Marsons Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company is almost debt free
- Company has a good return on equity (ROE) track record: 3 Years ROE 94.7%
- Company has a healthy return on capital (ROCE) of 24.5%
- Operating margins have improved to 15.0% from -4.6%
- Company comfortably covers its interest (146.0x coverage)
CONS
- Operating cash flow has been negative in recent years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.23x)
- Working capital days have increased from 89 to 154 days
- Equity base is being diluted - shares outstanding up 37.7%
- Stock is trading at 26.4x its book value
- Effective tax rate is unusually low at 0.0% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| MARSONS | 127.15 | 49.48 | 2188.25 | 0.00 | 5.93 | -26.17 | 49.26 | 4.75 | 38.04 | 14.69 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 2 | 1 | 4 | 30 | 39 | 44 | 56 | 47 | 60 | 46 | 92 | 49 | |
| 0 | 1 | 0 | 3 | 25 | 33 | 40 | 46 | 40 | 51 | 39 | 73 | 43 | |
| Operating Profit | -0 | 1 | 0 | 1 | 5 | 6 | 4 | 10 | 7 | 9 | 7 | 19 | 7 |
| OPM % | -117.39% | 28.33% | 50.77% | 15.92% | 16.90% | 15.11% | 9.44% | 18.15% | 15.54% | 14.35% | 14.95% | 20.63% | 13.48% |
| 0 | 0 | 0 | 0 | 0 | 2 | 2 | -1 | 1 | 1 | 1 | -0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -0 | 0 | 0 | 0 | 5 | 7 | 6 | 9 | 8 | 9 | 6 | 18 | 7 |
| Tax % | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -22.00% | 19.73% |
| Net Profit | -0 | 0 | 0 | 0 | 5 | 7 | 6 | 9 | 8 | 9 | 6 | 23 | 6 |
| -0.03 | 0.03 | 0.01 | 0.03 | 0.30 | 0.43 | 0.37 | 0.52 | 0.47 | 0.53 | 0.38 | 1.31 | 0.34 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 103 | 100 | 17 | 0 | 0 | 0 | 2 | 5 | 6 | 168 | 247 | |
| 91 | 98 | 73 | 22 | 1 | 1 | 2 | 4 | 5 | 143 | 206 | |
| Operating Profit | 12 | 2 | -56 | -22 | -1 | -1 | -0 | 1 | 1 | 25 | 41 |
| OPM % | 11.95% | 2.24% | -334.49% | -6339.31% | — | -174.72% | -6.48% | 22.72% | 18.44% | 14.98% | 16.63% |
| 2 | 1 | 1 | 2 | -0 | 0 | 0 | 6 | 0 | 3 | 2 | |
| Interest | 8 | 10 | 5 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 2 |
| Depreciation | 3 | 2 | 5 | 3 | 2 | 2 | 1 | 1 | 1 | 0 | 1 |
| Profit before Tax | 3 | -8 | -65 | -23 | -3 | -2 | -1 | 3 | 1 | 28 | 42 |
| Tax % | -20.82% | -22.24% | -0.00% | 7.53% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | -6.29% |
| Net Profit | 4 | -10 | -65 | -22 | -3 | -2 | -1 | 3 | 1 | 28 | 44 |
| EPS | 1.66 | 0.00 | -25.90 | -8.63 | -0.24 | -0.18 | -0.10 | 0.26 | 0.04 | 1.63 | — |
| 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:
- 12%
- 5 Years:
- —
- 3 Years:
- 373%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 61%
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -13%
- 5 Years:
- -17%
- 3 Years:
- 95%
- Last Year:
- 41%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 12 | 12 | 12 | 12 | 14 | 17 |
| 27 | -8 | -72 | -94 | -9 | -11 | -13 | -9 | 0 | 105 | |
| 72 | 77 | 86 | 84 | 22 | 23 | 23 | 15 | 9 | 3 | |
| Trade Payables | 82 | 32 | 31 | 17 | 0 | 0 | 1 | 1 | 2 | 25 |
| 20 | 12 | 6 | 6 | 0 | 0 | 0 | 4 | 4 | 2 | |
| Total Liabilities | 226 | 137 | 76 | 38 | 26 | 25 | 23 | 23 | 30 | 152 |
| 30 | 29 | 24 | 21 | 19 | 17 | 16 | 13 | 13 | 14 | |
| 37 | 12 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 37 | |
| 48 | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 68 | |
| Cash & Bank | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 109 | 46 | 48 | 17 | 7 | 7 | 7 | 10 | 1 | 16 | |
| Total Assets | 226 | 137 | 76 | 38 | 26 | 25 | 23 | 23 | 30 | 152 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 4 | -7 | 1 | -13 | -0 | 0 | 0 | -4 | -35 | |
| Cash from Investing | -25 | -1 | 1 | -0 | 3 | 0 | -0 | 8 | -0 | -38 |
| Cash from Financing | -3 | -4 | 5 | -2 | 10 | 0 | -0 | -8 | 4 | 74 |
| -1 | -0 | -0 | -1 | 0 | -0 | -0 | 0 | 0 | 1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Marsons Limited has informed the Exchange about Copy of Newspaper Publication regarding the 49th AGM of the company.
2026-09-05 - Marsons Limited has informed the Exchange that Record date for the purpose of Annual General Meeting is 23-Sep-2026.
2026-09-05 - Marsons Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-02 - The Exchange has sought clarification from Marsons Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.
2026-08-14 - Marsons Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Marsons Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Press Release on the Unaudited Consolidated Financial Results of the Company for the quarter ended 30th June 2026.".
2026-08-13 - Marsons Limited has submitted to the Exchange, the financial results (standalone & consolidated) for the period ended Jun 30, 2026.
2026-07-16 - Marsons Limited has informed the Exchange regarding Resignation of Mr. Mohammad Tinku as Non- Executive Independent Director of the company w.e.f. July 16, 2026.
2026-07-15 - Marsons Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for MARSONS
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Marsons Ltd.
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