Marine Electricals (India) Ltd

₹ 269 8.48%

29 May - close price

About

Marine Electricals (India) Limited is an integrated technical services provider in the fields of electrical automation and information and communication technology solutions. ^[1]

Key Points

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]

Website NSE

Market Cap ₹ 3,764 Cr.
Current Price ₹ 269
High / Low ₹ 282 / 151
Stock P/E 70.0
Book Value ₹ 32.6
Dividend Yield 0.11 %
ROCE 18.9 %
ROE 12.9 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 48.1% CAGR over last 5 years

Cons

Stock is trading at 8.25 times its book value
Company has a low return on equity of 13.0% over last 3 years.
Company has high debtors of 183 days.
Promoter holding has decreased over last 3 years: -6.27%

* 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

Industrials Capital Goods Industrial Manufacturing Industrial Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	130	86	121	124	202	125	165	185	225	147	173	182	245
	119	77	113	115	182	112	150	170	206	133	152	165	217
Operating Profit	11	9	9	9	20	13	16	15	19	14	22	17	28
OPM %	9%	10%	7%	8%	10%	10%	10%	8%	8%	10%	12%	9%	11%
	1	1	2	2	3	3	2	5	4	5	5	4	3
Interest	2	2	2	3	3	3	3	3	3	3	3	4	7
Depreciation	2	1	2	2	2	2	3	3	3	2	2	3	3
Profit before tax	9	6	7	7	18	11	13	13	17	14	20	15	21
Tax %	30%	27%	27%	22%	25%	24%	24%	23%	24%	24%	24%	23%	25%
	6	5	5	5	13	8	10	10	13	11	15	11	15
EPS in Rs	0.49	0.38	0.39	0.40	1.02	0.62	0.70	0.74	0.93	0.79	1.11	0.82	1.10
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	98	193	209	288	323	206	200	323	391	534	701	747
	87	175	189	263	305	189	177	296	356	486	638	666
Operating Profit	11	18	21	25	18	17	23	27	35	47	62	81
OPM %	11%	9%	10%	9%	6%	8%	11%	8%	9%	9%	9%	11%
	0	2	2	2	3	6	4	5	6	8	14	16
Interest	3	3	4	5	6	9	8	6	9	10	12	17
Depreciation	1	5	4	4	3	8	8	8	6	7	11	10
Profit before tax	7	13	15	18	11	6	11	18	26	38	54	70
Tax %	31%	37%	42%	34%	29%	21%	28%	29%	26%	25%	24%	24%
	5	8	9	12	8	5	8	12	20	28	41	53
EPS in Rs	0.55	0.92	1.00	1.30	0.63	0.39	0.64	1.02	1.54	2.14	2.97	3.78
Dividend Payout %	0%	0%	0%	0%	0%	0%	31%	0%	0%	9%	10%	0%

Compounded Sales Growth
10 Years:	14%
5 Years:	30%
3 Years:	24%
TTM:	7%

Compounded Profit Growth
10 Years:	21%
5 Years:	48%
3 Years:	45%
TTM:	38%

Stock Price CAGR
10 Years:	%
5 Years:	28%
3 Years:	76%
1 Year:	32%

Return on Equity
10 Years:	11%
5 Years:	12%
3 Years:	13%
Last Year:	13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	17	17	17	18	25	25	25	25	25	27	28	28
Reserves	13	33	42	57	100	101	109	120	155	196	349	428
	19	28	31	33	43	39	48	29	55	76	34	61
	39	45	67	168	114	129	116	106	138	220	223	254
Total Liabilities	89	124	157	277	280	294	298	280	372	519	635	771
	31	37	42	26	31	46	39	38	39	46	48	61
CWIP	0	0	0	14	14	0	0	2	0	6	13	5
Investments	6	7	7	7	12	11	11	9	26	36	39	48
	51	79	108	230	223	238	247	230	307	432	534	657
Total Assets	89	124	157	277	280	294	298	280	372	519	635	771

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	0	1	9	31	-46	21	-3	38	-6	1	46
	0	-8	-8	-21	-7	-0	-2	-11	-28	-24	-91
	0	6	-3	2	44	-19	1	-27	33	24	54
Net Cash Flow	0	-1	-3	12	-10	2	-4	-1	-0	1	9
Free Cash Flow	0	-8	1	26	-57	21	-4	31	-25	-16	30
CFO/OP	0%	30%	70%	149%	-218%	139%	-3%	161%	1%	19%	98%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	95	110	136	186	155	215	232	135	163	179	150	183
Inventory Days		16	43	42	45	136	150	84	55	66	40	41
Days Payable		89	128	207	131	272	231	119	130	160	114	133
Cash Conversion Cycle	95	38	51	21	69	79	151	100	88	85	76	91
Working Capital Days	24	-8	22	-1	70	109	141	90	79	72	123	101
ROCE %	20%		22%	23%	12%	9%	10%	13%	16%	17%	18%	19%

Insights

In beta

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Order Book
Rs. Million

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Number of Manufacturing Plants
Number

Number of Service Centres
Number

Total Manpower
Number

Estimated Market Share for Marine Product Range in India
Percentage

Market Share in Schneider Electrical's Blokset Panels in India
Percentage

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	74.46%	73.84%	72.87%	71.98%	71.17%	71.17%	68.45%	68.45%	68.45%	68.46%	68.54%	68.20%
	0.00%	0.00%	0.00%	0.02%	0.15%	0.25%	0.96%	0.15%	0.08%	0.18%	0.65%	0.59%
	0.00%	0.00%	0.00%	0.00%	0.11%	0.08%	0.04%	0.04%	0.07%	0.12%	0.12%	0.34%
	25.54%	26.16%	27.12%	27.99%	28.56%	28.50%	30.56%	31.35%	31.40%	31.24%	30.69%	30.87%
No. of Shareholders	52,441	51,594	49,305	50,304	55,983	83,799	89,628	93,629	96,332	94,688	89,679	89,030

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73.52%	73.52%	73.52%	73.52%	74.46%	71.98%	68.45%	68.20%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.15%	0.59%
	0.00%	0.00%	1.14%	0.00%	0.00%	0.00%	0.04%	0.34%
	26.48%	26.49%	25.34%	26.48%	25.54%	27.99%	31.35%	30.87%
No. of Shareholders	189	182	3,785	66,881	52,755	50,304	93,629	89,030

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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