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Marine Electricals (India) Ltd

MARINE
NSE
172.30
1.45%
Last Updated:
02 Apr '26, 3:59 PM
Company Overview
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Marine Electricals (India) Ltd

MARINE
NSE
172.30
1.45%
02 Apr '26, 3:59 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
2,383Cr
Close
Close Price
172.30
Industry
Industry
Shipping - Proxy
PE
Price To Earnings
44.64
PS
Price To Sales
2.80
Revenue
Revenue
850Cr
Rev Gr TTM
Revenue Growth TTM
12.84%
PAT Gr TTM
PAT Growth TTM
45.62%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
143101137147237138184194251167222210
Growth YoY
Revenue Growth YoY%
52.222.452.015.765.737.034.132.15.820.620.78.5
Expenses
ExpensesCr
13291127135217125163182228150196190
Operating Profit
Operating ProfitCr
111010122013211122172620
OPM
OPM%
7.69.67.47.98.69.611.65.98.910.111.79.6
Other Income
Other IncomeCr
112143244544
Interest Expense
Interest ExpenseCr
333343443344
Depreciation
DepreciationCr
222333444344
PBT
PBTCr
7677171016818152216
Tax
TaxCr
322253335464
PAT
PATCr
445512713514121712
Growth YoY
PAT Growth YoY%
-11.225.761.0-25.0208.3100.3168.6-10.010.964.530.3147.0
NPM
NPM%
2.83.53.53.65.15.16.92.55.47.07.55.6
EPS
EPS
0.30.30.40.41.00.50.90.41.00.81.20.8

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
369400263251376443622767850
Growth
Revenue Growth%
8.4-34.2-4.449.817.740.523.310.8
Expenses
ExpensesCr
337378241224345404570698765
Operating Profit
Operating ProfitCr
312222273139526985
OPM
OPM%
8.55.58.510.88.38.78.39.010.0
Other Income
Other IncomeCr
34685571317
Interest Expense
Interest ExpenseCr
78119710121415
Depreciation
DepreciationCr
5510998101615
PBT
PBTCr
23138171925365272
Tax
TaxCr
642368111418
PAT
PATCr
1696141317263854
Growth
PAT Growth%
-43.7-35.7129.9-1.926.553.447.940.5
NPM
NPM%
4.42.32.25.43.53.84.15.06.3
EPS
EPS
8.90.90.51.11.11.42.02.83.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
182525252525272828
Reserves
ReservesCr
78130124137148176221362402
Current Liabilities
Current LiabilitiesCr
245196212201184224328286292
Non Current Liabilities
Non Current LiabilitiesCr
7161412827323129
Total Liabilities
Total LiabilitiesCr
354373383383373466616725759
Current Assets
Current AssetsCr
285309314323304359486612633
Non Current Assets
Non Current AssetsCr
6964696070107130112126
Total Assets
Total AssetsCr
354373383383373466616725759

Cash Flow

Consolidated
Standalone
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
31-5323247-2-755
Investing Cash Flow
Investing Cash FlowCr
-231-11-18-28-21-95
Financing Cash Flow
Financing Cash FlowCr
344-19-7-31313252
Net Cash Flow
Net Cash FlowCr
11-93-3-31412
Free Cash Flow
Free Cash FlowCr
24-6123-236-24-3235
CFO To PAT
CFO To PAT%
190.9-584.3384.616.8351.2-12.5-28.6145.5
CFO To EBITDA
CFO To EBITDA%
98.7-241.5101.58.4149.3-5.4-14.280.7

Ratios

Consolidated
Standalone
Financial YearMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
01,3001,1058073784531,1972,166
Price To Earnings
Price To Earnings
0.028.239.362.729.126.646.356.3
Price To Sales
Price To Sales
0.03.34.23.21.01.01.92.8
Price To Book
Price To Book
0.01.71.55.02.22.34.85.6
EV To EBITDA
EV To EBITDA
0.660.451.231.313.012.924.531.5
Profitability Ratios
Profitability Ratios
GPM
GPM%
22.320.728.830.824.725.624.427.3
OPM
OPM%
8.55.58.510.88.38.78.39.0
NPM
NPM%
4.42.32.25.43.53.84.15.0
ROCE
ROCE%
21.110.29.311.812.813.114.114.9
ROE
ROE%
17.05.94.08.47.78.410.49.8
ROA
ROA%
4.62.51.53.53.63.64.25.3
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Marine Electricals (India) Ltd. (MEIL) is a recognized leader in integrated electrical, automation, and electronics solutions, serving the **marine, defense, industrial, and electric mobility** sectors. Established in **1978 by Mr. K. D. Uchil**, a former Mazagon Dock engineer, MEIL began as a switchgear supplier and has evolved into a full-service provider of electrical, navigation, communication, and automation systems. The company operates across four core business verticals: 1. **Defence & Marine Solutions** 2. **Industry Solutions** 3. **Vessel Traffic Management Systems (VTS)** 4. **Electric Vehicle (EV) Charging Solutions** MEIL is the **largest partner of Schneider Electric in India** and holds a dominant position in both the marine and industrial electrical markets. With a strategic focus on **indigenization, innovation, and system integration**, MEIL is positioned as a preferred supplier for mission-critical infrastructure in defense, data centers, and industrial establishments. --- ### **Key Strengths & Differentiators** #### **1. Market Leadership & Positioning** - **Marine Segment**: Holds **~50% market share** in the Indian marine electrical market. - Recognized **Tier-I supplier** to the **Indian Navy and Indian Coast Guard**, with vendor approvals across all major Indian shipyards. - Among the **top 3 LV solutions suppliers** in India’s marine sector. - One of the **largest manufacturers of LV and MV switchgear** in India. - **Largest supplier of Schneider Electric’s Blockset Panels** in India, manufacturing over 50% of the country’s demand. #### **2. Strong R&D & Indigenization** - Deep focus on **R&D and product innovation**, with new facilities in **Kochi and Bangalore**. - Developing full **indigenous EV charging ecosystem**, **military radars**, **electric propulsion systems**, and **IPMS for naval vessels**. - Strategic acquisitions including **Narhari Engineering, Automatic Electric Corporation**, and **75% stake in Xanatos Marine Ltd. (Canada)** for VTS technology. - **In-house design and manufacturing** of EV chargers, ruggedized UPS, shock-grade motors, and naval lighting. #### **3. Integrated, Turnkey Capabilities** - Offers **end-to-end solutions** including design, manufacturing, installation, commissioning, and after-sales support. - Serves as a **system integrator** with in-house capabilities in electrical, automation, power electronics, and ICT. - Provides **turnkey packages** for: - Naval and commercial ships - Data centers - Industrial plants - EV charging infrastructure - **Proprietary technologies**: - **MEcubE3** (LV panels) - **MEpoweR3** (MV panels) - **ME Connect** (IoT-ready wireless) - **Bijlify** (EV charging platform) --- ### **Business Segments & Strategic Focus** #### **1. Defence & Marine Solutions** - **Core Offerings**: - Integrated Bridge Systems - NAVCOM Systems (radars, control panels) - Main Switchboards, iMCCs, Bus Ducts - Alarm & Monitoring Systems - IPMS for naval platforms (impaneled with IHQ MoD) - Electric propulsion systems (battery, motor, drives, BMS) - **Key Clients**: Indian Navy, Coast Guard, Cochin Shipyard, Mazagon Dock, Garden Reach, Goa Shipyard. - **Notable Projects**: - IAC-1 Aircraft Carrier - P15B Destroyers, P17A Frigates - Supply of MSB and APMS for stealth frigates - **Future Focus**: Complete installation packages, weapon system service contracts, autonomous vessels, e-ferries. #### **2. Industrial Solutions** - **Key Sectors**: Data Centers, Pharma (USFDA-compliant), Automotive, Steel, Cement, Chemicals, Power, Oil & Gas. - **Clients**: MRF, Cipla, Asian Paints, Thermax, Bluestar, Adani Connex, Equinix, STT, Web Werks. - **Leadership in Data Centers**: - Recognized as a **preferred power solutions provider**. - Repeat orders from top operators (e.g., Deutsche Bank, Netmagic, STT). - Expanding role as an **integrated solution provider** for power, EMS, and IBMS. - **Geographical Expansion**: Entering South India via **Eltech Engineers acquisition**, exploring entries into North and East India. #### **3. Vessel Traffic Management Systems (VTS)** - **Products**: - **TITAN SENTINEL** (for medium-large ports) - **TITAN AVIPS** (for small ports) - **Full In-House Technology**: - Acquired IP and know-how from **Xanatos, Canada**. - Integrated with radar, AIS, cameras, and met sensors. - **Market Driver**: Regulatory mandates for VTS in Indian ports, harbor modernization projects. - Positioned to benefit from **government focus on maritime safety and port digitization**. #### **4. Electric Vehicle Charging Solutions** - **Subsidiary**: **Evigo Charge Pvt. Ltd.** (established 2018), operating under brand **‘Bijlify’**. - **First-Mover Advantage**: One of the earliest in India to develop indigenous, OCPP-compliant AC/DC fast chargers (3.3 kW to 240 kW). - **End-to-End Ecosystem**: - In-house hardware & software (CPMS, mobile app *Bijlify App*) - Pan-India service network - Turnkey project management - **Strategic Model**: Partnerships with residential, commercial, and public complexes where charging infrastructure is becoming **mandatory**. - **Future Plans**: Expansion into 2W/3W charging, fleet charging, metro rail, Indian Railways, and port electrification. --- ### **Operational & Organizational Strengths** | **Metric** | **Details** | |-----------|-----------| | **Workforce** | 1,300+ employees, including 350+ engineers and specialists | | **Women in Workforce** | 25% | | **Manufacturing Plants** | 8 facilities across **Goa, Mumbai, Chennai, UAE, and Italy** | | **Service Centers** | 14 coastal service centers in India | | **Sales Offices** | 18 offices across **India and Middle East** | | **Subsidiaries** | Eltech Engineers, Narhari Engineering, MEL Power Systems FZC (UAE), Xanatos Marine (Canada), STI SRL (Italy), Evigo Charge Pvt. Ltd. | | **Associate Investments** | Marks Marine Radio Pvt. Ltd., Athmar India Pvt. Ltd. | --- ### **Strategic Growth Initiatives (2024–2025)** - **Geographical Expansion**: R&D center in **Bangalore** for South India push; exploring **acquisitions in North and East India**. - **Product Diversification**: - Full electric propulsion systems for battery vessels - Military-grade radar systems - IPMS for naval and commercial ships - Shock-grade alternators, permanent magnet motors - **New Markets**: - Metro Rail (sensors, lighting) - Indian Railways (equipment, automation) - Ports (vehicle & operations management) - Autonomous vessels and e-ferries - **Service Revenue Stream**: AMC and RRC contracts for over **30 DGQA-approved systems**, generating **stable, recurring income**. --- ### **Leadership & Governance** - **Mr. Vinay Uchil**, Executive Director: Leading business diversification into renewable energy, defense, and maritime tech. - **Mr. Navin Rao**, VP, Marine (E&A): Oversees Goa manufacturing and marine electrical operations. - **Capt. Kamal Yadav**, VP, Marine Global Sales: Driving international commercial marine expansion with maritime industry expertise. - **Commander Malhotra**, COO, Marine Division: Strengthening marine operations and delivery execution.