MANUGRAPH - Manugraph India

📊 NSE: MANUGRAPH 🏢 Engineering 📅 Last Updated: 12/14/2025 9:36

💰 Financial Performance

Revenue Growth by Segment

Total revenue from operations declined by 9.75% YoY, falling from INR 65.76 Cr in FY24 to INR 59.35 Cr in FY25. The company is transitioning from traditional printing presses to flexo-machines for the plastic packaging industry, though specific segment-wise revenue splits were not detailed.

Geographic Revenue Split

Not disclosed in available documents, although the company previously operated a subsidiary, Manugraph Americas Inc., which has since been deconsolidated as the company reported no subsidiaries as of September 30, 2025.

Profitability Margins

Profitability is severely strained with a Net Loss of INR 26.62 Cr in FY25 compared to a loss of INR 19.61 Cr in FY24, representing a 35.7% increase in losses. The Net Profit Margin is deeply negative due to high fixed costs and declining revenue.

EBITDA Margin

EBITDA is negative; operating losses widened as total expenses (INR 7.51 Cr excluding depreciation and finance costs) exceeded total income. Employee benefit expenses alone consumed 31.8% of total revenue in FY25.

Capital Expenditure

The company realized INR 14.72 Cr from investing activities in FY25, primarily driven by the sale of property, plant, and equipment and advances against assets held for sale, rather than new capital investment.

Credit Rating & Borrowing

The company is rated 'CRISIL D Issuer Not Cooperating', indicating a default status. Finance costs increased by 16.8% YoY to INR 2.43 Cr in FY25 from INR 2.08 Cr in FY24, reflecting high borrowing costs relative to its credit profile.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like steel or electronic components are not listed, but 'Cost of materials consumed' totaled INR 29.21 Cr, representing 49.2% of total revenue in FY25.

Capacity Expansion

No planned expansion mentioned; current focus is on asset monetization, as evidenced by the INR 14.72 Cr inflow from asset sales in FY25.

Raw Material Costs

Raw material costs decreased by 10.5% YoY to INR 29.21 Cr in FY25, closely tracking the 9.75% decline in revenue, suggesting a stable variable cost structure despite lower volumes.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is pivoting toward the plastic packaging industry by manufacturing flexo-machines. This strategy relies on a technical partnership with Carraro Srl, Italy, to move away from the declining traditional newspaper printing press market.

Products & Services

Flexo-machines for food packaging printing and traditional web offset printing presses for newspapers and book publishing.

Brand Portfolio

Manugraph

New Products/Services

Flexo-machines for the plastic packaging industry, with the first order delivered in March 2018; revenue contribution from this new line is intended to offset the decline in traditional printing machinery.

Strategic Alliances

Technical collaboration with Carraro Srl, Italy, for the manufacture of advanced flexo-printing machines.

🌍 External Factors

Industry Trends

The printing machinery industry is disrupting as demand shifts from paper-based media to flexible plastic packaging. Manugraph is positioning itself in the food packaging segment to capture growth in the FMCG sector.

Competitive Landscape

Competes with global and domestic manufacturers of printing and packaging machinery; faces intense pressure from digital media alternatives.

Competitive Moat

The company's moat is its long-standing reputation in web offset printing and its exclusive partnership with Carraro Srl for flexo-machines, though this moat is currently weakened by the company's 'Default' credit status.

Macro Economic Sensitivity

Highly sensitive to the digital shift in media consumption, which reduces capital expenditure by newspaper publishers for printing hardware.

Consumer Behavior

Shift toward packaged foods increases demand for flexo-printed packaging, which is the primary driver for the company's new product line.

Geopolitical Risks

Dependency on Italian partner Carraro Srl for technology makes the company vulnerable to trade or regulatory changes affecting Euro-zone partnerships.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards for industrial machinery and safety norms for food-grade packaging equipment.

Taxation Policy Impact

The company reported a deferred tax credit of INR 1.90 Cr as of September 2025, reflecting its loss-making position.

Legal Contingencies

The company has disclosed pending litigations in Note 35 of its financial statements, though specific INR values for these contingencies were not provided in the summary documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a going concern given the widening net loss of INR 26.62 Cr and its 'CRISIL D' credit rating.