Scans

Tools

Home

Charts

Watchlist

Products

Marsons Ltd

MARSONS

BSE

₹124.15+1.10%19 Oct 2026

Reports

Capital Goods Transformers

Marsons Ltd

MARSONS

BSE

₹124.15

+1.10%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Capital Goods Transformers

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Marsons Limited is a transformer manufacturer that has been quietly powering India’s grid for over six decades - and since emerging from insolvency in 2022 under new management, it has rebuilt itself around a single, focused idea: own the testing and manufacturing infrastructure that no one else in the region has, so every utility and industrial buyer east of Bihar has to take your call. Founded in 1956 in Kolkata, the company went through a Corporate Insolvency Resolution Process after its previous promoters took orders they could not certify, but a resolution plan backed by Yashoda Inn and technical partner Uneecops Solar restarted the factory with a high-volume, low-intensity transformer strategy and repaid all bank debt by 31st March 2023. Everything the company does now flows from a recurring philosophy of backward integration and in-house capability - it built the region’s first impulse testing lab, develops all its own technology, and uses that testing infrastructure as both a manufacturing necessity and a revenue-generating service for others.

Business segments

A single engine with multiple product lines - a regional transformer manufacturing monopoly that extends from 10 KVA distribution units to 160 MVA extra-high-voltage machines, with an export channel and a renewable-energy product line growing alongside it.

1. Power and distribution transformers: the regional monopoly that powers the grid

Marsons is the only manufacturer in Eastern and North-Eastern India that can build and test extra-high-voltage transformers up to 220 kV class, which makes it the default supplier for state utilities and the gateway to ten neighbouring states.

The testing lab is the moat - an in-house impulse testing laboratory with a 1,600 kV generator imported from Switzerland can run every routine test up to 160 MVA, 220 kV class, and a planned upgrade will add NABL accreditation so the company can earn third-party testing fees as the only accredited lab in the eastern region.
Backward-integrated on purpose - the Kolkata plant makes several key raw materials in-house across a 45,000 sq.m. facility, and the company has the land bank and crane-equipped sheds to double capacity with limited additional capex.
The customer list reads like the Indian grid - state electricity boards from Rajasthan to Kerala, plus corporate buyers including ABB, Siemens, L&T, BHEL, NTPC, and PGCIL, with the company recently becoming the only PGCIL-approved EHV transformer maker in Eastern India and across ten neighbouring states.
Capital-heavy, cycle-sensitive - the business ties up capital for long periods because transformers are built to order and paid for on delivery, which means any delay in the cycle causes significant interest costs and requires steady bank credit support.

2. Exports: selling into the world’s transformer shortage

Marsons is building an export channel into Western markets where domestic supply can meet only about a fifth of demand and lead times stretch past four years - and it has set up a UK subsidiary to serve as the European hub.

A structural supply gap overseas - only roughly 20% of US transformer demand can be met domestically, lead times for large power installations run from 80 to 210 weeks, and prices have risen roughly 60-70% on average since early 2020, which creates a pricing umbrella for Indian manufacturers.
Already shipping to multiple continents - existing overseas customers include Castle Cement and Bowers Electricals in the UK, Yesu PLC in Ethiopia, Teklec in Dubai, and Alarabia Co. in Jordan, with active expansion into the US market.
A UK subsidiary as the beachhead - the company acquired Cosol Developments Limited, incorporated in England and Wales, to serve as a strategic hub for selling into the UK and Europe, with operations expected to begin in the first half of FY26.
Margins that improve the mix - export margins are described as accretive in nature, so growing the international book improves the overall profitability of the manufacturing base without requiring a new factory.

3. Renewable-energy and solar transformers: riding the energy transition

Marsons is developing transformers purpose-built for solar and wind plants and is exploring solar project development itself, using the same manufacturing base to serve a different kind of power flow.

Transformers built for inverters, not just grids - the company has added inverter-duty transformers and generator step-up transformers to its catalogue, designed specifically for the way solar and wind plants feed power into the network.
A small, targeted capex bet - in September 2024 the company committed roughly Rs 2.5 crores over three months for machinery and prototype development to enter the renewable-energy equipment segment.
Project development as an adjacent opportunity - the company received a letter of intent to explore a 150 MW solar power generation plant and is working on EPC projects in the solar space, starting with a sample 2 MW installation, which creates a potential demand channel for its own transformers.

Group structure and partners

Marsons emerged from insolvency with a clean balance sheet, a concentrated promoter holding, and a newly created UK subsidiary that has yet to generate revenue.

As of March 2025, the company’s only subsidiary is Cosol Developments Limited, a wholly owned UK entity acquired at nominal value in November 2024, which had nil turnover and nil profit as of the fiscal year-end.
The promoter holding has evolved from over 96% immediately post-resolution to 59% held by Yashoda Inn as of March 2023, with a subsequent preferential allotment of 3.21 crore equity shares to 40 strategic non-promoter investors at Rs 25 per share.
The company repaid its entire outstanding bank debt of Rs 13.56 crores to Indian Bank on 31 March 2023, funded by the sale of part of its Kolkata land, making it debt-free at that point.
Shares are listed on the BSE and, effective March 2026, on the main board of the National Stock Exchange under the symbol MARSONS.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,127Cr

Close Price

₹123.60

Industry

Capital Goods Transformers

Price To Earnings

48.28

Price To Sales

8.59

Revenue

₹248Cr

Rev Gr TTM

Revenue Growth TTM

33.50%

PAT Gr TTM

PAT Growth TTM

43.56%

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2019	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	1	4	30	39	44	56	47	60	46	93	49
Growth YoY Revenue Growth YoY%	-100.0					6,695.4	1,380.1	57.4	55.3	4.0	66.0	4.7
Expenses ExpensesCr	1	0	3	25	33	40	46	40	51	39	74	42
Operating Profit Operating ProfitCr	-1	0	1	5	6	4	10	7	9	7	19	7
OPM OPM%		50.8	15.9	16.9	15.1	9.4	18.2	15.5	14.3	15.0	20.6	14.7
Other Income Other IncomeCr	0	0	0	0	2	2	-1	1	1	1	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	0	0
Depreciation DepreciationCr	1	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-1	0	0	5	7	6	9	8	9	6	19	7
Tax TaxCr	-2	0	0	0	0	0	0	0	0	0	-4	1
PAT PATCr	0	0	0	5	7	6	9	8	9	6	23	6
Growth YoY PAT Growth YoY%	100.3					4,113.3	1,897.8	53.2	23.2	2.5	151.6	-26.1
NPM NPM%		23.1	11.9	17.5	19.4	14.3	16.1	17.1	15.4	14.1	24.4	12.0
EPS EPS₹	0.1	0.0	0.0	0.3	0.4	0.4	0.5	0.5	0.5	0.4	1.3	0.3

Quarter	Mar 2019	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	0	1	4	30	39	44	56	47	60	46	93	49
Growth YoY Revenue Growth YoY%	-100.0					6,695.4	1,380.1	57.4	55.3	4.0	66.0	4.7
Expenses ExpensesCr	1	0	3	25	33	40	46	40	51	39	74	42
Operating Profit Operating ProfitCr	-1	0	1	5	6	4	10	7	9	7	19	7
OPM OPM%		50.8	15.9	16.9	15.1	9.4	18.2	15.5	14.3	15.0	20.6	14.7
Other Income Other IncomeCr	0	0	0	0	2	2	-1	1	1	1	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	0	0
Depreciation DepreciationCr	1	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	-1	0	0	5	7	6	9	8	9	6	19	7
Tax TaxCr	-2	0	0	0	0	0	0	0	0	0	-4	1
PAT PATCr	0	0	0	5	7	6	9	8	9	6	23	6
Growth YoY PAT Growth YoY%	100.3					4,113.3	1,897.8	53.2	23.2	2.5	151.6	-26.1
NPM NPM%		23.1	11.9	17.5	19.4	14.3	16.1	17.1	15.4	14.1	24.4	12.0
EPS EPS₹	0.1	0.0	0.0	0.3	0.4	0.4	0.5	0.5	0.5	0.4	1.3	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	106	116	103	100	17	0	6	168	245	248
Growth Revenue Growth%				-3.0	-83.3	-97.9		2,507.1	45.8	33.5
Expenses ExpensesCr	93	104	91	98	64	20	5	143	203	206
Operating Profit Operating ProfitCr	12	11	12	2	-48	-19	1	25	42	42
OPM OPM%	11.7	9.8	11.6	1.9	-285.1	-5,550.9	18.1	15.0	17.3	16.9
Other Income Other IncomeCr	0	3	1	1	-8	-1	0	3	2	2
Interest Expense Interest ExpenseCr	5	9	7	9	5	0	0	0	1	2
Depreciation DepreciationCr	1	2	3	2	32	3	1	0	1	1
PBT PBTCr	6	3	3	-8	-93	-23	1	28	42	42
Tax TaxCr	0	1	-1	2	-1	-2	0	0	-4	-3
PAT PATCr	5	2	4	-10	-92	-22	1	28	46	44
Growth PAT Growth%				-329.3	-862.0	76.4		4,358.4	65.3	43.6
NPM NPM%	4.9	1.9	4.0	-9.5	-548.3	-6,219.1	9.7	16.6	18.9	17.9
EPS EPS₹	2.1	0.9	1.7	-4.0	-36.6	-8.1	0.0	1.6	2.7	2.6

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	106	116	103	100	17	0	6	168	245	248
Growth Revenue Growth%				-3.0	-83.3	-97.9		2,507.1	45.8	33.5
Expenses ExpensesCr	93	104	91	98	64	20	5	143	203	206
Operating Profit Operating ProfitCr	12	11	12	2	-48	-19	1	25	42	42
OPM OPM%	11.7	9.8	11.6	1.9	-285.1	-5,550.9	18.1	15.0	17.3	16.9
Other Income Other IncomeCr	0	3	1	1	-8	-1	0	3	2	2
Interest Expense Interest ExpenseCr	5	9	7	9	5	0	0	0	1	2
Depreciation DepreciationCr	1	2	3	2	32	3	1	0	1	1
PBT PBTCr	6	3	3	-8	-93	-23	1	28	42	42
Tax TaxCr	0	1	-1	2	-1	-2	0	0	-4	-3
PAT PATCr	5	2	4	-10	-92	-22	1	28	46	44
Growth PAT Growth%				-329.3	-862.0	76.4		4,358.4	65.3	43.6
NPM NPM%	4.9	1.9	4.0	-9.5	-548.3	-6,219.1	9.7	16.6	18.9	17.9
EPS EPS₹	2.1	0.9	1.7	-4.0	-36.6	-8.1	0.0	1.6	2.7	2.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	25	25	25	25	25	25	14	17	17
Reserves ReservesCr	26	27	28	18	-74	-94	0	105	200
Current Liabilities Current LiabilitiesCr	76	73	129	73	79	65	15	30	73
Non Current Liabilities Non Current LiabilitiesCr	10	7	45	47	44	42	0	0	1
Total Liabilities Total LiabilitiesCr	137	133	227	163	73	38	30	152	291
Current Assets Current AssetsCr	96	91	158	96	48	16	17	101	193
Non Current Assets Non Current AssetsCr	41	42	69	67	25	22	13	51	98
Total Assets Total AssetsCr	137	133	227	163	73	38	30	152	291

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	25	25	25	25	25	25	14	17	17
Reserves ReservesCr	26	27	28	18	-74	-94	0	105	200
Current Liabilities Current LiabilitiesCr	76	73	129	73	79	65	15	30	73
Non Current Liabilities Non Current LiabilitiesCr	10	7	45	47	44	42	0	0	1
Total Liabilities Total LiabilitiesCr	137	133	227	163	73	38	30	152	291
Current Assets Current AssetsCr	96	91	158	96	48	16	17	101	193
Non Current Assets Non Current AssetsCr	41	42	69	67	25	22	13	51	98
Total Assets Total AssetsCr	137	133	227	163	73	38	30	152	291

Consolidated

Standalone

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-15	5	27	4	-7	1	-4	-37	2
Investing Cash Flow Investing Cash FlowCr	0	-2	-25	-1	1	0	0	-36	12
Financing Cash Flow Financing Cash FlowCr	10	-5	-3	-4	5	-2	4	74	-4
Net Cash Flow Net Cash FlowCr	-5	-1	-1	0	0	-1	0	1	10
Free Cash Flow Free Cash FlowCr	-16	4	30	4	-7	1	-4	-39	0
CFO To PAT CFO To PAT%	-292.3	228.5	653.6	-44.5	7.2	-4.0	-667.5	-131.4	3.5
CFO To EBITDA CFO To EBITDA%	-121.8	44.7	227.6	226.2	13.8	-4.4	-358.5	-145.9	3.8

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-15	5	27	4	-7	1	-4	-37	2
Investing Cash Flow Investing Cash FlowCr	0	-2	-25	-1	1	0	0	-36	12
Financing Cash Flow Financing Cash FlowCr	10	-5	-3	-4	5	-2	4	74	-4
Net Cash Flow Net Cash FlowCr	-5	-1	-1	0	0	-1	0	1	10
Free Cash Flow Free Cash FlowCr	-16	4	30	4	-7	1	-4	-39	0
CFO To PAT CFO To PAT%	-292.3	228.5	653.6	-44.5	7.2	-4.0	-667.5	-131.4	3.5
CFO To EBITDA CFO To EBITDA%	-121.8	44.7	227.6	226.2	13.8	-4.4	-358.5	-145.9	3.8

Consolidated

Standalone

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	35	17	25	32	8	3	514	3,240	2,110	2,127
Price To Earnings Price To Earnings	7.0	9.9	4.6				918.0	115.5	45.6	48.3
Price To Sales Price To Sales	0.3	0.1	0.3	0.3	0.5	9.5	79.6	19.2	8.6	8.6
Price To Book Price To Book	1.0	0.5	0.7	1.2	-0.1	0.0	36.0	26.4	12.6	12.7
EV To EBITDA EV To EBITDA	5.4	4.4	8.0	57.0	-2.0	-4.5	446.8	128.5	49.6	50.3
Profitability Ratios Profitability Ratios
GPM GPM%	18.5	14.4	45.1	7.7	-267.4	-223.4	39.7	22.7	21.4	21.4
OPM OPM%	11.7	9.8	11.6	1.9	-285.1	-5,550.9	18.1	15.0	17.3	16.9
NPM NPM%	4.9	1.9	4.0	-9.5	-548.3	-6,219.1	9.7	16.6	18.9	17.9
ROCE ROCE%	12.3	14.2	8.2	1.3	-236.7	-152.8	2.7	22.6	20.0	20.0
ROE ROE%	10.2	4.2	7.8	-22.3	186.7	31.3	4.4	22.9	21.3	21.3
ROA ROA%	3.8	1.7	1.8	-5.8	-124.6	-56.7	2.1	18.4	15.9	15.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2011	Jun 2012	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	35	17	25	32	8	3	514	3,240	2,110	2,127
Price To Earnings Price To Earnings	7.0	9.9	4.6				918.0	115.5	45.6	48.3
Price To Sales Price To Sales	0.3	0.1	0.3	0.3	0.5	9.5	79.6	19.2	8.6	8.6
Price To Book Price To Book	1.0	0.5	0.7	1.2	-0.1	0.0	36.0	26.4	12.6	12.7
EV To EBITDA EV To EBITDA	5.4	4.4	8.0	57.0	-2.0	-4.5	446.8	128.5	49.6	50.3
Profitability Ratios Profitability Ratios
GPM GPM%	18.5	14.4	45.1	7.7	-267.4	-223.4	39.7	22.7	21.4	21.4
OPM OPM%	11.7	9.8	11.6	1.9	-285.1	-5,550.9	18.1	15.0	17.3	16.9
NPM NPM%	4.9	1.9	4.0	-9.5	-548.3	-6,219.1	9.7	16.6	18.9	17.9
ROCE ROCE%	12.3	14.2	8.2	1.3	-236.7	-152.8	2.7	22.6	20.0	20.0
ROE ROE%	10.2	4.2	7.8	-22.3	186.7	31.3	4.4	22.9	21.3	21.3
ROA ROA%	3.8	1.7	1.8	-5.8	-124.6	-56.7	2.1	18.4	15.9	15.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SHILCTECH	INDOTECH	BBL	MARSONS	DANISH	VILAS	MEIL
Market CapitalizationMkt CapCr	4,441	3,144	2,725	2,127	1,910	923	746
Close PriceClose₹	3,882.00	2,960.00	2,411.00	123.60	970.00	377.10	270.10
IndustryIndustry	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers
Price To EarningsPE	32.29	31.65	24.37	48.28	13.74	23.34	14.70
Price To SalesPS	7.07	3.72	1.16	8.59	3.66	2.00	1.21
RevenueRevenueCr	628	846	2,356	248	521	461	616
Revenue Growth TTMRev Gr TTM%	-7.0%	22.0%	18.3%	33.5%	22.3%	30.5%	17.4%
PAT Growth TTMPAT Gr TTM%	-16.3%	28.7%	-18.7%	43.6%	25.5%	14.5%	3.0%

	SHILCTECH	INDOTECH	BBL	MARSONS	DANISH	VILAS	MEIL
Market CapitalizationMkt CapCr	4,441	3,144	2,725	2,127	1,910	923	746
Close PriceClose₹	3,882.00	2,960.00	2,411.00	123.60	970.00	377.10	270.10
IndustryIndustry	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers	Capital Goods Transformers
Price To EarningsPE	32.29	31.65	24.37	48.28	13.74	23.34	14.70
Price To SalesPS	7.07	3.72	1.16	8.59	3.66	2.00	1.21
RevenueRevenueCr	628	846	2,356	248	521	461	616
Revenue Growth TTMRev Gr TTM%	-7.0%	22.0%	18.3%	33.5%	22.3%	30.5%	17.4%
PAT Growth TTMPAT Gr TTM%	-16.3%	28.7%	-18.7%	43.6%	25.5%	14.5%	3.0%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26