Marine Electricals (India) Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Marine Electricals reported standalone revenue of Rs 74,694 lakhs for FY2026, up 6.6% from Rs 70,058 lakhs in FY2025. Profit after tax grew 29% to Rs 5,287 lakhs from Rs 4,102 lakhs. Consolidated revenue was Rs 87,694 lakhs with PAT of Rs 5,862 lakhs, up 54% YoY. The auditors issued an unmodified opinion but included an Emphasis of Matter regarding an arbitration award where the company paid Rs 2,186 lakhs principal and Rs 950 lakhs interest to a sub-contractor, with additional provisions made. Operating cash flow turned negative at Rs -2,887 lakhs versus positive Rs 4,556 lakhs in the prior year, primarily due to a surge in trade receivables of Rs 9,470 lakhs. A subsidiary (Eltech Engineers Madras) has accumulated losses with eroded net worth, though the holding company committed to provide financial support.
Strong profitability growth with PAT up 29% is positive for shareholders, but the significant negative operating cash flow despite higher profits raises concerns about working capital management and cash conversion quality. The arbitration-related provisions and subsidiary going concern issues add contingent risk.