Manugraph India Limited (MANUGRAPH) AI Stock Analysis

Manugraph India Limited

(NSE:MANUGRAPH)

Select Model

Rating:50Neutral

Price Target:INR 15.50▼(-0.64% Downside)

Action:reiterated

Date:09/26/26

Manugraph India scores in the lower-middle range, weighed down primarily by its financial profile. Although FY2026 delivered the first profit and revenue growth after five straight loss-making years, operating cash flow of just ₹5.1M against ₹49.5M of reported net income raises real questions about earnings quality, and the equity base has been halved by years of accumulated losses. The near debt-free balance sheet is a genuine strength that lowers solvency risk. Offsetting the weak fundamentals, technicals are constructive — the stock trades above all key moving averages with positive MACD and healthy RSI — and the 10.8x P/E is undemanding, though no dividend is paid and high beta signals volatility. The score reflects a company in early recovery whose market momentum currently runs ahead of proven, cash-backed fundamentals.

Positive Factors

Earnings ReboundThe FY2026 return to profitability and double-digit revenue growth indicate meaningful improvement in operating performance. If the recovery continues, stronger earnings can support reinvestment, reinforce customer confidence, and improve the company’s ability to compete across printing machinery markets.

Negative Factors

Weak Cash ConversionThin cash generation relative to reported earnings raises questions about the quality and durability of the current profit recovery. Persistent cash-conversion weakness can restrict internally funded investment, increase reliance on working-capital management, and make results more vulnerable when operating conditions soften.

Manugraph India Limited (MANUGRAPH) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 445.88M
Dividend Yield: ―
Average Volume (3M): 8,945
Price to Earnings (P/E): 8.4
Beta (1Y): 1.54
Revenue Growth: 5.45%
EPS Growth: ―
Country: India
Employees: 190
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

Manugraph India Limited Business Overview & Revenue Model

Company Description

Manugraph India Limited engages in the manufacture and sale of printing machines in India and worldwide. It provides newspaper web offset, folder, and packaging and converting machines, as well as involved in manufacture of engineering components. Th...

Manugraph India Limited Financial Statement Overview

Summary

Financials remain weak despite an encouraging FY2026 inflection. The income statement (score 30) shows the first profit in years — revenue up ~10.5% to ₹886M, gross margin recovering to ~24.3% and net margin ~5.6% — but this follows five consecutive loss-making years and cumulative losses above ₹1 billion. The balance sheet (score 45) is the relative bright spot, with debt cut to ₹30M and debt-to-equity at just ~5.2%, though equity has eroded from ₹1.23B to ₹580M and total assets have shrunk materially. Cash flow (score 18) is the biggest concern: operating cash flow of only ₹5.1M against ₹49.5M of net income and free cash flow of ₹2.0M (-93.5% growth) point to poor earnings quality and a fragile turnaround.

Income Statement

30Negative

Balance Sheet

45Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	826.80M	886.37M	593.48M	657.58M	790.91M	454.26M
Gross Profit	165.67M	215.08M	-6.47M	174.22M	224.60M	171.38M
EBITDA	-19.71M	83.97M	-233.98M	-165.70M	-67.59M	-117.53M
Net Income	55.90M	49.54M	-266.93M	-198.58M	-112.98M	-139.48M
Balance Sheet
Total Assets	0	1.37B	1.42B	1.51B	1.72B	1.70B
Cash, Cash Equivalents and Short-Term Investments	19.17M	26.25M	30.75M	4.30M	16.40M	83.81M
Total Debt	0	30.00M	70.00M	176.43M	105.00M	177.81M
Total Liabilities	-580.38M	785.87M	888.89M	713.50M	728.40M	603.06M
Stockholders Equity	580.38M	580.38M	532.75M	797.11M	991.40M	1.10B
Cash Flow
Free Cash Flow	30.48M	1.98M	-20.73M	-66.20M	-66.50M	-13.85M
Operating Cash Flow	31.14M	5.12M	-19.37M	-65.10M	-61.00M	-8.15M
Investing Cash Flow	10.74M	32.91M	145.58M	3.87M	166.60M	36.41M
Financing Cash Flow	-13.79M	-40.23M	-106.75M	50.00M	-100.30M	-35.97M

Manugraph India Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price15.60

Price Trends

50DMA16.34Negative

100DMA15.89Negative

200DMA15.15Positive

Market Momentum

MACD-0.48Positive

RSI46.16Neutral

STOCH39.30Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MANUGRAPH, the sentiment is Positive. The current price of 15.60 is below the 20-day moving average (MA) of 15.85, below the 50-day MA of 16.34, and above the 200-day MA of 15.15, indicating a neutral trend. The MACD of -0.48 indicates Positive momentum. The RSI at 46.16 is Neutral, neither overbought nor oversold. The STOCH value of 39.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MANUGRAPH.

Manugraph India Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MANUGRAPH against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PIXTRANS	75Outperform	INR 22.20B	16.96	―	0.55%	4.81%	16.32%
IN:RAJOOENG	71Outperform	INR 9.35B	21.88	―	0.29%	21.24%	-27.90%
IN:JYOTICNC	68Neutral	INR 206.02B	64.05	―	―	17.44%	-4.39%
IN:MAMATA	65Neutral	INR 8.83B	99.04	―	0.14%	-13.28%	-79.30%
IN:SHANTIGEAR	57Neutral	INR 35.88B	62.05	―	0.85%	-14.22%	-37.57%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:MANUGRAPH	50Neutral	INR 474.47M	8.41	―	―	5.45%	―

* General Sector Average

Performance Comparison

IN:MANUGRAPH and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MANUGRAPH	Manugraph India Limited	15.60	-4.76	-23.38%
IN:JYOTICNC	Jyoti Cnc Automation Limited	905.90	27.85	3.17%
IN:PIXTRANS	PIX Transmissions Ltd	1629.10	171.97	11.80%
IN:SHANTIGEAR	Shanthi Gears Limited	467.70	-7.21	-1.52%
IN:MAMATA	Mamata Machinery Ltd.	358.70	-76.44	-17.57%
IN:RAJOOENG	Rajoo Engineers Limited	52.33	-35.08	-40.13%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 26, 2026

Manugraph India Limited AI Stock Analysis