Tarsons Products Ltd
Tarsons Products Ltd. (TPL) is an Indian labware company engaged in the designing, development, manufacturing, and marketing of 'consumables', 'reusables' and 'others' including benchtop equipment, used in various laboratories across research organizations, academia institutes, pharmaceutical companies, Contract Research Organizations, Diagnostic companies, and hospitals[1]
Strengths
- +Company's working capital requirements have reduced from 59.7 days to 36.8 days
Weaknesses
- −Company has a low return on equity of 9.91% over last 3 years.
- −Company might be capitalizing the interest cost
- −Dividend payout has been low at 6.92% of profits over last 3 years
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 47.31% | 47.31% | 47.31% | 47.31% | 47.31% | 47.31% | 47.3%▼0.0 | 47.3% |
| FIIs | 7.95% | 8.04%▲0.1 | 7.51%▼0.5 | 9.53%▲2.0 | 9.14%▼0.4 | 5.82%▼3.3 | 2.46%▼3.4 | 0.87%▼1.6 |
| DIIs | 0.11% | 0.21%▲0.1 | 0.51%▲0.3 | 0.3%▼0.2 | 0.04%▼0.3 | 0.08%▲0.0 | 0%▼0.1 | 0.19%▲0.2 |
| Public | 44.63% | 44.45%▼0.2 | 44.69%▲0.2 | 42.89%▼1.8 | 43.5%▲0.6 | 46.79%▲3.3 | 50.23%▲3.4 | 51.65%▲1.4 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 66.32 | 61.79 | 86.64 | 64.85 | 80.12 | 76.16 | 93.04 | 71.28 | 80.51 | 83.99 |
| Expenses | 40.94 | 38.9 | 52.77 | 47.83 | 56.62 | 48.24 | 56.07 | 49.05 | 54.37 | 54.85 |
| Operating Profit | 25.38 | 22.89 | 33.87 | 17.02 | 23.5 | 27.92 | 36.97 | 22.23 | 26.14 | 29.14 |
| OPM % | 38.27% | 37.04% | 39.09% | 26.25% | 29.33% | 36.66% | 39.74% | 31.19% | 32.47% | 34.69% |
| Net Profit | 12.8 | 10.07 | 18.78 | 6.46 | 12.93 | 7.61 | 15.73 | 3.57 | 6.53 | 7.09 |
| EPS ₹ | 2.41 | 1.89 | 3.53 | 1.21 | 2.43 | 1.43 | 2.96 | 0.67 | 1.23 | 1.33 |
AI Insights
TTM revenue at ₹329Cr, up 4.8% YoY. OPM at 35%.
Borrowings at ₹275Cr. Debt-to-equity ratio: 0.42x. Healthy balance sheet.
CWIP at ₹251Cr (49% of fixed assets). Significant capex underway — growth runway building.
DIIs: 0.19% (-7.19pp change). FIIs: 0.87% (-7.77pp change). Promoters hold 47.3%.
ROCE improving from 0% (Mar 2019) to 9% (Mar 2025). Working capital days: 37.
PE 32.3x with 8.57% ROCE. Price is 66% above book value of ₹124. Dividend yield: 0%.
Recent Announcements
- Board Meeting Intimation for Considering And Approving The Audited Standalone And Consolidated Financial Results For The Quarter And Financial Year Ended March 31, 2026 2m - Board meeting on May 22, 2026 to approve audited Q4 and FY26 results.
- Announcement under Regulation 30 (LODR)-Change in Management 14 Apr - Tarsons appoints Mani Kalyan Dusi as Head-Revenue (India & APAC), joining by May 20, 2026.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Apr - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026
- Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 9 Apr - Tarsons completed EUR 300,000 equity infusion in Singapore subsidiary for loan repayment and expenses.
- Appointment Of Mr. Vinesh Mohan Kriplani 8 Apr - Shareholders approved Vinesh Mohan Kriplani’s appointment as independent director for five years from February 6, 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse