Marshall Machines Ltd.

•

marshallcnc.comBSE: -NSE: MARSHALL

Market Cap₹ 9 Cr.

Current Price

High / Low₹ 6 / 4

Stock P/E0.0

Book Value₹ 31

Price to Book0.75

Dividend Yield0.00 %

ROCE-3.4 %

ROE-9.3 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
Company has a low return on equity of -10.7% over last 3 years
Company has a low return on capital employed of -2.7%
Interest coverage is weak at -0.9x - earnings barely cover interest
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.52x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	430.60	61.64	149937.65	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	1018.90	94.43	50382.66	0.58	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3680.25	73.91	43852.50	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	HONAUT	34514.05	55.37	30515.68	0.32	150.70	20.95	1204.40	1.80	17.04	14.32
5.	JYOTICNC	987.95	69.84	22468.26	0.00	57.14	-19.99	508.47	23.97	21.34	21.40
6.	INOXINDIA	2245.75	80.12	20418.91	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	AZAD	2846.00	132.25	18379.96	0.00	35.16	19.46	172.60	25.90	12.04	37.29
8.	TRITURBINE	569.10	53.80	18091.60	0.75	51.10	-20.65	442.70	19.23	35.95	11.59
9.	TEGA	1731.10	615.52	13005.36	0.12	-108.25	-406.36	1723.44	383.99	8.37	3.27
10.	LLOYDSENGG	82.72	57.36	12830.19	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
11.	KRN	1595.75	107.75	10445.54	0.00	32.90	164.84	252.32	118.87	16.06	19.44
12.	MARSHALL	3.64	0.00	8.70	0.00	-1.46	-41.75	9.14	-14.26	-3.36	-4.81

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	24	7	8	7	12	11	2	10	6	9
	19	8	8	7	13	9	3	8	6	10
Operating Profit	5	-1	0	-0	-1	1	-1	2	-1	-0
OPM %	22.15%	-13.11%	5.60%	-2.66%	-6.49%	11.91%	-53.07%	15.82%	-13.77%	-4.81%
	0	0	1	1	0	0	0	0	0	0
Interest	1	1	1	1	1	1	1	1	0	1
Depreciation	1	2	1	1	1	1	1	1	1	1
Profit before Tax	3	-3	-1	-1	-3	-1	-4	-1	-2	-2
Tax %	25.26%	25.59%	25.27%	25.35%	23.99%	13.45%	25.36%	23.21%	31.58%	34.82%
Net Profit	2	-3	-1	-1	-3	-1	-3	-0	-1	-1
	1.53	-1.73	-0.47	-0.73	-1.81	-0.71	-1.81	-0.18	-0.55	-0.61

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	42	44	50	59	65	60	67	60	34	28	26
	36	38	44	47	50	44	58	53	36	27	27
Operating Profit	6	5	6	13	15	16	9	7	-1	1	-1
OPM %	13.54%	12.51%	12.25%	21.58%	23.32%	26.47%	14.02%	11.43%	-4.09%	4.10%	-2.16%
	0	0	0	0	0	1	0	0	3	0	0
Interest	4	4	3	3	4	4	4	4	4	4	3
Depreciation	2	1	2	2	4	8	5	6	6	5	5
Profit before Tax	0	1	2	7	8	4	1	-4	-9	-7	-8
Tax %	38.37%	43.18%	38.49%	32.93%	27.85%	27.82%	37.87%	15.14%	24.95%	24.72%	29.23%
Net Profit	0	0	1	5	6	3	0	-3	-7	-5	-6
EPS	0.00	0.00	0.00	0.00	0.00	0.00	0.25	-2.16	-4.74	-2.26	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -3%
5 Years:: -16%
3 Years:: -25%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -19%
3 Years:: -46%
1 Year:: -82%

RETURN ON EQUITY

10 Years:: 5%
5 Years:: -5%
3 Years:: -11%
Last Year:: -9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	2	2	2	2	15	15	15	15	15	24
	7	7	8	16	24	27	35	31	25	52
	25	24	23	24	28	34	35	34	41	35
Trade Payables	15	15	18	18	16	20	21	25	38	34
	11	12	13	20	25	26	27	30	23	12
Total Liabilities	60	59	65	80	108	121	133	135	141	156
	13	11	15	23	46	39	68	62	57	60
Capital Work in Progress	0	0	0	0	0	14	0	0	0	0
	40	39	37	38	40	46	48	50	50	43
	0	0	0	0	0	0	0	0	0	35
Cash & Bank	1	1	2	4	4	5	1	0	0	0
	7	7	11	15	17	18	16	22	33	18
Total Assets	60	59	65	80	108	121	133	135	141	156

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-0	7	11	3	10	9	11	5	-0	-12
Cash from Investing	-0	-1	-5	-9	-27	-15	-10	-0	-0	-19
Cash from Financing	1	-5	-5	5	14	3	-2	-5	1	31
	-0	1	1	1	0	0	-1	-0	0	0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	60.00	52.01	52.01	47.34	28.89	28.89	28.89	28.89
	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	40.00	47.99	47.99	52.66	71.11	71.11	71.11	71.11

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-05-05

Corporate Insolvency Resolution Process

2026-05-05 - Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Information regarding the 8th meeting of Committee of Creditors held on 29.04.2026 in the matter of Marshall Machines Limited

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Recent coverage and analyst commentary for MARSHALL

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