Brady & Morris Engineering Company is India’s premier manufacturer of material handling equipment - the cranes, hoists and lifting systems that move heavy loads inside factories, construction sites and infrastructure projects across the country. Founded in 1946 as a subsidiary of W. H. Brady & Co. Ltd., it has spent over seven decades building a reputation around a single, integrated promise: not just selling a crane, but delivering a complete material handling solution - from design to after-sales service - under the Morris brand. That approach, pairing its own manufacturing with a nationwide dealer network and a long-term commercial arrangement with its parent, is the recurring logic that explains how the company works. # Business segments A focused single-engine business - manufacturing and selling Morris-brand material handling equipment - where the company earns revenue through product sales, trading and commissions, all anchored by a long-term contract with its parent. ## 1. Morris material handling equipment: the company’s sole manufacturing engine **The company designs, builds and sells complete lifting and moving solutions for heavy industry - cranes, hoists and textile machinery - all under the Morris brand, through a pan-India network of dealers.** - **Complete solutions, not just components** - the company’s strength is providing an end-to-end material handling solution, which means it supplies equipment to industries as varied as steel, cement, power, sugar, chemicals, paper, mining, water treatment and defence. - **Made in one factory, sold everywhere** - all manufacturing happens at a single facility in Bareja, Gujarat, but products reach customers across India through a large network of dealers and distributors managed directly by the company, supported by sales offices that cover every corner of the country. - **The Morris brand is the identity** - every product is sold under the “Morris” brand, a name the company has carried for decades, and it also manufactures textile machinery and stores alongside its core lifting equipment. - **One-time sales, not recurring contracts** - the company makes money by selling products outright, with revenue recognised when the goods are delivered and control passes to the buyer; it also earns some lease income from operating leases. - **Long customer relationships protect pricing** - the company has a long-standing relationship with its customers and can match prices suitably when competitive pressure arises, which helped it sustain market share even through high inflation and COVID-19 disruption. # Group structure and partners **The company is a listed subsidiary controlled by W. H. Brady & Co. Ltd., which owns nearly three-quarters of the equity and is bound to Brady & Morris by a ten-year commercial contract covering sales, purchases and commissions.** - **Parent as anchor customer and supplier** - a long-term contract with W. H. Brady & Co. Ltd., running from FY26 to FY36 with an annual cap of ₹100 Crores, governs three things: the sale of all Morris-brand products manufactured by Brady & Morris, the purchase of goods and materials from the parent, and the payment of commission for facilitating sales. - **Tightly held, with a failed delisting in the past** - the promoter group held 73.98% of equity as of March 2025, and in 2020 an attempt to delist the company through a reverse book-building process was terminated when the acquirer rejected the discovered price of ₹750 per share, leaving the company listed on BSE. - **No subsidiaries, associates or joint ventures** - the company has a holding company, W. H. Brady & Co. Limited, but does not have any subsidiary, associate company or joint venture, and its related-party universe includes several entities controlled by directors or their relatives, such as Brady Estates and Brady Services. - **Preference shares redeemed** - the parent historically held 100% of the company’s 7% redeemable non-cumulative non-convertible preference shares, but these were fully redeemed out of free reserves by FY25, simplifying the capital structure.