MARINE

Marine Electricals (India) Limited

Power-distribution systems for data centres, shipyards, defence and industrial projects

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

marineelectricals.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹429.00
Market cap
6,023 Cr
Stock P/E
94.1
P/B
12.18
Dividend yield
0.1%
ROE (FY26)
11.6%
ROCE (FY26)
16.2%
Operating margin (FY26)
9.1%
Debt / equity (FY26)
0.17
OCF / EBITDA (FY26)
-17.0%
OCF / EBITDA (3Y)
14.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Marine Electricals (India) designs and supplies integrated electrical and automation systems, selling navigation and electrical equipment to shipbuilders and defence customers and power distribution systems to data centres, industrial plants and large buildings.

Company snapshot

18thBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 52.3% of revenue

SegmentRevenue shareRevenuePBTAssets
Industry
52.3%
270 Cr16 Cr—
Marine
47.7%
247 Cr19 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.17x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 15% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales137 Cr147 Cr237 Cr138 Cr184 Cr194 Cr251 Cr167 Cr222 Cr210 Cr277 Cr259 Cr
Operating expenses (approx.)127 Cr135 Cr217 Cr125 Cr163 Cr182 Cr228 Cr150 Cr196 Cr190 Cr246 Cr231 Cr
EBITDA10 Cr12 Cr20 Cr13 Cr21 Cr11 Cr22 Cr17 Cr26 Cr20 Cr32 Cr28 Cr
OPM %7.4%7.9%8.6%9.6%11.6%5.9%8.9%10.1%11.6%9.6%11.4%10.9%
Other income2 Cr1 Cr4 Cr3 Cr2 Cr4 Cr4 Cr5 Cr4 Cr4 Cr3 Cr4 Cr
Interest3 Cr3 Cr4 Cr3 Cr4 Cr4 Cr3 Cr3 Cr4 Cr4 Cr8 Cr4 Cr
Depreciation2 Cr3 Cr3 Cr3 Cr4 Cr4 Cr4 Cr3 Cr4 Cr4 Cr4 Cr5 Cr
Profit before tax7 Cr7 Cr17 Cr10 Cr16 Cr8 Cr18 Cr15 Cr22 Cr16 Cr22 Cr24 Cr
Tax %30.2%23.3%28.4%27.3%21.4%40.3%26.8%25.0%25.6%24.0%17.0%26.3%
Net profit5 Cr5 Cr12 Cr7 Cr13 Cr5 Cr14 Cr12 Cr17 Cr12 Cr19 Cr18 Cr
EPS (₹)₹0.37₹0.39₹0.97₹0.54₹0.95₹0.39₹0.97₹0.84₹1.20₹0.85₹1.33₹1.23

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales272 Cr380 Cr251 Cr376 Cr443 Cr622 Cr767 Cr877 CrSign in free for the trailing twelve months
Operating expenses (approx.)246 Cr350 Cr224 Cr345 Cr404 Cr570 Cr698 Cr782 CrSign in free for the trailing twelve months
EBITDA26 Cr31 Cr27 Cr31 Cr39 Cr52 Cr69 Cr94 CrSign in free for the trailing twelve months
OPM %9.4%8.1%10.8%8.3%8.7%8.3%9.0%10.8%Sign in free for the trailing twelve months
Other income2 Cr3 Cr8 Cr5 Cr5 Cr7 Cr13 Cr16 CrSign in free for the trailing twelve months
Interest5 Cr6 Cr9 Cr7 Cr10 Cr12 Cr14 Cr19 CrSign in free for the trailing twelve months
Depreciation5 Cr5 Cr9 Cr9 Cr8 Cr10 Cr16 Cr15 CrSign in free for the trailing twelve months
Profit before tax17 Cr23 Cr17 Cr19 Cr25 Cr36 Cr52 Cr76 CrSign in free for the trailing twelve months
Tax %38.3%28.2%20.0%29.6%33.0%29.1%27.3%22.6%Sign in free for the trailing twelve months
Net profit11 Cr16 Cr14 Cr13 Cr17 Cr26 Cr38 Cr59 CrSign in free for the trailing twelve months
EPS (₹)——₹1.14₹1.06₹1.38₹2.02₹2.83₹4.22Sign in free for the trailing twelve months
Dividend payout %——0.0%18.4%0.0%0.0%6.9%7.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital17 Cr18 Cr25 Cr25 Cr25 Cr27 Cr28 Cr28 Cr
Reserves58 Cr76 Cr138 Cr150 Cr183 Cr224 Cr376 Cr465 Cr
Borrowings35 Cr42 Cr55 Cr35 Cr65 Cr95 Cr50 Cr84 Cr
Other liabilities112 Cr212 Cr159 Cr156 Cr186 Cr265 Cr267 Cr305 Cr
Total liabilities227 Cr355 Cr383 Cr373 Cr466 Cr616 Cr725 Cr890 Cr
Fixed assets (net)55 Cr54 Cr31 Cr34 Cr38 Cr43 Cr49 Cr51 Cr
CWIP———2 Cr—3 Cr5 Cr13 Cr
Investments0.0008 Cr0.0008 Cr3 Cr3 Cr8 Cr12 Cr11 Cr8 Cr
Loans & advances————9 Cr4 Cr1 Cr2 Cr
Inventories35 Cr46 Cr79 Cr79 Cr64 Cr92 Cr79 Cr85 Cr
Trade receivables110 Cr184 Cr173 Cr172 Cr226 Cr317 Cr331 Cr428 Cr
Cash & bank5 Cr33 Cr4 Cr1 Cr3 Cr7 Cr18 Cr22 Cr
Other assets22 Cr37 Cr92 Cr82 Cr118 Cr138 Cr229 Cr281 Cr
Total assets227 Cr355 Cr383 Cr373 Cr466 Cr616 Cr725 Cr890 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity13 Cr26 Cr-1 Cr47 Cr-2 Cr-7 Cr55 Cr-16 Cr
Cash from investing-16 Cr-5 Cr1 Cr-19 Cr-28 Cr-21 Cr-95 Cr-17 Cr
Cash from financing2 Cr7 Cr-4 Cr-31 Cr31 Cr32 Cr52 Cr37 Cr
Net cash flow-1 Cr28 Cr-3 Cr-3 Cr1 Cr4 Cr12 Cr4 Cr
Free cash flow (OCF − Capex)-5 Cr19 Cr-6 Cr35 Cr-25 Cr-32 Cr34 Cr-44 Cr

Ratios

MetricMar 2017Mar 2018Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %19.5%20.1%11.5%12.1%12.5%13.9%14.5%16.2%
ROE %12.7%15.1%8.0%7.3%7.9%10.1%9.4%11.6%
Debtor days147177251167186186157178
Inventory days725916310274685350
Days payable167208262159169158132134
Cash conversion cycle532715310991967893
OCF / EBITDA %51.4%83.4%-4.5%150.7%-5.4%-14.2%80.7%-17.0%
OCF / EBITDA % (3 years)————45.1%30.9%28.9%14.9%
Debt / equity0.470.450.330.200.310.380.120.17
Current ratio——1.611.651.601.482.142.12
Net debt / EBITDA1.150.29——1.611.720.450.66