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 63.5
Book Value ₹ 35.2
Dividend Yield 0.11 %
ROCE 18.2 %
ROE 13.2 %
Face Value ₹ 2.00

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Pros

Company has delivered good profit growth of 35.8% CAGR over last 5 years

Cons

Stock is trading at 7.64 times its book value
Company has a low return on equity of 12.2% over last 3 years.
Company has high debtors of 178 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	143	101	137	147	237	138	184	194	251	167	222	210	277
	132	91	127	135	217	125	163	182	228	150	196	190	246
Operating Profit	11	10	10	11	20	13	21	11	22	17	26	20	32
OPM %	8%	10%	7%	8%	9%	10%	12%	6%	9%	10%	12%	10%	11%
	1	1	2	1	4	3	2	4	4	5	4	4	2
Interest	3	3	3	3	4	3	4	4	3	3	4	4	8
Depreciation	2	2	2	3	3	3	4	4	4	3	4	4	4
Profit before tax	7	6	7	7	17	10	16	8	18	15	22	16	22
Tax %	43%	37%	30%	23%	28%	27%	21%	40%	27%	25%	26%	24%	17%
	4	4	5	5	12	7	13	5	14	12	17	12	19
EPS in Rs	0.33	0.28	0.37	0.38	0.96	0.54	0.92	0.38	0.97	0.84	1.20	0.85	1.32
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	236	250	272	369	400	263	251	376	443	622	767	877
	216	229	246	337	378	240	224	344	404	570	698	782
Operating Profit	20	21	26	31	22	22	27	32	39	52	69	94
OPM %	8%	8%	9%	9%	6%	9%	11%	9%	9%	8%	9%	11%
	3	2	2	3	4	6	8	4	5	7	13	15
Interest	5	3	5	7	8	11	9	7	10	12	14	19
Depreciation	6	5	5	5	5	10	9	9	8	10	16	15
Profit before tax	12	14	18	23	13	8	17	19	25	36	52	76
Tax %	29%	34%	38%	28%	29%	24%	20%	32%	33%	29%	27%	23%
	9	9	11	16	9	6	14	13	17	26	38	59
EPS in Rs	0.92	1.07	1.19	1.75	0.75	0.46	1.05	1.06	1.35	1.95	2.79	4.17
Dividend Payout %	0%	0%	0%	0%	0%	0%	19%	0%	0%	10%	11%	0%

Compounded Sales Growth
10 Years:	13%
5 Years:	28%
3 Years:	26%
TTM:	14%

Compounded Profit Growth
10 Years:	20%
5 Years:	36%
3 Years:	52%
TTM:	57%

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

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	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	36	46	58	78	130	126	138	150	183	224	376	465
	24	32	40	46	57	56	58	37	66	97	55	89
	66	54	112	212	162	176	162	162	192	268	266	309
Total Liabilities	143	149	227	354	373	383	383	373	466	616	725	890
	40	43	56	39	43	53	48	49	66	75	75	99
CWIP	0	0	0	14	14	0	0	2	0	6	16	14
Investments	0	0	0	3	3	5	3	3	3	6	6	3
	104	106	171	297	313	325	331	319	396	529	627	775
Total Assets	143	149	227	354	373	383	383	373	466	616	725	890

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	13	31	-53	23	2	47	-2	-7	55
	-16	-23	1	-1	1	-19	-28	-21	-95
	2	3	44	-19	-7	-31	31	32	52
Net Cash Flow	-1	11	-9	3	-3	-3	1	4	12
Free Cash Flow	-5	24	-61	23	-2	37	-24	-32	35
CFO/OP	74%	118%	-205%	111%	18%	167%	13%	4%	106%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	91	104	148	182	174	235	252	167	186	186	157	178
Inventory Days	47	29	73	61	64	146	166	102	71	72	52	50
Days Payable	94	78	168	209	154	292	267	159	161	167	129	135
Cash Conversion Cycle	43	55	52	33	84	90	152	110	96	91	80	93
Working Capital Days	49	67	76	16	87	121	157	108	95	79	129	104
ROCE %	23%	20%	21%	22%	12%	9%	12%	12%	14%	15%	16%	18%

Insights

In beta

Mar 2018

Mar 2019

Mar 2020

Mar 2021

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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 ・Standalone data

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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