Marsons profit rises 45% as revenue reaches Rs 96.5544 crore

Marsons Limited reported standalone profit of Rs 13.3055 crore for the quarter ended September 30, 2026, 45% above Rs 9.195 crore a year earlier, as revenue from operations rose 61% to Rs 96.5544 crore. Profit before tax was Rs 17.9156 crore, compared with Rs 9.195 crore in the prior-year quarter.

What were Marsons' September-quarter results?

Marsons reported total income of Rs 96.7487 crore for the quarter ended September 30, 2026, against Rs 60.736 crore in the corresponding quarter of 2025. Revenue from operations supplied Rs 96.5544 crore of the latest total, while other income was Rs 19.43 lakh, down from Rs 93.12 lakh a year earlier.

Profit before tax increased to Rs 17.9156 crore from Rs 9.195 crore in the September 2025 quarter, while profit for the period rose to Rs 13.3055 crore from Rs 9.195 crore. The difference between the latest pre-tax and post-tax profit was Rs 4.6101 crore, whereas the September 2025 statement reported no tax expense.

The September quarter was also larger than the immediately preceding quarter ended June 30, 2026. Revenue from operations increased from Rs 49.2626 crore to Rs 96.5544 crore and profit for the period rose from Rs 5.9294 crore to Rs 13.3055 crore. Basic and diluted earnings per share, or EPS, were Rs 0.77, compared with Rs 0.34 in June 2026 and Rs 0.53 in September 2025; Marsons stated that quarterly EPS is not annualised.

How did Marsons' revenue and expenses change?

Marsons' revenue from operations rose by Rs 36.7496 crore year on year in the September 2026 quarter, while total expenses increased by Rs 27.2921 crore to Rs 78.8331 crore. Total income therefore grew faster than reported expenses, widening the difference between income and expenses to Rs 17.9156 crore from Rs 9.195 crore.

Cost of materials consumed was Rs 58.9078 crore in the latest quarter, compared with Rs 49.1772 crore in the September 2025 quarter. Employee benefits expense increased to Rs 94.92 lakh from Rs 84.13 lakh, finance costs rose to Rs 66.37 lakh from Rs 21.83 lakh, and other expenses were Rs 2.0029 crore against Rs 1.1968 crore.

Compared with the June 2026 quarter, September-quarter total expenses rose from Rs 42.6225 crore to Rs 78.8331 crore. Materials consumed increased from Rs 46.7089 crore to Rs 58.9078 crore, while finance costs moved from Rs 36.17 lakh to Rs 66.37 lakh. The filing does not provide product-level revenue, transformer volumes, order-book data or a management explanation for the quarterly revenue movement.

How did Marsons' first-half performance compare?

Marsons recorded revenue from operations of Rs 145.817 crore for the six months ended September 30, 2026, up from Rs 106.8339 crore in the corresponding six months of 2025. Total income rose to Rs 146.7571 crore from Rs 108.7633 crore, despite other income falling to Rs 94.01 lakh from Rs 1.9194 crore.

First-half profit before tax was Rs 25.3015 crore, compared with Rs 17.2261 crore a year earlier. Profit for the period reached Rs 19.2349 crore, versus Rs 17.2261 crore, and basic and diluted EPS increased to Rs 1.12 from Rs 1.00. The pre-tax improvement was larger than the post-tax increase because the latest six-month period included the reported difference of Rs 6.0666 crore between pre-tax and post-tax profit.

For the year ended March 31, 2026, Marsons had reported revenue from operations of Rs 245.0309 crore and profit for the period of Rs 46.2877 crore. The September 2026 half-year revenue of Rs 145.817 crore exceeded half of that prior full-year revenue, but the filing contains no revenue, profit or margin target for the rest of financial year 2026-27.

What do Marsons' balance sheet and cash flow show?

Marsons' total assets were Rs 293.0013 crore at September 30, 2026, compared with Rs 290.7004 crore at March 31, 2026. Inventories increased to Rs 76.2063 crore from Rs 58.0137 crore, while trade receivables declined to Rs 90.1122 crore from Rs 107.2883 crore.

Cash and cash equivalents stood at Rs 86.67 lakh at September 30, 2026, compared with Rs 7.5302 crore at the previous year-end. Other equity increased to Rs 217.6866 crore from Rs 200.3441 crore, paid-up share capital remained Rs 17.21 crore, and trade payables decreased to Rs 43.1858 crore from Rs 56.0528 crore.

Net cash used in operating activities was Rs 8.159 crore in the six months ended September 30, 2026, compared with Rs 1.8591 crore used in the year ended March 31, 2026. The half-year cash flow included Rs 18.1927 crore absorbed by inventories and Rs 14.1986 crore by other loans and advances, partly offset by Rs 17.1761 crore generated from trade and other receivables. Net cash from investing activities was Rs 2.1687 crore, while financing activities used Rs 67.32 lakh.

What business and dividend details did Marsons disclose?

Marsons reported one segment, the sale of power and distribution transformers and allied products and services. It therefore did not provide a segment-wise revenue or profit split under Indian Accounting Standard 108, or Ind AS 108, for the quarter ended September 30, 2026.

Marsons' board approved a first interim dividend of 5 paise per fully paid equity share of Re. 1 each, equal to 5%, for financial year 2026-27. The company has 17.21 crore equity shares, set November 20, 2026 as the record date, and said the dividend would be paid on or before December 13, 2026.

The standalone results were unaudited and approved by the board on November 13, 2026. NKSJ & Associates issued a limited review report dated November 13, 2026, stating that nothing had come to its attention to indicate that the standalone statement had not disclosed the required information or contained a material misstatement.

Conclusion

Marsons delivered higher standalone revenue and profit in the September 2026 quarter, with revenue from operations rising 61% year on year to Rs 96.5544 crore and profit for the period increasing 45% to Rs 13.3055 crore. The comparison also shows total expenses of Rs 78.8331 crore rising more slowly than revenue, while first-half revenue reached Rs 145.817 crore and operating cash flow was negative by Rs 8.159 crore.

The next disclosed shareholder event is the first interim dividend, for which Marsons set November 20, 2026 as the record date and December 13, 2026 as the latest payment date. The filing provides no financial target for the remainder of 2026-27, leaving subsequent quarterly disclosures to show whether revenue growth, inventory levels of Rs 76.2063 crore and operating cash generation change.