Marsons

BSE: MARSONS · Other Electrical Equipment

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52W Range₹100 – ₹176

Snapshot

Unlock Marsons's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Marsons Ltd. is an Indian manufacturer specialising in the production and sale of various power and distribution transformers. Their product portfolio includes furnace, dry type, cast resin, solar, and unitised transportable substation transformers.

Business Model

The company generates revenue through the design, manufacturing, and supply of electrical transformer equipment for industrial and utility applications. It operates as a B2B entity serving sectors that require specialised power infrastructure.

  • Founded:1956

Growth Outlook

Growth is primarily driven by the increasing demand for power infrastructure and renewable energy integration in India. The company aims to leverage its long-standing manufacturing expertise to capture market share in the evolving electrical equipment sector.

Key Risks

  • Raw Material Price Volatility. Fluctuations in the prices of copper, steel, and transformer oil can significantly impact manufacturing margins.
  • Sectoral Competition. The transformer industry is highly competitive, with pressure from both large-scale domestic players and international manufacturers.
  • Regulatory and Policy Risk. Changes in government infrastructure spending and power sector policies directly influence the demand for transformer products.
  • Execution Risk. Delays in large-scale infrastructure projects can lead to extended working capital cycles and delayed revenue recognition.

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Key Metrics

P/E

44.6×

Q1 FY27 · consolidated

44.6 vs -230.4x5Y avg

EV/EBITDA

49.8x

Q1 FY27 · consolidated

49.8 vs -2736.1x5Y avg

NET PROFIT MARGIN

12.0%

Q1 FY27 · consolidated

-5.1 ppYoY

DEBT TO EQUITY

0.0x

Q1 FY27 · consolidated

-0.02xYoY

Peers · Other Electrical Equipment

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
MarsonsMARSONS
₹2,204 Cr44.6×49.85—17.8%26.0%25.4%-36.0%
Rishabh Instruments LimitedRISHABH
₹2,854 Cr33.3×18.705.6%19.3%12.1%14.8%+69.3%
Bharat Bijlee LimitedBBL
₹2,522 Cr20.9×14.4518.3%8.3%5.6%8.0%-37.4%
Modern InsulatorMODINSU
₹2,238 Cr20.8×16.51—18.2%18.9%22.8%+231.0%
Alpex SolarALPEXSOLAR
₹2,161 Cr———14.0%——-31.1%
Servotech Renewable Power System LimitedSERVOTECH
₹1,619 Cr41.7×22.527.4%10.8%13.4%18.9%-44.5%

As of Q1 FY27

Financials