Brady & Morris Engineering FY26: The Year the One-Off Left and Took ₹18 Crore of Profit With It
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1 — At a Glance
Here is a company that reported ₹24.01 crore of profit in FY25 and ₹5.57 crore in FY26, and the honest reading is that the second number is closer to the business than the first. FY25 carried an other income of ₹19.91 crore — a property-sale gain that will not repeat. Strip the theatrics and Brady & Morris is a 79-year-old maker of cranes and chain pulley blocks doing about ₹73 crore of sales a year, off a ₹90 crore prior year.
Revenue fell 19% in FY26. Operating profit halved from ₹11.48 crore to ₹6.54 crore. The market values the whole thing at ₹169 crore and pays roughly 30x earnings for it. Meanwhile borrowings shrank to ₹4.84 crore, and investments on the balance sheet swelled to ₹20.28 crore — the cash from selling property parked somewhere visible.
Two things worth holding in mind before the numbers get busy: a business that hasn’t paid a dividend through any of its recent profitable years, and a set of FY25 comparatives so distorted by one-offs that every YoY line in FY26 looks like a crime scene. It isn’t. It’s just arithmetic with the make-up removed.
2 — Introduction
Brady & Morris Engineering was incorporated in 1946 and listed in Mumbai in 1957. It is a majority-owned subsidiary of W.H. Brady and Company, which holds 72.73%, and the Brady group has been controlled by the Mumbai-based Morarka family since 1960. Daily operations run under Pavan Morarka, who chairs the board; Vaibhav Morarka was appointed Vice Chairman and Managing Director in February 2025.
The manufacturing sits in Bareja, Gujarat, on roughly three acres, with a stated annual capacity of 8,400 pulley blocks and 300 cranes. The company also owns industrial land in Kalinganagar, Odisha. Crisil reaffirmed its BBB-/Stable and A3 ratings in February 2026, citing six decades of promoter experience and a comfortable financial risk profile, offset by working-capital intensity and cyclical end-users.
The recent corporate calendar has been busier than the shop floor. A property-rights surrender with a related party in April 2025, a cyber-fraud disclosure in FY25, a company secretary resignation in March 2026, and a fresh secretary appointed from June 2026. The engineering is old and quiet; the paperwork, less so.
3 — Business Model: WTF Do They Even Do?
They lift heavy things. More precisely, they make the machines that lift heavy things: single- and double-girder cranes, gantry cranes, jib cranes, flameproof cranes, electric wire-rope hoists, and the humble chain pulley block — all under the Morris brand, which the group has carried for over a century. Roughly 99% of FY24 revenue came from selling products and about 1% from services.
The customer list reads like a roll-call of heavy India: ACC, Binani, Lafarge, ONGC, Indian Oil, BPCL, NTPC. End-user industries span steel, oil and gas, cement, mining, power, chemicals, defence, nuclear energy, ports and metros. That diversification is the pitch — no single sector’s slump sinks the order book.
The catch is baked into the product. These are customised, order-backed machines built to customer specification, which means inventory piles up while a crane waits for its buyer to be ready. Crisil flagged inventory days rising to 123 as of September 2025 on delayed offtake. It’s a business where the balance sheet does a lot of waiting.
The company also refurbishes old cranes of any brand and converts manual cranes to electric — the engineering equivalent of remanufacturing, and a sensible sideline when new orders soften.
Does a century of brand recall matter when the multiple already assumes it?
