New Risk • Sep 14
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2024 fiscal period end). Shares are highly illiquid. Revenue has declined by 31% over the past year. Market cap is less than US$10m (₹147.2m market cap, or US$1.67m). Minor Risk Revenue is less than US$5m (₹264m revenue, or US$3.0m). Board Change • Jun 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Surinder Sing was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 03
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Surinder Sing was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (₹256.7m market cap, or US$3.00m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Revenue is less than US$5m (₹264m revenue, or US$3.1m). New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹313m free cash flow). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 66% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Market cap is less than US$10m (₹672.1m market cap, or US$7.96m). Minor Risk Revenue is less than US$5m (₹264m revenue, or US$3.1m). Reported Earnings • Sep 14
First quarter 2025 earnings released: ₹0.61 loss per share (vs ₹0.71 loss in 1Q 2024) First quarter 2025 results: ₹0.61 loss per share. Revenue: ₹91.8m (down 14% from 1Q 2024). Net loss: ₹14.6m (loss widened 42% from 1Q 2024). New Risk • Sep 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹313m free cash flow). Earnings have declined by 71% per year over the past 5 years. Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Revenue is less than US$5m (₹280m revenue, or US$3.3m). Market cap is less than US$100m (₹941.2m market cap, or US$11.2m). Reported Earnings • Aug 14
Full year 2024 earnings released: ₹2.26 loss per share (vs ₹4.74 loss in FY 2023) Full year 2024 results: ₹2.26 loss per share (improved from ₹4.74 loss in FY 2023). Revenue: ₹279.6m (down 19% from FY 2023). Net loss: ₹54.0m (loss narrowed 22% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 12
Marshall Machines Limited, Annual General Meeting, Sep 06, 2024 Marshall Machines Limited, Annual General Meeting, Sep 06, 2024, at 11:00 Indian Standard Time. Location: c -86, phase v, focal point, ludhiana, punjab-141010, ludhiana India Reported Earnings • Jun 16
Full year 2024 earnings released: ₹2.26 loss per share (vs ₹4.74 loss in FY 2023) Full year 2024 results: ₹2.26 loss per share (improved from ₹4.74 loss in FY 2023). Revenue: ₹284.1m (down 18% from FY 2023). Net loss: ₹54.0m (loss narrowed 22% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Jun 13
Marshall Machines Limited Announces Enhancements to Technology Acquisition for Superior Industrial Capabilities Marshall Machines Limited announced the extension of timeline for integrating cutting-edge technology into operations. This period of enhancement ensures that the new technology will be impeccably aligned with the specific needs of the industry, especially in terms of automation capabilities and the machining of challenging materials such as Inconel and titanium which have become the specific requirement of customers across the country. In the relentless pursuit of excellence, the company taken the strategic decision to refine the acquired technology further and asked Valued Suppliers to assist in this endeavour. These modifications are crucial to guaranteeing that technology not only meets but exceeds industry standards. The company has engaged services of specialists to promote and develop business arising from the acquisition of this technology, these specialists have given concrete feedback based on interaction with the end users that these changes and enhancements will play a key role in deployment of the technology in the market. The enhancements will equip machines with superior automation capabilities and the robustness required to handle difficult-to-machine materials, thus setting new benchmarks in the manufacturing sector. The modification process to enhance the capabilities is well underway and is scheduled for completion by October this year. While this modified timeline also means that the business will be developed post this completion, but the company strongly feels this was an essential step for the success of this new project. This strategic move underscores the company's dedication to innovation and quality, as it strives to deliver unparalleled performance and reliability in its products both existing and new. Reported Earnings • Apr 03
Third quarter 2024 earnings released: ₹0.18 loss per share (vs ₹0.73 loss in 3Q 2023) Third quarter 2024 results: ₹0.18 loss per share (improved from ₹0.73 loss in 3Q 2023). Revenue: ₹99.9m (up 40% from 3Q 2023). Net loss: ₹4.34m (loss narrowed 59% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Dec 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹939k free cash flow). Earnings have declined by 82% per year over the past 5 years. Market cap is less than US$10m (₹696.9m market cap, or US$8.36m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (₹318m revenue, or US$3.8m). Reported Earnings • Nov 20
Second quarter 2024 earnings released: ₹1.81 loss per share (vs ₹0.47 loss in 2Q 2023) Second quarter 2024 results: ₹1.81 loss per share (further deteriorated from ₹0.47 loss in 2Q 2023). Revenue: ₹17.9m (down 79% from 2Q 2023). Net loss: ₹26.3m (loss widened 284% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 157 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
First quarter 2024 earnings released: ₹0.71 loss per share (vs ₹1.73 loss in 1Q 2023) First quarter 2024 results: ₹0.71 loss per share (improved from ₹1.73 loss in 1Q 2023). Revenue: ₹106.8m (up 57% from 1Q 2023). Net loss: ₹10.3m (loss narrowed 59% from 1Q 2023). Recent Insider Transactions • Jul 03
Co-Founder recently sold ₹44m worth of stock On the 30th of June, Prashant Sarup sold around 680k shares on-market at roughly ₹64.40 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Prashant has been a net seller over the last 12 months, reducing personal holdings by ₹55m. Reported Earnings • Jun 04
Full year 2023 earnings released: ₹4.74 loss per share (vs ₹2.16 loss in FY 2022) Full year 2023 results: ₹4.74 loss per share (further deteriorated from ₹2.16 loss in FY 2022). Revenue: ₹370.0m (down 39% from FY 2022). Net loss: ₹69.0m (loss widened 120% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 211 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 11
Co-Founder recently sold ₹21m worth of stock On the 9th of March, Gaurav Sarup sold around 450k shares on-market at roughly ₹46.31 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gaurav has been a net seller over the last 12 months, reducing personal holdings by ₹44m. Reported Earnings • Mar 06
Third quarter 2023 earnings released: ₹0.73 loss per share (vs ₹2.12 loss in 3Q 2022) Third quarter 2023 results: ₹0.73 loss per share (improved from ₹2.12 loss in 3Q 2022). Revenue: ₹84.2m (down 9.4% from 3Q 2022). Net loss: ₹10.6m (loss narrowed 66% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 161 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 17
Second quarter 2023 earnings released Second quarter 2023 results: ₹0.47 loss per share. Net loss: ₹6.85m (flat on 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Sep 21
Co-Founder recently sold ₹9.8m worth of stock On the 19th of September, Gaurav Sarup sold around 307k shares on-market at roughly ₹31.90 per share. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gaurav has been a net seller over the last 12 months, reducing personal holdings by ₹19m. Reported Earnings • Aug 19
First quarter 2023 earnings released: ₹1.73 loss per share (vs ₹0.77 loss in 1Q 2022) First quarter 2023 results: ₹1.73 loss per share (down from ₹0.77 loss in 1Q 2022). Revenue: ₹68.6m (down 49% from 1Q 2022). Net loss: ₹25.2m (loss widened 127% from 1Q 2022). Reported Earnings • Jul 06
Full year 2022 earnings released: ₹2.11 loss per share (vs ₹0.37 profit in FY 2021) Full year 2022 results: ₹2.11 loss per share (down from ₹0.37 profit in FY 2021). Revenue: ₹603.3m (down 10% from FY 2021). Net loss: ₹31.4m (down ₹36.8m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 145 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 18
Co-Founder recently sold ₹414k worth of stock On the 15th of March, Gaurav Sarup sold around 10k shares on-market at roughly ₹39.66 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹9.9m. Gaurav has been a seller over the last 12 months, reducing personal holdings by ₹6.2m. Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹2.12 loss per share (down from ₹0.80 profit in 3Q 2021). Revenue: ₹93.3m (down 64% from 3Q 2021). Net loss: ₹30.8m (down 365% from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 152 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Dec 12
Co-Founder recently sold ₹4.0m worth of stock On the 10th of December, Prashant Sarup sold around 70k shares on-market at roughly ₹57.33 per share. This was the largest sale by an insider in the last 3 months. This was Prashant's only on-market trade for the last 12 months. Reported Earnings • Jul 09
Full year 2021 earnings released: EPS ₹0.37 (vs ₹2.04 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹672.5m (up 13% from FY 2020). Net income: ₹5.44m (down 82% from FY 2020). Profit margin: 0.8% (down from 5.0% in FY 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₹18.20, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 170% over the past year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 15% share price gain to ₹13.35, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 62% over the past year. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 21% share price gain to ₹12.75, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 22x in the Machinery industry in India. Total returns to shareholders of 59% over the past year. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improved over the past week After last week's 21% share price gain to ₹13.75, the stock is trading at a trailing P/E ratio of 6.7x, up from the previous P/E ratio of 5.6x. This compares to an average P/E of 23x in the Machinery industry in India. Total return to shareholders over the past year is a loss of 8.3%. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₹12.30, the stock is trading at a trailing P/E ratio of 6x, up from the previous P/E ratio of 5.1x. This compares to an average P/E of 22x in the Machinery industry in India. Total return to shareholders over the past year is a loss of 21%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹12.50, the stock is trading at a trailing P/E ratio of 6.1x, down from the previous P/E ratio of 7.3x. This compares to an average P/E of 26x in the Machinery industry in India. Total return to shareholders over the past year is a loss of 24%. Is New 90 Day High Low • Jan 07
New 90-day high: ₹14.90 The company is up 84% from its price of ₹8.10 on 07 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 26% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₹14.20, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 6x. This compares to an average P/E of 26x in the Machinery industry in India. Total return to shareholders over the past year is a loss of 1.7%. Reported Earnings • Dec 13
Second quarter 2021 earnings released: EPS ₹0.10 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₹132.0m (down 23% from 2Q 2020). Net income: ₹14.4m (up 13% from 2Q 2020). Profit margin: 11% (up from 7.5% in 2Q 2020). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 20% share price gain to ₹8.55, the stock is trading at a trailing P/E ratio of 4.2x, up from the previous P/E ratio of 3.5x. This compares to an average P/E of 21x in the Machinery industry in India. Total return to shareholders over the past year is a loss of 48%. Is New 90 Day High Low • Nov 18
New 90-day low: ₹6.70 The company is down 32% from its price of ₹9.85 on 20 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 7.0% over the same period. 