# Shipping - Proxy — company-by-company sector analysis

> Shipping - Proxy: Marine Electricals (India) Ltd owns the largest revenue base; CFF Fluid Control Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Marine Electricals (India) Ltd leads with revenue of ₹876 crore, based on 3 of 3 comparable companies through Mar 2026. CFF Fluid Control Ltd has the fastest current revenue growth at 100%, across 3 of 3 comparable companies.

### Is the Shipping - Proxy sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Shipping - Proxy company is largest by revenue?

Marine Electricals (India) Ltd leads with revenue of ₹876 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Shipping - Proxy company is growing fastest?

CFF Fluid Control Ltd has the fastest current revenue growth at 100%, across 3 of 3 comparable companies.

### Which Shipping - Proxy company has the strongest 4-Factor Sector Score?

Krishna Defence & Allied Industries Ltd ranks first at 75/100 with 75.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Shipping - Proxy company reports the most CAPEX?

Krishna Defence & Allied Industries Ltd reports the largest latest CAPEX at ₹4 crore, with 1 of 3 companies comparable.

### Which Shipping - Proxy company has the least gross debt?

Krishna Defence & Allied Industries Ltd has the lowest comparable gross debt at ₹2 crore. Marine Electricals (India) Ltd has the highest at ₹89 crore.

### Which Shipping - Proxy company has the lowest comparable PEG?

Marine Electricals (India) Ltd has the lowest comparable Guarded PEG at 1.09, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Shipping - Proxy comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Shipping - Proxy against NIFTY 500 is not available from the current market series. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. CFF Fluid Control Ltd is the strongest against the sector itself at +4.5%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/3
Stocks leading sector: 2/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹7.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 75/100 — Favorable setup; evidence 76%
   - Growth & earnings 24.0/35 | Capital efficiency 22.1/25 | Valuation 12.5/20 | Relative strength 16.4/20
   - Exact sum: 24 + 22.1 + 12.5 + 16.4 = 75
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. CFF Fluid Control Ltd (543920): 70/100 — Favorable setup; evidence 64%
   - Growth & earnings 23.3/35 | Capital efficiency 22.3/25 | Valuation 11.0/20 | Relative strength 13.5/20
   - Exact sum: 23.3 + 22.3 + 11 + 13.5 = 70.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Marine Electricals (India) Ltd (MARINE): 65/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 29.4/35 | Capital efficiency 17.0/25 | Valuation 11.5/20 | Relative strength 7.0/20
   - Exact sum: 29.4 + 17 + 11.5 + 7 = 64.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Marine Electricals (India) Ltd is the scale leader at ₹876 crore, 146.8% ahead of CFF Fluid Control Ltd. CFF Fluid Control Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 100.6% from a ₹355 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Marine Electricals (India) Ltd is the scale benchmark; CFF Fluid Control Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Marine Electricals (India) Ltd's growth falls below CFF Fluid Control Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Marine Electricals (India) Ltd · ₹876 crore | 146.8% versus #2 · CFF Fluid Control Ltd | 8/8 recent comparable periods | 3/3 companies · 38 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Marine Electricals (India) Ltd (MARINE): ₹876 Cr
2. CFF Fluid Control Ltd (543920): ₹355 Cr
3. Krishna Defence & Allied Industries Ltd (KRISHNADEF): ₹223 Cr

### Revenue growth — fastest growers
1. CFF Fluid Control Ltd (543920): 100%
2. Marine Electricals (India) Ltd (MARINE): 14%
3. Krishna Defence & Allied Industries Ltd (KRISHNADEF): -12%

### 20-quarter Revenue history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹39 Cr | Dec 2022 — | Mar 2023 ₹32 Cr | Jun 2023 — | Sep 2023 ₹59 Cr | Dec 2023 — | Mar 2024 ₹47 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹80 Cr | Dec 2024 — | Mar 2025 ₹66 Cr | Jun 2025 — | Sep 2025 ₹104 Cr | Dec 2025 — | Mar 2026 ₹105 Cr
- MARINE: Sep 2021 ₹109 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹127 Cr | Mar 2023 ₹143 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹137 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹237 Cr | Apr 2024 — | Jun 2024 ₹138 Cr | Sep 2024 ₹184 Cr | Dec 2024 ₹194 Cr | Mar 2025 ₹251 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹222 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹277 Cr
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹29 Cr | Jun 2022 — | Sep 2022 ₹20 Cr | Dec 2022 — | Mar 2023 ₹44 Cr | Jun 2023 — | Sep 2023 ₹35 Cr | Dec 2023 — | Mar 2024 ₹71 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹94 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹46 Cr | Jun 2025 — | Sep 2025 ₹48 Cr | Dec 2025 ₹64 Cr | Mar 2026 ₹65 Cr

### 20-quarter Revenue growth history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 51% | Dec 2023 — | Mar 2024 47% | Apr 2024 — | Jun 2024 — | Sep 2024 36% | Dec 2024 — | Mar 2025 40% | Jun 2025 — | Sep 2025 30% | Dec 2025 — | Mar 2026 59%
- MARINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -27% | Dec 2022 14% | Mar 2023 59% | Jun 2023 22% | Sep 2023 71% | Dec 2023 16% | Mar 2024 66% | Apr 2024 — | Jun 2024 37% | Sep 2024 34% | Dec 2024 32% | Mar 2025 5.9% | Jun 2025 21% | Sep 2025 21% | Dec 2025 8.3% | Mar 2026 10%
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 52% | Jun 2023 — | Sep 2023 75% | Dec 2023 — | Mar 2024 61% | Apr 2024 — | Jun 2024 — | Sep 2024 169% | Dec 2024 — | Mar 2025 -35% | Jun 2025 — | Sep 2025 -49% | Dec 2025 23% | Mar 2026 41%

## Operating Economics & Margin Trend

What the numbers say: CFF Fluid Control Ltd leads opm at 28%; Krishna Defence & Allied Industries Ltd leads margin change at +2 percentage points.

Investor read: CFF Fluid Control Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: CFF Fluid Control Ltd · 28% | 12% versus #2 · Krishna Defence & Allied Industries Ltd | 3/6 recent comparable periods | 3/3 companies · 38 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. CFF Fluid Control Ltd (543920): 28%
2. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 25%
3. Marine Electricals (India) Ltd (MARINE): 11%

### Margin change — fastest expanders
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): +2.0 pp
2. Marine Electricals (India) Ltd (MARINE): +2.0 pp
3. CFF Fluid Control Ltd (543920): +1.0 pp

### 20-quarter OPM history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 26% | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 30% | Dec 2023 — | Mar 2024 28% | Apr 2024 — | Jun 2024 — | Sep 2024 29% | Dec 2024 — | Mar 2025 27% | Jun 2025 — | Sep 2025 28% | Dec 2025 — | Mar 2026 28%
- MARINE: Sep 2021 7.1% | Dec 2021 8.3% | Mar 2022 11% | Jun 2022 7.1% | Sep 2022 8.0% | Dec 2022 11% | Mar 2023 8.0% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 8.0% | Mar 2024 9.0% | Apr 2024 — | Jun 2024 10% | Sep 2024 12% | Dec 2024 6.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 12% | Dec 2025 10% | Mar 2026 11%
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 — | Mar 2024 15% | Apr 2024 — | Jun 2024 — | Sep 2024 15% | Dec 2024 11% | Mar 2025 23% | Jun 2025 — | Sep 2025 19% | Dec 2025 22% | Mar 2026 25%

### 20-quarter Margin change history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +4.0 pp | Dec 2023 — | Mar 2024 +2.0 pp | Apr 2024 — | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 +1.0 pp
- MARINE: Sep 2021 −14.7 pp | Dec 2021 +2.2 pp | Mar 2022 −2.6 pp | Jun 2022 +1.0 pp | Sep 2022 +0.9 pp | Dec 2022 +2.7 pp | Mar 2023 −3.2 pp | Jun 2023 +2.9 pp | Sep 2023 −1.0 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Apr 2024 — | Jun 2024 0.0 pp | Sep 2024 +5.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +4.0 pp | Mar 2026 +2.0 pp
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +1.0 pp | Jun 2023 — | Sep 2023 −3.0 pp | Dec 2023 — | Mar 2024 +2.0 pp | Apr 2024 — | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 — | Mar 2025 +8.0 pp | Jun 2025 — | Sep 2025 +4.0 pp | Dec 2025 +11.0 pp | Mar 2026 +2.0 pp

## Profit Scale & Acceleration

What the numbers say: CFF Fluid Control Ltd leads with ₹63 crore of TTM profit, 5% above Marine Electricals (India) Ltd. CFF Fluid Control Ltd shows ≥100% on the scoring scale (133.3% uncapped) growth from a ₹63 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: CFF Fluid Control Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: CFF Fluid Control Ltd · ₹63 crore | 5% versus #2 · Marine Electricals (India) Ltd | 6/6 recent comparable periods | 3/3 companies · 38 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. CFF Fluid Control Ltd (543920): ₹63 Cr
2. Marine Electricals (India) Ltd (MARINE): ₹60 Cr
3. Krishna Defence & Allied Industries Ltd (KRISHNADEF): ₹39 Cr

### Profit growth — fastest growers
1. CFF Fluid Control Ltd (543920): 100%
2. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 56%
3. Marine Electricals (India) Ltd (MARINE): 54%

### 20-quarter Net profit history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹6 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹10 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 — | Sep 2025 ₹19 Cr | Dec 2025 — | Mar 2026 ₹20 Cr
- MARINE: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹12 Cr | Apr 2024 — | Jun 2024 ₹7 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹19 Cr
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 ₹2 Cr | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹7 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 ₹11 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹13 Cr

### 20-quarter Profit growth history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 67% | Dec 2023 — | Mar 2024 75% | Apr 2024 — | Jun 2024 — | Sep 2024 40% | Dec 2024 — | Mar 2025 43% | Jun 2025 — | Sep 2025 36% | Dec 2025 — | Mar 2026 100%
- MARINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 75% | Mar 2023 -20% | Jun 2023 33% | Sep 2023 67% | Dec 2023 -29% | Mar 2024 200% | Apr 2024 — | Jun 2024 75% | Sep 2024 160% | Dec 2024 0.0% | Mar 2025 17% | Jun 2025 71% | Sep 2025 31% | Dec 2025 140% | Mar 2026 36%
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 300% | Jun 2023 — | Sep 2023 50% | Dec 2023 — | Mar 2024 75% | Apr 2024 — | Jun 2024 — | Sep 2024 267% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 — | Sep 2025 -18% | Dec 2025 150% | Mar 2026 86%

## Capacity Spending & Returns On It

What the numbers say: Krishna Defence & Allied Industries Ltd reports ₹4 crore of CAPEX; Krishna Defence & Allied Industries Ltd has the highest covered intensity at 8.3%. Coverage is only 1 of 3 companies and 12 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Krishna Defence & Allied Industries Ltd · ₹4 crore | Not enough peers | 4/6 recent comparable periods | 1/3 companies · 12 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): ₹4 Cr

### CAPEX intensity — highest reinvestment intensity
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 8.3%

### 20-quarter CAPEX history
- KRISHNADEF: Sep 2021 ₹1 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Apr 2024 ₹1 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 — | Sep 2022 0.0% | Dec 2022 — | Mar 2023 2.3% | Jun 2023 — | Sep 2023 2.9% | Dec 2023 — | Mar 2024 — | Apr 2024 — | Jun 2024 — | Sep 2024 3.2% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 8.3% | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Marine Electricals (India) Ltd has the clearest covered balance-sheet capacity with ₹59 crore net cash and gross debt of ₹89 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Krishna Defence & Allied Industries Ltd · ₹2 crore | 90% versus #2 · CFF Fluid Control Ltd | 7/8 recent comparable periods | 3/3 companies · 44 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): ₹2 Cr
2. CFF Fluid Control Ltd (543920): ₹20 Cr
3. Marine Electricals (India) Ltd (MARINE): ₹89 Cr

### Net debt — lowest net debt
1. Marine Electricals (India) Ltd (MARINE): ₹-59 Cr
2. Krishna Defence & Allied Industries Ltd (KRISHNADEF): ₹-28 Cr

### 20-quarter Gross debt history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 ₹17 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹46 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹23 Cr | Apr 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹21 Cr | Jun 2025 — | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹20 Cr
- MARINE: Sep 2021 ₹32 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹60 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹66 Cr | Jun 2023 ₹66 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹97 Cr | Apr 2024 — | Jun 2024 ₹97 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹89 Cr
- KRISHNADEF: Sep 2021 ₹24 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Apr 2024 ₹9 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 — | Mar 2025 ₹10 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr

### 20-quarter Net debt history
- MARINE: Sep 2021 ₹15 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹89 Cr | Apr 2024 — | Jun 2024 ₹74 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹-49 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-123 Cr | Dec 2025 ₹-123 Cr | Mar 2026 ₹-59 Cr
- KRISHNADEF: Sep 2021 ₹14 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹-35 Cr | Mar 2024 — | Apr 2024 ₹-26 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-17 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 ₹-27 Cr | Sep 2025 ₹-27 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹-28 Cr

## Return On Capital Employed

What the numbers say: Krishna Defence & Allied Industries Ltd leads ROCE at 30.7%, 7.2 percentage points above CFF Fluid Control Ltd. Krishna Defence & Allied Industries Ltd has the strongest latest improvement at +8.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Krishna Defence & Allied Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Krishna Defence & Allied Industries Ltd · 30.7% | 30.6% versus #2 · CFF Fluid Control Ltd | 5/8 recent comparable periods | 3/3 companies · 33 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 31%
2. CFF Fluid Control Ltd (543920): 24%
3. Marine Electricals (India) Ltd (MARINE): 18%

### ROCE change — fastest improvers
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): +8.8 pp
2. Marine Electricals (India) Ltd (MARINE): +2.3 pp
3. CFF Fluid Control Ltd (543920): +2.0 pp

### 20-quarter ROCE history
- MARINE: Sep 2021 12% | Dec 2021 — | Mar 2022 12% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 13% | Jun 2023 18% | Sep 2023 14% | Dec 2023 17% | Mar 2024 15% | Apr 2024 — | Jun 2024 20% | Sep 2024 13% | Dec 2024 19% | Mar 2025 13% | Jun 2025 20% | Sep 2025 14% | Dec 2025 19% | Mar 2026 15%
- KRISHNADEF: Sep 2021 7.2% | Dec 2021 12% | Mar 2022 16% | Jun 2022 12% | Sep 2022 12% | Dec 2022 13% | Mar 2023 15% | Jun 2023 14% | Sep 2023 15% | Dec 2023 10% | Mar 2024 — | Apr 2024 12% | Jun 2024 15% | Sep 2024 19% | Dec 2024 — | Mar 2025 16% | Jun 2025 19% | Sep 2025 25% | Dec 2025 — | Mar 2026 25%

### 20-quarter ROCE change history
- MARINE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 — | Mar 2023 +0.7 pp | Jun 2023 — | Sep 2023 +3.2 pp | Dec 2023 — | Mar 2024 +2.2 pp | Apr 2024 — | Jun 2024 +6.0 pp | Sep 2024 −3.2 pp | Dec 2024 +4.2 pp | Mar 2025 — | Jun 2025 −0.9 pp | Sep 2025 +0.4 pp | Dec 2025 −0.3 pp | Mar 2026 +2.3 pp
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 +1.2 pp | Mar 2023 −0.7 pp | Jun 2023 +1.7 pp | Sep 2023 +3.0 pp | Dec 2023 −2.6 pp | Mar 2024 — | Apr 2024 −1.8 pp | Jun 2024 −0.5 pp | Sep 2024 +8.6 pp | Dec 2024 — | Mar 2025 +4.0 pp | Jun 2025 +3.7 pp | Sep 2025 +5.9 pp | Dec 2025 — | Mar 2026 +8.8 pp

## Valuation Against Growth & Quality

What the numbers say: Marine Electricals (India) Ltd has the lowest comparable Guarded PEG at 1.09×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Marine Electricals (India) Ltd · 1.09× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 11 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Marine Electricals (India) Ltd (MARINE): 1.1

### P/E — lowest P/E
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 47.7
2. CFF Fluid Control Ltd (543920): 51.4
3. Marine Electricals (India) Ltd (MARINE): 60.2

### 20-quarter Guarded PEG history
- MARINE: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 — | Dec 2022 0.6 | Mar 2023 1.7 | Jun 2023 1.1 | Sep 2023 2.2 | Dec 2023 1.8 | Mar 2024 — | Apr 2024 — | Jun 2024 1.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.8 | Sep 2025 2.4 | Dec 2025 3.1 | Mar 2026 1.1

### 20-quarter P/E history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 57.5 | Dec 2023 — | Mar 2024 52.3 | Apr 2024 — | Jun 2024 — | Sep 2024 74.0 | Dec 2024 — | Mar 2025 39.8 | Jun 2025 — | Sep 2025 50.0 | Dec 2025 — | Mar 2026 38.0
- MARINE: Sep 2021 22.2 | Dec 2021 33.2 | Mar 2022 26.3 | Jun 2022 24.8 | Sep 2022 26.9 | Dec 2022 27.8 | Mar 2023 25.2 | Jun 2023 35.5 | Sep 2023 40.0 | Dec 2023 64.7 | Mar 2024 66.3 | Apr 2024 — | Jun 2024 78.5 | Sep 2024 99.0 | Dec 2024 96.2 | Mar 2025 56.3 | Jun 2025 75.6 | Sep 2025 68.3 | Dec 2025 64.0 | Mar 2026 41.8
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17.9 | Sep 2022 33.5 | Dec 2022 43.8 | Mar 2023 29.2 | Jun 2023 38.9 | Sep 2023 61.0 | Dec 2023 70.8 | Mar 2024 66.1 | Apr 2024 43.0 | Jun 2024 153.0 | Sep 2024 102.4 | Dec 2024 59.1 | Mar 2025 52.6 | Jun 2025 56.7 | Sep 2025 51.1 | Dec 2025 38.8 | Mar 2026 40.7

## Enterprise Value & Book Value

What the numbers say: Marine Electricals (India) Ltd leads both ev/ebitda at 21.2× and p/bv at 7.24×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Marine Electricals (India) Ltd · 21.2× | 10.5% versus #2 · CFF Fluid Control Ltd | 0/8 recent comparable periods | 3/3 companies · 42 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Marine Electricals (India) Ltd (MARINE): 21.2
2. CFF Fluid Control Ltd (543920): 23.7
3. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 30.4

### P/BV — lowest P/BV
1. Marine Electricals (India) Ltd (MARINE): 7.2
2. CFF Fluid Control Ltd (543920): 7.6
3. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 10.1

### 20-quarter EV/EBITDA history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 44.5 | Dec 2023 — | Mar 2024 30.8 | Apr 2024 — | Jun 2024 — | Sep 2024 41.2 | Dec 2024 — | Mar 2025 23.6 | Jun 2025 — | Sep 2025 31.6 | Dec 2025 — | Mar 2026 23.7
- MARINE: Sep 2021 11.3 | Dec 2021 13.5 | Mar 2022 10.8 | Jun 2022 10.2 | Sep 2022 11.5 | Dec 2022 11.2 | Mar 2023 11.3 | Jun 2023 15.0 | Sep 2023 17.2 | Dec 2023 28.3 | Mar 2024 26.5 | Apr 2024 — | Jun 2024 35.9 | Sep 2024 47.7 | Dec 2024 48.8 | Mar 2025 27.4 | Jun 2025 36.6 | Sep 2025 33.4 | Dec 2025 30.8 | Mar 2026 21.2
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.3 | Sep 2022 15.2 | Dec 2022 23.3 | Mar 2023 17.8 | Jun 2023 22.0 | Sep 2023 36.5 | Dec 2023 42.7 | Mar 2024 44.4 | Apr 2024 27.7 | Jun 2024 90.5 | Sep 2024 58.5 | Dec 2024 38.5 | Mar 2025 34.2 | Jun 2025 38.3 | Sep 2025 34.9 | Dec 2025 28.9 | Mar 2026 30.4

### 20-quarter P/BV history
- 543920: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.6 | Apr 2024 — | Jun 2024 — | Sep 2024 10.1 | Dec 2024 — | Mar 2025 6.0 | Jun 2025 — | Sep 2025 8.1 | Dec 2025 — | Mar 2026 4.6
- MARINE: Sep 2021 3.0 | Dec 2021 3.0 | Mar 2022 2.4 | Jun 2022 2.0 | Sep 2022 2.1 | Dec 2022 2.1 | Mar 2023 2.5 | Jun 2023 3.4 | Sep 2023 3.5 | Dec 2023 5.8 | Mar 2024 5.2 | Apr 2024 — | Jun 2024 9.4 | Sep 2024 13.4 | Dec 2024 9.7 | Mar 2025 5.6 | Jun 2025 11.2 | Sep 2025 7.3 | Dec 2025 6.9 | Mar 2026 5.2
- KRISHNADEF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5 | Sep 2022 2.9 | Dec 2022 4.4 | Mar 2023 3.8 | Jun 2023 5.0 | Sep 2023 7.9 | Dec 2023 10.6 | Mar 2024 9.9 | Apr 2024 4.0 | Jun 2024 14.1 | Sep 2024 9.4 | Dec 2024 8.9 | Mar 2025 7.9 | Jun 2025 11.5 | Sep 2025 8.7 | Dec 2025 7.0 | Mar 2026 7.3

## Market action

Krishna Defence & Allied Industries Ltd has the strongest one-year price move in Shipping - Proxy at +50.6%. CFF Fluid Control Ltd leads on Mansfield relative strength against NIFTY at +39%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 51%
2. CFF Fluid Control Ltd (543920): 40%
3. Marine Electricals (India) Ltd (MARINE): 32%

### Strongest relative strength versus NIFTY 500
1. CFF Fluid Control Ltd (543920): 39%
2. Krishna Defence & Allied Industries Ltd (KRISHNADEF): 34%
3. Marine Electricals (India) Ltd (MARINE): 17%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Marine Electricals (India) Ltd (MARINE) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- CFF Fluid Control Ltd (543920) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Krishna Defence & Allied Industries Ltd (KRISHNADEF) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 2. Withheld: 0. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | KRISHNADEF | Krishna Defence & Allied Industries Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Shipping - Proxy index?

The Nifty Shipping - Proxy index tracks India's listed Shipping - Proxy companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Shipping - Proxy sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Shipping - Proxy stocks in India?

Ranked by this page's four-factor score, Krishna Defence & Allied Industries Ltd places first among 3 listed Shipping - Proxy companies, followed by CFF Fluid Control Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Shipping - Proxy stocks are listed in India?

This comparison covers 3 listed Shipping - Proxy companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Shipping - Proxy company is the biggest?

Marine Electricals (India) Ltd is the largest, with trailing-twelve-month revenue of ₹876 crore, ahead of CFF Fluid Control Ltd at ₹355 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Shipping - Proxy company is growing fastest?

CFF Fluid Control Ltd has the fastest revenue growth at 100% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Shipping - Proxy company has the best profit margins?

CFF Fluid Control Ltd has the highest operating margin at 28%, from 3 of 3 comparable companies. Krishna Defence & Allied Industries Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Shipping - Proxy company makes the most profit?

CFF Fluid Control Ltd earns the most, at ₹63 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. CFF Fluid Control Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Shipping - Proxy company earns the highest return on capital?

Krishna Defence & Allied Industries Ltd leads on return on capital employed at 30.7%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Shipping - Proxy stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Marine Electricals (India) Ltd screens cheapest at 1.09×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Shipping - Proxy company has the strongest balance sheet?

Krishna Defence & Allied Industries Ltd carries the lowest comparable gross debt at ₹2 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Shipping - Proxy stock has the strongest price momentum?

CFF Fluid Control Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Shipping - Proxy company scores highest for research priority?

Krishna Defence & Allied Industries Ltd scores 75 out of 100 with 75.7% evidence confidence, from 24 points on growth and earnings, 22.1 on capital efficiency, 12.5 on valuation and 16.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Shipping - Proxy companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Shipping - Proxy sector?

The 3 Shipping - Proxy companies on this page carry ₹7,548 crore of combined market value. Marine Electricals (India) Ltd is the largest at ₹3,566 crore, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Shipping - Proxy sector performing?

3 of the 3 covered Shipping - Proxy companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/shipping-proxy