Tarsons Products Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tarsons Products Ltd trades at ₹287, in a downtrend and 97 weeks into that stage. That is +15.4% against its own 200-day average. It sits at 66% of a 52-week range of ₹177 to ₹344. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 17 straight weeks.

Today the stock is in a downtrend — week 97 of stage 4. At ₹287 it trades +15.4% versus its 200-day average and sits at 66% of its 52-week range (₹177–₹344).

Against the market, two honest reads. Cumulative: over the last 4.6 years the stock moved −65% while the NIFTY 500 moved +58% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 17 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Tarsons Products Ltd trades at 110.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 37.4×, measured across 4.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 110.0× is about the priciest it has ever traded, against a long-run median of 37.4× measured over 4.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −52.0% against a −25.2% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 3y, of the −22.7%/yr price move, ~−46.9%/yr came from earnings growth and ~+24.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tarsons Products Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 7 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

32.3/100 — rank 4 of 6 in Medical Equipment · 81% evidence confidence

Tarsons Products Ltd scores 32.3 out of 100 against the 6 companies it is compared with in Medical Equipment, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 8.4 + 7.9 + 5.4 + 10.6 = 32.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tarsons Products Ltd reported ₹121 Cr of revenue in the Mar 26 quarter, +7.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 5 years it has compounded at 13.1% a year. The last full year, FY26, came in at ₹423 Cr. The last four reported quarters add to ₹423 Cr.

Tarsons Products Ltd reported ₹121 Cr of revenue in the Mar 26 quarter, +7.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 5 years it has compounded at 13.1% a year. The last full year, FY26, came in at ₹423 Cr. The last four reported quarters add to ₹423 Cr.

FY26 revenue came in at ₹423 Cr (+7.9% on the year), capping 5 years at 13.1% compound. The latest quarter (Mar 26) printed ₹121 Cr, +7.3% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +7.7% growth against the decade's 13.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +7.7% over the last 4 quarters against +14.4%/yr over the last 8 — rolling over; TTM profit −51.9% vs −55.1%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 28.3% this quarter (−4.5 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tarsons Products Ltd's operating margin is 28.3% in the Mar 26 quarter, −4.5 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 28.0% to 51.0%. The current quarter sits inside that band.

Tarsons Products Ltd's operating margin is 28.3% in the Mar 26 quarter, −4.5 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 28.0% to 51.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 28.3%, −4.5 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 28.0%–51.0%.

🚨 Why the margin moved: operating margin went −4.5 pp year on year while gross margin went −0.4 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −59.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tarsons Products Ltd earned ₹4.2 Cr of net profit in the Mar 26 quarter, −59.0% year on year. Full-year FY26 profit was ₹14.0 Cr. The 5-year compound rate is −27.3%. That is 3.5% of the quarter's revenue. The same quarter a year earlier earned ₹10.2 Cr.

Tarsons Products Ltd earned ₹4.2 Cr of net profit in the Mar 26 quarter, −59.0% year on year. Full-year FY26 profit was ₹14.0 Cr. The 5-year compound rate is −27.3%. That is 3.5% of the quarter's revenue. The same quarter a year earlier earned ₹10.2 Cr.

Mar 26 profit was ₹4.2 Cr, −59.0% year on year. On the full year, FY26 printed ₹14.0 Cr (−53.3%), and the 5-year compound rate is −27.3%.

🚨 Why profit moved: revenue contributed +7.3% and the margin −4.5 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −46.7% vs revenue +7.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 385% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 385% of Tarsons Products Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹118 Cr of operating cash against ₹14.0 Cr of profit. After ₹220 Cr of capital spending, ₹−102 Cr was left as free cash.

FY26: operating cash of ₹118 Cr against reported profit of ₹14.0 Cr, leaving free cash of ₹−102 Cr after ₹220 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 385% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 385%: the cash cycle stretched 44 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹549 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tarsons Products Ltd's cash conversion cycle runs 361 days in FY26, up from 317 days in FY21. Capital spending ran ₹549 Cr over the last 3 years. At FY26 sales of ₹423 Cr each day of that cycle holds about ₹1.2 Cr, so roughly ₹418 Cr sits inside the business at any moment.

FY26: debtors at 74 days, inventory at 341 days — roughly 11.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 361 days, looser than FY21's 317.

The full loop: cash goes out to suppliers and production on day 0; stock waits 341 days to sell; customers pay about 74 days after that; and suppliers themselves are paid at 53 days — netting out to the 361-day cycle.

In money terms: at FY26 sales of ₹423 Cr, each day of the cycle holds about ₹1.2 Cr — so the 361-day loop keeps roughly ₹418 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹549 Cr over the last 3 fiscal years against ₹181 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹159 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5% and the ROIC − WACC spread is −10.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Tarsons Products Ltd earns a ROCE of 5% in FY26. Return on invested capital clears the cost of that capital by −10.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.3% net margin on 0.36× asset turns.

FY26 ROCE is 5%.

🚨 Why the return is what it is — the wiring (FY26): 3.3% net margin × 0.36× asset turns × 1.87× balance-sheet leverage ≈ 2.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 1.4% − 12.0% = a −10.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.62.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Tarsons Products Ltd carries total debt of ₹393 Cr against shareholder equity of ₹635 Cr as of Mar 26, a debt-to-equity of 0.62. On the annual view that ratio went from 0.04 in FY22 to 0.62 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹393 Cr against shareholder equity of ₹635 Cr — a debt-to-equity of 0.62. On the annual view, debt-to-equity went from 0.04 (FY22) to 0.62 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 7.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 7.8 points of Tarsons Products Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 0.1% of the company. Promoters moved +0.0 points over the same window, to 47.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −7.8 points over 8 quarters to 0.1%; Promoters: +0.0 points over 8 quarters to 47.3%; Domestic institutions: +0.0 points over 8 quarters to 0.1%.

🚨 Why the register moved: foreign institutions drove it (−7.8 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tarsons Products Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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