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%

View full sector analysis →

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	426.05	60.99	148353.31	0.33	376.71	182.70	7697.72	40.29	9.24	6.69
2.	THERMAX	3918.95	78.70	46696.76	0.51	21.79	-85.61	2302.73	7.09	15.85	2.98
3.	INDOMIM	858.80	79.59	42466.02	0.69	2401.22	—	12187.42	—	24.48	33.36
4.	KIRLOSENG	2138.55	56.98	31120.15	0.33	1110.60	699.45	19995.30	1034.94	14.46	15.02
5.	JYOTICNC	988.85	69.90	22488.73	0.00	57.14	-19.99	508.47	23.97	23.88	21.40
6.	INOXINDIA	2163.40	77.05	19635.78	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	578.10	54.65	18377.71	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2842.00	132.06	18354.13	0.00	351.60	1094.62	1725.99	1159.00	12.28	37.29
9.	LLOYDSENGG	84.24	58.42	13065.95	0.30	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1569.70	558.13	11792.79	0.13	-1082.52	-3163.59	17234.42	4739.88	8.37	3.27
11.	KENNAMET	4562.45	85.63	10027.46	0.00	31.50	11.31	267.30	12.55	18.99	17.51
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

Standalone Figures in Rs. Crores / View Consolidated

	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%	-13.25%	5.71%	-2.66%	-6.40%	11.91%	-52.51%	15.92%	-13.95%	-4.81%
Other Income	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
	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
	2	-2	-0	-1	-2	-1	-2	-0	-1	-1
Equity Capital	15	15	15	15	15	15	15	24	24	24
Reserves	31	29	28	27	25	24	21	54	52	51
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	6	7	13	15	17	10	7	1	2	—
OPM %	15	13	13	22	24	28	14	12	3	6	—
Other Income	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
	0	1	2	7	8	4	1	-4	-9	-7	-8
Tax %	38	43	38	33	28	28	38	15	25	25	29
Net Profit	0	0	1	5	6	3	0	-3	-7	-5	-6
EPS	0	0	0	0	0	0	0	-2	-5	-2	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	0	0	1	5	4	2	0	-2	-5	-2	—

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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	2	2	2	2	15	15	15	15	15	24
	7	7	8	16	24	27	35	31	25	52
	17	16	15	16	17	19	21	21	23	21
Trade Payables	15	15	18	18	16	20	21	25	38	34
	20	20	22	27	36	41	41	43	41	26
Total Liabilities	60	59	65	80	108	121	133	135	141	156
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	28	26	24	29	34	37	41	40	45	38
Net Working Capital	4	4	-0	5	7	8	-1	1	2	29
Contingent Liabilities	1	2	0	1	1	2	0	0	2	2
Book Value per Share	46.06	48.36	54.46	83.44	26.47	28.36	33.71	31.60	27.17	31.81
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-1	7	11	5	14	12	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
Free Cash Flow	-1	7	6	-5	-13	7	-9	4	-1	-20
OCF / Net Profit	-3.39	17.05	9.84	1.04	2.36	3.96	31.18	-1.52	0.05	2.31
Cumulative 5-Year FCF	0	0	0	0	-7	2	-14	-16	-12	-19

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
PER SHARE
EPS (₹)	1.38	2.29	6.10	23.44	3.97	2.04	0.25	-2.16	-4.74	-2.26
Book Value (₹)	46.06	48.36	54.46	83.44	26.47	28.36	33.71	31.60	27.17	31.81
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	2.76	1.82	2.99	6.74	6.53	7.61	3.77	2.15	-0.71	-0.19
PROFITABILITY
Operating Margin %	14.62%	12.75%	12.96%	18.53%	20.10%	23.68%	14.18%	11.66%	3.17%	4.10%
Net Margin %	0.59%	0.95%	2.20%	7.20%	7.52%	4.24%	0.54%	-5.20%	-20.00%	-19.31%
ROE %	3.04%	4.86%	11.87%	36.17%	20.50%	7.46%	0.81%	-6.60%	-16.14%	-9.34%
ROCE %	11.50%	12.23%	14.31%	26.55%	19.61%	11.31%	5.25%	0.87%	-5.59%	-3.36%
	0.44%	0.70%	1.78%	6.92%	6.16%	2.60%	0.29%	-2.34%	-4.99%	-3.63%
EFFICIENCY
Debtor Days	39	40	47	52	56	69	70	90	245	416
Inventory Days	301	328	276	197	186	223	255	298	533	607
Payable Days	166	172	175	176	162	218	162	221	417	690
	174	196	148	72	81	73	163	166	361	333
FINANCIAL HEALTH
Debt to Equity (x)	3.36x	2.98x	2.42x	1.62x	0.89x	0.89x	0.83x	0.87x	1.14x	0.51x
Interest Coverage (x)	1.12x	1.20x	1.58x	3.32x	3.16x	1.94x	1.15x	0.17x	-1.08x	-0.87x
	1.10x	1.09x	1.00x	1.10x	1.12x	1.13x	0.99x	1.02x	1.03x	1.45x
GROWTH
Revenue Growth %	8.16%	4.00%	14.59%	18.26%	9.90%	-8.41%	12.38%	-10.15%	-42.82%	-18.94%
Operating Profit Growth %	19.33%	-9.34%	16.48%	98.00%	19.91%	7.63%	-42.70%	-26.12%	-84.46%	45.40%
Net Profit Growth %	-57.52%	66.39%	166.05%	353.06%	15.36%	-48.48%	-87.77%	-962.16%	-120.03%	21.75%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	52.37%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.75x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	59.99x

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

News

Recent coverage and analyst commentary for MARSHALL

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Marshall Machines Ltd.

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Name

BHEL

426.05

60.99

148353.31

0.33

376.71

182.70

7697.72

40.29

9.24

6.69

THERMAX

3918.95

78.70

46696.76

0.51

21.79

-85.61

2302.73

7.09

15.85

2.98

INDOMIM

858.80

79.59

42466.02

0.69

2401.22

—

12187.42

—

24.48

33.36

KIRLOSENG

2138.55

56.98

31120.15

0.33

1110.60

699.45

19995.30

1034.94

14.46

15.02

JYOTICNC

988.85

69.90

22488.73

0.00

57.14

-19.99

508.47

23.97

23.88

21.40

INOXINDIA

2163.40

77.05

19635.78

0.09

58.07

-4.98

370.79

9.18

33.54

20.46

TRITURBINE

578.10

54.65

18377.71

0.74

51.10

-20.65

442.70

19.23

35.95

11.59

AZAD

2842.00

132.06

18354.13

0.00

351.60

1094.62

1725.99

1159.00

12.28

37.29

LLOYDSENGG

84.24

58.42

13065.95

0.30

68.23

-77.28

527.15

142.92

17.99

15.04

TEGA

1569.70

558.13

11792.79

0.13

-1082.52

-3163.59

17234.42

4739.88

8.37

3.27

KENNAMET

4562.45

85.63

10027.46

0.00

31.50

11.31

267.30

12.55

18.99

17.51

MARSHALL

3.64

0.00

8.70

0.00

-1.46

-41.75

9.14

-14.26

-3.36

-4.81

Mar 2022

Jun 2022

Sep 2022

Dec 2022

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Operating Profit

-1

-0

-1

-0

OPM %

22.15%

-13.25%

5.71%

-2.66%

-6.40%

11.91%

-52.51%

15.92%

-13.95%

-4.81%

Other Income

Interest

Depreciation

-3

-1

-3

-1

-4

-1

-2

Tax %

25.26%

25.59%

25.27%

25.35%

23.99%

13.45%

25.36%

23.21%

31.58%

34.82%

Net Profit

-3

-1

-3

-1

-3

-0

-1

-2

-0

-1

-2

-1

-2

-0

-1

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

TTM

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

-4

-9

-7

-8

Tax %

Net Profit

-3

-7

-5

-6

EPS

-2

-5

-2

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-2

-5

-2

—

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

LIABILITIES

Equity Capital

Trade Payables

Total Liabilities

108

121

133

135

141

156

ASSETS

Capital Work in Progress

Cash & Bank

Total Assets

108

121

133

135

141

156

Total Debt

Net Working Capital

-0

-1

Contingent Liabilities

Book Value per Share

46.06

48.36

54.46

83.44

26.47

28.36

33.71

31.60

27.17

31.81

Face Value

10.00

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

-1

-0

-12

Cash from Investing

-0

-1

-5

-9

-27

-15

-10

-0

-19

Cash from Financing

-5

-2

-5

-0

-1

-0

Free Cash Flow

-1

-5

-13

-9

-1

-20

OCF / Net Profit

-3.39

17.05

9.84

1.04

2.36

3.96

31.18

-1.52

0.05

2.31

Cumulative 5-Year FCF

-7

-14

-16

-12

-19

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

PER SHARE

EPS (₹)

1.38

2.29

6.10

23.44

3.97

2.04

0.25

-2.16

-4.74

-2.26

Book Value (₹)

46.06

48.36

54.46

83.44

26.47

28.36

33.71

31.60

27.17

31.81

Dividend per Share (₹)

0.00

Cash EPS (₹)

2.76

1.82

2.99

6.74

6.53

7.61

3.77

2.15

-0.71

-0.19

PROFITABILITY

Operating Margin %

14.62%

12.75%

12.96%

18.53%

20.10%

23.68%

14.18%

11.66%

3.17%

4.10%

Net Margin %

0.59%

0.95%

2.20%

7.20%

7.52%

4.24%

0.54%

-5.20%

-20.00%

-19.31%

ROE %

3.04%

4.86%

11.87%

36.17%

20.50%

7.46%

0.81%

-6.60%

-16.14%

-9.34%

ROCE %

11.50%

12.23%

14.31%

26.55%

19.61%

11.31%

5.25%

0.87%

-5.59%

-3.36%

0.44%

0.70%

1.78%

6.92%

6.16%

2.60%

0.29%

-2.34%

-4.99%

-3.63%

EFFICIENCY

Debtor Days

245

416

Inventory Days

301

328

276

197

186

223

255

298

533

607

Payable Days

166

172

175

176

162

218

162

221

417

690

174

196

148

163

166

361

333

FINANCIAL HEALTH

Debt to Equity (x)

3.36x

2.98x

2.42x

1.62x

0.89x

0.83x

0.87x

1.14x

0.51x

Interest Coverage (x)

1.12x

1.20x

1.58x

3.32x

3.16x

1.94x

1.15x

0.17x

-1.08x

-0.87x

1.10x

1.09x

1.00x

1.10x

1.12x

1.13x

0.99x

1.02x

1.03x

1.45x

GROWTH

Revenue Growth %

8.16%

4.00%

14.59%

18.26%

9.90%

-8.41%

12.38%

-10.15%

-42.82%

-18.94%

Operating Profit Growth %

19.33%

-9.34%

16.48%

98.00%

19.91%

7.63%

-42.70%

-26.12%

-84.46%

45.40%

Net Profit Growth %

-57.52%

66.39%

166.05%

353.06%

15.36%

-48.48%

-87.77%

-962.16%

-120.03%

21.75%

0.00%

52.37%

VALUATION

P/E (x)

0.00x

P/B (x)

0.00x

0.75x

Dividend Yield %

0.00%

0.00x

59.99x

Dec 2022

Mar 2023

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

60.00

52.01

47.34

28.89

0.01

0.00

DIIs

0.00

Government

0.00

40.00

47.99

52.66

71.11

Marshall Machines Ltd.

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Quarterly Results

Profit & Loss

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Marshall Machines Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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