Marine Electricals (India) Limited (MARINE) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 0.14%
• Average Volume (3M): N/A
• Price to Earnings (P/E): 63.5
• Beta (1Y): N/A
• Revenue Growth: 18.05%
• EPS Growth: 19.04%
• Country: IN
• Employees: 414
• Sector: Services
• Sector Strength: N/A
• Industry: Marine Shipping
• EPS (TTM): 0.85
• Shares Outstanding: N/A
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 1.42
• Price to Book (P/B): 5.44
• Price to Sales (P/S): 2.86
• P/FCF Ratio: 49.63
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ―
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is driven primarily by solid financial performance—strong FY2025 growth, improving margins, and a much healthier leverage profile—tempered by inconsistent cash-flow conversion across prior years. Valuation is a notable headwind due to a high P/E, and technical signals cannot be assessed due to missing indicator data.

Positive Factors

Revenue Growth

Strong revenue growth over multiple years indicates robust demand for Marine Electricals' products and services, enhancing its market position.

Balance Sheet Health

A healthier balance sheet with reduced leverage enhances financial stability and provides more flexibility for future investments.

Strategic Acquisition

Acquiring Xanatech Synergies strengthens Marine Electricals' market position and operational capabilities, potentially driving future growth.

Negative Factors

Cash Flow Volatility

Volatile cash flow indicates potential risks in project execution and working capital management, which could affect financial stability.

Moderate Margins

Moderate and uneven margins suggest challenges in cost management and pricing power, which could impact profitability sustainability.

Inconsistent Cash Conversion

Inconsistent cash conversion can undermine earnings quality and limit the ability to reinvest in growth opportunities consistently.

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. It offers power generation and distribution, navigation and communication, electrical propulsion, integrated platform management, information technology, engineering and project management, and various system solutions for the marine sector. The company also provides services, including repairs, corrective and preventive maintenance, upgrades, and life extensions and parts on electrical power generation, power distribution, automation and power management systems, navigation and communication systems, and other electrical and electronic systems, as well as designing and fabricating services for electrical and electronic installation. In addition, it undertakes annual maintenance contracts and solar projects. The company was founded in 1978 and is headquartered in Mumbai, India. Marine Electricals (India) Limited is a subsidiary of KDU Enterprises Private Limited.

How the Company Makes Money

Marine Electricals generates revenue through multiple streams, primarily by manufacturing and selling electrical equipment and systems for marine and industrial applications. Key revenue sources include the sale of customized electrical distribution systems, automation solutions, and ongoing maintenance and service contracts. The company also benefits from strategic partnerships with shipbuilders, offshore service providers, and industrial clients, which enable it to secure large contracts and repeat business. Additionally, MARINE may engage in project-based work, where it provides specialized services and equipment for specific projects, further diversifying its income streams.

Marine Electricals (India) Limited Financial Statement Overview

Summary

Strong revenue scaling through FY2025 with improved profitability (higher gross and net margins) and a materially de-risked balance sheet (lower debt-to-equity). The main offset is historically volatile operating/free cash flow (negative in FY2023–FY2024 despite positive earnings), even though FY2025 cash generation rebounded.

Income Statement

Revenue has scaled strongly over time (₹2.63B in FY2020 to ₹7.67B in FY2025), with an exceptionally strong FY2025 growth rate versus FY2024. Profitability also improved in FY2025: gross margin rose to ~17.8% (from ~14.9% in FY2024) and net margin expanded to ~5.0% (from ~4.2%), lifting net income to ₹384M. Offsetting this, margins remain moderate and have been somewhat uneven over the cycle (EBITDA margin peaked earlier and is lower than FY2020 levels), suggesting execution/price-cost sensitivity.

Balance Sheet

Leverage is conservative and has improved materially: debt-to-equity declined to ~0.14 in FY2025 from ~0.39 in FY2024, alongside a sizable build in equity. Returns on equity are steady around ~9–10%, indicating the business is generating reasonable profitability without relying heavily on debt. The main watch item is that returns are solid but not high, implying growth may require continued operating improvement to sustain attractive shareholder returns.

Cash Flow

Cash generation strengthened sharply in FY2025 with operating cash flow of ₹660M and free cash flow of ₹442M, with free cash flow running at ~67% of net income—supportive of earnings quality. However, cash flow has been volatile: FY2024 and FY2023 showed negative operating and free cash flow despite positive earnings, indicating working-capital swings and/or project timing risk. Overall, FY2025 is a clear rebound, but consistency across years remains the key weakness.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.96B	7.67B	6.22B	4.42B	3.76B	2.51B
Gross Profit	1.64B	1.37B	925.00M	676.25M	524.44M	432.10M
EBITDA	793.48M	820.24M	550.93M	395.03M	325.75M	342.81M
Net Income	429.14M	384.32M	258.99M	169.95M	129.77M	128.97M
Balance Sheet
Total Assets	0.00	7.25B	6.16B	4.66B	3.73B	3.83B
Cash, Cash Equivalents and Short-Term Investments	553.06M	553.06M	69.82M	33.17M	14.41M	136.52M
Total Debt	0.00	551.91M	970.37M	656.95M	366.16M	583.04M
Total Liabilities	-4.08B	3.17B	3.60B	2.51B	1.92B	2.13B
Stockholders Equity	4.08B	4.04B	2.51B	2.08B	1.75B	1.63B
Cash Flow
Free Cash Flow	0.00	442.39M	-315.20M	-250.60M	347.42M	-24.27M
Operating Cash Flow	0.00	659.94M	-73.57M	-20.93M	466.38M	22.79M
Investing Cash Flow	0.00	-952.63M	-209.72M	-277.07M	-182.90M	13.95M
Financing Cash Flow	0.00	516.67M	319.44M	312.75M	-311.69M	-70.37M

Marine Electricals (India) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CORDSCABLE	76 Outperform	₹1.96B	12.24	―	0.52%	26.59%	42.18%
MARINE	62 Neutral	―	63.47	―	0.14%	18.05%	19.04%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
CMICABLES	45 Neutral	₹63.31M	-0.52	―	―	254.90%	-150.80%
TNTELE	43 Neutral	₹391.49M	-3.30	―	―	―	―
SICALLOG	39 Underperform	₹13.57B	3.00	―	―	76.34%	94.50%

Marine Electricals (India) Limited Corporate Events

Marine Electricals Expands CSR Initiatives with New Subsidiary

Marine Electricals (India) Limited has announced the incorporation of a new wholly owned subsidiary, Premalata Foundation, under Section 8 of the Companies Act 2013. This subsidiary is established to promote and execute various corporate social responsibility (CSR) activities, aligning with the company’s commitment to social initiatives. The creation of Premalata Foundation signifies Marine Electricals’ strategic move to enhance its CSR efforts, potentially strengthening its industry positioning and stakeholder relations.

Marine Electricals Confirms Compliance with SEBI Regulations for Q3 2025

Marine Electricals (India) Limited has submitted a certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, confirming the dematerialization of securities for the quarter ending September 30, 2025. This move ensures compliance with regulatory requirements and reflects the company’s commitment to maintaining transparent and efficient operations in its dealings with depositories and stakeholders.