Manugraph India Limited (MANUGRAPH) AI Stock Analysis

• Market Cap: ₹461.70M
• Dividend Yield: N/A
• Average Volume (3M): 4.06K
• Price to Earnings (P/E): 9.2
• Beta (1Y): 1.14
• 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: ₹13.50 ▼(-15.63% 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

Manugraph generates steady recurring revenue from after-sales services, spare parts and maintenance tied to its installed base. This revenue mix is less cyclical than new machine sales and supports more predictable cash flows and customer lock-in over the medium term.

Improving leverage trend

A slight improvement in the debt-to-equity ratio suggests management action to reduce leverage. If sustained, lower leverage improves financial flexibility, lowers interest burden and reduces refinancing risk in a capital-intensive industry prone to cyclical demand.

Free cash flow trend improvement

An improvement in free cash flow year-over-year indicates early progress in cash generation. Continued improvement would support reinvestment in product support and R&D, reduce reliance on external funding, and strengthen the balance sheet over several quarters.

Negative Factors

Declining revenue and losses

Persistent revenue decline and recurring negative EBIT and net income point to structural demand or competitiveness issues. Ongoing losses erode equity, limit reinvestment capacity, and require fundamental operational turnaround or cost strategy to restore sustainable profitability.

Negative operating cash flow

Negative operating cash flow undermines the firm’s ability to fund working capital, service debt, and invest in aftermarket capabilities without external financing. In a capital-equipment business this persistent cash shortfall raises refinancing and execution risk over the medium term.

High liabilities and shrinking equity

High liabilities and declining shareholders' equity reduce financial resilience and increase solvency risk. In a cyclical industrial-machinery sector this constrained equity base limits the company's ability to absorb downturns, bid for large contracts, or invest in product development.

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 generates revenue primarily through the sale of its printing machinery and equipment to domestic and international clients in the printing and packaging industries. The company has established key revenue streams from both new machinery sales and the provision of spare parts and maintenance services for existing machinery. Additionally, Manugraph may engage in service contracts and after-sales support, which contribute to its recurring revenue. Strategic partnerships with distributors and collaborations with industry players enhance its market reach and enable the company to tap into emerging markets, further solidifying its financial performance.

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	784.05M	593.48M	657.58M	790.91M	454.26M	294.98M
Gross Profit	225.25M	-6.47M	174.22M	224.60M	171.38M	104.33M
EBITDA	-134.14M	-233.98M	-165.70M	-67.59M	-117.53M	-239.92M
Net Income	-170.96M	-266.93M	-198.58M	-112.98M	-139.48M	-287.11M
Balance Sheet
Total Assets	0.00	1.42B	1.51B	1.72B	1.70B	1.83B
Cash, Cash Equivalents and Short-Term Investments	29.91M	30.75M	4.30M	16.40M	83.81M	110.53M
Total Debt	0.00	70.00M	176.43M	105.00M	177.81M	188.54M
Total Liabilities	-532.75M	888.89M	713.50M	728.40M	603.06M	603.05M
Stockholders Equity	532.75M	532.75M	797.11M	991.40M	1.10B	1.23B
Cash Flow
Free Cash Flow	0.00	-20.73M	-66.20M	-66.50M	-13.85M	-219.82M
Operating Cash Flow	0.00	-19.37M	-65.10M	-61.00M	-8.15M	-219.40M
Investing Cash Flow	0.00	145.58M	3.87M	166.60M	36.41M	131.26M
Financing Cash Flow	0.00	-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: Positive

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 15.37, above the 50-day MA of 15.59, and below the 200-day MA of 19.33, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 40.26 is Neutral, neither overbought nor oversold. The STOCH value of 7.56 is Positive, 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	₹1.86B	-0.89	―	―	―	―
IL&FSENGG	40 Underperform	₹3.32B	-232.36	―	―	-6.13%	98.35%
SICALLOG	39 Underperform	₹13.19B	9.71	―	―	76.34%	94.50%
MANUGRAPH	38 Underperform	₹461.70M	9.17	―	―	27.73%	―