W H Brady - W H Brady

📊 BSE: 501391 🏢 Other Industrial Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total Net Turnover decreased by 21.02% YoY to INR 29.50 Cr (INR 2949.76 Lakhs) from INR 37.35 Cr. Segment-specific growth percentages for Trading and Infrastructure are not explicitly broken down, though the company operates in Aviation, Highways, and Material Handling Equipment trading.

Geographic Revenue Split

The company has a nationwide presence in India with a client base for trading extending from Africa to South East Asia. Specific percentage splits per region are not disclosed in available documents.

Profitability Margins

Net Profit Margin improved to 11.70% in FY 2024-25 from 9.12% in FY 2023-24. Operating Profit Margin (EBITDA) increased to 16.50% from 11.28% YoY, indicating improved operational efficiency despite lower top-line revenue.

EBITDA Margin

EBITDA Margin stood at 16.50% for FY 2024-25, representing a significant YoY increase from 11.28%. Operational Profit (EBITDA) grew by 14.20% to INR 5.60 Cr (INR 559.55 Lakhs).

Capital Expenditure

Not disclosed in available documents; however, the company reported a significant increase in Working Capital by INR 5.08 Cr, reaching INR 8.51 Cr (INR 851.08 Lakhs) from INR 3.43 Cr.

Credit Rating & Borrowing

ICRA withdrew the [ICRA]B+ (Stable) rating in February 2022 due to non-cooperation and at the company's request. Interest Coverage Ratio declined to 10.14:1 from 15.93:1 YoY, suggesting higher interest costs or lower relative earnings to cover them.

⚙️ Operational Drivers

Raw Materials

Steel and mechanical components for Material Handling Equipment (manufactured by subsidiary Brady & Morris Engineering Co. Ltd.). Specific percentage of total cost is not disclosed.

Key Suppliers

Global Technology Companies (Principals) for Aviation and Highway sectors; Brady & Morris Engineering Company Limited (subsidiary) for Material Handling Equipment.

Raw Material Costs

Not disclosed in available documents; however, the company notes that inflation pressures affect demand and pricing for its products.

Manufacturing Efficiency

Debtors turnover improved significantly to 22 days in FY 2024-25 from 39 days in FY 2023-24, indicating faster cash collection. Inventory turnover days are reported as NIL, reflecting the trading nature of the parent company.

Logistics & Distribution

The company utilizes a large nationwide network of dealers and distributors for Material Handling Equipment distribution.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Management is exploring new opportunities to improve activities, focusing on the Aviation and Highways sectors through global technology partnerships. The strategy involves leveraging a 112-year legacy ('Quality our Legacy') and a nationwide dealer network to sustain market share and improve operational margins.

Products & Services

Material Handling Equipment (MHE), Air Traffic Control systems, Airport Terminals, Air Cargo Terminals, and support services for Highways (Pre-Sales, Project Management, Logistics).

Brand Portfolio

W. H. Brady, Brady & Morris Engineering Company Limited.

Market Expansion

The company aims to extend modern technology to all regions within India and maintains a client base ranging from Africa to South East Asia.

Market Share & Ranking

Management states the company was able to sustain its market share despite fluctuating consumer demand, though specific ranking is not provided.

Strategic Alliances

Partnerships with leading Global Technology Companies for Aviation and Highway infrastructure solutions.

🌍 External Factors

Industry Trends

The Indian infrastructure landscape is rapidly changing with a focus on modernizing airports and highways. The company is positioning itself as a solution provider for Air Traffic Control and Cargo Terminals to capitalize on this growth.

Competitive Landscape

Faces competition from new entrants and established players in the infrastructure and material handling sectors; management uses 'Quality our Legacy' as a differentiator.

Competitive Moat

Durable moat built on a 112-year legacy (founded 1913) and 70 years of expertise in Material Handling Equipment trading. This long-standing reputation and established dealer network provide a competitive advantage in customer trust and reach.

Macro Economic Sensitivity

Highly sensitive to Indian infrastructure spending and GDP growth, particularly in the aviation and highway sectors.

Consumer Behavior

Shift toward demanding more advanced technology in infrastructure projects, which the company addresses through its global principal associations.

Geopolitical Risks

Exposure to international markets (Africa, SE Asia) and reliance on global technology principals introduces risks related to trade policies and international relations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to compliance and regulatory pressure including changes to tax laws and safety/quality standards for infrastructure projects.

Taxation Policy Impact

The company notes risks from changes to tax laws. Effective tax rate is approximately 20.18% based on PBT of INR 396.75 Lakhs and PAT of INR 316.67 Lakhs.

Legal Contingencies

The company reported zero shareholder complaints received or pending as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

Economic conditions and inflation pressures affecting demand (High impact), labor shortages/attrition of key staff (Medium impact), and natural calamities (Low/Unpredictable impact).