Brady & Morris Engineering Co. Ltd Q2 FY26 – When Cranes Fall but the Morarkas Rise: A 75-Year-Old Brand Still Lifting Heavy Loads (and Investor Eyebrows)
Brady & Morris Engineering Co. Ltd (BMECL) – the 79-year-old veteran of the crane world – just served a brutal Q2 FY26 reality check. Sales dropped 44.5% QoQ to ₹12.99 crore, while PAT collapsed by 80.2% to a mere ₹0.48 crore. The market reacted like it spotted a hairline crack on a crane boom: the stock tanked over 54% in a year, sliding from its FY25 peak of ₹2,018 to ₹867.
Yet, beneath the rust and dust, this subsidiary of WH Brady & Co (controlled by Mumbai’s Morarka family) still flexes a decent balance sheet — Debt/Equity of 0.12, ROE 23.4%, and ROCE 25.4%. That’s not a collapsing crane; that’s a veteran struggling with load imbalance.
With ₹195 crore market cap and an EV/EBITDA of 22.6, it’s neither a penny stock nor a cash cow. Think of it as that old crane in your factory that still works perfectly fine — until someone tries to overload it.
2. Introduction – The OG of India’s Material Handling Saga
Before “Make in India” was a thing, Brady & Morris was already making India lift. Founded in 1946, when India was still a baby democracy, the company’s cranes and hoists have been hoisting steel, cement, and oil equipment before most of today’s industrial startups even existed.
Its parent, WH Brady & Co, is a century-old name that screams vintage capitalism – the kind where the Managing Director still wears cufflinks and the AGM is held at South Bombay’s oldest club.
Today, BMECL finds itself in an awkward middle age. The cranes are robust, the hoists are reliable, and the clients are top-tier (think ONGC, NTPC, BPCL). But the growth? Let’s just say, the cranes are lifting everything except the quarterly profits.
Why? Because even cranes can’t hoist against cyber frauds, property surrenders, and volatile demand. Yes, the company recently paid ₹7.41 crore to get back possession of its own property at Lower Parel, Mumbai. Imagine paying ransom to your own house!
Still, there’s something endearingly old-school about Brady & Morris. They don’t chase IPO hype, don’t issue fancy ESG brochures, and definitely don’t waste time on influencer marketing. They just build cranes — solid, flameproof, ISO-certified cranes that don’t tweet.
3. Business Model – WTF Do They Even Do?
Let’s simplify: Brady & Morris makes things that lift other things. If it moves, swivels, hoists, or hangs from a hook — they probably make it.
Their bread and butter:
Cranes: Single Girder, Double Girder, Underslung, Gantry, Jib, and even Flameproof Cranes. Basically, if you’ve seen a crane that looks like it belongs in a superhero movie, it’s probably theirs.
Hoists: Rope Master, Flameproof, Electric Chain — all powered to make your factory look like a Marvel villain’s lair.
Manual Hoists: For those who still believe in gym-like hard work — Chain Pulley Blocks and Travelling Trolleys.
Services? Oh yes — they don’t just build cranes, they repair, refurbish, and even convert manual cranes into electric ones. It’s like taking your old scooter to a mechanic and coming back with an EV.
Their Bareja, Gujarat factory sprawls across 3 acres, and they own 15 acres in Kalinganagar, Odisha — a land bank that could become the next industrial playground if they ever get around to using it.
So, while flashy startups are raising billions for drone deliveries, Brady & Morris continues to literally lift India. Old school, yes. Profitable? Sometimes.
4. Financials Overview
Quarterly Financial Snapshot (₹ crore)
Metric
Sep ’25 (Latest Qtr)
Sep ’24 (YoY Qtr)
Jun ’25 (Prev Qtr)
YoY %
QoQ %
Revenue
12.99
23.42
19.84
-44.5%
-34.5%
EBITDA
0.55
3.46
2.10
-84.1%
-73.8%
PAT
0.48
2.43
1.54
-80.2%
-68.8%
EPS (₹)
2.13
10.80
6.84
-80.3%
-68.9%
Commentary:
Revenue down, profit down, mood down — the perfect corporate blues playlist. But here’s the funny part: despite this quarter’s collapse, the company still boasts a five-year profit CAGR of 35.2%. That’s like saying, “Yes, I fell off the treadmill today, but I’ve been running for five years straight.”
Operating margin shrank to 4.23%, showing that the cranes may still be strong, but the pricing power got crushed under competition (hello, BEML and Action Construction).
5. Valuation Discussion – The Fair Value Range Game
Let’s crunch numbers like finance nerds who refuse to party on weekends:
EPS (TTM): ₹94.2
P/E (Current): 40.6x
Industry P/E: 34x
EBITDA (FY25): ₹11 crore
EV: ₹194 crore → EV/EBITDA = 17.6x (FY25)
Now, assume realistic fair value range:
P/E method: ₹94.2 × (30–35) = ₹2,826 – ₹3,297
EV/EBITDA method: ₹11 crore × (15–18) = ₹165 – ₹198 crore EV → implies price range ₹780 – ₹950
DCF (steady 12% ROE, 8% growth): ₹850 – ₹1,000
🎯 Educational Fair Value Range: ₹800 – ₹1,000
(Disclaimer: This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
If corporate life were a soap opera, Brady & Morris would have a TRP of 10. Let’s review the last season:
Cyber Fraud Incident (Jan ’25): Company reported a ₹4.4 crore fraud. Someone hacked, someone
