Marine Equipment Stocks and Companies in India

The largest Marine Equipment stocks in India by market value are Marine Electricals (India) (₹5,476 crore), CFF Fluid Control (₹2,191 crore) and Krishna Defence & Allied Industries (₹1,805 crore), at prices of 6 Nov 2026.

• Marine Electricals (India): ₹391.30 | market value ₹5,476 crore | P/E 68.2
• CFF Fluid Control: ₹1,044.25 | market value ₹2,191 crore | P/E 55.8
• Krishna Defence & Allied Industries: ₹1,207.60 | market value ₹1,805 crore | P/E 36.3

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

All 3 listed Indian Shipping - Proxy companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Shipping - Proxy index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Marine Electricals (India) Ltd₹6,190 cr
2. CFF Fluid Control Ltd₹2,220 cr
3. Krishna Defence & Allied Industries Ltd₹1,880 cr

3 Marine Equipment companies in the Shipping - Proxy industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 3 are listed below, largest first. The largest is Marine Electricals (India) (₹6,192 crore) and the smallest with a market value is Krishna Defence & Allied Industries.

Download all 3 Marine Equipment companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 95% ahead of NIFTY 500. Earnings across its companies grew 48% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 37 weeks running.

Price and the fundamentals both up. 2 of 3 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 37 weeks running; 3 of the 3 companies in the industry index above their 200-day average (1 more than four weeks earlier); 2 of those 3 pass the momentum test (no change from four weeks earlier); earnings rising at 3 of the 3 that report earnings.

Ahead of NIFTY 500 for 37 weeks running and +87.4% over a year, with 2 → 2 of 3 stocks participating. Earnings confirming, 3 of 3 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 3 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Shipping - Proxy has done better than the NIFTY 500 by 70.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 26.2%. Marine Electricals (India) Ltd is the strongest against the sector itself at +14.3%.

Shipping - Proxy has done better than the NIFTY 500 by 70.3% over 52 weeks and by 26.2% over 13 weeks. 2 of 3 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of 3 is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Krishna Defence & Allied Industries Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 79.3% evidence confidence.

Marine Electricals (India) Ltd has the strongest one-year price move in Shipping - Proxy at +59.4%. It also leads on relative strength against the NIFTY, at +57.9%. 3 of 3 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Shipping - Proxy itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Three small companies that supply parts and systems into Indian ships, ports and defence platforms, and the chart of them is one of the steepest in the batch. Combined sales rose from ₹473 crore in the year to March 2022 to ₹1,107 crore in 2025 and combined profit from ₹23 crore to ₹84 crore, a 265% rise. In the week of 17 August 2026, 100% of 3 Shipping - Proxy companies were beating the Nifty 500, against 66.7% on 6 April 2026.

From our industry review of 22 August 2026. A newer review (10 October 2026) did not cover Shipping - Proxy, so this is the latest we have.

1 of 3 Shipping - Proxy companies held a results call for July to September 2026. Krishna Defence & Allied Industries guided: FY27 full-year revenue growth 30%+ reiterated as continued delivery framework.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.9 points over the last two quarters. Founders and promoters cut theirs by 2.1 points.

• Spending on new plants and equipment was ₹134 crore in the last 12 months, 9% less than a year before.
• Projects still being built grew 118% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 5 Shipping - Proxy companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Shipping - Proxy figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 22 Aug 2026. It also states what would change this read.

How old this read is: This read comes from our fortnightly sector read dated 22 Aug 2026, 77 days old. The numbers above it are newer than the words here.

What would change this read

Two things, and the first is free. Read the June-2026 quarter calls from Marine Electricals and CFF Fluid Control, they are 83% of the real sector and we have never heard from either; The second is the disproving print: Krishna Defence turning operating cash flow positive while delivering against…

Sources: our fortnightly Shipping - Proxy read, 22 Aug 2026.

Marine Electricals (India) Ltd has the highest Revenue among the 3 Shipping - Proxy companies compared here, at ₹1,151 crore. CFF Fluid Control Ltd is next at ₹355 crore. CFF Fluid Control Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Marine Electricals (India) Ltd is the largest at ₹1,151 crore, 224.2% ahead of CFF Fluid Control Ltd. CFF Fluid Control Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 100.6% from a ₹355 crore base, with 8 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Marine Electricals (India) Ltd is the size to compare against; CFF Fluid Control Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

CFF Fluid Control Ltd has the highest OPM among the 3 Shipping - Proxy companies compared here, at 28%. Krishna Defence & Allied Industries Ltd is next at 27%. Krishna Defence & Allied Industries Ltd has the highest Margin change at +8 percentage points, so level and change sit with different companies.

What the numbers say: CFF Fluid Control Ltd leads opm at 28%; Krishna Defence & Allied Industries Ltd leads margin change at +8 percentage points.

What this means: CFF Fluid Control Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Marine Electricals (India) Ltd has the highest Net profit among the 3 Shipping - Proxy companies compared here, at ₹81 crore. CFF Fluid Control Ltd is next at ₹63 crore. CFF Fluid Control Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Marine Electricals (India) Ltd earns the most, ₹81 crore of profit over the last 12 months, 28.6% above CFF Fluid Control Ltd. CFF Fluid Control Ltd shows at least 100% on the scoring scale (133.3% in full) growth from a profit base of ₹63 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Marine Electricals (India) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Krishna Defence & Allied Industries Ltd has the highest ROCE among the 3 Shipping - Proxy companies compared here, at 30.7%. CFF Fluid Control Ltd is next at 23.5%. The same company also has the highest ROCE change, at +7 percentage points. 3 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Krishna Defence & Allied Industries Ltd leads ROCE at 30.7%, 7.2 percentage points above CFF Fluid Control Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Krishna Defence & Allied Industries Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Krishna Defence & Allied Industries Ltd (KRISHNADEF): its two data sources disagree by up to 49% on reported income across 11 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Marine Electricals (India) Ltd has the lowest PEG among the 3 Shipping - Proxy companies compared here, at 1.83×. Krishna Defence & Allied Industries Ltd has the lowest P/E at 37.8×, so level and change sit with different companies. 1 of 3 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Shipping - Proxy companies show up on 2 of our India lists. The most are on the momentum stocks list (2 companies).

This Shipping - Proxy comparison names 7 specific ways its own evidence can mislead, all listed below. 1 of the 3 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 has second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 1 company is missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 3 Shipping - Proxy companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Krishna Defence & Allied Industries Ltd (KRISHNADEF): its two data sources disagree by up to 49% on reported income across 11 comparable periods, so its derived ratios are withheld.

These 23 answers restate the Shipping - Proxy comparison above in question form. Every one is computed from the same 3 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.