NSE: MARSONS · BSE: 517467
MARSONS LIMITED
Manufactures power transformers in India for utilities and renewable-energy projects, and exports them overseas. The product range spans 10 MVA distribution-class transformers up to 132 kV Extra High Voltage class, built at a 45,000 sq. metre facility in Eastern India with an annual manufacturing capacity of 12,000 MVA. The Board has approved extending the range to the 400 kV/500 MVA class, which will raise annual capacity to 26,000 MVA. Customers include central and state transmission utilities — recent vendor approval from Power Grid Corporation of India (PGCIL) makes it the only PGCIL-approved EHV transformer supplier across West Bengal, Odisha, Jharkhand, Bihar, Assam and other eastern and north-eastern states — alongside domestic electrical contractors and overseas solar power developers. Recent export orders include a Rs 29.85 crore 200 MVA 115 kV unit for a solar project in Cherokee County, Alabama, and a Rs 7.75 crore 25 MVA unit for Hemet, California, both from US-based solar developers; a Rs 17.94 crore domestic order from S.T. Electricals covers 10 MVA units. FY26 revenue was Rs 245.43 crore, up 45.8% year-on-year, with net profit of Rs 46.33 crore. Materials account for 75.6% of revenue, making raw materials — typically copper, electrical steel, winding wire and transformer oil — the dominant cost. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Domestic transformer sales, Export transformer sales. Order-driven, asset-heavy heavy electrical equipment manufacturer with a growing export book.
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 168 | 245 |
| EBITDA (ex other income) | (18) | 25 | 42 |
| margin % | (5142.1) | 14.9 | 17.2 |
| Owners' profit | 0 | 28 | 46 |
| EPS, as reported (₹) | (8.06) | 1.63 | 2.69 |
| ROE % · ROCE % | 29.3 · 80.2 | 22.9 · 23.0 | 21.3 · 20.0 |
| Debt / equity (x) | (1.22) | 0.02 | 0.00 |
| Cash from operations | — | (35) | 2 |
| Capex | — | (2) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY19 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 44 | 56 | 47 | 60 | 46 | 93 | 49 |
| Profit before tax | (1) | 6 | 9 | 8 | 9 | 6 | 19 | 7 |
| Net profit | 0 | 6 | 9 | 8 | 9 | 6 | 23 | 6 |
| EPS (₹) | 0.12 | 0.37 | 0.52 | 0.47 | 0.53 | 0.38 | 1.31 | 0.34 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,49,589 | 61.5 | 5.72 | 49.6 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,43,456 | 48.0 | 15.36 | — | 23.0 | 10.2 | — | 15.2 |
| HITACHI ENERGY INDIA LTD | 1,37,970 | 119.9 | 26.66 | — | 19.1 | 24.7 | — | 16.9 |
| CG POWER AND IND SOL LTD | 1,35,773 | 88.9 | 16.56 | 73.9 | 14.6 | 19.2 | 33.2 | 14.7 |
| SIEMENS LTD | 1,29,548 | 39.5 | 9.35 | 36.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| SIEMENS ENERGY INDIA LTD | 1,13,208 | 76.1 | 23.53 | — | 14.3 | 15.8 | — | 25.9 |
| GE VERNOVA T&D INDIA LTD | 1,07,541 | 82.4 | 39.97 | — | 45.8 | 57.9 | — | 27.4 |
| SUZLON ENERGY LIMITED | 50,102 | 16.0 | 5.29 | 15.5 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.5 | 36.5 | 24 of 34 | 30% |
| P/B | 10.0 | 5.5 | 24 of 33 | 28% |
| ROCE | 19.4 | 16.6 | 15 of 36 | 60% |
| ROE | 21.3 | 14.7 | 11 of 34 | 70% |
| Debt / Equity | 0.0 | 0.1 | 13 of 34 | 64% |
| EBITDA margin | 16.2 | 16.4 | 19 of 35 | 47% |
| Revenue growth | 4.8 | 17.7 | 25 of 33 | 25% |
| Profit growth | (26.2) | 6.7 | 22 of 32 | 32% |
| Market cap | 2183 | 7467 | 24 of 35 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Anupriya Consultants sells 7 lakh shares of Marsons via open market | ownership changes | medium | — | — |
| 6 Oct 2026 · Marsons forms JV with Cleanhill Partners to scale transformer ops in US and Canada | strategic transactions | high | — | — |
| 6 Oct 2026 · Marsons approves US joint venture with Cleanhill Partners | strategic transactions | medium | — | — |
| 1 Oct 2026 · Marsons AGM 2026: All 3 Resolutions Passed with 99.85% Majority | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Anupriya Consultants sells 8 lakh shares of Marsons via open market | ownership changes | medium | — | — |
| 30 Sept 2026 · Marsons Limited 49th AGM proceedings summary filed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure for Q2 FY27 results period | compliance | minimal | — | — |
| 16 Sept 2026 · Marsons appoints Rajiv Gupta, ex-NTPC Green CEO, as Independent Director | management changes | medium | — | — |
| 16 Sept 2026 · Marsons appoints new Independent Director | management changes | medium | — | — |
| 11 Sept 2026 · Non-promoter Anupriya Consultants sells 1.12% stake in Marsons | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.