Marine Electricals (India) Limited (MARINE)
₹429.00 -2.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Marine Electricals' revenue was ₹259 Cr (+55.2% year on year, -6.4% on the previous quarter), and net profit ₹17.5 Cr (+45.9% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹259 | +55.2% | -6.4% |
| Operating profit | ₹28.2 | +66.0% | -11.8% |
| Net profit | ₹17.5 | +45.9% | -7.8% |
| EPS (₹) | 1.23 | +46.4% | -6.8% |
| Operating margin | 10.9% | — | — |
MARINE delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.84% of the MARINE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 37.53%. That is close to its usual level. Volume was 0.4 times its average, well below normal. 8 bulk or block deals were reported in MARINE in the last 60 days: ₹142 Cr bought and ₹260 Cr sold.
Delivery in the last 5 sessions: 37.4% · 44.7% · 42.1% · 44.6% · 43.8%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Sell | Kdu Enterprises Private Limited | ₹162.32 Cr | ₹386.48 | 4,200,000 | Bulk |
| 23 Sep | Buy | Sbi Funds Management Limited | ₹45.61 Cr | ₹394.79 | 1,155,413 | Bulk |
| 23 Sep | Sell | Setu Securities Pvt Ltd | ₹38.84 Cr | ₹398.92 | 973,704 | Bulk |
| 23 Sep | Buy | Setu Securities Pvt Ltd | ₹37.67 Cr | ₹386.88 | 973,702 | Bulk |
| 23 Sep | Sell | Qe Securities Llp | ₹29.91 Cr | ₹419.58 | 712,757 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Marine Electricals (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar & Share Transfer Agent Bigshare Services Pvt Ltd confirms that all securities received for dematerialization were processed, mutilated, and cancelled within the prescribed 15-day period. This is an entirely procedural regulatory submission with no impact on business operations, financial metrics, or shareholding fundamentals.
- Compliance submission under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended 30th September 2026
- Confirmation received from Registrar and Share Transfer Agent Bigshare Services Pvt Ltd dated 12/10/2026
- Securities received for dematerialisation confirmed mutilated and cancelled within 15 days of receipt
- Formal filing sent to the National Stock Exchange on 14th October, 2026
Marine Electricals (India) Limited has received multiple orders totaling approximately ₹393.52 crores (excluding taxes). The contract wins span data centers, marine, and port infrastructure projects from clients including Web Werks, CtrlS Datacenters, Garden Reach Shipbuilders & Engineers (GRSE), and Navayuga Engineering. Relative to the company's TTM revenue of ₹968 crores, these combined orders represent ~40.7%, significantly boosting revenue visibility. Execution timelines across the four contracts range from 4 to 28 months.
- Total order value received is approximately ₹393.52 crores (excluding taxes), representing ~40.7% of TTM revenue
- Supply of Power Distribution System to Web Werks with delivery over 18-24 months
- MEP GC Contract Works order from CtrlS Datacenters with execution over 6-8 months
- Electrical Works for 7500 DWT MPV from Garden Reach Shipbuilders & Engineers scheduled over 24-28 months
- Supply of VTMS for Ramayapatnam Port Project from Navayuga Engineering scheduled over 4-7 months
Marine Electricals (India) Limited has received multiple orders totaling approximately ₹393.52 crores (excluding taxes). The contract wins span data centers, marine, and port infrastructure projects from clients including Web Werks, CtrlS Datacenters, Garden Reach Shipbuilders & Engineers (GRSE), and Navayuga Engineering. Relative to the company's TTM revenue of ₹968 crores, these combined orders represent ~40.7%, significantly boosting revenue visibility. Execution timelines across the four contracts range from 4 to 28 months.
- Total order value received is approximately ₹393.52 crores (excluding taxes), representing ~40.7% of TTM revenue
- Supply of Power Distribution System to Web Werks with delivery over 18-24 months
- MEP GC Contract Works order from CtrlS Datacenters with execution over 6-8 months
- Electrical Works for 7500 DWT MPV from Garden Reach Shipbuilders & Engineers scheduled over 24-28 months
- Supply of VTMS for Ramayapatnam Port Project from Navayuga Engineering scheduled over 4-7 months
Marine Electricals (India) Limited concluded its 19th Annual General Meeting on September 30, 2026. Key special resolutions tabled included approving a change in the object of utilization for Rs 149.22 crore raised via preferential allotment (representing ~15.4% of TTM revenue) and direct listing of shares on the BSE Main Board. Additionally, shareholders voted on a final dividend of Rs 0.30 per equity share for FY26. Scrutinizer voting results are expected to be declared shortly.
- Resolution proposed to change utilization object of Rs 149.22 crore preferential issue proceeds
- Proposed direct listing of the company's equity shares on the Main Board of BSE Limited
- Final dividend of Rs 0.30 per equity share for FY26 placed for shareholder approval
- Total of 87,491 shareholders recorded as on the cutoff date of September 23, 2026
Marine Electricals has secured orders totaling approximately ₹250.78 crores (excluding taxes) for the supply of Power Distribution Systems. The orders are received from three entities: Digital Edge DC, Socomec India, and STT Global Data Centres India. The total order value represents ~25.9% of the company's TTM revenue of ₹968 crores, providing strong revenue visibility over the next 4 to 12 months.
- Total orders secured aggregate to approximately ₹250.78 crores excluding taxes
- Orders secured from 3 clients: Digital Edge DC, Socomec India, and STT Global Data Centres
- Delivery period spans 4 months for Socomec India and 10-12 months for the data center clients
- Total order value equals ~25.9% of TTM revenue of ₹968 crores
Marine Electricals (India) Limited has signed a Head of Terms Agreement with Maritime 3 Group (M3G) to develop and manufacture India's first indigenous Automatic Identification System (AIS) Base Station incorporating VDES technology. The partnership targets requirements across ports, coastal surveillance, and Vessel Traffic Services under the Make in India initiative. Financial terms, capex, and commercial timelines were not disclosed in the announcement. The company reported TTM revenue of ₹968 Cr and trades at an annualized P/E of 88.4.
- Signed Head of Terms Agreement with Maritime 3 Group (M3G) announced on 22nd September, 2026 at SMM 2026 in Hamburg
- Aims to develop and manufacture India's first indigenous AIS Base Station leveraging VDES technology
- Target market includes domestic and global ports, coastal surveillance networks, and Vessel Traffic Services (VTS)
- Financial investment, revenue potential, and project execution timelines remain not disclosed
Marine Electricals released its August 2026 investor presentation disclosing an unexecuted order book of ₹2,073 crore as of June 30, 2026, marking a 201% YoY surge and representing ~2.14x of TTM revenue. In Q1FY27, revenue rose 55% YoY to ₹259 crore, while EBITDA increased 47% YoY to ₹33 crore (12.3% margin) and PAT climbed 51% YoY to ₹18 crore. The company booked ₹784 crore in fresh orders during Q1FY27, with the Industrial and Data Centre segment now comprising 65% of the total backlog. The backlog provides execution visibility of 8 to 24 months across naval, marine, and high-density digital infrastructure sectors.
- Order backlog reached ₹2,073 crore as of June 30, 2026, up 201% YoY, providing 8-24 months of execution visibility
- Secured ₹784 crore of new orders during Q1 FY27, with 65% of the order book driven by the Industry/Data Centre segment
- Q1 FY27 Revenue from operations grew 55% YoY to ₹259 crore, driven by a 77% rise in Industrial solutions and 30% in Marine
- Q1 FY27 PAT increased 51% YoY to ₹18 crore, with EBITDA at ₹33 crore (12.3% EBITDA margin)
- Significant order wins include Adani Infra & Udupi Cochin Shipyard (₹208.7 Cr) and Larsen & Toubro (₹115.0 Cr)
Marine Electricals has inaugurated its sixth manufacturing facility in Goa spanning approximately 160,000 sq. ft., which commenced operations on September 14, 2026. The new plant will exclusively manufacture Power Train Units (PTUs) for data centers and shore conversion systems for ports. It aims to achieve full capacity of ~800 PTUs per year by March 2027, backed by a strong order book of ₹2,073 Cr as of June 2026 (over 2.1x TTM revenue).
- Inaugurated 6th facility in Goa with ~160,000 sq. ft. floor space, operational since September 14, 2026
- Targets full capacity of ~800 Power Train Units (PTUs) for Data Centers per year by March 2027
- Facility also dedicated to manufacturing Shore Conversion Systems for ports
- Company disclosed an order book of ₹2,073 Cr as of June 2026 against ₹877 Cr revenue in FY26
Marine Electricals (India) Limited has approved the reconstitution of its Risk Management Committee and Stakeholders Relationship Committee effective 15th September 2026. The Risk Management Committee will be chaired by Executive Director Mr. Vinay Uchil, with two Non-Executive Independent Directors as members. The Stakeholders Relationship Committee will be chaired by Non-Executive Independent Director Mr. Nikunj Mishra alongside two other members. This is a routine corporate governance and committee restructuring process with no financial impact.
- Reconstitution of two board committees effective 15th September, 2026
- Risk Management Committee restructured with 3 members led by Chairman Mr. Vinay Uchil
- Stakeholders Relationship Committee reconstituted with 3 members chaired by Mr. Nikunj Mishra
Marine Electricals (India) Limited has released its Annual Report for FY25–26 and issued notice for its 19th Annual General Meeting, to be held via video conferencing on September 30, 2026. The cut-off date to determine shareholder voting eligibility is September 23, 2026. In the Chairman's address, the company noted that its order book expanded 139% YoY to approximately Rs 1,254.6 Cr (Rs 12,546 million) at the close of FY26 compared to Rs 524 Cr in FY25. Standalone FY26 revenue reached Rs 746.94 Cr with net profit rising 28.9% to Rs 52.87 Cr.
- 19th Annual General Meeting scheduled for September 30, 2026, at 3:00 PM IST via VC/OAVM
- Cut-off date for e-voting eligibility fixed as Wednesday, September 23, 2026
- Order book stood at approximately Rs 12,546 million (Rs 1,254.6 Cr) at end of FY26, up ~139% YoY from Rs 5,240 million
- Standalone revenue for FY26 reported at Rs 7,469.37 million with net profit up 28.9% YoY to Rs 528.70 million
Marine Electricals (India) Limited has scheduled its 19th Annual General Meeting for September 30, 2026, via video conferencing, with the cut-off date for e-voting fixed as September 23, 2026. In the accompanying FY26 Annual Report, the company disclosed that its order book reached approximately Rs 1,254.6 Cr (Rs 12,546 million) at the close of FY26, marking a 139% YoY surge from Rs 524.0 Cr. FY26 standalone revenue grew to Rs 746.94 Cr (Rs 7,469.37 million), while standalone net profit rose 28.9% YoY to Rs 52.87 Cr (Rs 528.70 million).
- 19th Annual General Meeting scheduled for September 30, 2026; voting cut-off date is September 23, 2026.
- Order book stood at approximately Rs 12,546 million (Rs 1,254.6 Cr) as of FY26-end, up 139% YoY from Rs 5,240 million.
- FY26 standalone revenue reached Rs 7,469.37 million (Rs 746.94 Cr) vs Rs 7,005.84 million in FY25.
- FY26 standalone net profit grew by 28.9% YoY to Rs 528.70 million (Rs 52.87 Cr) vs Rs 410.23 million in FY25.
Marine Electricals (India) Limited has issued the notice for its 19th Annual General Meeting (AGM) scheduled for September 30, 2026, with a voting cut-off date of September 23, 2026. In the accompanying FY26 Annual Report, the company highlighted an order book of approximately Rs 1,254.60 Cr (Rs 12,546 million) as of FY26 end, up ~139% YoY from Rs 524 Cr in FY25. Standalone revenue for FY26 reached Rs 746.94 Cr, with net profit rising 28.9% YoY to Rs 52.87 Cr. The company continues to capitalize on indigenous naval shipbuilding and electrification demand.
- 19th AGM scheduled for Wednesday, September 30, 2026, via Video Conferencing
- Cut-off date fixed as September 23, 2026, for e-voting eligibility
- Order book stood at ~Rs 12,546 million (Rs 1,254.6 Cr) at FY26 end, an increase of ~139% YoY from Rs 5,240 million
- Standalone FY26 revenue reached Rs 7,469.37 million and net profit grew 28.9% to Rs 528.70 million
Marine Electricals (India) Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report under SEBI Listing Regulations. The standalone disclosures highlight a turnover of ₹74,693.71 Lakhs (₹746.94 Cr) and net worth of ₹45,593.96 Lakhs (₹455.94 Cr). Exports accounted for 4.63% of total standalone turnover during the financial year. The company operates across 6 plants and 10 offices nationally with a workforce of 709 permanent employees and 386 permanent workers.
- Submitted Business Responsibility and Sustainability Report for FY 2025-26 pursuant to Regulation 34(2)(f)
- Standalone turnover reported at ₹74,693.71 Lakhs with a net worth of ₹45,593.96 Lakhs
- Exports contributed 4.63% of total standalone turnover
- Operations span 6 manufacturing plants and 10 offices across 9 states in India
- Total workforce includes 709 permanent employees and 386 permanent workers with zero product recalls or data breaches
Marine Electricals (India) Limited has issued the notice for its 19th Annual General Meeting (AGM), scheduled for September 30, 2026, with the voting cut-off date fixed as September 23, 2026. In the accompanying Annual Report for FY2025-26, the company reported an order book of ₹1,254.6 Cr (₹12,546 million), up ~139% YoY from ₹524 Cr (₹5,240 million) in FY25. Standalone FY26 revenue stood at ₹746.94 Cr with a standalone net profit growth of 28.9% YoY to ₹52.87 Cr. The filing is a standard annual compliance requirement.
- 19th AGM scheduled for September 30, 2026 at 3:00 PM IST via Video Conferencing.
- Cut-off date for voting eligibility set as September 23, 2026.
- Order book as of FY26-end stood at ₹1,254.6 Cr (₹12,546 million), up ~139% YoY from ₹524 Cr (₹5,240 million).
- Standalone FY26 revenue reached ₹746.94 Cr, while standalone PAT rose 28.9% YoY to ₹52.87 Cr.
Marine Electricals (India) Limited has received orders and Letters of Intent (LOIs) aggregating to ₹80.77 crore for power distribution systems. This includes a ₹43.52 crore LOI from DXDC Chennai Private Limited and a ₹37.25 crore confirmed order from Micron Semiconductor Technology India Private Limited. Both projects have a rapid execution timeline of 4-5 months. The aggregate order win represents approximately 8.3% of the company's TTM revenue of ₹968 crore.
- Aggregate order value of ₹80.77 crore secured across two clients
- Received ₹43.52 crore LOI from DXDC Chennai Private Limited for power distribution supply, installation, testing, and commissioning
- Received ₹37.25 crore confirmed order from Micron Semiconductor Technology India Private Limited
- Both orders are scheduled for completion within a short execution timeframe of 4-5 months
- Combined order value represents ~8.3% of TTM revenue (₹968 Cr)
Financial Performance
Revenue Growth by Segment
Marine segment revenue grew 24% YoY to INR 329.55 Cr in FY25, while the Industry segment grew 38.5% YoY to INR 371.04 Cr. Total consolidated revenue in FY24 was INR 622.3 Cr, up 40.5% from INR 442.9 Cr in FY23.
Geographic Revenue Split
Domestic operations contribute approximately 96% of revenue, while exports account for ~4% of total turnover as of H1 FY25.
Profitability Margins
Net Profit Ratio improved to 4.97% in FY25 from 4.14% in FY24. Operating Profit Ratio increased to 8.96% in FY25 from 8.32% in FY24. PAT margin was 3.8% in FY23.
EBITDA Margin
Operating profit margin (OPBDIT/OI) was 8.7% in FY23 and 8.3% in H1 FY24. Core profitability is supported by a healthy order book and stable execution, though constrained by fixed-price contracts.
Capital Expenditure
The company raised INR 29.25 Cr through warrants to fund a planned capex of INR 30 Cr across FY24 and FY25 (INR 15 Cr each year).
Credit Rating & Borrowing
Credit rating upgraded to [ICRA]BBB+ (Stable) and [ICRA]A2. Borrowing costs are supported by a comfortable capital structure with a gearing of 0.2 times as of September 2024.
Operational Drivers
Raw Materials
Electrical and electronic components for switchboards, control panels, and NAVCOM systems represent 70-80% of the total cost of production.
Import Sources
Approximately 19-20% of raw materials are imported, primarily through international subsidiaries and partners in regions like Italy and the UAE.
Key Suppliers
Not disclosed in available documents; however, the company uses back-to-back arrangements with suppliers to mitigate price risks.
Capacity Expansion
The company operates 8 manufacturing plants across Goa, Mumbai, UAE, and Italy. Specific unit-wise capacity metrics were not disclosed.
Raw Material Costs
Raw material costs account for 70-80% of revenue. Significant fluctuations can impact margins due to the 2-3 year execution cycle for marine orders.
Manufacturing Efficiency
Average utilization of sanctioned fund-based working capital limits stood at approximately 60% during the 12 months ended December 31, 2023.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth is driven by the 'Make in India' focus on indigenous naval procurement, a healthy order book of INR 612 Cr as of Feb 2025, and expansion into commercial export shipbuilding and EV charging consultants.
Products & Services
Integrated Bridge Systems, NAVCOM systems, Main Switchboards, Control panels, Integrated Platform Management Systems (IPMS), LV and MV switchgears, and proprietary Energy Management Systems (EMS).
Brand Portfolio
Marine Electricals, Xanatos Marine, Evigo Charging Consultants, STI Company SRL.
New Products/Services
Ruggedized UPS, solid-state Auto Transfer Switches, and expanded IPMS portfolios are expected to contribute to future revenue growth.
Market Expansion
Expanding into commercial export shipbuilding (auxiliary vessels) and securing ship repair agreements with the US Navy through partnerships with Cochin Shipyard.
Market Share & Ranking
Leader in providing electrical and electronic solutions to the marine sector; one of the largest manufacturers of LV and MV switchgears in India.
Strategic Alliances
Nominated vendor status for the Indian Navy and Coast Guard; technical tie-ups with reputed global OEMs for turnkey solutions.
External Factors
Industry Trends
The Indian Navy's vision for a 200-strong combat fleet by 2027 is a major catalyst for warship construction and systems integration demand.
Competitive Landscape
Intense competition in the industry segment from global giants like Siemens, GE, and domestic leader L&T.
Competitive Moat
Durable moat through 'Nominated Vendor' status for defense PSUs and high technical T1 evaluation barriers that favor established players with 45+ years of experience.
Macro Economic Sensitivity
Highly sensitive to the Indian Government's defense budget, naval modernization plans, and national infrastructure growth.
Geopolitical Risks
Beneficiary of geopolitical shifts toward indigenous defense manufacturing ('Atmanirbhar Bharat'), reducing reliance on foreign OEMs.
Regulatory & Governance
Industry Regulations
Subject to strict technical standards and indigenization requirements set by the Indian Navy and Ministry of Defence.
Environmental Compliance
Focuses on carbon emission reduction and waste management; uses environment-friendly raw materials in manufacturing to minimize impact.
Risk Analysis
Key Uncertainties
Delays in project execution by customers could defer revenue recognition; raw material price volatility on long-term fixed-price contracts (2-3 years).
Geographic Concentration Risk
High concentration in India (96% of revenue), specifically coastal regions for marine service centers.
Third Party Dependencies
Dependent on PSU shipyards (MDL, CSL, GRSE) for the majority of the marine order book.
Technology Obsolescence Risk
Mitigated by continuous R&D in IPMS and software-integrated electrical solutions for modern warships.
Credit & Counterparty Risk
Low counterparty risk due to reputed government and PSU clientele, though elongated payment cycles impact liquidity.
