Tarsons Products Ltd(TARSONS)

NSE: TARSONSBSE: 543399

₹ 297.35+0.12%refreshed 27 Oct, 02:29 pm ISTMarket cap: ₹ 1,582 crWebsite: www.tarsons.comUpdated: 27 Oct 2026

About

Tarsons Products Ltd is an Indian manufacturer and seller of plastic labware products, serving research, biopharma and academic customers domestically and internationally. In FY26 the consolidated business generated revenue of ₹422.51 cr across two segments: India (78.8% of revenue) and Germany via its Nerbe Plus GmbH subsidiary (21.2%). Tarsons describes itself as the only Indian company to have launched a cell culture manufacturing facility, giving it an early-mover position in that category.^[1][2][3][4]

Business segments

India segment: ₹332.86 cr revenue, 78.8% of consolidated total, EBIT margin 39.6% in FY26.^[2]
Germany segment (Nerbe Plus GmbH): ₹89.66 cr revenue, 21.2% of consolidated total, EBIT margin 10.9% in FY26.^[2]
Germany segment share rose 14.8 pp over the FY24 - FY26 window as Nerbe scaled and rupee depreciation boosted reported rupee revenues.^[2][3]

Products

Core business is manufacturing and sale of plastic labware products, spanning consumables (58.9% of standalone revenue in FY26) and reusables (38.1% in FY26).^[4][5]
New product lines added via the Panchla facility: bioprocess containers (PET/PETG bottles, roller bottles, media bottles), fully commercialised by Q1 FY27.^[6][7]
Cell culture lines at Panchla represent a new category; Tarsons is described as the only Indian manufacturer to have this facility, providing early-mover advantage.^[3][7]
Nerbe Plus GmbH markets and distributes plastic labware products in Europe, with ~70% of its business in Germany and ~30% elsewhere in the EU in Q1 FY27.^[4][6]

Operations and capacity

Existing plants were running at ~80% utilisation in Q2 FY26 and at near-full capacity in Q3 FY26.^[3][7]
New Panchla and Amta facilities have started commercial supplies; remaining commissioning expected to complete by end of Q2 FY27, with cell culture lines the last to commission.^[6][5]
Bioprocess container lines at Panchla alone have full-capacity revenue potential in excess of ₹150 cr.^[7]
Across all facilities, peak revenue capacity is guided at ₹750 - 800 cr at full utilisation from the entire four-year capex programme.^[6]
CWIP stood at ₹160 cr (consolidated) in Q1 FY27, reducing as new facilities are capitalised.^[6]

Key operating metrics

Standalone gross margin: 67.1% in Q1 FY27 (−430 bps YoY); 70.8% for full-year FY26 (−70 bps YoY), compressed by polymer input cost increases of 25 - 50%.^[6][5]
Consolidated EBITDA margin: 23.6% in Q1 FY27 (−340 bps YoY); 27.9% for FY26 (−270 bps YoY), reflecting new-facility operating costs ahead of revenue ramp.^[6][5]
Standalone export mix: 36% in Q3 FY26 vs 33% in Q3 FY25; consolidated overseas revenue mix: 52% in Q3 FY26 vs 51% in Q3 FY25.^[7]
Standalone revenue grew 21% YoY to ₹86.1 cr in Q1 FY27, the highest-ever Q1 standalone revenue; domestic grew +17% YoY and exports grew +29% YoY.^[6]
Working capital cycle: 125 days in 9M FY26.^[7]

Customers and distribution

Domestic market for Indian plastic labware estimated at ₹1,200 - 1,300 cr; government-linked institutional buyers estimated at 15 - 20% of that market.^[3][6]
Government business share has declined as the GEM portal eliminated rate contracts at research institutes, requiring competitive bidding each time.^[6]
Cell culture customer base is concentrated: 10 - 20 key accounts are expected to drive the majority of demand in early years.^[5]
Nerbe distributes to ~95% EU markets from its German base; Tarsons plans to cross-sell India-manufactured products through Nerbe's network.^[6][4]
Exports currently reach approximately 80 countries; long-term plan targets ~120 countries over the next 5 - 10 years.^[6]

Expansion and capex

Total capex programme across Panchla, Amta and existing plants: ₹550 - 650 cr, adding incremental revenue capacity of ₹400 cr.^[3]
No major new capex planned in FY27; only maintenance capex of ~₹20 cr expected.^[6][5]
Panchla and Amta together targeted to contribute 20 - 25% of standalone revenues in FY28 as utilisation ramps.^[6]
Cell culture and related new products expected to generate ₹65 - 70 cr in FY28.^[6]
Net debt of ~₹330 - 340 cr in Q1 FY27; targeted to reduce by ₹40 - 50 cr in FY27 via scheduled loan repayments.^[6]

Recent developments

Q1 FY27 (Apr - Jun 2026): key polymer input costs rose 25 - 50%, compressing standalone gross margin by 430 bps to 67.1% and turning consolidated PAT negative at −₹1.4 cr.^[6]
Q1 FY27: export revenues rebounded 29% YoY in standalone terms following the prior-quarter disruption from West Asia geopolitical tensions and US tariff uncertainty.^[6]
Cell culture lines at Panchla not yet commissioned as of Q1 FY27; management guided commissioning towards end of Q2 FY27, with revenue contribution from H2 FY27.^[6]
Standalone depreciation guided to peak at ₹105 - 110 cr in FY27 as new facilities are fully capitalised.^[6][5]
Selective domestic price increases initiated from April FY27; full benefit expected to flow through with a one-quarter lag from Q2 FY27.^[6][5]

Market Cap

₹1,582 Cr

High / Low

₹374 / 164

Stock P/E

143.8

Price / Book

2.5

Book Value

₹119

EPS

₹2.7

No. of Shares

5.32 Cr

ROCE

4.6%

ROE

2.3%

OPM

10.2%

Debt / Equity

0.60

Sales

₹423 Cr

Net Profit

₹14 Cr

Promoter holding

47.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Tarsons Products Ltd(TARSONS)

About

Business segments

Products

Operations and capacity

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions