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Marine Electricals (India) Limited
(MARINE)
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Rating:53Neutral
Price Target:―
Action:Reiterated
Date:09/06/26
The score is primarily constrained by weak and inconsistent cash conversion (recurring negative operating/free cash flow, including the latest year) and a notable rise in debt, despite strong multi-year revenue and earnings growth. Valuation is also a headwind due to the high P/E, while technical and earnings-call factors could not be assessed from the provided data.
Positive Factors
Strong Revenue Growth
The substantial multi-year revenue increase indicates expanding execution capacity and demand for the company’s electrical and automation solutions. Continued top-line growth can strengthen market position, support operating scale, and provide a durable base for further earnings development over the next several quarters.
Negative Factors
Unreliable Cash Conversion
Repeated negative operating and free cash flow means reported earnings have not converted reliably into cash across multiple years. This can constrain self-funded growth, increase reliance on financing, and make project execution more sensitive to milestone timing and working-capital requirements.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
The substantial multi-year revenue increase indicates expanding execution capacity and demand for the company’s electrical and automation solutions. Continued top-line growth can strengthen market position, support operating scale, and provide a durable base for further earnings development over the next several quarters.
Read all positive factors
Marine Electricals (India) Limited (MARINE) vs. iShares MSCI India ETF (INDA)
Market Cap
N/A
Dividend Yield0.07%
Average Volume (3M)N/A
Price to Earnings (P/E)90.9
Beta (1Y)N/A
Revenue Growth21.81%
EPS Growth47.01%
CountryIN
Employees622
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)4.22
Shares OutstandingN/A
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)4.26
Price to Sales (P/S)2.39
P/FCF Ratio-41.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.2
Revenue Forecast (FY)₹1.06B
Marine Electricals (India) Limited Business Overview & Revenue Model
Company Description
Marine Electricals (India) Limited manufactures and sells various marine and industrial electrical and electronic components in India and internationally. The company operates through Marine and Industry segments. It provides marine and defence so...
How the Company Makes Money
MARINE primarily makes money by executing engineering and contracting projects and by supplying associated electrical/automation equipment and services. Key revenue streams generally include: (1) project/contract revenue from turnkey or segment-wi...
Marine Electricals (India) Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.77B | 7.67B | 6.22B | 4.42B | 3.76B |
| Gross Profit | 1.72B | 1.37B | 925.00M | 676.25M | 524.44M |
| EBITDA | 1.10B | 820.24M | 550.93M | 395.03M | 325.75M |
| Net Income | 583.69M | 384.32M | 258.99M | 169.95M | 129.77M |
Balance Sheet | |||||
| Total Assets | 8.90B | 7.25B | 6.16B | 4.66B | 3.73B |
| Cash, Cash Equivalents and Short-Term Investments | 1.48B | 553.06M | 69.82M | 33.17M | 14.41M |
| Total Debt | 885.98M | 551.91M | 970.37M | 656.95M | 366.16M |
| Total Liabilities | 3.89B | 3.17B | 3.60B | 2.51B | 1.92B |
| Stockholders Equity | 4.93B | 4.04B | 2.51B | 2.08B | 1.75B |
Cash Flow | |||||
| Free Cash Flow | -505.02M | 442.39M | -315.20M | -250.60M | 347.42M |
| Operating Cash Flow | -222.29M | 659.94M | -73.57M | -20.93M | 466.38M |
| Investing Cash Flow | -233.26M | -952.63M | -209.72M | -277.07M | -182.90M |
| Financing Cash Flow | 564.44M | 516.67M | 319.44M | 312.75M | -311.69M |
Marine Electricals (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹2.41B | 8.79 | ― | 0.79% | 35.25% | 31.03% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ― | 90.92 | ― | 0.07% | 21.81% | 47.01% | |
50 Neutral | ₹4.35B | 53.49 | ― | ― | 32.06% | 15313.88% | |
50 Neutral | ₹9.73B | 22.27 | ― | 0.45% | 20.81% | -37.15% | |
43 Neutral | ₹247.07M | -10.63 | ― | 1.40% | ― | -239.85% |
* General Sector Average
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Marine Electricals (India) Limited
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Marine Electricals (India) Limited Corporate Events
Marine Electricals sets September 30, 2026, virtual AGM and issues FY26 Annual Report
Sep 6, 2026
Marine Electricals (India) Limited has scheduled its 19th Annual General Meeting for September 30, 2026, at 3:00 p.m. IST, to be conducted via video conferencing or other audio-visual means in line with applicable company law and listing regulatio...
Marine Electricals Sets Digital-First AGM for September 30, 2026
Sep 5, 2026
Marine Electricals (India) Limited has scheduled its 19th Annual General Meeting for September 30, 2026, at 3:00 p.m. IST, to be conducted via video conferencing and other audio-visual means in line with Indian corporate and securities regulations...
Marine Electricals Board Clears Dividend, Fund Reallocation and BSE Listing Plan
Aug 14, 2026
Marine Electricals (India) Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 and recommended a final dividend of Rs 0.30 per share for the financial year ended 31 Marc...
Marine Electricals Denies Undisclosed News Behind Share Volume Surge
Aug 11, 2026
Marine Electricals (India) Limited has responded to a query from the National Stock Exchange regarding a significant movement in trading volume of its shares. The company stated it remains compliant with SEBI’s listing obligations and prompt...
Marine Electricals launches “Saksham Niveshak” investor awareness campaign
Jul 3, 2026
Marine Electricals (India) Limited has launched an investor-focused advertising campaign titled “Saksham Niveshak,” promoting awareness among investors through newspaper publications in Business Standard (English) and Navshakti (Marath...
Marine Electricals wins Rs 75 crore data centre power distribution orders
Jun 23, 2026
Marine Electricals (India) Limited has secured new orders worth approximately Rs 75.19 crore, excluding taxes, strengthening its order book in the power distribution segment. The contracts involve supplying power distribution systems to STT Global...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.