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MARSONS LIMITED (MARSONS) Fair Value & Analysis

Industrials · IN · Market cap ₹19.5B (≈ $205M) · ISIN INE415B01044

ML MARSONS LIMITED MARSONS · BSE
Price₹125.55
Fair Value₹35.42
Upside-71.8%
Quality50/100
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Strengths

Solidly profitable · 18.9% net margin
Wide moat 75/100

Risks

!Trades 254% ABOVE our fair value of ₹35.42
!Mixed Growth (revenue 5y +275.4 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (6/13)
Mixed Growth (revenue 5y +275.4 %/yr)
Solidly profitable · 18.9% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/13)
Wide moat 75/100
Evidence: High Range ₹26.57 – ₹44.28 Share as image

Fair value as of: Aug 13, 2026

From 15 valuation models · updated 14 days ago

A solid business, but trading 254% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (₹44.28). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹349.29 ₹3.08 Fair Value ₹35.42 Apr 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹3.08 – ₹349.29 · fair‑value band ₹26.57 – ₹44.28 · the ₹125.55 price screens above the ₹35.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

MARSONS LIMITED (MARSONS) currently trades at ₹125.55, while our model-based Fair Value estimate is ₹35.42, implying the stock looks roughly 71.8% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, MARSONS LIMITED generated revenue of ₹2.5B at a net margin of 18.9%. Revenue grew 66.0% year over year. It earns a return on equity of 27.2%. Net debt stands at ₹22.3M. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹26.57 (bear case) to ₹44.28 (bull case); at ₹125.55, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -42% fair-value upside, at -72%, MARSONS screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder ₹28.82 ₹43.89 ₹54.49 72
Growth-Adj P/E ₹86.26 ₹123.23 ₹160.20 68
P/E Multiple ₹42.40 ₹56.53 ₹70.66 63
All 15 models by family
DCF Models
Owner Earnings ₹41.84 ₹94.70 ₹205.66 31
Earnings-Based
Graham-Dodd ₹18.30 ₹127.65 ₹179.14 54
Lynch FV ₹65.95 ₹94.21 ₹122.47 50
PEG = 1.0 ₹65.95 ₹94.21 ₹122.47 46
EPV ₹21.12 ₹24.57 ₹27.59 59
Multiples
P/E Multiple ₹42.40 ₹56.53 ₹70.66 63
P/S Multiple ₹21.39 ₹28.52 ₹35.65 58
P/B Multiple ₹34.32 ₹45.76 ₹57.20 55
EV/EBIT ₹31.21 ₹41.48 ₹51.75 53
EV/EBITDA ₹24.39 ₹32.39 ₹40.38 54
EV/Revenue ₹18.38 ₹26.08 ₹33.78 43
Asset-Based
NCAV (Graham) ₹6.32 ₹8.47 ₹12.64 50
Economic Profit
Residual Income ₹18.11 ₹24.20 ₹116.18 61
ROIC Compounder ₹28.82 ₹43.89 ₹54.49 72
Growth Earnings
Growth-Adj P/E ₹86.26 ₹123.23 ₹160.20 68

Widest divergence: Growth Earnings (₹123.23) versus Asset-Based (₹8.47). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

P/E ratio 46.7
P/S ratio 8.81 P/E × margin
EPS (TTM) ₹2.69 price ÷ EPS = P/E 46.7
Net margin 18.9% FY2025
Return on equity 27.2% TTM
Return on assets (EBIT) 5.4% avg 5y
More key figures
Profitability
Operating margin 20.4% TTM
Growth
Revenue (TTM) ₹2.5B TTM
Revenue growth (YoY) +66.0% 3y avg +278%
EPS growth (YoY) +153%
Balance sheet & cash flow
Free cash flow −₹316K FY2025
Net debt ₹22.3M FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 25

Profitability 68
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 51
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Marsons Limited engages in manufacturing, supplying, erecting, testing, and commissioning of Power and Distribution transformers in India. The company offers arc furnace, submerged arc furnace, ladle furnace, induction, and DC arc furnace transformers. It also offers distribution and power transformers.

Full company description

Marsons Limited engages in manufacturing, supplying, erecting, testing, and commissioning of Power and Distribution transformers in India. The company offers arc furnace, submerged arc furnace, ladle furnace, induction, and DC arc furnace transformers. It also offers distribution and power transformers. Marsons Limited provides USS, dry type, cast resin, solar, and instrumental transformers, as well as after sales services. The company was incorporated in 1976 and is based in Kolkata, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MARSONS LIMITED reported revenue of ₹2.5B in FY2025 versus ₹15.9M in FY2021, a compound +252.4%/yr. Reported net income was ₹463M in FY2025.

Growth Quality 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
₹2.5B
Latest YoY
+45.8%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+277.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+275.4%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.5%
Value creation/yr We only publish this rate when it is defensible. Reason: rate outside our plausibility band
not computed
Revenue +252.4%/yr
FY21 ₹15.9M
FY22 ₹45.6M
FY23 ₹64.6M
FY24 ₹1.7B
FY25 ₹2.5B
Net income
FY21 −₹12.9M
FY22 ₹32.7M
FY23 ₹6.3M
FY24 ₹280M
FY25 ₹463M

MARSONS screens 72% overvalued. Compare with Contemporary Amperex Technology Co →

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Cite: Fair Value Calculator (2026). "MARSONS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/MARSONS

Peer Group

Electrical Equipment & Parts · 555 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Below median
Fair Value upside −72% · Bottom 25%
Return on equity (TTM) 27% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 66% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 46.7× · Pricier than median
P/B 8.96× · Pricier than 75% of peers
P/S (TTM) 7.95× · Pricier than 75% of peers
EV/EBITDA 45.9× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 56
PAST100 · sector 26
HEALTH100 · sector 97
DIVIDEND0 · sector 22

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 -40%
ABB Ltd ABBN CHF 79.28 CHF 28.56 -64%
Delta Electronics (Thailand) Public Company TDED 10.40 SGD 1.47 SGD -86%
Vertiv Holdings VRT $263.81 $63.13 -76%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW -45%
Prysmian S.p.A PRY €123.60 €84.15 -32%
Legrand SA LR €136.40 €78.82 -42%
Sungrow Power Supply Co 300274 ¥117.53 ¥123.83 +5%
Hubbell Incorporated HUBB $472.46 $285.77 -40%
Shenzhen Inovance Technology Co 300124 ¥61.07 ¥33.04 -46%

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Frequently asked questions

Is MARSONS LIMITED (MARSONS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹35.42 versus a price of ₹125.55, about −72% (overvalued).
What is the fair value of MARSONS?
Our model-based fair value for MARSONS LIMITED is ₹35.42 (as of Aug 13, 2026), built from audited fundamentals. The current price: ₹125.55.
What is the quality score of MARSONS?
MARSONS LIMITED has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of MARSONS LIMITED (MARSONS)?
MARSONS LIMITED reported trailing-twelve-month revenue of about ₹2.5B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MARSONS?
The net profit margin of MARSONS LIMITED is about 18.9%, meaning it keeps roughly 18.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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