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/E99.9

Book Value₹ 34

Price to Book5.91

Dividend Yield0.00 %

ROCE18.6 %

ROE13.9 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Industry: 53.0% • Marine: 47.0%

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 53.9% CAGR over last 5 years
Company is almost debt free
Latest quarter profit grew 53.6% YoY, showing strong momentum
Company has delivered good sales growth of 27.7% CAGR over last 5 years

CONS

A large part of profit comes from other income (27.2% of PBT)
Promoter holding has decreased over last 2 years: -3.0pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.46x)
Working capital days have increased from 84 to 147 days
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 12.5%

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	86	121	124	202	125	165	185	225	147	173	182	245	234
	77	113	115	182	112	150	170	206	133	152	165	217	216
Operating Profit	9	9	9	20	13	16	15	19	14	22	17	28	18
OPM %	10.28%	7.16%	7.63%	10.01%	10.38%	9.64%	7.99%	8.29%	9.84%	12.40%	9.49%	11.36%	7.58%
	1	2	2	3	3	2	5	4	5	5	4	3	4
Interest	2	2	3	3	3	3	3	3	3	3	4	7	4
Depreciation	1	2	2	2	2	3	3	3	2	2	3	3	3
Profit before Tax	6	7	7	18	11	13	13	17	14	20	15	21	22
Tax %	26.43%	26.56%	22.21%	24.93%	23.64%	24.42%	22.87%	24.32%	24.01%	24.23%	22.69%	25.45%	24.59%
Net Profit	5	5	5	13	8	10	10	13	11	15	11	15	17
	0.39	0.39	0.40	1.03	0.62	0.73	0.76	0.93	0.79	1.11	0.82	1.11	1.20

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	193	209	288	323	206	200	323	391	534	701	834
	175	189	263	305	189	177	297	356	486	638	750
Operating Profit	18	21	25	18	17	23	26	35	47	62	84
OPM %	9.47%	9.90%	8.58%	5.53%	8.02%	11.33%	8.11%	8.94%	8.85%	8.89%	10.11%
	2	2	2	3	7	4	6	6	8	15	16
Interest	3	4	5	6	9	8	6	9	10	12	18
Depreciation	5	4	4	3	8	8	8	6	7	11	11
Profit before Tax	13	15	18	11	6	11	18	26	38	54	78
Tax %	37.22%	41.58%	33.72%	28.92%	20.99%	27.90%	29.32%	26.02%	25.01%	23.84%	24.37%
Net Profit	8	9	12	8	5	8	12	20	28	41	59
EPS	0.00	0.00	0.00	0.00	0.00	0.64	1.02	1.56	2.14	2.97	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	31.34%	0.00%	0.00%	9.36%	10.09%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 28%
3 Years:: 29%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 54%
3 Years:: 49%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 11%
3 Years:: 13%
Last Year:: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	33	42	57	100	101	109	120	150	196	339
	28	31	34	43	36	45	28	56	74	31
Trade Payables	29	45	130	95	112	90	80	105	179	164
	16	22	54	42	20	28	26	35	42	68
Total Liabilities	124	157	294	303	293	297	279	372	518	630
	37	42	26	31	40	34	33	34	40	43
Capital Work in Progress	0	0	14	14	0	0	2	0	3	5
	7	7	7	12	17	11	9	26	36	39
	5	15	27	32	56	59	57	44	73	58
	0	0	0	0	0	0	0	0	262	288
Cash & Bank	5	2	22	14	12	10	8	16	17	46
	69	90	198	199	170	184	170	251	85	151
Total Assets	124	157	294	303	293	297	279	372	518	630

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6	15	37	-39	23	-1	43	-0	1	46
Cash from Investing	-8	-8	-21	-7	-0	-2	-11	-27	-24	-91
Cash from Financing	6	-3	2	44	-19	1	-27	33	24	54
	-1	-3	12	-9	2	-4	-1	-0	1	9

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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