MARINE
Marine Electricals (India) share price & financials
- Price
- ₹258.45
- Market cap
- ₹5.9k Cr
- Sector
- Capital Goods
What Marine Electricals (India) Limited does
Marine Electricals (India) Limited designs, manufactures and installs electrical, automation and power-electronics systems for naval and commercial vessels, industrial plants/buildings, and electric-vehicle charging infrastructure. Its Defence & Marine business supplies integrated bridge systems, navigation and communication equipment, power generation/distribution and electric-propulsion solutions to the Indian Navy, Coast Guard and shipyards constructing naval and commercial vessels. Its Industry business manufactures low- and medium-voltage switchgear, bus-duct and building-management systems under in-house brands for data centres, industrial plants and high-rise buildings. Through subsidiaries it also operates a vessel-traffic-management-systems business (Xanatos Marine) and an EV-charging hardware/software business (Evigo Charge, branded Bijlify).
Segments
- Defence & Marine Solutions
- Industry Solutions
- Vessel Traffic Management System
- Electric Vehicle Charging Solutions
- Manufacturing plants
- 8, across Goa, Mumbai, UAE and Italy
- Service centres
- 14, across coastal locations in India
- Sales & representative offices
- 18, across India and the Middle East
- Total workforce (manpower)
- 1,300+, including 350+ engineers with marine experience and 60+ shared-services staff
- Market position
- Tier-I electrical & electronics supplier on the Approved Vendor List of the Indian Navy and Indian Coast Guard; largest partner of Schneider Electric in India for licensed Blokset LV switchboards
- Naval & shipbuilding programmes served
- Supplies equipment for Scorpene-class submarines (Project 75), Project 17A/P15B frigates, ASW corvettes and aircraft carrier INS Vikrant, among others
Quarterly results
Q1 FY27: revenue up 55.1%, net profit up 50.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 184 | 194 | 251 | 167 | 222 +21% | 210 +8% | 277 +10% | 259 +55% |
| EBITDA | 21 | 11 | 22 | 17 | 26 +24% | 20 +82% | 32 +45% | 28 +65% |
| Net profit | 13 | 5 | 14 | 12 | 17 +31% | 12 +140% | 19 +36% | 18 +50% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +124.0% 1Y
1Y: ₹187.15 on 10 Sept 2025 → ₹419.15. High ₹432.6 (1 Sept 2026), low ₹151.7 (30 Mar 2026).
Financials, as filed
Revenue grew 26.8% a year over 3 years, FY23 to FY26. Operating margin widened to 10.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹430 Cr | ₹622 Cr | ₹767 Cr | ₹876 Cr |
| Operating profit | ₹39 Cr | ₹51 Cr | ₹67 Cr | ₹95 Cr |
| Operating margin | 9.1% | 8.2% | 8.7% | 10.8% |
| Interest | ₹9 Cr | ₹13 Cr | ₹14 Cr | ₹19 Cr |
| Depreciation | ₹8 Cr | ₹10 Cr | ₹15 Cr | ₹15 Cr |
| Net profit | ₹19 Cr | ₹26 Cr | ₹39 Cr | ₹60 Cr |
| Net margin | 4.4% | 4.2% | 5.1% | 6.8% |
| Cash from operations | ₹-2 Cr | ₹-7 Cr | ₹55 Cr | ₹-16 Cr |
| Free cash flow | ₹-24 Cr | ₹-32 Cr | ₹35 Cr | ₹-43 Cr |
| ROCE | 14.0% | 15.0% | 16.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹25 Cr | ₹25 Cr | ₹27 Cr | ₹28 Cr | ₹28 Cr |
| Reserves | ₹138 Cr | ₹150 Cr | ₹183 Cr | ₹224 Cr | ₹402 Cr | ₹465 Cr |
| Borrowings | ₹58 Cr | ₹37 Cr | ₹66 Cr | ₹97 Cr | ₹56 Cr | ₹89 Cr |
| Other liabilities | ₹162 Cr | ₹162 Cr | ₹192 Cr | ₹268 Cr | ₹273 Cr | ₹309 Cr |
| Total liabilities | ₹383 Cr | ₹373 Cr | ₹466 Cr | ₹616 Cr | ₹759 Cr | ₹890 Cr |
| Fixed assets | ₹48 Cr | ₹49 Cr | ₹66 Cr | ₹75 Cr | ₹91 Cr | ₹99 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹0 Cr | ₹6 Cr | ₹12 Cr | ₹14 Cr |
| Investments | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹6 Cr | ₹3 Cr | ₹3 Cr |
| Other assets | ₹331 Cr | ₹319 Cr | ₹396 Cr | ₹529 Cr | ₹652 Cr | ₹775 Cr |
| Total assets | ₹383 Cr | ₹373 Cr | ₹466 Cr | ₹616 Cr | ₹759 Cr | ₹890 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.13 pp while FIIs added +1.04 pp. The shareholder count shrank 10% to 86,580.
- Promoters
- 68.2%
- FIIs
- 1.1%
- DIIs
- 0.4%
- Public
- 30.3%
Since Jun 2025
- Public −1.13 pp
- FIIs +1.04 pp
- DIIs +0.34 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.8% to 68.2% — −5.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.8%, Public 26.2%.Dec '23: Promoters 72.9%, Public 27.1%.Mar '24: Promoters 72.0%, FIIs 0.0%, Public 28.0%.Jun '24: Promoters 71.2%, FIIs 0.1%, DIIs 0.1%, Public 28.6%.Sep '24: Promoters 71.2%, FIIs 0.3%, DIIs 0.1%, Public 28.5%.Dec '24: Promoters 68.5%, FIIs 1.0%, DIIs 0.0%, Public 30.6%.Mar '25: Promoters 68.5%, FIIs 0.1%, DIIs 0.0%, Public 31.4%.Jun '25: Promoters 68.5%, FIIs 0.1%, DIIs 0.1%, Public 31.4%.Sep '25: Promoters 68.5%, FIIs 0.2%, DIIs 0.1%, Public 31.2%.Dec '25: Promoters 68.5%, FIIs 0.7%, DIIs 0.1%, Public 30.7%.Mar '26: Promoters 68.2%, FIIs 0.6%, DIIs 0.3%, Public 30.9%.Jun '26: Promoters 68.2%, FIIs 1.1%, DIIs 0.4%, Public 30.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Reshma Mohan Uchil newly disclosed 0.11% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Marine Electricals (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Kdu Enterprises Private Limited | 47.45% | unchanged |
| Venkatesh Krishnappa Uchil | 19.85% | unchanged |
| Vinay Uchil - 2 | 0.78% | unchanged |
| Reshma Mohan Uchil | 0.11% | newly disclosed |
| Mrs. Mamata Ayoor | 0.00% | unchanged |
| Switch N Controlgears Pvt. Ltd | 0.00% | unchanged |
| Tanuja Deepak Pudhierkar | 0.00% | unchanged |
| Deepak Pudhierkar | 0.00% | unchanged |
| Dhairyash Vinay Uchil | 0.00% | unchanged |
| Late Shri Krishnappa Deja Uchil | 0.00% | unchanged |
| Late Smt. Premlata Krishnappa Uchil | 0.00% | unchanged |
| Late Shri Ramappa Aithappa Ail | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
ExpensiveTo justify its price of ₹419, this stock must grow earnings at 45% every year for 7 years. Our analysis caps realistic growth at ~40%. At that growth it is worth ₹338 — downside of 19%.
- Growth the price implies
- 44.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 46.7% a year
- net profit, FY23–FY26 · EPS 39.8%
- The gap
- 0.0 pp
- -19% downside if it only repeats history
Learn to analyse Marine Electricals (India) Limited
Guides on how to read this kind of business and the numbers that matter.