WEBSITE BSE:0 NSE: Inc. Year: 1994 Industry: Engineering - Industrial Equipments My Bucket: Add Stock
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1. Business Overview
Marshall Machines Ltd. is an Indian engineering company primarily engaged in the design, manufacture, and sale of advanced industrial machinery, specifically Computer Numerical Control (CNC) machine tools. Its core business involves producing various types of CNC machines, such as CNC lathes, vertical machining centers, and other specialized industrial equipment used for precision manufacturing. The company generates revenue by selling these capital goods to a wide range of manufacturing industries, often including after-sales service, spare parts, and technical support.
2. Key Segments / Revenue Mix
Based on the provided information, Marshall Machines Ltd. operates primarily within the "Engineering - Industrial Equipments" sector. Its revenue is predominantly derived from the sale of CNC machine tools and related services. Specific breakdowns of revenue by machine type or service segment are not publicly available in the provided data.
3. Industry & Positioning
The company operates in India's industrial equipment sector, which is foundational for the country's manufacturing capabilities. This industry is characterized by capital intensity, technological evolution, and direct ties to the broader manufacturing and infrastructure growth. Marshall Machines Ltd. positions itself as a domestic manufacturer of CNC machines, competing with other Indian players and international brands present in the market. Its ability to offer localized solutions, support, and potentially cost-competitive products influences its standing against larger global conglomerates and specialized niche players.
4. Competitive Advantage (Moat)
Technical Expertise & Innovation: Developing and manufacturing complex CNC machines requires significant engineering know-how and continuous innovation, which can be a barrier to entry.
After-Sales Service & Support: For industrial machinery, a robust service network and timely support can be a significant advantage, reducing downtime for customers.
Switching Costs: Customers in industrial manufacturing face high switching costs once they integrate a machine tool into their production line due to training, retooling, and potential production disruptions.
Established Brand & Reputation: A long-standing presence and proven track record in the Indian market can build trust and brand recognition among industrial buyers.
"Make in India" Alignment: As a domestic manufacturer, it potentially benefits from government incentives and preferences for local procurement.
5. Growth Drivers
"Make in India" Initiative: Government policies promoting domestic manufacturing and self-reliance can boost demand for indigenous machine tools.
Industrial Automation & Modernization: Increasing adoption of automation across various sectors drives demand for advanced and efficient CNC machines.
Capital Expenditure Cycle: Renewal and expansion of manufacturing capacities across industries like automotive, defense, aerospace, and general engineering.
Infrastructure Development: Indirectly stimulates demand for components that are manufactured using machine tools.
Technological Upgrades: Continuous demand for higher precision, multi-axis capabilities, and smart manufacturing integration in machines.
6. Risks
Economic Downturns: Industrial equipment demand is highly cyclical and sensitive to economic slowdowns, impacting capital expenditure decisions by customers.
Intense Competition: The market faces competition from both domestic players and international machine tool manufacturers, including imports, which can lead to price pressure.
Technological Obsolescence: Rapid advancements in machine tool technology necessitate continuous R&D investment to remain competitive.
Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel, castings, and electronic components can impact profit margins.
Supply Chain Disruptions: Reliance on a global supply chain for certain components can expose the company to geopolitical or logistical risks.
Interest Rate Sensitivity: High-value capital goods purchases by customers are often financed, making demand sensitive to changes in interest rates.
7. Management & Ownership
Marshall Machines Ltd. is a publicly listed company. Specific details regarding its promoters' background, the quality of its management team, or a detailed breakdown of its ownership structure (e.g., promoter holding, institutional, public percentages) are not provided in the input.
8. Outlook
Marshall Machines Ltd. operates in a strategically important sector crucial for India's industrial growth. The company's prospects are closely tied to the broader health of the Indian manufacturing economy and the government's push for increased domestic production and automation.
Bull Case: Continued government support for manufacturing ("Make in India"), increasing industrial capital expenditure, and a growing demand for precision engineering will drive robust demand for its CNC machines. Its domestic presence and service capabilities could allow it to capture a significant share of this growth.
Bear Case: A slowdown in industrial CAPEX, intensified competition from global players, and the challenge of continuously innovating to keep pace with rapid technological advancements could pressure its market share and profitability. Volatility in raw material costs and currency fluctuations also pose risks.
Balanced View: The company is positioned to benefit from India's long-term industrialization trend. Its success will depend on its ability to leverage its engineering expertise, maintain product quality and technological relevance, expand its market reach, and navigate competitive pressures while efficiently managing its cost structure and supply chain.
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Market Cap ₹9 Cr.
Stock P/E -1.6
P/B 0.1
Current Price ₹3.6
Book Value ₹ 31.2
Face Value 10
52W High ₹12.1
Dividend Yield 0%
52W Low ₹ 3.6
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 24 | 7 | 8 | 7 | 12 | 11 | 2 | 10 | 6 | 9 |
| Other Income | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 24 | 7 | 10 | 8 | 12 | 11 | 2 | 10 | 6 | 9 |
| Total Expenditure | 19 | 8 | 8 | 7 | 13 | 9 | 3 | 8 | 6 | 10 |
| Operating Profit | 5 | -1 | 2 | 1 | -1 | 1 | -1 | 2 | -0 | -0 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | -3 | -1 | -1 | -3 | -1 | -4 | -1 | -2 | -2 |
| Provision for Tax | 1 | -1 | -0 | -0 | -1 | -0 | -1 | -0 | -1 | -1 |
| Profit After Tax | 2 | -3 | -1 | -1 | -3 | -1 | -3 | -0 | -1 | -1 |
| Adjustments | 0 | 0 | 0 | -0 | -0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 2 | -3 | -1 | -1 | -3 | -1 | -3 | -0 | -1 | -1 |
| Adjusted Earnings Per Share | 1.5 | -1.7 | -0.5 | -0.7 | -1.8 | -0.7 | -1.8 | -0.2 | -0.5 | -0.6 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 39 | 42 | 44 | 50 | 59 | 65 | 60 | 67 | 60 | 34 | 28 | 27 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 3 | 0 | 0 |
| Total Income | 39 | 43 | 44 | 51 | 59 | 65 | 61 | 67 | 60 | 37 | 28 | 27 |
| Total Expenditure | 34 | 36 | 38 | 44 | 47 | 50 | 44 | 58 | 53 | 36 | 27 | 27 |
| Operating Profit | 5 | 6 | 6 | 7 | 13 | 15 | 17 | 10 | 7 | 1 | 2 | 1 |
| Interest | 3 | 4 | 4 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 3 |
| Depreciation | 1 | 2 | 1 | 2 | 2 | 4 | 8 | 5 | 6 | 6 | 5 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 1 | 2 | 7 | 8 | 4 | 1 | -4 | -9 | -7 | -9 |
| Provision for Tax | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 0 | -1 | -2 | -2 | -3 |
| Profit After Tax | 1 | 0 | 0 | 1 | 5 | 6 | 3 | 0 | -3 | -7 | -5 | -5 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 0 | 1 | 5 | 6 | 3 | 0 | -3 | -7 | -5 | -5 |
| Adjusted Earnings Per Share | 0.6 | 0.3 | 0.5 | 1.2 | 4.7 | 4 | 2 | 0.3 | -2.2 | -4.7 | -2.3 | -3.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -18% | -25% | -16% | -3% |
| Operating Profit CAGR | 100% | -42% | -33% | -9% |
| PAT CAGR | 0% | 0% | NAN% | NAN% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -68% | -58% | -21% | NA% |
| ROE Average | -9% | -11% | -5% | 5% |
| ROCE Average | -3% | -3% | 2% | 10% |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 8 | 8 | 9 | 10 | 18 | 39 | 41 | 49 | 46 | 40 | 76 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 8 | 8 | 7 | 6 | 7 | 8 | 14 | 14 | 13 | 18 | 13 |
| Other Non-Current Liabilities | 1 | 1 | 1 | 1 | 3 | 6 | 6 | 6 | 6 | 4 | 2 |
| Total Current Liabilities | 36 | 42 | 42 | 48 | 52 | 55 | 60 | 63 | 70 | 80 | 65 |
| Total Liabilities | 53 | 60 | 59 | 65 | 80 | 108 | 121 | 133 | 135 | 141 | 156 |
| Fixed Assets | 14 | 13 | 11 | 15 | 23 | 46 | 39 | 68 | 62 | 57 | 60 |
| Other Non-Current Assets | 2 | 1 | 2 | 2 | 0 | 0 | 14 | 2 | 2 | 1 | 2 |
| Total Current Assets | 36 | 46 | 46 | 48 | 57 | 61 | 68 | 62 | 71 | 83 | 94 |
| Total Assets | 53 | 60 | 59 | 65 | 80 | 108 | 121 | 133 | 135 | 141 | 156 |
| #(Fig in Cr.) | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 3 | 1 | 1 | 1 | 3 | 4 | 4 | 1 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | -1 | 7 | 11 | 5 | 14 | 12 | 11 | 5 | -0 | -12 |
| Cash Flow from Investing Activities | -2 | -0 | -1 | -5 | -9 | -27 | -15 | -10 | -0 | -0 | -19 |
| Cash Flow from Financing Activities | -1 | 1 | -5 | -5 | 5 | 14 | 3 | -2 | -5 | 1 | 31 |
| Net Cash Inflow / Outflow | -2 | -0 | 1 | 1 | 1 | 0 | 0 | -1 | -0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 2 | 4 | 4 | 5 | 1 | 0 | 0 | 0 |
| # | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.65 | 0.28 | 0.46 | 1.22 | 4.69 | 3.97 | 2.04 | 0.25 | -2.16 | -4.74 | -2.26 |
| CEPS(Rs) | 2.18 | 2.76 | 1.82 | 2.99 | 6.74 | 6.53 | 7.61 | 3.77 | 2.15 | -0.71 | -0.19 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.94 | 9.21 | 9.67 | 10.89 | 16.69 | 26.47 | 28.36 | 33.71 | 31.6 | 27.17 | 31.81 |
| Core EBITDA Margin(%) | 12.37 | 13.54 | 12.51 | 12.25 | 18.43 | 19.8 | 22.54 | 14.02 | 11.43 | -4.09 | 4.1 |
| EBIT Margin(%) | 9.7 | 9.27 | 9.94 | 9.77 | 15.36 | 15.25 | 12.14 | 6.55 | 1.27 | -13.86 | -11.96 |
| Pre Tax Margin(%) | 2.35 | 0.96 | 1.67 | 3.58 | 10.74 | 10.42 | 5.87 | 0.87 | -6.13 | -26.65 | -25.64 |
| PAT Margin (%) | 1.51 | 0.59 | 0.95 | 2.2 | 7.2 | 7.52 | 4.24 | 0.54 | -5.2 | -20 | -19.31 |
| Cash Profit Margin (%) | 5.07 | 5.94 | 3.76 | 5.39 | 10.36 | 12.37 | 15.78 | 8.17 | 5.19 | -2.98 | -1.66 |
| ROA(%) | 1.11 | 0.44 | 0.7 | 1.78 | 6.92 | 6.16 | 2.6 | 0.29 | -2.34 | -4.99 | -3.63 |
| ROE(%) | 7.26 | 3.04 | 4.86 | 11.87 | 36.17 | 20.5 | 7.46 | 0.81 | -6.6 | -16.14 | -9.34 |
| ROCE(%) | 11.96 | 11.5 | 12.23 | 14.31 | 26.55 | 19.61 | 11.31 | 5.25 | 0.87 | -5.59 | -3.36 |
| Receivable days | 36.85 | 38.54 | 40.36 | 47.12 | 51.6 | 56.47 | 68.63 | 69.91 | 89.79 | 245.49 | 415.62 |
| Inventory Days | 280.08 | 301.36 | 328.1 | 275.67 | 197 | 185.79 | 222.85 | 255.01 | 297.79 | 533.17 | 606.79 |
| Payable days | 160.66 | 166.15 | 172.34 | 174.86 | 176.4 | 161.71 | 218.29 | 161.7 | 221.43 | 417.49 | 689.52 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 5.95 | 3.54 | 42.39 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0.89 | 0.26 | 0.31 | 0.94 | 1.48 | 0.75 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.63 | 0.69 | 0.61 | 0.47 | 0.46 | 1.06 | 0.74 | 0.86 | 1.48 | 3.25 | 3.41 |
| EV/Core EBITDA(x) | 4.75 | 4.73 | 4.75 | 3.65 | 2.11 | 4.49 | 2.66 | 6.06 | 12.71 | 102.61 | 59.99 |
| Net Sales Growth(%) | 0 | 8.16 | 4 | 14.59 | 18.26 | 9.9 | -8.41 | 12.38 | -10.15 | -42.82 | -18.94 |
| EBIT Growth(%) | 0 | 3.45 | 11.45 | 12.64 | 117.79 | 9.69 | -27.29 | -48.34 | -82.52 | -721.54 | 30 |
| PAT Growth(%) | 0 | -57.52 | 66.39 | 166.05 | 353.06 | 15.36 | -48.48 | -87.77 | -962.16 | -120.03 | 21.75 |
| EPS Growth(%) | 0 | -57.52 | 66.39 | 166.05 | 283.93 | -15.33 | -48.48 | -87.77 | -962.04 | -120.03 | 52.37 |
| Debt/Equity(x) | 2.9 | 3.36 | 2.98 | 2.42 | 1.62 | 0.89 | 0.89 | 0.83 | 0.87 | 1.14 | 0.51 |
| Current Ratio(x) | 1 | 1.1 | 1.09 | 1 | 1.1 | 1.12 | 1.13 | 0.99 | 1.02 | 1.03 | 1.45 |
| Quick Ratio(x) | 0.18 | 0.15 | 0.17 | 0.25 | 0.35 | 0.39 | 0.37 | 0.23 | 0.3 | 0.4 | 0.79 |
| Interest Cover(x) | 1.32 | 1.12 | 1.2 | 1.58 | 3.32 | 3.16 | 1.94 | 1.15 | 0.17 | -1.08 | -0.87 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0.87 | 3.04 | 2.3 | 0.81 | 0.67 | 0.67 |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.99 | 60 | 60 | 52.01 | 52.01 | 47.34 | 28.89 | 28.89 | 28.89 | 28.89 |
| FII | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.01 | 40 | 40 | 47.99 | 47.99 | 52.66 | 71.11 | 71.11 | 71.11 | 71.11 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.97 | 0.87 | 0.87 | 0.76 | 0.76 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.48 | 0.58 | 0.58 | 0.7 | 0.7 | 0.77 | 1.7 | 1.7 | 1.7 | 1.7 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.46 | 1.46 | 1.46 | 1.46 | 1.46 | 1.46 | 2.39 | 2.39 | 2.39 | 2.39 |
* The pros and cons are machine generated.
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