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Marsons Ltd (MARSONS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517467 NSE: MARSONS Electric Equipment | Small Cap | Marsons Share Price

₹132.05 0.70 (0.53%)

As on 04-Jun'26 16:59

Marsons Ltd (MARSONS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517467 NSE: MARSONS Electric Equipment | Small Cap | Marsons Share Price

₹132.05 0.70 (0.53%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,273 Cr.
Current Price
₹132.1
52-Week Low / High
₹121 / 232
TTM EPS
₹2.7
TTM Sales
₹245 Cr.
Book Value per Share
₹9.8
P/E Ratio
49.10
Higher than its 5-year historical median
Industry PE
56.3
Price to Book (P/B)
13.55
Lower than its 5-year historical median
Price to Sales (P/S)
9.27
Lower than its 5-year historical median
EV/EBITDA
51.02
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
40.99%
Outperforms industry median
Return on Capital Employed (ROCE)
38.05%
Outperforms industry median
Return on Assets (ROA)
30.78%
Operating Profit Margin
15%
Net Profit Margin
16.64%
Gross Profit Margin
16.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
2506.19%
Operating Profit Growth (1 Year)
-
2019.33%
Net Profit Growth (1 Year)
-
4347.62%
Asset Quality
Promoter Holding
53.65%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹151 Cr.
Equity
₹17.2 Cr.
Face Value
₹1
All Time Low / High
₹0.03 / 356.00

Marsons stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Marsons Ltd a good quality company?
Marsons Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Marsons Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Marsons Ltd vs industry peers?
Marsons Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 13.01%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Marsons Ltd?
Promoters hold 53.65% of the Marsons Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Marsons Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 28.2% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Marsons Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10.8%2.1%-119.9%-217.3%-24.1%-8.9%-5.6%32.2%3.2%38.1%-
Value Creation
Index
-0.2-0.9NANA-2.7-1.6NA1.3-0.81.7-

Growth Parameters

Sales 13710016.70.400.31.64.66.5168245
Sales YoY Gr.--27.3%-83.3%-97.9%-100%NA381.8%186.8%41.7%2,506.2%-
Adj EPS 2.1-3.9-23.5-7.9-0.2-0.2-0.1-0.101.62.7
YoY Gr.--280.4%NANANANANANANA3975%-
BVPS (₹) 19.10.4-25.5-34.10.30.1-00.217.19.8
Adj Net
Profit
5.4-9.7-58.8-19.7-2.9-2.2-1.3-1.10.628.146
Cash Flow from Ops. 36.24.2-6.60.9-13.4-0.50.30.1-4.2-35-
Debt/CF from Ops. 2.618-13.199-1.7-46.265.7147.1-2.2-0.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 2.3%NA373.1%2506.2%
Adj EPS -3%NANA3975%
BVPS-10.4%92.4%NA598%
Share Price 25% 69.5% 164.6% -33.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
8.1-27.8394.333.88.8-96.6-272-80.77.34131.9
Op. Profit
Mgn %
122.7-283.2-5550.80-174.7-6.522.718.41517.1
Net Profit
Mgn %
3.9-9.7-351.9-5667.20-676.7-80.7-24.59.716.718.9
Debt to
Equity
277-1.4-16.619.2-91.24.80.600
Working Cap
Days
4624531,56734,20908,0781,678695759126104
Cash Conv.
Cycle
2292201,26225,36607,8291,5365595857476

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales10310017000256168
Operating Expenses + 9198732211245143
Manufacturing Costs30310011112
Material Costs569160100023129
Employee Cost 1111000001
Other Costs 4310210001112
Operating Profit 122-56-22-1-1-01125
Operating Profit Margin (%) 11.9%2.2%-334.0%-6,339.3%--174.0%-6.5%22.7%18.4%15.0%
Other Income + 2112000603
Exceptional Items 0000-00-0-0-0-0
Interest 81050000300
Depreciation 3253221110
Profit Before Tax 3-8-65-23-3-2-13128
Tax -120-2000000
Profit After Tax 4-10-65-22-3-2-13128
PAT Margin (%) 4.0%-10.0%-387.0%-6,219.1%--676.0%-81.1%71.6%9.7%16.6%
Adjusted EPS (₹)1.7-4.0-25.9-8.6-0.2-0.2-0.10.30.01.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Marsons - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 5217-47-6931-0314122
Share Capital 25252525131313131417
Reserves 27-8-72-94-9-11-13-90105
Debt +717686842223231593
Long Term Debt444442412223231500
Short Term Debt27324444000093
Minority Interest0000000000
Trade Payables823231170011225
Others Liabilities 201266000442
Total Liabilities 22613776382625232330152

Fixed Assets

Net Fixed Assets +30292421191716131314
Gross Block57575757575757555657
Accumulated Depreciation27283336384041424343
CWIP 0000000000
Investments 3712300000037
Inventories4850000000115
Trade Receivables10539421077791568
Cash Equivalents 1110000001
Others Assets 46670000116
Total Assets 22613776382625232330152

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 274-71-13-000-4-35
PBT 3-8-65-23-3-2-13128
Adjustment 911176221-51-1
Changes in Working Capital 1514118-13002-6-60
Tax Paid 000000000-2
Cash Flow From Investing Activity + -25-11-030-08-0-38
Capex 3-10020-08-0-2
Net Investments -2801000000-36
Others 0-00-0100000
Cash Flow From Financing Activity + -3-45-2100-0-8474
Net Proceeds from Shares 000000001180
Net Proceeds from Borrowing 30-2-1-180-0-8-50
Interest Paid -7-9-5000000-0
Dividend Paid 0000000000
Others 0512-129-0-0-0-1-6
Net Cash Flow -1-0-0-10-0-0001

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)12.32-54.1N/AN/A0-96.56N/A235.887.2940.99
ROCE (%)10.792.13N/AN/A-24.07-8.89N/A32.193.238.05
Asset Turnover Ratio0.560.560.160.0100.010.070.20.241.85
PAT to CFO Conversion(x)6.75N/AN/AN/AN/AN/AN/A0-4-1.25
Working Capital Days
Receivable Days286.30259.60884.90007,867.701,608.50654.70680.6089.90
Inventory Days153.70175.40548.2000014.2010.1028.4017.10
Payable Days342.50228.90190.40000725.50225.20211.9038.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.0010.8310.8310.833.251.620.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Marsons Ltd FAQs

The current trading price of Marsons on 04-Jun-2026 16:59 is ₹132.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Marsons stood at ₹2,272.6 Cr

The latest P/E ratio of Marsons as of 03-Jun-2026 is 49.10.

The latest P/B ratio of Marsons as of 03-Jun-2026 is 13.55.

The 52-week high of Marsons is ₹231.5 and the 52-week low is ₹121.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Marsons is ₹245 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Marsons Ltd is a below average quality company.

The key valuation ratios of Marsons Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Marsons Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Marsons Ltd

Established as a private limited company in 1976, Marson’S, is into the business of power generation, EPC contracts, logistics and construction. The company has supplied more than 150,000 transformers across India during the last five decades. Marsons’ foundation has been established by powerful and pragmatic principles backed by hard-core commitment for excellence.

The company, incorporated under the name Marsons Electricals, acquired the proprietorship concern Marsons in 1977. Marsons was into the manufacturing of transformers of different classes and ratings since 1957.

It was converted into a public limited company in July 1981. The company got its present name in December 1990. The company got de-listed from the Delhi Stock Exchange (DSE) with effect from December 11, 2004.

Marsons manufactures power and distribution transformers ranging from 10 KVA to 100 MVA 132 KV class, furnace transformers, dry type transformers and various types of special application transformers. The company’s transformers of various rating have been successfully type-tested at CPRI in Bhopal and Bangalore.

In 1994, the company came out with a public issue to part finance the expansion of its facilities to manufacture power transformers up to 66 kV and 132 kV class, upto 20 MVA rating.

Marson’S constantly updates its products with the latest development and innovations in the industry. The company’s plant is located in Kolkata, spread over an area of 35,000 square feet with a built-up area of approximately 18,000 square meter. The plant is fully equipped to manufacture power transformers of up to 100 MVA 132 KV class. It recently upgraded the facilities to manufacture EHV power transformers up to 160 MVA 220 KV Class.

Marsons is among the first to set up Impulse Testing Laboratory and Autoclave (Vacuum Heating System) way back in 1995-96. The laboratory is equipped with 1600KV 80 KJ impulse generator imported from Haefely Trench of Switzerland. Its laboratory is also fully equipped to perform all required routine tests and temperature rise test for various ratings of power transformers up to the range of 160 MVA 220 KV class.

The testing departments with its hi-end equipment play a decisive role in the implementation of quality. It has two laboratories, both equipped with modern machineries and precision instruments; tests are conducted separately with one laboratory being alloted for high/ medium voltage transformers and the other one for medium/ low voltage transformers. 

Product Range:

a) Power Transformers up to 160 MVA 220 KV class -

  • Generator Transformers
  • Unit Auxiliary Transformers
  • Station Auxiliary Transformers
  • Power Transformers
  • Auto Transformers

b) Distribution Transformers -

  • 10 KVA, 11 KV/0.433 KVA
  • Single Phase 5 KVA to 40 KVA
  • Dry Type Transformers up to 2 MVA 33 KV class

c) Furnace Transformers up to 50 MVA -

  • Arc Furnace Transformers
  • Submerged ARC Furnace Transformers
  • Ladle Furnace Transformers
  • Induction Furnace Transformers
  • DC Arc Furnace Transformers

d) Instruments Transformers -

  • Current Transformers up to 132 KV class
  • Potential Transformers

e) Unitized Substation up to 2 MVA 33/11 KV class.

Clientele:

  • The company’s valued clientele includes some of the best-known names in power, infrastructure and other critical industries. Customers range from urban utility services and power plants to defence, railways, and other industries.
  • State Electricity Boards and Power Utilities -- Rajasthan, West Bengal, Assam, Madhya Pradesh, Andhra Pradesh, Maharashtra, Jharkhand, Chhattishgarh, Bihar, Orissa, Government of Manipur, Meghalaya, Uttar Pradesh, Uttaranchal, Tamilnadu and Kerala.
  • Corporate Customers -- ABB, Areva T & D, CESC, DPL, North Eastern Cable & Conductors, Techno Electric & Engg, Siemens, BHEL, Crompton, L&T , Tata Group of Companies, Reliance Group, Prakash Industries, Bharti Airtel, Bhushan Steel, Megatherm.
  • Overseas Customers -- UK-based Castle Cement, Ethiopia’s Yesu PLC, Dubai’s Teklec, UK’s Bowers Electricals and Jordan’s Alarabia Co.

Subsidiary

Advance Power Technologies -- The subsidiary company is engaged in the same line of business as Marson’S with more thrust on manufacturing of small capacities electric transformers.

Achievements:

Marson’S is an ISO 9001:2000 certified company.

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