ALFA Finder| P/E TTM | 57.77xSector 51.6x |
|---|---|
| Market Cap | ₹2,554.8 CrSmall Cap |
| Promoter Holding | 53.65%No Pledges |
| RSI | 66.68Neutral Zone |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 96.6 | 49.3 | 59.8 |
| Other Income | 0.2 | 0.7 | 0.9 |
| Total Income | 96.7 | 50.0 | 60.7 |
| Profit Before Tax | 17.9 | 7.4 | 9.2 |
| Net Profit | 13.3 | 5.9 | 9.2 |
| Operating Margin | 18.5% | 14.8% | 15.2% |
| Net Profit QoQ | +125.4% | ||
| Net Profit YoY | +44.6% | ||
| Adj. Profit QoQ | +164.2% | ||
| Adj. Profit YoY | +113.3% | ||
Key highlights
- Net profit grew 44.6% YoY to ₹13.3 crore compared to ₹9.2 crore in Q2 FY26
- Revenue from operations surged 61.5% YoY to ₹96.6 crore from ₹59.8 crore
- Operating margins improved to 18.5% from 15.2% in the corresponding previous quarter
- Board declared a 1st Interim Dividend of 5 paise (5%) per equity share
- Sequential net profit increased by 125.4% from ₹5.9 crore in Q1 FY27
- Utilization of ₹74.37 crore reported for the preferential allotment funds raised in April 2024
Strong Revenue Momentum and Profitability
Marsons Ltd reported a sharp increase in its financial performance for the quarter ended September 30, 2026, as revenue from operations reached ₹96.6 crore. This performance represents a 61.5% increase compared to the ₹59.8 crore recorded in the same period last year. On a sequential basis, the growth was even more pronounced, with revenue nearly doubling from the ₹49.3 crore reported in the preceding quarter.
This topline momentum drove net profit to ₹13.3 crore, reflecting a 44.6% increase year-on-year and a 125.4% jump over Q1 FY27 results. The figures underscore the company's expanding footprint in the heavy electrical equipment sector.
Operational Efficiency and Margin Expansion
The company achieved an operating margin of 18.5% during the September quarter, a notable improvement from the 15.2% recorded in Q2 FY26 and the 14.8% seen in Q1 FY27. This margin expansion occurred despite a reduction in other income, which fell to ₹0.2 crore from ₹0.9 crore a year earlier. Total expenses for the period stood at ₹78.83 crore, largely influenced by the cost of materials consumed.
Profit before tax reached ₹17.9 crore, demonstrating strong fundamental business growth compared to the ₹9.2 crore reported in the year-ago period. The company also confirmed that it continues to operate in a single reportable segment: power distribution and transformer services.
Dividend Declaration and Capital Utilization
- First Interim Dividend declared at 5 paise per equity share of Re 1 face value (5%)
- Record date for dividend entitlement fixed for Friday, November 20, 2026
- Dividend payment scheduled to be completed on or before December 13, 2026
- Cumulative utilization of ₹74.37 crore from the ₹80.25 crore preferential issue proceeds
- Funds were utilized for working capital and general corporate growth purposes
- Board meeting for results approval concluded at 4:00 P.M. on November 13, 2026
Strategic Expansion and Market Positioning
In line with its long-term strategy, Marsons has been scaling its manufacturing capabilities. Earlier in May 2026, the company approved expanding its transformer range to the 400 kV / 500 MVA class, with an aim to increase total capacity to 26,000 MVA. This growth is further supported by a North America joint venture with Cleanhill Partners announced in October 2026.
Management has previously guided that the renewable energy transformer segment is projected to contribute 30% to 40% of total revenue by FY27. These developments coincide with a healthy order book, which was valued at approximately ₹294 crore as per disclosures late last year.
Interim Dividend Details
the Board of Directors of the Company, at its meeting has declared and approved the payment of 1st Interim Dividend of 5 paise per equity share of Re. 1/- each fully paid up i.e, 5% on 17,21,00,000 equity shares of the Company for the financial year 2026-27.
| Date | Announcement | Amount |
|---|---|---|
| 13 Aug 2026 | Q1 FY27 consolidated net profitSource: hdfcsec.com | ₹5.93 Cr |
| 22 May 2026 | Q4 FY26 consolidated net profitSource: hdfcsec.com | ₹22.62 Cr |
| 09 Feb 2026 | Q3 FY26 consolidated net profitSource: hdfcsec.com | ₹6.48 Cr |
| 07 Nov 2025 | Q2 FY26 standalone net profitSource: BSE filing | ₹9.20 Cr |
| 12 Aug 2025 | Q1 FY26 standalone net profitSource: BSE filing | ₹8.03 Cr |
| 30 May 2025 | Q4 FY25 consolidated net profitSource: BSE filing | ₹8.99 Cr |
What to watch next
- Payment of the 1st Interim Dividend by December 13, 2026
- Operational milestones for the North America JV with Cleanhill Partners
- Completion of capacity expansion to 26,000 MVA for higher kV class transformers
“The interim dividend will be paid on or before 13th December, 2026.”
| Share price | ₹148.45 |
|---|---|
| Market capitalisation | ₹2,554.82 Cr |
| Revenue (annual) | ₹245.43 Cr |
| Net profit (annual) | ₹46.33 Cr |
| Revenue (latest quarter) | ₹49.26 Cr-46.83% vs previous quarter |
| Net profit (latest quarter) | ₹5.93 Cr-73.78% vs previous quarter |
| P/E (TTM) | 57.77×Sector 51.6× |
| Promoter holding | 53.65%0.00% QoQ |
| FII holding | 1.06%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Regulatory filing by Marsons Limited detailing the unaudited standalone and consolidated financial results for the quarter ended September 30, 2026. Market figures from a third-party data provider.
