Marine Electricals (India) Ltd

MARINE

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Market Cap

₹ 2,817 Cr

P/E

60.42

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Marine Electricals (India) Limited is a major player in manufacturing and integrating electrical components and systems for marine and industrial applications. It collaborates with global giants like Schneider Electric and Siemens, enhancing its global presence.

The company has expanded into the renewable energy sector, specifically focusing on solar power, as demonstrated by its partnership with NLC India Limited.

In January 2023, it strategically acquired a 75% stake in Xanatos Marine Ltd, which strengthens its market position in marine solutions.

The company is equipped with advanced manufacturing facilities and stringent certifications, ensuring high-quality production and operational efficiency.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

2,817 Cr

Volatility

High Risk

P/E Ratio

60.4

Industry P/E

59.5

PEG Ratio

1.2

P/B Ratio

6.6

52W High

333.00

52W Low

138.90

Sales CAGR

23.30%

29.46%

27.75%

10Y

15.37%

Profit CAGR

47.94%

48.74%

53.93%

10Y

20.04%

ROE

TTM

10.86%

11.40%

10.32%

10Y

10.05%

ROCE

TTM

16.11%

17.46%

16.64%

10Y

17.12%

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WEBELSOLAR	87.15	3,784 Cr	18.62	9.64	0.00	51.95	51.29	28.68
BBL	2820.60	3,193 Cr	21.71	1.45	1.24	6.70	8.77	4.73
MARINE	204.21	2,817 Cr	60.42	6.55	0.15	10.86	16.11	6.13
HPL	394.50	2,534 Cr	26.42	2.65	0.25	10.04	12.96	4.25
WEL	167.35	2,245 Cr	124.07	26.48	0.12	17.99	15.88	5.98
ALPEXSOLAR	861.50	2,201 Cr	14.31	4.65	0.00	32.49	34.29	16.42
SERVOTECH	80.17	1,811 Cr	77.09	6.99	0.06	8.75	9.11	4.23

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	101	137	147	237	138	184	194	251	167	222
Expenses	91	127	135	217	125	163	182	228	150	196
Operating Profit	9.70	10	12	20	13	21	11	22	17	26
OPM %	9.60	7.36	7.86	8.62	9.64	11.64	5.93	8.95	10.13	11.65
Other Income	0.72	1.69	1.20	3.68	3.07	2.12	4.43	3.73	5.19	3.92
Interest	2.66	2.62	3.24	3.87	3.35	3.61	3.76	3.35	3.16	3.86
Depreciation	2.19	2.38	2.55	3.25	3.36	3.70	4.14	4.37	3.47	3.63
Profit Before Tax	5.57	6.81	6.93	17	9.70	16	8.02	18	15	22
Tax %	36.98	30.25	23.23	28.40	27.32	21.42	40.27	26.78	25.02	25.54
Net Profit	3.52	4.75	5.32	12	7.05	13	4.79	14	12	17
EPS in Rs	0.26	0.33	0.36	0.92	0.52	0.90	0.38	0.96	0.83	1.18

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	369	400	263	251	376	443	622	767	796
Expenses	337	378	241	224	345	404	570	698	723
Operating Profit	31	22	22	27	31	39	52	69	72
OPM %	8.53	5.54	8.49	10.84	8.30	8.71	8.32	8.96	9.08
Other Income	2.98	3.94	6.07	7.73	4.83	4.53	7.29	13	15
Interest	6.52	8.37	11	8.93	7.28	9.94	12	14	14
Depreciation	5.23	4.86	9.63	9.12	9.35	8.08	10	16	16
Profit Before Tax	23	13	7.71	17	19	25	36	52	58
Tax %	28.26	28.84	23.70	19.99	31.70	32.99	29.07	27.28	26.69
Net Profit	16	9.15	5.89	14	13	17	26	38	43
EPS in Rs	—	—	—	0.33	0.94	1.21	1.87	2.76	3.35
Dividend Payout %	0.00	0.00	0.00	19.05	0.00	0.00	9.90	10.68	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	18	25	25	25	25	25	27	28
Reserves	78	130	126	138	150	183	224	376
Borrowings	43	53	53	58	37	66	97	55
Other Liabilities	215	165	180	162	162	192	268	266
Total Liabilities	354	373	383	383	373	466	616	725
Fixed Assets	39	43	47	43	44	61	70	70
CWIP	14	14	0.00	0.00	2.03	0.00	5.54	16
Investments	3.20	3.10	11	9.09	8.37	8.50	12	11
Other Assets	297	313	325	331	319	396	529	627
Total Assets	354	373	383	383	373	466	616	725

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	31	-53	23	2.28	47	-2.09	-7.36	55
Cash from Investing Activity	-23	0.51	-1.34	1.39	-18	-28	-21	-95
Cash from Financing Activity	3.32	44	-19	-7.04	-31	31	32	52
Net Cash Flow	11	-9.25	2.68	-3.36	-2.82	1.47	3.61	12

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Oct 2023	Nov 2023	Dec 2023	Jan 2024	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.21%	72.87%	72.87%	72.31%	71.49%	71.98%	71.17%	71.17%	68.45%	68.45%	68.45%	68.46%
FIIs	0.00%	0.01%	0.00%	0.00%	0.00%	0.02%	0.15%	0.25%	0.96%	0.15%	0.08%	0.18%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.08%	0.04%	0.04%	0.07%	0.12%
Public	26.79%	27.12%	27.12%	27.68%	28.51%	27.99%	28.56%	28.50%	30.56%	31.35%	31.40%	31.24%
Total Shareholders	51,598	49,004	49,305	49,506	49,508	50,304	55,983	83,799	89,628	93,629	99,332	94,688

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Overview

Detailed Summary

The company has expanded into the renewable energy sector, specifically focusing on solar power, as demonstrated by its partnership with NLC India Limited.

In January 2023, it strategically acquired a 75% stake in Xanatos Marine Ltd, which strengthens its market position in marine solutions.

The company is equipped with advanced manufacturing facilities and stringent certifications, ensuring high-quality production and operational efficiency.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - General - Large

Market Cap

2,817 Cr

Volatility

High Risk

P/E Ratio

60.4

Industry P/E

59.5

PEG Ratio

1.2

P/B Ratio

6.6

52W High

333.00

52W Low

138.90

Sales CAGR

23.30%

29.46%

27.75%

10Y

15.37%

Profit CAGR

47.94%

48.74%

53.93%

10Y

20.04%

ROE

TTM

10.86%

11.40%

10.32%

10Y

10.05%

ROCE

TTM

16.11%

17.46%

16.64%

10Y

17.12%