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Marine Electricals (India) Ltd.

•
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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4545.00623.18116373.150.22362.9924.651836.1438.0475.5125.10
6.ENRIN3178.7576.08113201.810.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.0012.44-69.84651.364.7831.015.23
12.MARINE419.1591.625865.770.00175.111409.962591.631452.0816.6310.89
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
86121124202125165185225147173182245234
77113115182112150170206133152165217216
Operating Profit99920131615191422172818
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%
1223325455434
Interest2233333333474
Depreciation1222233322333
Profit before Tax67718111313171420152122
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 Profit5551381010131115111517
0.390.390.401.030.620.730.760.930.791.110.821.111.20

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
193209288323206200323391534701834
175189263305189177297356486638750
Operating Profit1821251817232635476284
OPM %9.47%9.90%8.58%5.53%8.02%11.33%8.11%8.94%8.85%8.89%10.11%
2223746681516
Interest34569869101218
Depreciation5443888671111
Profit before Tax131518116111826385478
Tax %37.22%41.58%33.72%28.92%20.99%27.90%29.32%26.02%25.01%23.84%24.37%
Net Profit89128581220284159
EPS0.000.000.000.000.000.641.021.562.142.97—
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

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
334257100101109120150196339
28313443364528567431
Trade Payables2945130951129080105179164
16225442202826354268
Total Liabilities124157294303293297279372518630
37422631403433344043
Capital Work in Progress001414002035
7771217119263639
5152732565957447358
00000000262288
Cash & Bank52221412108161746
699019819917018417025185151
Total Assets124157294303293297279372518630

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
61537-3923-143-0146
Cash from Investing-8-8-21-7-0-2-11-27-24-91
Cash from Financing6-3244-191-27332454
-1-312-92-4-1-019

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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