Marine Electricals (India) share price today

Marine Electricals (India) Ltd's share price was ₹442.45 at the close on 5 November 2026. It has been rising for 24 weeks. That is 40.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹161 and ₹456, and at that close it sat 96% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Marine Electricals (India) Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 16 weeks in a row.

Over the last 8.1 years the share price moved +3,217% while the NIFTY 500 moved +150%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), promoters cut their stake by 3 points in one quarter and indian funds and insurers (DIIs) raised their stake for 4 quarters in a row.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹259 crore, +55.1% on a year earlier.

2. Promoters cut their stake by 3 points in one quarter

   From 68.2% to 65.2% in the September 2026 quarter.

3. Indian funds and insurers (DIIs) raised their stake for 4 quarters in a row

   From 0.1% to 1.1% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Marine Electricals (India) reported revenue of ₹405 crore, up 82.4% from ₹222 crore a year earlier, and a profit of ₹32.0 crore, up 88.2% from ₹17.0 crore.

Marine Electricals (India) results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Marine Electricals (India) closed at ₹442.45 on 5 November 2026, up 90.3% from ₹232.55 a year earlier (7 November 2025) and up 1,186.2% over five years. Its highest weekly close since October 2018 was ₹455.65 on 9 October 2026.

Marine Electricals (India) share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

428 weekly closes from 12 October 2018 to 5 November 2026.

5 Nov 2026: Marine Electricals (India) closed at ₹442.45, up 10.7% on the week and down 2.9% on the month. Results for July to September 2026: Revenue up 82.4% and profit up 88.2% on a year earlier.

Earlier

• 11 Sep 2026: ex-date for a dividend of ₹0.30 a share.

Marine Electricals (India) paid ₹0.30 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.07% at the ₹442.45 close on 5 November 2026. The last was a dividend of ₹0.30 a share, ex-date 11 September 2026.

Marine Electricals (India) dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Marine Electricals (India) Ltd paid out 7% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 15 reported years.

From the NSE corporate-actions record, read 5 November 2026.

Marine Electricals (India)'s management made 0 promises we could check against what it later reported.

Our read after the January to March 2026 results, written 14 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

3y operating cash flow/profit 0.26, FY26 operating cash flow negative as ₹90 Cr working capital absorbed cash; debtor days 178 is high for project business.

The main risks

• Weak Cash Conversion, operating cash flow/profit 0.26 Over 3 Years: 3y operating cash flow/profit 0.26, FY26 operating cash flow negative as ₹90 Cr working capital absorbed cash; debtor days 178 is high for project business. ⚠ estimate
• Promoter Dilution and Minimal Institutional Ownership: Promoter down 6.27% over 3 years; FII+MF only 0.93%, retail-dominated price discovery with high volatility risk. ⚠ estimate

Our read after the January to March 2026 results, written 14 June 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Marine Electricals (India) is on one of our India lists: Momentum stocks.

Marine Electricals (India) Ltd earned ₹32.0 Cr of net profit in the Sep 2026 quarter, +88.2% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹59.0 Cr. Over 10 years profit has grown 20.7% a year on average. That is 7.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹17.0 Cr.

For the full year, FY26 profit was ₹59.0 Cr (+55.3% on the year before).

Why profit moved: revenue changed +82.4% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +78.5% and revenue +39.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Marine Electricals (India) Ltd reported ₹405 Cr of revenue in the Sep 2026 quarter, +82.4% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 13.4% a year on average. The last full year, FY26, came in at ₹877 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Revenue has grown from ₹251 Cr (FY21) to ₹877 Cr (FY26), a 5-year CAGR of approximately 28%. Q4 FY26 achieved ₹277.48 Cr, the highest quarterly revenue in the company's history. Year-on-year revenue growth of 14.33% in FY26 and PAT growth of 53.82% demonstrate operating leverage starting to manifest as scale increases, though PAT growth has outpaced revenue due to margin expansion that may not be permanent.

The last four reported quarters add to ₹1,151 Cr.

FY26 revenue was ₹877 Cr, +14.3% on the year before.

Recent pace: the last four quarters grew +39.0% on average, against 13.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +38.0%, against +27.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +68.8%, against +48.0% a year (accelerating).

Marine Electricals (India) Ltd's operating margin was 12.0% in the Sep 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 15 years it has been between 6.0% and 11.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed +0.6 percentage points on the year while gross margin changed −7.5 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

Over the last 3 years, 26% of Marine Electricals (India) Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹16.0 Cr of cash, against ₹59.0 Cr of profit. After ₹36.0 Cr of spending on assets, free cash was −₹52.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 26% of profit came in as cash: the cash cycle got 59 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 2.1× depreciation over three years. The next section checks what that spending is building.

Marine Electricals (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 93 days in FY26, down from 152 days in FY21. It spent ₹87.0 Cr on assets over the last 3 years. Customers take 178 days to pay, and stock sits for 50 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹877 Cr, each day of that cycle ties up about ₹2.4 Cr, so roughly ₹223 Cr is tied up in the business at any time.

FY26: customers took 178 days to pay and stock sat for 50 days, about 1.6 months of sales sitting as stock, for a full cycle of 93 days, shorter than FY21's 152.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 50 days. Customers pay about 178 days after that. Suppliers are paid at 135 days. Together that makes the 93-day cycle.

Spending on assets: ₹87.0 Cr over the last 3 years, against ₹41.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹19.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Marine Electricals (India) Ltd's P/E is 77.1×, near the high end of its own history: higher than 82% of past readings. Its usual P/E (the middle reading) is 45.3×, over 8.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹5.67.

Why the multiple is where it is: over the past year earnings per share moved +49.5% while the price moved +90.3%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 5 years the price moved +66.7% a year; about +28.6% a year came from earnings growth and about +38.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Marine Electricals (India) Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 21.4%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Marine Electricals (India) Ltd's story is not scored yet against the checks our research set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

What is proven. See the research file

What the surface reading misses. The surface reading is: OCF negative in FY26 suggests the business is not generating cash from operations, weak cash quality The research reads it further: The decomposition via cash decomposition reveals the mechanism: ΔWC = +₹90 Cr in FY26 absorbed the ₹74 Cr of cash profit (PAT ₹59 Cr + depreciation ₹15 Cr). The driver within WC was debtors rising from 157 to 178 days (₹11 Cr incremental receivables per day × revenue scale), while inventory fell 52 days (positive) and payables compressed 24 days (negative). The WC build is project-receivables driven, not inventory build or channel stuffing. In FY25 OCF recovered to ₹55 Cr (OCF/PAT 1.45x) when WC normalized, confirming the mechanism is timing of collections, not structural leakage.

Sources: our stock research file (14 June 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes.

Marine Electricals (India) Ltd earned a ROCE of 18% in FY26. That is up from a low of 9% in FY20. Its return on capital used (ROIC) is 2.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 6.7% net margin and 0.99× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why this happened. ROCE improved from 12% (FY22) to 18% (FY26) over four years, indicating genuine capital deployment improvement as the business scales. However, the cycle normalized analysis places current ROCE at the 70th percentile of its own history and the OPM driving it at the 79th percentile, so the question is whether ROCE improvement is durable or peak-cycle. The MID EXPANSION operating cycle stage (not PEAK yet) provides qualified support.

Why the return is what it is (FY26): a 6.7% net margin × 0.99× asset turnover × 1.81× leverage (assets divided by equity) ≈ 12.0% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 14.9% − 12.0% = +2.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

Marine Electricals (India) Ltd has total debt of ₹89.0 Cr against shareholder equity of ₹502 Cr as of Jun 2026, so its debt is 0.18× its equity, which is very little. Year by year, that ratio went from 0.20 in FY22 to 0.18 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.