What does McNally Sayaji Engineering Limited manufacture?

McNally Sayaji manufactures bulk material handling equipment and machinery for the mining and infrastructure sector, including crushers, screens, vibrating feeders, belt conveyors, and mineral processing equipment. Its products are used in coal, iron ore, limestone, and aggregate processing applications.

Who are the promoters of McNally Sayaji Engineering?

The company is promoted by McNally Bharat Engineering Company Limited, which is part of the Williamson Magor Group — one of India's oldest industrial conglomerates associated with the Brij Mohan Khaitan family.

Where are McNally Sayaji's manufacturing plants located?

The company operates four manufacturing facilities: Kumardubi in Jharkhand, Asansol in West Bengal, Bengaluru in Karnataka, and Vadodara in Gujarat — covering key industrial belts across India.

Is McNally Sayaji Engineering listed on any stock exchange?

McNally Sayaji Engineering Limited is listed on the Metropolitan Stock Exchange of India (MSEI) under ISIN INE665A01012, though it has limited trading volumes compared to National Stock Exchange or BSE-listed peers.

What sectors use McNally Sayaji's equipment?

The primary end-users include coal mining (particularly Coal India Limited and SCCL), iron ore mining (NMDC, JSW, Tata Steel), limestone quarrying for cement producers, port and bulk terminal material handling, and power plant coal handling systems.

How do I buy McNally Sayaji Engineering unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

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Is there a minimum ticket size for McNally Sayaji Engineering?

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What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell McNally Sayaji Engineering shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

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Investment Thesis

McNally Sayaji Engineering Limited is one of India's oldest and most experienced manufacturers of mining and bulk material handling equipment, with over 80 years of operating history and four manufacturing facilities across the country. The company is well-positioned to benefit from India's mining sector expansion and domestic manufacturing push under Atmanirbhar Bharat. While financial leverage and cyclicality are structural concerns, the company's institutional customer base (Coal India, NMDC, steel PSUs) and established product portfolio provide a durable competitive position in the Indian capital goods sector.

Pros

Incorporated in 1943 — over 80 years of manufacturing history in mining and material handling equipment, giving the company an unmatched heritage and institutional knowledge in heavy engineering
Four strategically located manufacturing facilities at Kumardubi (Jharkhand), Asansol (West Bengal), Bengaluru, and Vadodara provide broad national production capacity and proximity to key mining and industrial customers
India's mining sector — particularly coal, iron ore, and limestone — is a large captive market for McNally Sayaji's crushers, screens, feeders, and conveyor systems under the government's Atmanirbhar Bharat and mining expansion agenda
Part of the Williamson Magor / McNally Bharat Engineering group, one of India's oldest industrial conglomerates with deep relationships in the mining, power, and infrastructure sectors
Growing demand for bulk material handling equipment from steel, cement, power, and port sectors provides multiple end-market demand drivers for the company's product range

Cons

Despite 80+ years of history, the company is quoted at ₹175 in the unlisted market and trades on the Metropolitan Stock Exchange with limited liquidity compared to mainboard-listed peers
Heavy engineering companies in India face cyclicality tied to mining capex cycles; downturns in coal India capital expenditure or steel sector investment directly impact order inflows
The company has historically operated under financial stress; high debt levels and working capital-intensive long-cycle projects in heavy engineering have strained cash flows at various points
Competition from international heavy equipment makers (Sandvik, Metso, thyssenkrupp) and domestic competitors (L&T, TIL, Elecon Engineering) limits pricing power in large tenders
Kolkata-headquartered heavy engineering companies face challenges attracting technology talent compared to Mumbai or Bengaluru-based peers, potentially impacting product innovation pace

Business Segments

Crushing and Screening Equipment

Design and manufacture of jaw crushers, cone crushers, impact crushers, vibrating screens and feeders for mining, quarrying, and aggregate production applications.

Bulk Material Handling Systems

Belt conveyor systems, stackers, reclaimers, bucket elevators, and complete bulk material handling projects for coal mines, steel plants, cement factories, and ports.

Mineral Processing Equipment

Wet and dry processing equipment for mineral beneficiation including washers, jigs, and separation equipment for coal washing and iron ore beneficiation plants.

Revenue Model

McNally Sayaji generates revenue through the manufacture and sale of capital equipment for mining and material handling applications, as well as EPC (engineering, procurement, and construction) contracts for complete bulk handling systems. Revenue is project-driven with long order-to-execution cycles typical of capital goods companies; order book visibility is typically 12–18 months. Aftermarket services and spare parts supply provide a recurring revenue stream alongside project-based income.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

Coal India's expanded capex programme for mechanization and material handling system upgrades

Government's Atmanirbhar Bharat policy preference for domestic mining equipment manufacturers in PSU tenders

Steel sector capacity expansion by JSW, Tata Steel, and AMNS driving bulk material handling equipment demand

Port and logistics sector investment under Sagarmala project creating new bulk handling system opportunities

Industry Tailwinds

Recent Developments

Beneficiary of Coal India capex expansion

Coal India Limited's sustained capital expenditure programme for mining machinery and material handling infrastructure has generated order inflows for domestic equipment manufacturers including McNally Sayaji.

2024-03

Steel sector demand recovery supporting capital goods orders

Recovery in steel sector investment, including greenfield and brownfield expansion by Tata Steel, JSW Steel, and SAIL, has driven demand for bulk material handling systems — a core segment for McNally Sayaji.

2023-09

Atmanirbhar Bharat mining equipment focus

Government policy push for domestic manufacturing of mining equipment under Atmanirbhar Bharat has created opportunities for McNally Sayaji to compete for government tenders with preference for domestically manufactured equipment.

2023-01

Comparable Companies

CompanyTypeTickerMkt Cap

TIL LimitedListedTILIND~₹500 Cr (listed)

Elecon Engineering Company LimitedListedELECON~₹6,000 Cr (listed)

McNally Bharat Engineering Company LimitedListedMCNALLY~₹500 Cr (listed, parent company)

TIL LimitedListed

TILIND · ~₹500 Cr (listed)

Frequently Asked Questions

About McNally Sayaji Engineering

McNally Sayaji Engineering Limited (MSEL) is one of India's leading manufacturers of crushing, screening, grinding, material handling, and mineral processing equipment, with over 80 years of operating history. Incorporated in 1943 in West Bengal, the company has been a critical supplier to India's core sector industries including iron ore, coal, steel, zinc, copper, limestone, and rare earth mineral processing operations. MSEL manufactures a comprehensive range of heavy industrial equipment including jaw crushers, cone crushers, hammer mills, vibrating screens, belt conveyors, bucket elevators, and complete mineral beneficiation systems. These machines are used across mining operations, quarries, cement plants, power stations, and steel mills to process and move bulk materials. In June 2023, Tega Industries — India's leading mineral beneficiation equipment and wear solutions company — completed the acquisition of McNally Sayaji Engineering through the NCLT insolvency resolution route for ₹165 crore. This acquisition created Tega McNally Minerals Limited, combining Tega's wear solutions expertise with MSEL's equipment manufacturing capabilities. The combined entity operates four manufacturing facilities at Kumardhubi (Jharkhand), Asansol (West Bengal), Bengaluru (Karnataka), and Vadodara (Gujarat). Post-acquisition, the business reported operating revenue in the INR 100–500 crore range for FY2024. The company had 152 employees as of September 2024 (down from its peak workforce given historical financial challenges). The acquisition by Tega Industries has stabilised the business after years of financial stress.

Key Milestones

1943 — Incorporated as McNally Sayaji Engineering Limited in West Bengal, established as a manufacturer of crushing and screening equipment for the Indian mining industry during World War II industrial expansion

Common questions about unlisted shares

How do I buy McNally Sayaji Engineering unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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