Marine Electricals (India) Ltd.

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marineelectricals.comBSE: -NSE: MARINE

Market Cap₹ 5,866 Cr.

Current Price

High / Low₹ 450 / 151

Stock P/E91.6

Book Value₹ 36

Price to Book5.50

Dividend Yield0.00 %

ROCE16.6 %

ROE11.8 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Marine: 51.6% • Industry: 48.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 45.3% CAGR over last 5 years
Latest quarter profit grew 51.0% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 23.9% CAGR over last 5 years
Company maintains a comfortable, low leverage position

CONS

Promoter holding has decreased over last 2 years: -3.0pp
A large part of profit comes from other income (25.7% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.56x)
Operating cash flow has been negative in recent years
Working capital days have increased from 93 to 155 days
Free cash flow has been persistently negative

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	MARINE	419.15	91.62	5865.77	0.00	175.11	1409.96	2591.63	1452.08	16.63	10.89

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	101	137	147	237	138	184	194	251	167	222	210	277	259
	91	127	135	217	125	163	182	228	150	196	190	246	240
Operating Profit	10	10	12	20	13	21	11	22	17	26	20	32	19
OPM %	9.60%	7.36%	7.85%	8.62%	9.64%	11.64%	5.93%	8.95%	10.13%	11.65%	9.58%	11.36%	7.50%
	1	2	1	4	3	2	4	4	5	4	4	2	4
Interest	3	3	3	4	3	4	4	3	3	4	4	8	4
Depreciation	2	2	3	3	3	4	4	4	3	4	4	4	5
Profit before Tax	6	7	7	17	10	16	8	18	15	22	16	22	24
Tax %	36.98%	30.25%	23.24%	28.70%	27.38%	21.53%	40.17%	26.70%	25.02%	25.54%	24.01%	17.02%	26.26%
Net Profit	0	0	0	0	7	13	5	14	12	17	12	19	18
	0.28	0.37	0.39	0.97	0.54	0.95	0.39	0.97	0.84	1.20	0.85	1.33	1.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	250	272	369	400	263	251	376	443	622	767	969
	229	246	337	378	241	224	345	404	570	699	872
Operating Profit	21	26	31	22	22	27	31	39	52	69	97
OPM %	8.25%	9.56%	8.53%	5.54%	8.49%	10.84%	8.30%	8.71%	8.32%	8.94%	10.01%
	2	2	3	4	6	8	5	5	7	13	14
Interest	3	5	7	8	11	9	7	10	12	14	20
Depreciation	5	5	5	5	10	9	9	8	10	16	16
Profit before Tax	14	18	23	13	8	17	19	25	36	52	84
Tax %	34.14%	37.36%	28.26%	28.84%	23.70%	19.99%	31.70%	32.99%	29.07%	27.28%	23.19%
Net Profit	9	11	16	9	6	14	13	17	26	38	65
EPS	0.00	0.00	0.00	0.00	0.00	1.05	1.06	1.36	1.95	2.79	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	19.02%	0.00%	0.00%	10.24%	10.77%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 24%
3 Years:: 27%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 47%
3 Years:: 44%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 62%
3 Years:: 88%
1 Year:: 119%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 10%
3 Years:: 11%
Last Year:: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	18	25	25	25	25	25	27	28
Minority Interest	1	5	7	6	6	7	7	6	5	4
	46	58	78	130	126	138	150	178	224	366
	32	40	46	57	53	55	36	67	94	51
Trade Payables	35	82	164	134	149	127	123	145	215	197
	17	24	41	22	24	30	32	43	50	74
Total Liabilities	149	227	354	373	382	383	372	465	614	720
	43	56	39	43	47	43	44	61	70	70
Capital Work in Progress	0	0	14	14	0	0	2	0	3	5
	0	0	3	3	11	3	3	3	6	6
	13	35	48	56	75	79	79	64	92	79
	0	0	0	0	0	0	0	0	317	331
Cash & Bank	7	5	24	17	15	14	9	19	23	55
	86	130	226	240	234	244	235	318	103	173
Total Assets	149	227	354	373	382	383	372	465	614	720

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	8	21	37	-45	25	5	53	4	-7	55
Cash from Investing	-8	-18	-23	1	-1	1	-18	-27	-21	-95
Cash from Financing	5	2	3	44	-19	-7	-31	31	32	52
	-0	-1	11	-9	3	-3	-3	1	4	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.17	71.17	68.45	68.45	68.45	68.46	68.54	68.20	68.20
	0.15	0.25	0.96	0.15	0.08	0.18	0.65	0.60	1.12
	0.11	0.08	0.04	0.04	0.07	0.12	0.12	0.34	0.41
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	28.56	28.50	30.56	31.35	31.40	31.24	30.69	30.87	30.27

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Marine Electricals (India) Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-07

Shareholders meeting

2026-09-07 - Marine Electricals (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-06

Shareholders meeting

2026-09-06 - Marine Electricals (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-06

Shareholders meeting

2026-09-06 - Marine Electricals (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-05

Updates

2026-09-05 - Marine Electricals (India) Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Reporting FY 2025-26'.

2026-09-05

Shareholders meeting

2026-09-05 - Marine Electricals (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-04

Bagging/Receiving of orders/contracts

2026-09-04 - Marine Electricals (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-09-01

Bagging/Receiving of orders/contracts

2026-09-01 - Marine Electricals (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-31

Bagging/Receiving of orders/contracts

2026-08-31 - Marine Electricals (India) Limited has informed the Exchange about Bagging/Receiving of orders/contracts