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Marine Electricals Q2 FY27 results: net profit up 93.1% to ₹32.09 crore, revenue up 82.1%
Marine Electricals (India) Limited reported consolidated Q2 FY27 revenue of ₹404.65 crore and net profit of ₹32.09 crore, up 82.1% and 93.1% from Q2 FY26. EBITDA rose 91.3% to ₹49.53 crore, while the EBITDA margin increased 0.6 percentage points to 12.2%.
Key points
- Consolidated Q2 FY27 revenue rose 82.1% year on year to ₹404.65 crore and was up 56.1% from Q1 FY27.
- EBITDA increased 91.3% to ₹49.53 crore, with the margin rising 0.6 percentage points year on year to 12.2%.
- Net profit rose 93.1% to ₹32.09 crore, including profit attributable to owners of ₹31.79 crore.
- Basic EPS increased from ₹1.20 in Q2 FY26 to ₹2.27 in Q2 FY27.
- The Industry segment recorded revenue growth of 163.9%, while Marine revenue rose 15.7%.
How did Marine Electricals perform in Q2 FY27?
Marine Electricals reported consolidated revenue of ₹404.65 crore for Q2 FY27, up 82.1% from ₹222.25 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹145.49 crore, or 56.1%. Total income for the quarter was ₹408.18 crore, while other income was ₹3.53 crore.
EBITDA rose 91.3% year on year to ₹49.53 crore, compared with ₹25.89 crore in Q2 FY26. The EBITDA margin increased 0.6 percentage points to 12.2%; against Q1 FY27, EBITDA was up 75.5% and the margin was higher by 1.3 percentage points.
Profit before tax increased 93.0% to ₹43.08 crore from ₹22.32 crore, while net profit rose 93.1% to ₹32.09 crore from ₹16.62 crore. Basic EPS was ₹2.27, compared with ₹1.20 in the year-ago quarter and ₹1.23 in Q1 FY27. On a standalone basis, revenue was ₹369.26 crore and PAT was ₹30.05 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 404.65 | 259.16 | 222.25 | +82.1% | +56.1% |
| Other income | 3.53 | 4.30 | 3.92 | −9.9% | −17.9% |
| Total expenses | 365.10 | 239.71 | 203.85 | +79.1% | +52.3% |
| EBITDA | 49.53 | 28.22 | 25.89 | +91.3% | +75.5% |
| EBITDA margin | 12.2% | 10.9% | 11.6% | +0.6 pp | +1.3 pp |
| Profit before tax | 43.08 | 23.75 | 22.32 | +93.0% | +81.4% |
| Tax | 10.99 | 6.24 | 5.70 | +92.8% | +76.1% |
| Net profit | 32.09 | 17.51 | 16.62 | +93.1% | +83.3% |
| EPS (₹) | 2.27 | 1.23 | 1.20 | +89.2% | +84.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Marine Electricals' costs and profit?
Total expenses increased 79.1% to ₹365.10 crore from ₹203.85 crore in Q2 FY26. Cost of materials consumed was the largest change, rising ₹180.03 crore to ₹334.30 crore; employee cost rose ₹3.92 crore to ₹21.39 crore, finance costs increased ₹1.01 crore to ₹4.87 crore, and depreciation rose ₹1.49 crore to ₹5.12 crore.
Other expenses fell ₹1.31 crore to ₹24.12 crore from ₹25.43 crore, while other income declined ₹0.39 crore to ₹3.53 crore from ₹3.92 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26. Tax expense increased ₹5.29 crore to ₹10.99 crore, and net profit rose ₹15.47 crore to ₹32.09 crore.
The filing attributed Industry revenue growth of 164% in Q2 to data centres, industrial infrastructure and semiconductor projects. Marine revenue grew 16%, supported by domestic naval programmes, fleet expansion and orders from leading shipyards.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 334.30 | 154.27 | +180.03 | +116.7% |
| Employee cost | 21.39 | 17.47 | +3.92 | +22.4% |
| Finance costs | 4.87 | 3.86 | +1.01 | +26.2% |
| Depreciation | 5.12 | 3.63 | +1.49 | +41.0% |
| Other expenses | 24.12 | 25.43 | −1.31 | −5.2% |
| Total expenses | 365.10 | 203.85 | +161.25 | +79.1% |
| Other income | 3.53 | 3.92 | −0.39 | −9.9% |
| Tax | 10.99 | 5.70 | +5.29 | +92.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue rose 70.5% to ₹663.81 crore from ₹389.22 crore in H1 FY26. Total income increased 68.6% to ₹671.64 crore from ₹398.33 crore, while profit before tax rose 76.8% to ₹66.83 crore.
H1 FY27 net profit was ₹49.60 crore, up 75.8% from ₹28.21 crore in H1 FY26. Basic EPS increased 72.1% to ₹3.51 from ₹2.04. The company’s press release separately reported H1 revenue of ₹664 crore, EBITDA of ₹86 crore and PAT of ₹50 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 663.81 | 389.22 | +70.5% |
| Profit before tax | 66.83 | 37.79 | +76.8% |
| Net profit | 49.60 | 28.21 | +75.8% |
| EPS (₹) | 3.51 | 2.04 | +72.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹1,095.66 crore at 30 September 2026 from ₹890.45 crore at 31 March 2026. Total equity rose to ₹548.13 crore from ₹501.67 crore, while borrowings fell to ₹67.20 crore from ₹84.16 crore. Cash declined to ₹9.18 crore from ₹22.27 crore.
Inventories increased to ₹149.71 crore from ₹85.17 crore, trade receivables rose to ₹544.54 crore from ₹427.73 crore, and trade payables increased to ₹335.14 crore from ₹228.62 crore. H1 FY27 operating cash flow was ₹30.75 crore, compared with ₹28.35 crore in H1 FY26; investing cash flow was negative ₹16.06 crore, and financing cash flow was negative ₹27.78 crore.
Capital expenditure in H1 FY27 was ₹18.21 crore, compared with ₹14.86 crore in H1 FY26. Investing cash outflow widened from negative ₹15.32 crore, while the financing outflow increased from negative ₹8.72 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,096 | 890.45 |
| Total equity | 548.13 | 501.67 |
| Borrowings | 67.20 | 84.16 |
| Cash and equivalents | 9.18 | 22.27 |
| Inventories | 149.71 | 85.17 |
| Trade receivables | 544.54 | 427.73 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 30.75 | 28.35 |
| Cash from investing | −16.06 | −15.32 |
| Cash from financing | −27.78 | −8.72 |
| Capital expenditure | 18.21 | 14.86 |
Source: Company's results filing (XBRL).
How has Marine Electricals done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹404.65 crore in Q2 FY27, compared with the lowest level of ₹166.98 crore in Q1 FY26. Revenue had dipped to ₹210.23 crore in Q3 FY26 before rising to ₹277.48 crore in Q4 FY26 and ₹259.16 crore in Q1 FY27.
PAT also peaked at ₹32.09 crore in Q2 FY27, while its lowest point in the reported series was ₹4.79 crore in Q3 FY25. The EBITDA margin reached 12.2% in Q2 FY27, above its lowest point of 5.9% in Q3 FY25. Revenue rose year on year in each of the last eight quarters, while profit did so in each of the last seven quarters.
Which businesses drove the quarter?
Marine revenue rose 15.7% to ₹142.05 crore from ₹122.72 crore in Q2 FY26. Segment EBIT was ₹14.81 crore, compared with ₹10.89 crore in the year-ago quarter, and the reported EBIT margin was 10.4%.
Industry revenue increased 163.9% to ₹262.60 crore from ₹99.53 crore in Q2 FY26. Segment EBIT rose to ₹31.46 crore from ₹11.53 crore, with a reported EBIT margin of 12.0%. The company said Industry growth was driven by data centres, industrial infrastructure and semiconductor projects, while Marine was supported by naval programmes, fleet expansion and shipyard orders.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Marine | 142.05 | +15.7% | 14.81 | 10.4% |
| Industry | 262.60 | +163.9% | 31.46 | 12.0% |
Source: Company's results filing (XBRL segment data).
How did Marine Electricals shares react?
Marine Electricals’ shares rose 1.0% five minutes after the filing appeared, then fell 1.8% after 15 minutes and 2.2% after 30 minutes. The stock closed the reaction day down 0.4% from ₹447.85, while the Industrial Products sector’s median move was up 0.9%. Marine Electricals therefore underperformed the sector by 1.3 percentage points on the reaction day.
Earlier results-day reactions were mixed: the stock rose 9.7% on 27 May 2026 and 1.2% on 3 November 2025, while it fell 4.0% on 11 February 2026, 2.6% on 12 August 2025 and 3.3% on 27 May 2025. No reaction-day move was recorded for the filing on 4 November beyond the 0.4% decline.
| After the filing | Stock | Industrial Products median |
|---|---|---|
| 5 minutes | +1.0% | |
| 15 minutes | −1.8% | |
| 30 minutes | −2.2% | |
| Reaction day | −0.4% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 27 May 2026 | +9.7% |
| 11 February 2026 | −4.0% |
| 3 November 2025 | +1.2% |
| 12 August 2025 | −2.6% |
| 27 May 2025 | −3.3% |
| 12 February 2025 | −3.9% |
| 12 November 2024 | +0.7% |
| 12 August 2024 | −5.0% |
Source: MarketPing price-reaction measurement.
How did other Industrial Products companies do?
Among 56 Industrial Products companies that had filed for the quarter, the median revenue growth was 28.1%. Marine Electricals’ revenue growth of 82.1% was higher than that of 47 peers and lower than that of 9 peers.
Of the 51 peers for which profit was compared, 38 reported higher profit. These peer figures were available as of 6 November 2026.
| Marine Electricals revenue growth (YoY) | +82.1% |
|---|---|
| Median of 56 other Industrial Products companies | +28.1% |
| Companies with slower revenue growth than Marine Electricals | 47 of 56 |
| Companies with faster revenue growth than Marine Electricals | 9 of 56 |
| Companies whose net profit rose | 38 of 51 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Marine Electricals' revenue in Q2 FY27?
Revenue from operations was ₹404.65 crore, up 82.1% from ₹222.25 crore in Q2 FY26 (consolidated).
Did Marine Electricals make a profit in Q2 FY27?
Yes. Net profit was ₹32.09 crore, against a net profit of ₹16.62 crore in Q2 FY26.
What was Marine Electricals' EPS in Q2 FY27?
Basic earnings per share were ₹2.27, against ₹1.20 in Q2 FY26.
How did Marine Electricals shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.4% from the previous close; the median Industrial Products stock moved +0.9%.
When did Marine Electricals announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- General Updates (NSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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