Marine Electricals (India) Ltd
Marine Electricals (India) Limited is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. [1]
- Market Cap ₹ 3,187 Cr.
- Current Price ₹ 231
- High / Low ₹ 333 / 134
- Stock P/E 77.7
- Book Value ₹ 27.3
- Dividend Yield 0.09 %
- ROCE 18.4 %
- ROE 13.7 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has delivered good profit growth of 55.7% CAGR over last 5 years
Cons
- Stock is trading at 8.45 times its book value
- Company has a low return on equity of 12.9% over last 3 years.
- Promoter holding has decreased over last 3 years: -5.07%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 78 | 98 | 193 | 209 | 288 | 323 | 206 | 200 | 323 | 391 | 534 | 701 | |
| 70 | 87 | 175 | 189 | 263 | 305 | 189 | 177 | 296 | 356 | 486 | 638 | |
| Operating Profit | 8 | 11 | 18 | 21 | 25 | 18 | 17 | 23 | 27 | 35 | 47 | 62 |
| OPM % | 10% | 11% | 9% | 10% | 9% | 6% | 8% | 11% | 8% | 9% | 9% | 9% |
| 0 | 0 | 2 | 2 | 2 | 3 | 6 | 4 | 5 | 6 | 8 | 14 | |
| Interest | 2 | 3 | 3 | 4 | 5 | 6 | 9 | 8 | 6 | 9 | 10 | 12 |
| Depreciation | 1 | 1 | 5 | 4 | 4 | 3 | 8 | 8 | 8 | 6 | 7 | 11 |
| Profit before tax | 5 | 7 | 13 | 15 | 18 | 11 | 6 | 11 | 18 | 26 | 38 | 54 |
| Tax % | 4% | 31% | 37% | 42% | 34% | 29% | 21% | 28% | 29% | 26% | 25% | 24% |
| 5 | 5 | 8 | 9 | 12 | 8 | 5 | 8 | 12 | 20 | 28 | 41 | |
| EPS in Rs | 0.54 | 0.55 | 0.92 | 1.00 | 1.30 | 0.63 | 0.39 | 0.64 | 1.02 | 1.54 | 2.14 | 2.97 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 31% | 0% | 0% | 9% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 29% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 56% |
| 3 Years: | 49% |
| TTM: | 52% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 66% |
| 3 Years: | 103% |
| 1 Year: | 75% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 11% |
| 3 Years: | 13% |
| Last Year: | 14% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 18 | 25 | 25 | 25 | 25 | 25 | 27 | 28 |
| Reserves | 8 | 13 | 33 | 42 | 57 | 100 | 101 | 109 | 120 | 155 | 196 | 349 |
| 19 | 19 | 28 | 31 | 33 | 43 | 39 | 48 | 29 | 55 | 76 | 35 | |
| 36 | 39 | 45 | 67 | 168 | 114 | 129 | 116 | 106 | 138 | 220 | 223 | |
| Total Liabilities | 80 | 89 | 124 | 157 | 277 | 280 | 294 | 298 | 280 | 372 | 519 | 635 |
| 32 | 31 | 37 | 42 | 26 | 31 | 46 | 39 | 38 | 39 | 46 | 57 | |
| CWIP | 0 | 0 | 0 | 0 | 14 | 14 | 0 | 0 | 2 | 0 | 6 | 5 |
| Investments | 6 | 6 | 7 | 7 | 7 | 12 | 11 | 11 | 9 | 26 | 36 | 39 |
| 43 | 51 | 79 | 108 | 230 | 223 | 238 | 247 | 230 | 307 | 432 | 534 | |
| Total Assets | 80 | 89 | 124 | 157 | 277 | 280 | 294 | 298 | 280 | 372 | 519 | 635 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 1 | 9 | 31 | -46 | 21 | -3 | 38 | -6 | 1 | 46 | |
| 0 | 0 | -8 | -8 | -21 | -7 | -0 | -2 | -11 | -27 | -24 | -91 | |
| 0 | 0 | 6 | -3 | 2 | 44 | -19 | 1 | -27 | 33 | 24 | 54 | |
| Net Cash Flow | 0 | 0 | -1 | -3 | 12 | -10 | 2 | -4 | -1 | -0 | 1 | 9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 118 | 95 | 110 | 136 | 186 | 155 | 215 | 232 | 135 | 163 | 179 | 150 |
| Inventory Days | 16 | 43 | 42 | 45 | 136 | 150 | 84 | 55 | 66 | 40 | ||
| Days Payable | 89 | 128 | 207 | 131 | 272 | 232 | 119 | 130 | 160 | 114 | ||
| Cash Conversion Cycle | 118 | 95 | 38 | 51 | 21 | 69 | 79 | 150 | 100 | 88 | 85 | 76 |
| Working Capital Days | 32 | 24 | 23 | 57 | 36 | 102 | 152 | 210 | 117 | 113 | 108 | 134 |
| ROCE % | 18% | 20% | 22% | 23% | 12% | 9% | 10% | 13% | 16% | 17% | 18% |
Documents
Announcements
-
Bagging/Receiving of orders/contracts
11 June 2025 - Marine Electricals received Rs 60.44 Cr orders for power distribution systems with 3-7 months delivery.
-
Copy of Newspaper Publication
30 May 2025 - Marine Electricals published audited financial results for quarter and year ended March 31, 2025.
-
Updates
29 May 2025 - Marine Electricals to exhibit innovations at Nor-Shipping 2025, June 2-6, Norway, Indian Pavilion Stall B05.
-
Outcome of Board Meeting
27 May 2025 - Approved FY25 audited financials; Rs 10.78 Cr arbitration provision; new auditor appointments; subsidiary investment update.
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Outcome of Board Meeting
27 May 2025 - Marine Electricals approved FY25 audited results; provision of Rs 1077.51L for arbitration; increased subsidiary stake to 59.2%.
Market Leadership
The company is one of India's largest LV and MV Switchgear manufacturers. [1] It has a 50% market share in the electrical segment, it is a tier-1 electrical supplier and an approved vendor with Indian Navy, Indian and Global Shipyards. [2]