Marsons Ltd
NSE: MARSONS BSE: 517467
Incorporated in 1976, Marsons Ltd is engaged in manufacturing of transformers in the capacity range of 100 MVA 132KV class[1]
₹141
52W: ₹120 — ₹232
PE 74.2 · Book ₹8.12 · +1636% vs bookMarket Cap₹2,428 Cr
Stock P/E74.2Price to Earnings
ROCE33.8%Return on Capital
ROE36.5%Return on Equity
Div. Yield0.03%Face Value ₹1
Strengths
- +Company has reduced debt.
- +Company is almost debt free.
- +Company is expected to give good quarter
- +Company has delivered good profit growth of 60.7% CAGR over last 5 years
- +Company has a good return on equity (ROE) track record: 3 Years ROE 28.8%
- +Debtor days have improved from 577 to 148 days.
Weaknesses
- −Stock is trading at 17.5 times its book value
- −Promoter holding has decreased over last 3 years: -21.4%
Shareholding Pattern
Promoters53.65%
FIIs0.12%
DIIs0.15%
Public46.08%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 53.65% | 53.65% | 53.65% | 53.65% | 53.65% | 53.65% | 53.65% | 53.65% |
| FIIs | 0% | 0% | 0% | 0% | 0.02%▲0.0 | 0.04%▲0.0 | 0.04% | 0.12%▲0.1 |
| DIIs | 0% | 0.01%▲0.0 | 0%▼0.0 | 0% | 0% | 0% | 0% | 0.15%▲0.1 |
| Public | 46.34% | 46.34% | 46.35%▲0.0 | 46.34%▼0.0 | 46.33%▼0.0 | 46.31%▼0.0 | 46.31% | 46.08%▼0.2 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1.8 | 0.65 | 3.77 | 29.88 | 38.51 | 44.17 | 55.8 | 47.03 | 59.8 | 45.94 |
| Expenses | 1.29 | 0.33 | 3.17 | 24.83 | 32.7 | 40 | 45.67 | 39.72 | 51.23 | 39.07 |
| Operating Profit | 0.51 | 0.32 | 0.6 | 5.05 | 5.81 | 4.17 | 10.13 | 7.31 | 8.57 | 6.87 |
| OPM % | 28.33% | 49.23% | 15.92% | 16.9% | 15.09% | 9.44% | 18.15% | 15.54% | 14.33% | 14.95% |
| Net Profit | 0.45 | 0.15 | 0.45 | 5.24 | 7.47 | 6.32 | 8.99 | 8.03 | 9.2 | 6.48 |
| EPS ₹ | 0.03 | 0.01 | 0.03 | 0.3 | 0.43 | 0.37 | 0.52 | 0.47 | 0.53 | 0.38 |
AI Insights
Revenue Trend
TTM revenue at ₹209Cr, up 24.4% YoY. OPM at 16%.
Debt Position
Borrowings at ₹3Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.
Institutional Flow
DIIs: 0.15% (+0.15pp change). FIIs: 0.12% (+0.12pp change). Promoters hold 53.65%.
Margin & Efficiency
ROCE improving from 0% (Mar 2014) to 34% (Mar 2025). Working capital days: 151.
Valuation
PE 74.2x with 33.8% ROCE. Price is 1636% above book value of ₹8.12. Dividend yield: 0.03%.
Recent Announcements
- Board Meeting Intimation for Consideration And Approval Of Audited Financial Results Of The Company And Quarter Ended 31St March 2026. 2d - Board meets May 22, 2026 to approve FY26 audited results and consider infrastructure upgrades.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 2d - Marsons received PGCIL vendor approval for power transformers, becoming sole approved EHV manufacturer across Eastern India and ten states.
- Intimation Of Receipt Of Approval Of Manufacturing Unit For Supply Of Transformers Upto 132Kv In POWERGRID Projects. 2d - Marsons received PGCIL approval to supply transformers up to 132kV for POWERGRID projects.
- Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 8 May - Marsons received ₹18.88 crore order from Ram Taranga Solutions for 100/125 MVA transformers.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 30 Apr - Marsons Ltd says it is not a Large Corporate; outstanding borrowing was Rs. 25.52 crore as of 31 March 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse