Brady & Morris Engineering Co. Ltd: India’s OG Crane Daddy or Just a Load Carrier?
1. At a Glance
Old as Independence, this micro-cap from the Brady Group makes material handling equipment and doesn’t believe in dividends. But its profits are lifting like its cranes—quietly and sharply. With 35% profit CAGR, 25% ROCE, and a 100x jump in EPS in FY25, something heavy is moving here.
2. Introduction with Hook
If Warren Buffett met an Indian crane manufacturer, he might say, “Compounding ka asli ustaad toh yeh hai.” Brady & Morris (est. 1946) is what happens when industrial engineering refuses to die… or pay dividends.
EPS went from ₹14 in FY23 to ₹106 in FY25. That’s not a typo.
OPM shot up from 6% in FY22 to 13% in FY25. In the background? Land sales, cash flow resurrection, and a steady pipeline of large engineering contracts.
3. Business Model (WTF Do They Even Do?)
They manufacture heavy-duty equipment:
EOT Cranes
Hoists
Winches
Lifting gear for nuclear plants, steel factories, and metros This isn’t just nuts-and-bolts—it’s mission-critical machinery. Brady & Morris operates in a niche, low-competition zone with deep customization.
Revenue split:
~95% from material handling equipment
~5% from “miscellaneous” sources (read: real estate rights surrendered, cyber frauds recovered, who knows?)
Parent company: W.H. Brady & Co., which holds ~74%. Think of this as the family’s silent cash cow.
