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Marine Electricals (India) Ltd.

•
marineelectricals.comBSE: -NSE: MARINE
Market Cap₹ 5,722 Cr.
Current Price
High / Low₹ 450 / 151
Stock P/E89.4
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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.ABB7330.0051.99155328.840.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER908.00114.44143050.870.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3972.0043.19141451.060.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31065.00120.36138464.050.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4500.00617.01115220.940.22362.9924.651836.1438.0475.5125.10
6.ENRIN3180.5076.12113264.130.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2545.0019.1873207.260.16891.8715.397931.7979.2237.9218.15
8.APARINDS17293.0061.2972409.830.354674.501677.9865910.601191.3131.8411.50
9.HAVELLS1116.0042.8870035.880.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.4419.4361085.610.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1195.30155.5328580.110.0012.44-69.84651.364.7831.015.23
12.MARINE408.8589.375721.630.00175.111409.962591.631452.0816.6310.89
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
101137147237138184194251167222210277259
91127135217125163182228150196190246240
Operating Profit10101220132111221726203219
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%
1214324454424
Interest3334344334484
Depreciation2233344434445
Profit before Tax6771710168181522162224
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 Profit00007135141217121918
0.280.370.390.970.540.950.390.970.841.200.851.331.23

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
250272369400263251376443622767969
229246337378241224345404570699872
Operating Profit2126312222273139526997
OPM %8.25%9.56%8.53%5.54%8.49%10.84%8.30%8.71%8.32%8.94%10.01%
2234685571314
Interest3578119710121420
Depreciation555510998101616
Profit before Tax141823138171925365284
Tax %34.14%37.36%28.26%28.84%23.70%19.99%31.70%32.99%29.07%27.28%23.19%
Net Profit9111696141317263865
EPS0.000.000.000.000.001.051.061.361.952.79—
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

Corporate actions

2026

Sep 11

₹ 0.15

2025

Sep 12

₹ 0.15

2024

Sep 20

₹ 0.10

2021

Sep 20

₹ 0.10

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital17171825252525252728
Minority Interest1576677654
465878130126138150178224366
32404657535536679451
Trade Payables3582164134149127123145215197
17244122243032435074
Total Liabilities149227354373382383372465614720
43563943474344617070
Capital Work in Progress001414002035
00331133366
13354856757979649279
00000000317331
Cash & Bank75241715149192355
86130226240234244235318103173
Total Assets149227354373382383372465614720

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
82137-45255534-755
Cash from Investing-8-18-231-11-18-27-21-95
Cash from Financing52344-19-7-31313252
-0-111-93-3-31412

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
71.1771.1768.4568.4568.4568.4668.5468.2068.20
0.150.250.960.150.080.180.650.601.12
0.110.080.040.040.070.120.120.340.41
Government0.000.000.000.000.000.000.000.000.00
28.5628.5030.5631.3531.4031.2430.6930.8730.27

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

News

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