Tarsons Products Limited (TARSONS)

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Tarsons Products Limited (TARSONS) · mywealthgrid

About

Tarsons Products Limited manufactures and supplies medical equipment for hospitals and healthcare institutions in India. The company operates at mid-cap scale (₹1,916.8 Cr market cap) with healthy operating margins of 27.91%, indicating efficient healthcare equipment operations. Positioned in the growing Indian medical equipment sector, it serves institutional buyers across multiple healthcare verticals.

Face value: ₹2

Market cap

₹1,752 Cr

P/E

157.9×

P/B

2.8×

Dividend yield

0.6%

ROE

2.3%

ROCE

Debt / equity

0.6

OPM

27.9%

EPS (TTM)

₹2.1

Book value

₹119.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 172.68 is extremely elevated; stock has no margin of safety if earnings growth stalls or healthcare capex cycles weaken. - ROE of 2.26% is very low; despite strong operating margins, capital deployed is not generating adequate shareholder returns. - Recent loss in Jun 2026 (-₹1.44 Cr net profit) despite adequate OPM (23.57%) signals operational instability or demand disruption — verify what caused it. - Minimal institutional ownership (FII 0.16%, DII 0.1%) suggests institutional skepticism; verify what concerns drive the thin float.

Generated analysis · source review pending

Growth drivers

Operating margins span 23.57% to 34.69% across quarters; if revenue grows 15–20% annually, margin floors would drive profit expansion — verify what growth rates justify the PE 172.68 valuation. - Revenue figures vary between ₹80.51–₹120.93 Cr per quarter, suggesting exposure to multiple business units or consolidated subsidiaries; verify which verticals contribute and their respective growth rates. - Debt-to-equity of 0.6 leaves balance-sheet capacity for capex or inorganic expansion — verify management's planned capex, M&A pipeline, and strategy for deploying leverage.

Generated analysis · source review pending

1,195 historical price candles were omitted because the exchange source has not been verified.

₹329.4-0.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 27.9%
+Dividend payout of 95.9% of profit

Cons

−Low return on equity of 4.9% (3-yr avg)
−Profit declined 47.8% a year over the last 3 years
−Expensive at 157.9× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 31
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
	229	301	296	392	423
COGS	62	63	82	129	139
Gross profit	167	238	214	263	284
	64	85	114	152	166
	103	153	100	111	118
OPM %	45.2%	50.8%	33.7%	28.2%	27.9%
Depreciation	14	22	40	63	97
Interest	3	4	10	19	23
	5	8	11	16	23
Profit before tax	92	135	61	45	22
Tax	24	34	18	15	8
Tax %	25.5%	25.4%	29.8%	33.6%	34.6%
	69	101	43	30	14
PAT margin %	30.1%	33.5%	14.4%	7.6%	3.4%
EPS (₹)	13.4	19.5	8	5.6	2.7
EPS adjusted (₹)	725	18.9	8	5.6	2.7
	0%	0%	25%	0%	—
Annual report	—	Annual report for Mar 2022	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	11	11	11	11
Reserves	244	479	602	620	624
	33	22	257	329	383
	18	33	103	121	169
Total equity & liabilities	296	544	972	1,080	1,186
	120	189	317	519	717
CWIP	22	32	267	233	159
Investments	0	0	0	0	0
	154	323	388	328	311
Total assets	296	544	972	1,080	1,186

₹ Cr	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
	68	83	103	114	118
	-64	-138	-285	-145	-130
	-27	130	136	39	9
Net cash flow	-23	75	-47	8	-3
Free cash flow	6	-49	-82	-37	-7
CFO / Operating profit %	65.9%	54.7%	102.9%	103.2%	100.5%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
India	332.86	131.86	1,102.04	426.45	675.59	19.52
Germany	89.66	9.8

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	73.1%	79.1%	72.3%	67%	67.1%
EBITDA margin %	45.2%	50.8%	33.7%	28.2%	27.9%
EBIT margin %	39.2%	43.5%	20%	12.3%	5.1%
PAT margin %	30.1%	33.5%	14.4%	7.6%	3.4%
Working capital
Receivable days	75	79	96	74	74
Inventory days	277	478	571	355	341
Payable days	35	75	65	44	53
NWC days	317	482	602	385	361
Leverage
Current ratio	2.7	7	1.1	1.38	1.01
Debt to EBITDA	0.32	0.14	2.57	2.97	3.24
Debt to equity	0.14	0.04	0.42	0.52	0.6
Interest coverage	35	33	7	3.3	2
Asset turnover	0.77	0.55	0.3	0.36	0.36
Return ratios
Return on assets %	23.3%	18.5%	4.4%	2.8%	1.2%
Return on capital employed %	37.4%	36.5%	11.2%	7.7%	5%
Return on equity %	28.2%	20.5%	7%	4.7%	2.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.31%	47.31%	47.31%	47.31%	47.31%	47.31%	47.31%	47.31%	47.31%	47.3%	47.3%	47.3%
	7.85%	6.83%	8.16%	7.95%	8.04%	7.51%	9.52%	9.14%	5.82%	2.47%	0.87%	0.16%
	3.16%	2.6%	0.18%	0.12%	0.21%	0.5%	0.29%	0.04%	0.08%	0%	0.19%	0.1%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	41.68%	43.26%	44.35%	44.62%	44.44%	44.68%	42.88%	43.51%	46.79%	50.23%	51.64%	52.44%
No. of shareholders	—	—	—	—	—	—	—	—	88,966	87,336	84,093	83,453

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	423	0.01	0.03%	0.001%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Re-appointment of Director, who was liable to retire by rotation, at the 43rd AGM of the Company.28 Sept 2026 · AGM
Submission of Voting Results and Scrutinizer''s Report of 43rd AGM of the Company held on Thursday, September 24, 2026.28 Sept 2026 · AGM
The Exchange has sought clarification from the company on September 22, 2026, with reference to Movement in Volume.22 Sept 2026 · General
The Exchange has sought clarification from Tarsons Products Ltd on September 22, 2026, with reference to Movement in Volume. <BR><BR>The reply is awaited.

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Events

Upcoming dates and the company’s corporate-action history.

1

Final dividend20 Sept 2024 · ex-date₹2

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

2 Sept 2026, 3:19 pmAGM/EGM

Notice Of The 43Rd Annual General Meeting Of The Company For The Financial Year Ended March 31, 2026

AGM PDF

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Ratio	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	73.1%	79.1%	72.3%	67%	67.1%
EBITDA margin %	45.2%	50.8%	33.7%	28.2%	27.9%
EBIT margin %	39.2%	43.5%	20%	12.3%	5.1%
PAT margin %	30.1%	33.5%	14.4%	7.6%	3.4%
Working capital
Receivable days	75	79	96	74	74
Inventory days	277	478	571	355	341
Payable days	35	75	65	44	53
NWC days	317	482	602	385	361
Leverage
Current ratio	2.7	7	1.1	1.38	1.01
Debt to EBITDA	0.32	0.14	2.57	2.97	3.24
Debt to equity	0.14	0.04	0.42	0.52	0.6
Interest coverage	35	33	7	3.3	2
Asset turnover	0.77	0.55	0.3	0.36	0.36
Return ratios
Return on assets %	23.3%	18.5%	4.4%	2.8%	1.2%
Return on capital employed %	37.4%	36.5%	11.2%	7.7%	5%
Return on equity %	28.2%	20.5%	7%	4.7%	2.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Molbio Diagnostics LimitedMOLBIOMOLBIO	₹17,431 Cr	₹17,844 Cr	₹1,020 Cr	₹262 Cr	25.7%	₹145 Cr	13.6%	23.7%	16.2%	—
Poly Medicure LimitedPOLYMEDPOLYMED	₹16,610 Cr	₹16,952 Cr	₹1,997 Cr	₹461 Cr	23.6%	₹315 Cr	17.1%	14.5%	11%	294
Fischer Medical Ventures LimitedFISCHERFISCHER	₹2,190 Cr	₹2,262 Cr	₹367 Cr	₹50 Cr	14%	₹30 Cr	10.1%	13.6%	8.6%	111
Tarsons Products LimitedTARSONSTARSONS	₹1,752 Cr	₹2,135 Cr	₹441 Cr	₹119 Cr	27.9%	₹11 Cr	3.4%	5%	2.3%	361
Laxmi Dental LimitedLAXMIDENTLLAXMIDENTL	₹1,066 Cr	₹1,066 Cr	₹287 Cr	₹46 Cr	15.6%	₹31 Cr	10.4%	14.7%	12.8%	109
Hemant Surgical Industries LtdHSILHSIL	₹885 Cr	—	₹232 Cr	₹23 Cr	10%	₹18 Cr	7.9%	—	—	—
Fabtech Technologies LimitedFABTECHFABTECH	₹632 Cr	₹675 Cr	₹418 Cr	₹45 Cr	8.5%	₹49 Cr	9.3%	15.5%	12.9%	55
Prevest Denpro LtdPREVESTPREVEST	₹452 Cr	—	₹72 Cr	₹25 Cr	34.4%	₹20 Cr	28.5%	—	—	—
Nureca LimitedNURECANURECA	₹332 Cr	₹333 Cr	₹153 Cr	₹4 Cr	0.1%	₹4 Cr	1.4%	3.3%	1.1%	186
Earkart LtdEARKARTEARKART	₹179 Cr	₹179 Cr	₹54 Cr	₹8 Cr	15.5%	₹5 Cr	9.1%	12.1%	7.7%	243
Choksi Asia LtdCHOKSICHOKSI	₹117 Cr	₹119 Cr	₹11 Cr	₹-2 Cr	13.8%	₹2 Cr	10.8%	18.9%	13.5%	142
Shree Pacetronix LtdSHREEPACSHREEPAC	₹68 Cr	₹71 Cr	₹8 Cr	₹1 Cr	23.5%	₹0 Cr	14%	27.4%	18.9%	385

80 deals · 26 Nov 2021 – 14 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Aug 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,74,087	₹350.87	₹13.13 Cr
14 Aug 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,74,087	₹351.18	₹13.14 Cr
14 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,27,650	₹351.12	₹11.50 Cr
14 Aug 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,25,555	₹350.74	₹11.42 Cr
14 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	2,84,512	₹356.75	₹10.15 Cr
14 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	2,84,512	₹357.03	₹10.16 Cr
21 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,50,036	₹318.86	₹11.16 Cr
21 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,50,036	₹318.63	₹11.15 Cr
6 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,84,134	₹300.25	₹11.53 Cr
6 Jul 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,84,134	₹300.42	₹11.54 Cr

1–10 of 80

1 / 8

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Date	Category	Subject	Filing
2 Sept 2026, 3:19 pm	AGM/EGM AGM	Notice Of The 43Rd Annual General Meeting Of The Company For The Financial Year Ended March 31, 2026	PDF
2 Sept 2026, 3:08 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
25 Aug 2026, 4:56 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Aug 2026, 4:47 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
11 Aug 2026, 6:09 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
11 Aug 2026, 5:57 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
11 Aug 2026, 12:39 am	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
10 Aug 2026, 6:54 pm	Company Update General	Update Regarding The Finalization Of The Date Of 43Rd Annual General Meeting Of The Company.	PDF

Tarsons Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

1

1

Announcements

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Germany · revenue

Tarsons Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends1

Board meetings1

Announcements

Dividends1

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Segment results

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Germany · revenue

1

1

1

1