1. At a Glance – 112 Years Old, Still Giving Midlife Crisis Vibes
W. H. Brady & Co Ltd is that one uncle in the family who has seen British rule, licence raj, Harshad Mehta, dotcom bubble, COVID, and still shows up to weddings saying “beta business toh stable hai.” Founded in 1913, this ₹166 crore market-cap capital goods company today trades around ₹650, down ~28% in six months and ~32% in one year, reminding shareholders that heritage does not guarantee happiness. Latest quarterly sales came in at ₹16.8 crore with PAT of ₹1.13 crore, which is not disastrous, but compared to last year’s freak quarter it looks like someone switched off the generator. Stock P/E sits at ~30x, roughly in line with industry average, while ROE and ROCE hover around a very middle-class 12–13%. Debt is low, promoter holding is a solid 73.8%, and dividend… well… nonexistent. This is a company that makes money, loses momentum, earns mysterious other income, then calmly asks investors to trust the process. Should you? Let’s investigate like a sarcastic financial detective with a calculator and mild trust issues.
2. Introduction – When a Century-Old Company Feels Like a Startup With Commitment Issues
W. H. Brady & Co Ltd is one of those companies that looks extremely respectable on paper. Incorporated in 1913. Over a hundred years old. Operating in aviation support, highways, cranes, material handling equipment, rentals, and even entertainment through subsidiaries. Basically, a diversified buffet.
But scratch the surface and you realize Brady is not a steady compounding monk. It’s more like a moody artist—some years brilliant, some years confused, some quarters throwing surprise “other income” parties.
The stock price tells this story beautifully. Five-year CAGR of ~36% looks sexy. Three-year CAGR of ~32% keeps hope alive. But one-year return of -32% slaps you back to reality. This is not a sleepy defensive business. This is a “blink and your P&L changes mood” company.
Operationally, Brady earns most of its revenue from selling products (~81%), some rental income (~17%), and a tiny slice from services. It caters to aviation authorities, highways, cranes, and industrial customers, including heavyweights like Airport Authority of India and GMR. Sounds solid, right?
Yet the recent quarterly numbers scream inconsistency. Revenue down sharply YoY, profits collapsing QoQ, margins shrinking, and other income occasionally doing all the heavy lifting like a bodybuilder carrying a weak gym partner.
So the question is simple: is Brady a temporarily struggling legacy engineering firm… or a permanently erratic cash-flow magician? Let’s break bones—I mean, break numbers.
3. Business Model – WTF Do They Even Do?
Explaining W. H.
Brady’s business is like explaining Indian traffic rules. Everything exists. Everything works. Nobody knows how.
At its core, Brady operates across four broad areas:
Aviation & Highways Support:
This is the “serious” part of the business. Brady supplies systems and services for air traffic control, airport terminals, air cargo handling, helicopter spares, intelligent traffic management systems, electronic toll collection, and highway safety infrastructure. These are long-cycle, project-driven, government-linked businesses—slow, bureaucratic, but sticky.
Material Handling Equipment (Cranes & Hoists):
Single girder cranes, double girder cranes, gantry cranes, flameproof cranes, hoists, pulley blocks—the full industrial catalogue. Manufacturing and distribution is largely handled via subsidiary Brady & Morris Engineering Co. Ltd, which manages a dealer network across India and exports to Africa and Southeast Asia.
Trading Business:
Standardized equipment trading with B2B customers domestically and internationally. Lower margin, volume-driven, and sensitive to capex cycles.
Rental & Real Estate + Entertainment Side Quests:
Rental income from space buildings and a wholly-owned entertainment subsidiary because… why not?
In short, Brady is not a product company. It’s a project + trading + rental hybrid. This means revenues can fluctuate wildly depending on project execution, order timing, and customer payments. Stability is not guaranteed. Excuses are.
If you like predictable SaaS ARR, please exit this article immediately.
4. Financials Overview – Numbers That Need Therapy
Result Type Locked: Quarterly Results
EPS Annualisation Rule Applied: Latest EPS × 4
Quarterly Performance Comparison (₹ Cr, EPS in ₹)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 16.81 | 26.97 | 23.58 | -37.7% | -28.7% |
| EBITDA | 1.48 | 3.89 | 1.71 | -61.9% | -13.5% |
| PAT | 1.13 | 3.94 | 2.62 | -71.3% | -56.9% |
| EPS (₹) | 3.92 | 12.86 | 8.63 | -69.5% | -54.6% |
Annualised EPS (Quarterly): ₹3.92 × 4 = ₹15.68
Commentary time. Revenue fell off a cliff YoY and QoQ. EBITDA margins compressed. PAT collapsed. EPS halved. This is not a
