor oversold. The STOCH value of 25.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MANUGRAPH.

Manugraph India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SADBHAV	46 Neutral	₹1.27B	-0.64	―	―	―	―
IL&FSENGG	40 Underperform	₹3.28B	-229.15	―	―	-6.13%	98.35%
SICALLOG	39 Underperform	₹13.78B	3.00	―	―	76.34%	94.50%
MANUGRAPH	38 Underperform	₹377.15M	28.20	―	―	27.73%	―