NSE: MARINE
MARINE ELECTRICAL (I) LTD
Manufactures and supplies electrical systems for marine vessels and industrial customers. FY26 revenue of Rs 876.94 crore is split between Marine (52.9% of segment revenue, Rs 464.16 crore) and Industry (47.1%, Rs 412.77 crore) segments. The Marine segment serves shipyards such as Udupi Cochin Shipyard with alarm monitoring systems on 24-month delivery timelines. The Industry segment delivers power distribution systems to data centres and hyperscalers — FY26 order wins include Princeton Digital Group (Rs 96.40 crore, 12-14 months), STT Global Data Centres India, Adani Infra, a Siemens hyperscaler project, and Deepak Chem Tech, with deliveries running 8-24 months. A 99%-owned subsidiary, MEL Heavy Industries (formerly partnership firm Narhari Engineering Works), makes electric motors, pump sets and other electrical products, with stable turnover of around Rs 21-22 crore over the past three years. Materials and components are the dominant cost line, followed by employee costs and other operating expenses. FY26 EBITDA margin stood at 12.49% on total assets of Rs 890.45 crore, with net profit of Rs 58.62 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Marine (53%), Industry (47%). Project-order driven industrial electrical systems manufacturer with multi-year delivery cycles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 376 | 443 | 622 | 767 | 877 |
| EBITDA (ex other income) | 31 | 39 | 52 | 69 | 93 |
| margin % | 8.3 | 8.7 | 8.3 | 9.0 | 10.6 |
| Owners' profit | 13 | 17 | 26 | 38 | 58 |
| EPS, as reported (₹) | 1.06 | 1.38 | 2.02 | 2.83 | 4.22 |
| ROE % · ROCE % | — · — | 7.8 · 14.5 | 10.1 · 16.9 | 9.3 · 15.2 | 11.7 · 17.8 |
| Debt / equity (x) | — | 0.30 | 0.37 | 0.12 | 0.17 |
| Cash from operations | 47 | (2) | (7) | 55 | (16) |
| Capex | (12) | (23) | (24) | (22) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 184 | 194 | 251 | 167 | 222 | 210 | 277 | 259 |
| Profit before tax | 16 | 8 | 19 | 15 | 22 | 16 | 22 | 24 |
| Net profit | 13 | 5 | 14 | 12 | 17 | 12 | 19 | 18 |
| EPS (₹) | 0.95 | 0.39 | 0.97 | 0.84 | 1.20 | 0.85 | 1.33 | 1.23 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Marine | 464 | 52.9 |
| Industry | 413 | 47.1 |
| Total, before eliminations | 877 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 90.5 | 26.7 | 112 of 130 | 14% |
| P/B | 11.6 | 3.1 | 100 of 112 | 11% |
| ROCE | 14.2 | 11.3 | 55 of 142 | 62% |
| ROE | 11.7 | 9.8 | 43 of 113 | 63% |
| Debt / Equity | 0.2 | 0.2 | 62 of 113 | 46% |
| EBITDA margin | 12.6 | 12.4 | 55 of 110 | 51% |
| Revenue growth | 55.2 | 20.6 | 22 of 114 | 81% |
| Profit growth | 51.0 | 17.1 | 42 of 109 | 62% |
| Market cap | 5841 | 273 | 15 of 141 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Marine Electricals wins orders worth Rs 362.34 crore | business updates | high | — | — |
| 14 Oct 2026 · Routine filing: SEBI Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Marine Electricals bags orders worth about Rs 393.52 crore | business updates | high | — | — |
| 5 Oct 2026 · Marine Electricals bags orders worth Rs 393.52 crores from 4 clients | business updates | high | — | — |
| 1 Oct 2026 · AGM results: all 7 resolutions passed, includes Rs 0.30 dividend and BSE listing approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Marine Electricals 19th AGM: dividend declared, BSE listing approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 till Q2 FY27 results announcement | compliance | minimal | — | — |
| 28 Sept 2026 · Marine Electricals bags orders worth about Rs 250.78 crore from data centre firms | business updates | high | — | — |
| 23 Sept 2026 · Marine Electricals to meet analysts and investors on Sept 28 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Marine Electricals partners with M3G for India's first indigenous AIS Base Station | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.