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 has delivered good profit growth of 46.5% CAGR over last 5 years
- Company is almost debt free
- Operating margins have improved to 15.0% from -332.7%
- Company comfortably covers its interest (146.0x coverage)
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of -64.3%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.43x)
- Working capital days have increased from 89 to 154 days
- 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 | 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 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 4 | 30 | 39 | 44 | 56 | 47 | 60 | 46 | 93 | 49 | |
| 0 | 3 | 25 | 33 | 40 | 46 | 40 | 51 | 39 | 74 | 43 | |
| Operating Profit | 0 | 1 | 5 | 6 | 4 | 10 | 7 | 9 | 7 | 19 | 7 |
| OPM % | 50.77% | 15.92% | 16.90% | 15.11% | 9.44% | 18.15% | 15.54% | 14.35% | 14.95% | 20.57% | 13.48% |
| 0 | 0 | 0 | 2 | 2 | -1 | 1 | 1 | 1 | -0 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 0 | 0 | 5 | 7 | 6 | 9 | 8 | 9 | 6 | 19 | 7 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -21.95% | 19.73% |
| Net Profit | 0 | 0 | 0 | 0 | 6 | 9 | 8 | 9 | 6 | 23 | 6 |
| 0.01 | 0.03 | 0.30 | 0.43 | 0.37 | 0.52 | 0.47 | 0.53 | 0.38 | 1.31 | 0.34 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 106 | 103 | 100 | 17 | 0 | 6 | 168 | 248 | |
| 94 | 91 | 97 | 73 | 22 | 5 | 143 | 207 | |
| Operating Profit | 11 | 12 | 3 | -56 | -22 | 1 | 25 | 41 |
| OPM % | 10.66% | 11.95% | 2.67% | -334.49% | -6339.31% | 18.44% | 14.98% | 16.62% |
| 0 | 2 | 1 | 0 | 2 | 0 | 3 | 2 | |
| Interest | 5 | 8 | 10 | 5 | 0 | 0 | 0 | 2 |
| Depreciation | 1 | 3 | 2 | 32 | 3 | 1 | 0 | 1 |
| Profit before Tax | 6 | 3 | -8 | -93 | -23 | 1 | 28 | 42 |
| Tax % | 7.19% | -20.82% | -23.46% | 1.04% | 7.53% | 0.00% | 0.00% | -6.28% |
| Net Profit | 5 | 4 | -10 | -92 | -22 | 1 | 28 | 44 |
| EPS | 2.07 | 1.66 | 0.00 | -36.63 | -8.63 | 0.04 | 1.63 | — |
| Dividend Payout % | 24.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 116%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 46%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 2%
- 3 Years:
- 14%
- Last Year:
- 41%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 25 | 25 | 25 | 25 | 25 | 14 | 17 |
| 26 | 28 | 18 | -74 | -94 | 0 | 105 | |
| 36 | 72 | 77 | 86 | 84 | 9 | 3 | |
| Trade Payables | 38 | 82 | 32 | 31 | 17 | 2 | 25 |
| 12 | 20 | 12 | 5 | 6 | 4 | 2 | |
| Total Liabilities | 137 | 227 | 163 | 73 | 38 | 30 | 152 |
| 29 | 58 | 56 | 24 | 21 | 13 | 14 | |
| 10 | 10 | 10 | 0 | 0 | 0 | 37 | |
| 26 | 48 | 50 | 0 | 0 | 1 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 15 | 68 | |
| Cash & Bank | 4 | 1 | 1 | 1 | 0 | 0 | 1 |
| 67 | 109 | 46 | 48 | 17 | 1 | 16 | |
| Total Assets | 137 | 227 | 163 | 73 | 38 | 30 | 152 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -15 | 27 | 4 | -7 | 1 | -4 | -35 | |
| Cash from Investing | -0 | -25 | -1 | 1 | -0 | -0 | -38 |
| Cash from Financing | 10 | -3 | -4 | 5 | -2 | 4 | 74 |
| -5 | -1 | -0 | -0 | -1 | 0 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2011 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | 2.07 | 1.72 | -3.98 | -36.63 | -8.63 | 0.04 | 1.63 |
| Book Value (₹) | 13.46 | 14.75 | 10.48 | -26.19 | -34.12 | 1.02 | 7.12 |
| Dividend per Share (₹) | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 2.44 | 2.90 | -3.12 | -23.83 | -7.38 | 0.10 | 1.65 |
| PROFITABILITY | |||||||
| Operating Margin % | 10.14% | 13.25% | 4.03% | -332.74% | -5814.44% | 18.44% | 14.98% |
| Net Margin % | 4.51% | 3.87% | -9.37% | -548.31% | -6219.11% | 9.73% | 16.64% |
| ROE % | 15.36% | 12.12% | -30.18% | 0.00% | 0.00% | 0.00% | 40.99% |
| ROCE % | 14.89% | 10.73% | 2.26% | -142.18% | -236.79% | 5.87% | 38.04% |
| 3.78% | 2.15% | -4.89% | -77.56% | -38.70% | 1.86% | 30.77% | |
| EFFICIENCY | |||||||
| Debtor Days | 193 | 286 | 260 | 885 | 0 | 688 | 90 |
| Inventory Days | 84 | 154 | 175 | 548 | 0 | 46 | 17 |
| Payable Days | 171 | 342 | 229 | 190 | 0 | 1170 | 38 |
| 106 | 98 | 206 | 1243 | 0 | -437 | 69 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | 1.13x | 1.93x | 2.91x | -1.32x | -0.99x | 0.63x | 0.02x |
| Interest Coverage (x) | 2.09x | 1.45x | 0.24x | -17.60x | -1227.27x | 27.08x | 145.96x |
| 1.26x | 1.22x | 1.30x | 0.61x | 0.25x | 1.10x | 3.37x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | 42.86% | -3.01% | -83.30% | -97.92% | 1761.07% | 2507.07% |
| Operating Profit Growth % | 0.00% | 9.89% | -71.19% | -1456.32% | 63.69% | 106.72% | 2012.80% |
| Net Profit Growth % | 0.00% | 187.19% | -329.30% | -861.99% | 76.43% | 102.91% | 4358.36% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.52% | 3526.28% | |
| VALUATION | |||||||
| P/E (x) | 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 | 36.15x | 26.45x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 385.77x | 113.19x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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
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
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