MoneyWorks4Me

Marsons Ltd (MARSONS)

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

₹123.20 -1.55 (-1.24%)

As on 25-Sep'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

₹123.20 -1.55 (-1.24%)

As on 25-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,120 Cr.
Current Price
₹123.2
52-Week Low / High
₹100 / 188
TTM EPS
₹2.6
TTM Sales
₹248 Cr.
Book Value per Share
₹10.1
P/E Ratio
47.95
Higher than its 5-year historical median
Industry PE
53.2
Price to Book (P/B)
12.20
Lower than its 5-year historical median
Price to Sales (P/S)
8.56
Lower than its 5-year historical median
EV/EBITDA
47.88
Lower than its 5-year historical median
Dividend Yield
0.04%
Profitability Efficiency
Return on Equity (ROE)
31.91%
Outperforms industry median
Return on Capital Employed (ROCE)
29.71%
Outperforms industry median
Return on Assets (ROA)
21.10%
Operating Profit Margin
17.3%
Net Profit Margin
18.88%
Gross Profit Margin
17.5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
45.54%
Operating Profit Growth (1 Year)
-
67.88%
Net Profit Growth (1 Year)
-
65.35%
Asset Quality
Promoter Holding
53.65%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹157 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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Check Before You Invest

Quality

Somewhat Good

Valuation

Undervalued

Price Trend

Semi Strong
Q.1 Is Marsons Ltd a good quality company?
Marsons Ltd is a average quality company, based on a somewhat consistent 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 19.67%, compared to the industry median CAGR of 0%, indicating faster growth and gaining 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 24.1% based on the current price.

10 Year X-Ray :

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ2.1%-119.9%-217.3%-24.1%-8.9%-5.6%32.2%3.2%38.1%29.7%-
Value Creation
Index ⓘ
-0.9NANA-2.7-1.6NA1.3-0.81.71.1-

Growth Parameters ⓘ

Sales ⓘ10016.70.400.31.64.66.5168245247
Sales YoY Gr.--83.3%-97.9%-100%NA381.8%186.8%41.7%2,506.2%45.5%-
Adj EPS ⓘ-3.9-23.5-7.9-0.2-0.2-0.1-0.101.62.72.6
YoY Gr.-NANANANANANANA3975%65%-
BVPS (₹) ⓘ0.4-25.5-34.10.30.1-00.217.19.810.1
Adj Net
Profit ⓘ
-9.7-58.8-19.7-2.9-2.2-1.3-1.10.628.146.344
Cash Flow from Ops. ⓘ4.2-6.60.9-13.4-0.50.30.1-4.2-36.81.6-
Debt/CF from Ops. ⓘ18-13.199-1.7-46.265.7147.1-2.2-0.10.4-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10.5%275.1%277.4%45.5%
Adj EPS ⓘNANANA65%
BVPSⓘ42.6%149.9%243.8%36.9%
Share Price 24.1% 68.5% 180.2% -30.1%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
-27.8394.333.88.8-96.6-272-80.77.34127.225.9
Op. Profit
Mgn % ⓘ
2.7-283.2-5550.80-174.7-6.522.718.41517.316.9
Net Profit
Mgn % ⓘ
-9.7-351.9-5667.20-676.7-80.7-24.59.716.718.917.9
Debt to
Equity ⓘ
77-1.4-16.619.2-91.24.80.600-
Working Cap
Days ⓘ
4531,56734,20908,0781,678695759126212104
Cash Conv.
Cycle ⓘ
2201,26225,36607,8291,5365595857410976

Valuation of Marsons - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.0010.8310.8310.833.251.620.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'11Jun'12Jun'15Mar'16Mar'17Mar'18Mar'19Mar'24Mar'25Mar'26
Sales106116721031001706168245
Operating Expenses ⓘ + 9410464919773225143203
Manufacturing Costs32230310122
Material Costs81955256916013129191
Employee Cost 1211111013
Other Costs ⓘ 9694310211126
Operating Profit ⓘ 11118123-56-2212542
Operating Profit Margin (%) 10.7%9.7%11.0%11.9%2.7%-334.0%-6,339.3%18.4%15.0%17.3%
Other Income ⓘ + 0352102032
Exceptional Items ⓘ 0000000-0-0-0
Interest ⓘ 591481050001
Depreciation ⓘ 12432323101
Profit Before Tax ⓘ 63-53-8-93-2312842
Tax ⓘ 01-0-12-1-200-4
Profit After Tax 52-54-10-92-2212846
PAT Margin (%) 4.9%1.9%-6.6%4.0%-9.5%-548.0%-6,219.1%9.7%16.6%18.9%
Adjusted EPS (₹)2.10.9-1.91.7-4.0-36.6-8.60.01.62.7
Dividend Payout Ratio (%)24.20%11.40%0%0%0%0%0%0%0%1.90%
PARTICULARSMar'11Jun'12Jun'15Mar'16Mar'17Mar'18Mar'19Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5152485343-49-6914123218
Share Capital ⓘ 252525252525251417.2117.21
Reserves ⓘ 2627232818-74-940105200
Debt +36356771768684931
Long Term Debt854144444241001
Short Term Debt28302727324444930
Minority Interest0000000000
Trade Payables3834238232311722556
Others Liabilities ⓘ 1212222012564212
Total Liabilities ⓘ 137133160227163733830152287

Fixed Assets

Net Fixed Assets ⓘ +29273358562421131465
Gross Block444457858557575657109
Accumulated Depreciation15172427283336434344
CWIP ⓘ 0100000000
Investments ⓘ 10101010100003725
Inventories26454348500011558
Trade Receivables6137631053942101568107
Cash Equivalents 43211100111
Others Assets ⓘ 799466711620
Total Assets ⓘ 137133160227163733830152287
PARTICULARSMar'11Jun'12Jun'15Mar'16Mar'17Mar'18Mar'19Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + -155-3274-71-4-372
PBT ⓘ 73-53-8-93-2312842
Adjustment ⓘ 57169114561-30
Changes in Working Capital ⓘ -26-4-141514118-6-60-42
Tax Paid ⓘ -0-1000000-21
Cash Flow From Investing Activity ⓘ + -0-2-6-25-11-0-0-3612
Capex -0-1-63-100-0-2-2
Net Investments 0-01-280100-3414
Others ⓘ 0000-00-0000
Cash Flow From Financing Activity ⓘ + 10-58-3-45-2474-4
Net Proceeds from Shares ⓘ 000000011800
Net Proceeds from Borrowing ⓘ 023630-2-1-501
Interest Paid ⓘ -4-7-12-7-9-500-0-1
Dividend Paid ⓘ -100000000-1
Others ⓘ 150-160512-1-1-6-2
Net Cash Flow ⓘ -5-1-1-1-0-0-10110
PARTICULARSMar'11Jun'12Jun'15Mar'16Mar'17Mar'18Mar'19Mar'24Mar'25Mar'26
Ratios
ROE (%)15.366.36-14.1612.12-30.18N/AN/A040.9931.91
ROCE (%)14.8917.1910.3910.732.26N/AN/A5.8738.0429.71
Asset Turnover Ratio0.840.910.530.560.520.140.010.191.851.12
PAT to CFO Conversion(x)-32.5N/A6.75N/AN/AN/A-4-1.320.04
Working Capital Days
Receivable Days193.40144.10237.80286.30259.60884.900687.9089.90130.60
Inventory Days83.90106.20209.10153.70175.40548.20045.9017.1054.30
Payable Days171.50138.10198.20342.50228.90190.4001,170.3038.2077.50

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Announcements

Marsons Ltd FAQs

The current trading price of Marsons on 25-Sep-2026 16:59 is ₹123.2.

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 24-Sep-2026 the market cap of Marsons stood at ₹2,120.3 Cr

The latest P/E ratio of Marsons as of 24-Sep-2026 is 47.99.

The latest P/B ratio of Marsons as of 24-Sep-2026 is 12.21.

The 52-week high of Marsons is ₹188.4 and the 52-week low is ₹100.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Marsons is ₹247 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Marsons Ltd is a 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 Semi Strong which suggest that the price of Marsons Ltd is likely to Rise-somewhat 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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