Marsons Limited Secures ₹99.12 Crore Order for Power Transformers from LC Infra Projects

Marsons Limited has announced a major business development with the receipt of a substantial purchase order from LC Infra Projects Private Limited. The order, valued at ₹99.12 crores including GST, represents a significant addition to the company's order book and reinforces its position in the power transmission equipment sector.

Order Details and Specifications

The contract involves the supply of high-capacity power transformers specifically designed for extra high voltage applications. The order specifications include:

Parameter	Details
Order Value	₹99.12 crores (including GST)
Customer	LC Infra Projects Private Limited
Product Type	EHV Power Transformers
Voltage Class	132kV
Transformer 1	70 MVA Power Transformer
Transformer 2	80 MVA Power Transformer
Market Type	Domestic

Contract Structure and Compliance

The company has confirmed that this order represents a purely commercial transaction with no complications regarding related party interests. Key compliance aspects include:

No promoter or promoter group companies have any interest in LC Infra Projects Private Limited
The contract does not fall within the purview of related party transactions
The order has been awarded by a domestic entity, supporting the company's local market presence

Strategic Significance

This order demonstrates Marsons Limited's capability in manufacturing high-capacity power transformers for critical infrastructure projects. The 132kV class EHV transformers are essential components in power transmission networks, indicating the company's technical expertise in handling complex electrical equipment requirements.

The substantial order value of ₹99.12 crores reflects the company's ability to secure significant contracts in the competitive power equipment market. Such orders typically involve stringent technical specifications and quality requirements, highlighting the company's manufacturing capabilities and market reputation.

Regulatory Disclosure

Marsons Limited made this announcement in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding material developments. The disclosure follows the prescribed format under SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, providing comprehensive details about the order terms and conditions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.94%	-4.04%	-8.46%	-20.92%	-34.99%	+3,109.64%

Marsons Limited has officially received a BWR BBB-/Stable credit rating for its long-term bank facilities and BWR A2 for short-term facilities from Brickwork Ratings. The company filed the rating communication with BSE on December 11, 2025, following a brief delay due to a short circuit at their office on December 5, 2025, which caused complete power failure and internet connectivity issues.

Credit Rating Details

Brickwork Ratings assigned the ratings for Marsons Limited's bank loan facilities totaling Rs 35 crores from ICICI Bank. The rating breakdown is as follows:

Facility Type:	Amount (Rs Cr)	Rating	Action
Fund Based:	5.00	BWR BBB-/Stable	Assignment
Non-Fund Based:	30.00	BWR BBB-/Stable	Assignment
Short Term (Sub-limit):	(10.00)	BWR A2	Assignment
Total:	35.00	-	-

Financial Performance Highlights

The company has demonstrated exceptional financial growth, with revenue expanding significantly from Rs 6.46 crores in FY24 to Rs 168.36 crores in FY25. Key performance metrics include:

Metric:	FY 2025	FY 2024	YoY Change
Operating Revenue:	Rs 168.36 cr	Rs 6.46 cr	2505.88%
EBITDA:	Rs 25.22 cr	Rs 1.19 cr	2019.33%
Net Profit:	Rs 28.02 cr	Rs 0.63 cr	4348.41%
Tangible Net Worth:	Rs 122.49 cr	Rs 14.22 cr	761.46%

The company's debt profile improved considerably, with the Total Debt/TNW ratio reducing from 0.63 times in FY24 to 0.02 times in FY25, while the current ratio strengthened from 1.10 times to 3.37 times.

Rating Rationale and Strengths

Brickwork Ratings highlighted several key strengths supporting the rating assignment. The company maintains extensive management experience with over four decades in transformer manufacturing and currently holds a healthy order book of approximately Rs 294 crores. Marsons stands out as the only manufacturer in Eastern India capable of producing transformers of 132 kV class and above, providing a strong competitive edge.

The company serves reputed clients including major state utilities such as West Bengal State Electricity Distribution Company Limited (WBSEDCL), West Bengal State Electricity Transmission Company Limited (WBSETCL), and works with leading EPC contractors like KEC International Ltd and Banaras Locomotive Works (BLW).

Product Portfolio and Market Position

Marsons manufactures a diversified range of transformers including Distribution and Power Transformers (10 KVA to 160 MVA, 220 kV class), Furnace Transformers, Dry-Type Transformers, and Industrial Duty Transformers (IDTs). The company's manufacturing facility at Budge Budge Tank Road, Kolkata, spans 4,00,000 sq.ft. and operates a NABL-accredited transformer testing laboratory.

Risk Factors and Outlook

Despite strong performance, the ratings are constrained by working capital intensity, susceptibility to raw material price fluctuations, and the highly competitive nature of the transformer manufacturing industry. The company also faces exposure risks from stringent pollution control norms and evolving ESG regulations.

The stable outlook indicates moderate likelihood of rating change over the medium term. Brickwork Ratings expects the company to enhance its scale of operations, improve profitability margins, and strengthen its working capital cycle through timely order execution.