Order Book Or Contract Wins
Expected: FY26MEDIUM confidence
What: Order Value: ₹7.91 Cr
Impact: Revenue visibility for 6-9 months
Marine Electricals (India) Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +30.5%Weak4w Streak
In , Marine Electricals (India) Ltd (Shipping - Proxy) is outperforming Nifty 500 with +30.5% relative strength. Fundamentals: Weak. On a 4-week streak.
Marine Electricals (India) Ltd Key Facts
- PE Ratio
- 63.8x
- Market Cap
- ₹3,400 Cr
- PAT Growth YoY
- +140%
- Revenue Growth YoY
- +8%
- OPM
- 10.0%
- RS vs Nifty 500
- +30.5%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter stake down 2.7% this quarter
💰Trading 54% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY26MEDIUM
2. Value Added Product Mix Shift
Q3 FY26MEDIUM
Key Risks
1. Arbitration award of ₹21
HIGH2. Red Sea/Gulf conflict impacting 8-10% international revenue and ₹45-55 Cr order
MEDIUM3. Implementation of four new Labour Codes effective Nov 2025
LOWSector-Specific Signals
Unexecuted Order Book₹500 Cr
Electrical Segment Market Share50%
Debtor Days157
Marine Segment Revenue (FY25)₹329.54 Cr24%
Key Numbers
PAT Growth YoY
+140%
Stable
Revenue YoY
+8%
Stable
Operating Margin
10.0%
+400 bps YoY
PE Ratio
63.8
Current Price
₹243
Dividend Yield
0.12%
Fundamental Score
40/100
Weak
3Y PAT CAGR
+43%
Market Cap
3.4K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Marine Electricals (India) Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 19, 2026
Value Added Product Mix Shift
Expected: Q3 FY26MEDIUM confidence
What: EBITDA Margin: 9.58%
Impact: YoY margin expansion
What Are the Key Risks for Marine Electricals (India) Ltd?
Earnings deceleration risks from management commentary
Arbitration award of ₹21
HIGHTrigger: Arbitration award of ₹21.34 Cr plus interest in favor of GE Power Conversion.
Impact: PAT impact: >₹21.34 Cr
Management view: Appealing in higher courts; interest provisions made.
Monitor: litigation
Red Sea/Gulf conflict impacting 8-10% international revenue and ₹45-55 Cr order
MEDIUMTrigger: Red Sea/Gulf conflict impacting 8-10% international revenue and ₹45-55 Cr order book.
Impact: PAT impact: Potential delay in 10% revenue
Management view: Domestic focus on Navy and Data Centres acts as a hedge.
Monitor: geopolitical
Implementation of four new Labour Codes effective Nov 2025
LOWTrigger: Implementation of four new Labour Codes effective Nov 2025.
Impact: PAT impact: TBD
Management view: Evaluating potential impact for FY26 year-end results.
Monitor: labor
What Did Marine Electricals (India) Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹210.23 Cr
YoY +8.48%QoQ -5.41%
Revenue growth was driven by steady execution of marine and industrial projects despite a sequential decline due to project timing.
EBITDA
₹20.14 Cr
YoY +75.59%Margin 9.58%
EBITDA margins saw a significant year-on-year expansion but suffered a 207 bps sequential contraction due to pricing and cost pressures.
PAT
₹11.83 Cr
YoY +147.49%QoQ -28.82%
Bottom-line growth was amplified by operational leverage and lower tax expenses compared to the previous year.
Other Highlights
• Earnings per share (EPS) for Q3 FY26 stood at ₹0.85, up 123.7% YoY.
• Total expenses reduced by 2.7% QoQ to ₹198.35 crores.
• Acquisition of remaining 26% stake in MEL Shipyard completed in October 2025.
What Sector Metrics Matter for Marine Electricals (India) Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Unexecuted Order Book
₹500 Cr
Why: Steady accumulation of naval and data center contracts.
Electrical Segment Market Share
50%
Why: Dominant position in Indian Navy electrical solutions.
Debtor Days
157
Why: High working capital intensity typical of government and defense contracts.
Marine Segment Revenue (FY25)
₹329.54 Cr
YoY 24%
Why: Increased naval procurement and project execution.
Industrial Segment Revenue (FY25)
₹371.03 Cr
YoY 38%
Why: Growth in data center and industrial switchgear demand.
What Is Marine Electricals (India) Ltd's Management Guidance?
Forward-looking targets from management for FY24-FY26
Capex Plan
₹250 Cr
Revenue Outlook
₹460 Cr (long-term historical target)
Margin Outlook
Confident of improving EBITDA margins through product mix
Capex Plan
₹200-250 Cr
Fundraising via preferential issue for liquidity and expansion
Management Tone: BULLISH
How Fast Is Marine Electricals (India) Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +8% | +27% | Stable |
| PAT (Net Profit) | +140% | +43% | Stable |
| OPM | 10.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Marine Electricals (India) Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Marine Electricals (India) Ltd's latest quarterly results?
Marine Electricals (India) Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +140.0% (stable)
- Revenue Growth YoY: +8.2%
- Operating Margin: 10.0% (volatile)
Is Marine Electricals (India) Ltd's profit growing or declining?
Marine Electricals (India) Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +140.0% (latest quarter)
- PAT Growth QoQ: -29.4% (sequential)
- 3-Year PAT CAGR: +43.0%
- Trend: Stable — consistent growth pattern
What is Marine Electricals (India) Ltd's revenue growth trend?
Marine Electricals (India) Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +8.2%
- Revenue Growth QoQ: -5.4% (sequential)
- 3-Year Revenue CAGR: +26.8%
How is Marine Electricals (India) Ltd's operating margin trending?
Marine Electricals (India) Ltd's operating margin is volatile.
- Current OPM: 10.0%
- OPM Change YoY: +4.0% basis points
- OPM Change QoQ: -2.0% basis points
What is Marine Electricals (India) Ltd's 3-year profit and revenue CAGR?
Marine Electricals (India) Ltd's long-term compounding rates
- 3-Year Profit CAGR: +43.0%
- 3-Year Revenue CAGR: +26.8%
Is Marine Electricals (India) Ltd's growth accelerating or decelerating?
Marine Electricals (India) Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: +69.2% bps
- Sequential Acceleration: -71.1% bps
What is Marine Electricals (India) Ltd's trailing twelve month (TTM) performance?
Marine Electricals (India) Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹55 Cr
- TTM PAT Growth: +48.6% YoY
- TTM Revenue: ₹850 Cr
- TTM Revenue Growth: +12.9% YoY
- TTM Operating Margin: 10.2%
Is Marine Electricals (India) Ltd overvalued or undervalued?
Marine Electricals (India) Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 63.8x
- Price-to-Book: 7.8x
What is Marine Electricals (India) Ltd's current PE ratio?
Marine Electricals (India) Ltd's current PE ratio is 63.8x.
- Current PE: 63.8x
- Market Cap: 3.4K Cr
- Dividend Yield: 0.12%
How does Marine Electricals (India) Ltd's valuation compare to its history?
Marine Electricals (India) Ltd's current PE is 63.8x.
- Current PE: 63.8x
- Valuation Assessment: Significantly Overvalued
What is Marine Electricals (India) Ltd's price-to-book ratio?
Marine Electricals (India) Ltd's price-to-book ratio is 7.8x.
- Price-to-Book (P/B): 7.8x
- Book Value per Share: ₹31
- Current Price: ₹243
Is Marine Electricals (India) Ltd a fundamentally strong company?
Marine Electricals (India) Ltd is rated Weak with a fundamental score of 39.98/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +8.2% (10% weight)
- PAT Growth YoY: +140.0% (10% weight)
- PAT Growth QoQ: -29.4% (10% weight)
- Margins stable (10% weight)
Is Marine Electricals (India) Ltd debt free?
Marine Electricals (India) Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹56 Cr
What is Marine Electricals (India) Ltd's return on equity (ROE) and ROCE?
Marine Electricals (India) Ltd's return ratios over recent years
- FY2023: ROCE 14.0%
- FY2024: ROCE 15.0%
- FY2025: ROCE 16.0%
Is Marine Electricals (India) Ltd's cash flow positive?
Marine Electricals (India) Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹55 Cr
- Free Cash Flow (FCF): ₹-40 Cr
- CFO/PAT Ratio: 145% (strong cash conversion)
What is Marine Electricals (India) Ltd's dividend yield?
Marine Electricals (India) Ltd's current dividend yield is 0.12%.
- Dividend Yield: 0.12%
- Current Price: ₹243
Who holds Marine Electricals (India) Ltd shares — promoters, FII, DII?
Marine Electricals (India) Ltd's shareholding pattern (Mar 2026)
- Promoters: 68.2%
- FII (Foreign): 0.6%
- DII (Domestic): 0.3%
- Public: 30.9%
Is promoter holding increasing or decreasing in Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 68.2% (Mar 2026)
- Previous Quarter: 68.2% (Feb 2026)
- Change: 0.00% (stable)
How long has Marine Electricals (India) Ltd been outperforming Nifty 500?
Marine Electricals (India) Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Is Marine Electricals (India) Ltd a new momentum entry or an established outperformer?
Marine Electricals (India) Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd has 2 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Continuous small to mid-sized order wins strengthen the industrial segment's revenue pipeline.
- Value Added Product Mix Shift — Shift toward proprietary Energy Management Systems (EMS) supports margin resilience.
What are the key risks in Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd has 3 key risks worth monitoring
- [HIGH] Arbitration award of ₹21 — Arbitration award of ₹21.34 Cr plus interest in favor of GE Power Conversion.
- [MEDIUM] Red Sea/Gulf conflict impacting 8-10% international revenue and ₹45-55 Cr order — Red Sea/Gulf conflict impacting 8-10% international revenue and ₹45-55 Cr order book.
- [LOW] Implementation of four new Labour Codes effective Nov 2025 — Implementation of four new Labour Codes effective Nov 2025.
What is Marine Electricals (India) Ltd's management guidance for growth?
Marine Electricals (India) Ltd's management has provided the following forward guidance for FY24-FY26
- Revenue outlook: ₹460 Cr (long-term historical target)
- Margin outlook: Confident of improving EBITDA margins through product mix
- Capex plan: ₹250 Cr for Fundraising via preferential issue for liquidity and expansion
- Management tone: bullish
What sector-specific metrics matter most for Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd's most important sub-sector-specific KPIs from the latest concall
- Unexecuted Order Book: ₹500 Cr — Steady accumulation of naval and data center contracts.
- Electrical Segment Market Share: 50% — Dominant position in Indian Navy electrical solutions.
- Debtor Days: 157 — High working capital intensity typical of government and defense contracts.
- Marine Segment Revenue (FY25): ₹329.54 Cr (YoY 24%) — Increased naval procurement and project execution.
- Industrial Segment Revenue (FY25): ₹371.03 Cr (YoY 38%) — Growth in data center and industrial switchgear demand.
Is Marine Electricals (India) Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Marine Electricals (India) Ltd may be worth studying
- Earnings growing at +140.0% YoY
- Cash flow is positive — CFO ₹55 Cr
What is the investment thesis for Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Arbitration award of ₹21
What is the future outlook for Marine Electricals (India) Ltd?
Marine Electricals (India) Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Arbitration award of ₹21
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.