Marsons Ltd.

•

marsonsonline.comBSE: 517467NSE: MARSONS

Market Cap₹ 2,366 Cr.

Current Price

High / Low₹ 175 / 100

Stock P/E53.6

Book Value₹ 10

Price to Book26.45

Dividend Yield0.00 %

ROCE38.0 %

ROE41.0 %

Face Value₹ 1

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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

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

Capital GoodsCapital GoodsElectric Equipment

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

S.No.	Name
1.	ABB	7419.90	52.62	157233.90	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	SIEMENS	3976.00	43.23	141593.51	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
3.	POWERINDIA	31650.00	122.63	141071.53	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	CGPOWER	893.95	112.67	140837.36	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3114.90	74.55	110927.98	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
6.	GVT&D	4325.00	593.01	110740.13	0.23	362.99	24.65	1836.14	38.04	75.51	25.10
7.	WAAREEENER	2636.00	19.87	75824.89	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17412.20	61.71	72908.95	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1156.00	44.42	72546.13	0.87	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.38	19.84	62377.70	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1233.30	160.47	29488.70	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	MARSONS	137.50	53.51	2366.38	0.00	5.93	-26.17	49.26	4.75	38.04	14.69

Detailed Comparison with:

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
PER SHARE
EPS (₹)	1.66	-3.98	-25.90	-8.63	-0.24	-0.18	-0.10	0.26	0.04	1.63
Book Value (₹)	14.31	0.40	-25.48	-34.12	0.27	0.10	-0.02	0.24	1.02	7.12
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 (₹)	2.90	-3.29	-24.09	-7.38	-0.06	-0.05	-0.01	0.33	0.10	1.65
PROFITABILITY
Operating Margin %	13.25%	3.62%	-330.88%	-5814.44%	0.00%	-174.69%	-4.60%	160.68%	18.44%	14.98%
Net Margin %	3.87%	-9.79%	-387.75%	-6219.11%	0.00%	-676.69%	-81.13%	71.58%	9.73%	16.64%
ROE %	12.32%	-54.10%	0.00%	0.00%	0.00%	-96.56%	-273.44%	235.88%	7.29%	40.99%
ROCE %	10.79%	2.13%	-119.89%	-217.25%	-24.07%	-8.89%	-5.55%	32.19%	3.20%	38.05%
	2.15%	-5.48%	-60.62%	-37.78%	-9.30%	-8.78%	-5.39%	13.98%	2.37%	30.78%
EFFICIENCY
Debtor Days	286	260	885	0	0	7868	1608	655	681	90
Inventory Days	154	175	548	0	0	0	14	10	28	17
Payable Days	342	229	190	0	0	0	725	225	212	38
	98	206	1243	0	0	7868	897	440	497	69
FINANCIAL HEALTH
Debt to Equity (x)	1.99x	76.98x	-1.35x	-0.99x	6.55x	19.19x	-91.20x	4.81x	0.63x	0.02x
Interest Coverage (x)	1.45x	0.19x	-12.02x	-1227.27x	-9951.00x	-217.33x	0.00x	2.03x	27.08x	145.96x
	1.22x	1.30x	0.61x	0.25x	23.54x	14.17x	8.27x	1.72x	1.10x	3.37x
GROWTH
Revenue Growth %	42.86%	-3.01%	-83.30%	-97.92%	-100.00%	0.00%	383.59%	186.65%	41.56%	2507.07%
Operating Profit Growth %	9.89%	-74.18%	-1604.91%	63.49%	97.05%	3.35%	87.27%	0.00%	-81.51%	2012.80%
Net Profit Growth %	187.19%	-339.54%	-551.22%	66.68%	86.17%	25.41%	42.02%	352.92%	-80.75%	4358.36%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-82.82%	3526.28%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	817.82x	115.62x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	36.15x	26.45x
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	385.77x	113.19x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.65	53.65	53.65	53.65	53.65	53.65	53.65	53.65	53.65
	0.00	0.00	0.00	0.00	0.02	0.04	0.04	0.12	0.13
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15	0.17
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.35	46.35	46.35	46.35	46.32	46.31	46.31	46.08	46.05

Documents

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

2026-09-05

Record Date

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

Shareholders meeting

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

Clarification - Financial Results

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

Copy of Newspaper Publication

2026-08-14 - Marsons Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Press Release

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

Outcome of Board Meeting

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

Resignation

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

Resignation of Director/KMP/SMP

2026-07-15 - Marsons Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-07-15

Resignation

2026-07-15 - Marsons Limited has informed the Exchange regarding Resignation of Mr. Mohammad Tinku (DIN: 09839960) as Independent Director of the company w.e.f. July 16, 2026.

News

Recent coverage and analyst commentary for MARSONS

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Marsons Ltd.

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Name

ABB

7419.90

52.62

157233.90

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

SIEMENS

3976.00

43.23

141593.51

0.45

214.31

-49.38

4713.70

8.44

21.42

9.14

POWERINDIA

31650.00

122.63

141071.53

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

CGPOWER

893.95

112.67

140837.36

0.15

308.28

15.52

3280.81

13.99

27.94

12.11

ENRIN

3114.90

74.55

110927.98

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

GVT&D

4325.00

593.01

110740.13

0.23

362.99

24.65

1836.14

38.04

75.51

25.10

WAAREEENER

2636.00

19.87

75824.89

0.15

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17412.20

61.71

72908.95

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1156.00

44.42

72546.13

0.87

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.38

19.84

62377.70

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1233.30

160.47

29488.70

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

MARSONS

137.50

53.51

2366.38

0.00

5.93

-26.17

49.26

4.75

38.04

14.69

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

Operating Profit

-0

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%

-1

-0

Interest

Depreciation

-0

Profit before Tax

-0

Tax %

-0.00%

0.00%

-22.00%

19.73%

Net Profit

-0

-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

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

103

100

168

247

143

206

Operating Profit

-56

-22

-1

-0

OPM %

11.95%

2.24%

-334.49%

-6339.31%

—

-174.72%

-6.48%

22.72%

18.44%

14.98%

16.63%

-0

Interest

Depreciation

Profit before Tax

-8

-65

-23

-3

-2

-1

Tax %

-20.82%

-22.24%

-0.00%

7.53%

-0.00%

0.00%

-6.29%

Net Profit

-10

-65

-22

-3

-2

-1

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%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

-8

-72

-94

-9

-11

-13

-9

105

Trade Payables

Total Liabilities

226

137

152

Cash & Bank

109

Total Assets

226

137

152

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-7

-13

-0

-4

-35

Cash from Investing

-25

-1

-0

-38

Cash from Financing

-3

-4

-2

-0

-8

-1

-0

-1

-0

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

1.66

-3.98

-25.90

-8.63

-0.24

-0.18

-0.10

0.26

0.04

1.63

Book Value (₹)

14.31

0.40

-25.48

-34.12

0.27

0.10

-0.02

0.24

1.02

7.12

Dividend per Share (₹)

0.00

Cash EPS (₹)

2.90

-3.29

-24.09

-7.38

-0.06

-0.05

-0.01

0.33

0.10

1.65

PROFITABILITY

Operating Margin %

13.25%

3.62%

-330.88%

-5814.44%

0.00%

-174.69%

-4.60%

160.68%

18.44%

14.98%

Net Margin %

3.87%

-9.79%

-387.75%

-6219.11%

0.00%

-676.69%

-81.13%

71.58%

9.73%

16.64%

ROE %

12.32%

-54.10%

0.00%

-96.56%

-273.44%

235.88%

7.29%

40.99%

ROCE %

10.79%

2.13%

-119.89%

-217.25%

-24.07%

-8.89%

-5.55%

32.19%

3.20%

38.05%

2.15%

-5.48%

-60.62%

-37.78%

-9.30%

-8.78%

-5.39%

13.98%

2.37%

30.78%

EFFICIENCY

Debtor Days

286

260

885

7868

1608

655

681

Inventory Days

154

175

548

Payable Days

342

229

190

725

225

212

206

1243

7868

897

440

497

FINANCIAL HEALTH

Debt to Equity (x)

1.99x

76.98x

-1.35x

-0.99x

6.55x

19.19x

-91.20x

4.81x

0.63x

0.02x

Interest Coverage (x)

1.45x

0.19x

-12.02x

-1227.27x

-9951.00x

-217.33x

0.00x

2.03x

27.08x

145.96x

1.22x

1.30x

0.61x

0.25x

23.54x

14.17x

8.27x

1.72x

1.10x

3.37x

GROWTH

Revenue Growth %

42.86%

-3.01%

-83.30%

-97.92%

-100.00%

0.00%

383.59%

186.65%

41.56%

2507.07%

Operating Profit Growth %

9.89%

-74.18%

-1604.91%

63.49%

97.05%

3.35%

87.27%

0.00%

-81.51%

2012.80%

Net Profit Growth %

187.19%

-339.54%

-551.22%

66.68%

86.17%

25.41%

42.02%

352.92%

-80.75%

4358.36%

0.00%

-82.82%

3526.28%

VALUATION

P/E (x)

0.00x

817.82x

115.62x

P/B (x)

0.00x

36.15x

26.45x

Dividend Yield %

0.00%

0.00x

385.77x

113.19x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

53.65

0.00

0.02

0.04

0.12

0.13

0.00

0.15

0.17

Government

0.00

46.35

46.32

46.31

46.08

46.05

Marsons Ltd.

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Quarterly Results

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Balance Sheet

Corporate actions

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Documents

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