Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,383Cr
Rev Gr TTM
Revenue Growth TTM
12.84%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 52.2 | 22.4 | 52.0 | 15.7 | 65.7 | 37.0 | 34.1 | 32.1 | 5.8 | 20.6 | 20.7 | 8.5 |
| 132 | 91 | 127 | 135 | 217 | 125 | 163 | 182 | 228 | 150 | 196 | 190 |
Operating Profit Operating ProfitCr |
| 7.6 | 9.6 | 7.4 | 7.9 | 8.6 | 9.6 | 11.6 | 5.9 | 8.9 | 10.1 | 11.7 | 9.6 |
Other Income Other IncomeCr | 1 | 1 | 2 | 1 | 4 | 3 | 2 | 4 | 4 | 5 | 4 | 4 |
Interest Expense Interest ExpenseCr | 3 | 3 | 3 | 3 | 4 | 3 | 4 | 4 | 3 | 3 | 4 | 4 |
Depreciation DepreciationCr | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 4 | 4 |
| 7 | 6 | 7 | 7 | 17 | 10 | 16 | 8 | 18 | 15 | 22 | 16 |
| 3 | 2 | 2 | 2 | 5 | 3 | 3 | 3 | 5 | 4 | 6 | 4 |
|
Growth YoY PAT Growth YoY% | -11.2 | 25.7 | 61.0 | -25.0 | 208.3 | 100.3 | 168.6 | -10.0 | 10.9 | 64.5 | 30.3 | 147.0 |
| 2.8 | 3.5 | 3.5 | 3.6 | 5.1 | 5.1 | 6.9 | 2.5 | 5.4 | 7.0 | 7.5 | 5.6 |
| 0.3 | 0.3 | 0.4 | 0.4 | 1.0 | 0.5 | 0.9 | 0.4 | 1.0 | 0.8 | 1.2 | 0.8 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 8.4 | -34.2 | -4.4 | 49.8 | 17.7 | 40.5 | 23.3 | 10.8 |
| 337 | 378 | 241 | 224 | 345 | 404 | 570 | 698 | 765 |
Operating Profit Operating ProfitCr |
| 8.5 | 5.5 | 8.5 | 10.8 | 8.3 | 8.7 | 8.3 | 9.0 | 10.0 |
Other Income Other IncomeCr | 3 | 4 | 6 | 8 | 5 | 5 | 7 | 13 | 17 |
Interest Expense Interest ExpenseCr | 7 | 8 | 11 | 9 | 7 | 10 | 12 | 14 | 15 |
Depreciation DepreciationCr | 5 | 5 | 10 | 9 | 9 | 8 | 10 | 16 | 15 |
| 23 | 13 | 8 | 17 | 19 | 25 | 36 | 52 | 72 |
| 6 | 4 | 2 | 3 | 6 | 8 | 11 | 14 | 18 |
|
| | -43.7 | -35.7 | 129.9 | -1.9 | 26.5 | 53.4 | 47.9 | 40.5 |
| 4.4 | 2.3 | 2.2 | 5.4 | 3.5 | 3.8 | 4.1 | 5.0 | 6.3 |
| 8.9 | 0.9 | 0.5 | 1.1 | 1.1 | 1.4 | 2.0 | 2.8 | 3.9 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 18 | 25 | 25 | 25 | 25 | 25 | 27 | 28 | 28 |
| 78 | 130 | 124 | 137 | 148 | 176 | 221 | 362 | 402 |
Current Liabilities Current LiabilitiesCr | 245 | 196 | 212 | 201 | 184 | 224 | 328 | 286 | 292 |
Non Current Liabilities Non Current LiabilitiesCr | 7 | 16 | 14 | 12 | 8 | 27 | 32 | 31 | 29 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 285 | 309 | 314 | 323 | 304 | 359 | 486 | 612 | 633 |
Non Current Assets Non Current AssetsCr | 69 | 64 | 69 | 60 | 70 | 107 | 130 | 112 | 126 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 31 | -53 | 23 | 2 | 47 | -2 | -7 | 55 |
Investing Cash Flow Investing Cash FlowCr | -23 | 1 | -1 | 1 | -18 | -28 | -21 | -95 |
Financing Cash Flow Financing Cash FlowCr | 3 | 44 | -19 | -7 | -31 | 31 | 32 | 52 |
|
Free Cash Flow Free Cash FlowCr | 24 | -61 | 23 | -2 | 36 | -24 | -32 | 35 |
| 190.9 | -584.3 | 384.6 | 16.8 | 351.2 | -12.5 | -28.6 | 145.5 |
CFO To EBITDA CFO To EBITDA% | 98.7 | -241.5 | 101.5 | 8.4 | 149.3 | -5.4 | -14.2 | 80.7 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 1,300 | 1,105 | 807 | 378 | 453 | 1,197 | 2,166 |
Price To Earnings Price To Earnings | 0.0 | 28.2 | 39.3 | 62.7 | 29.1 | 26.6 | 46.3 | 56.3 |
Price To Sales Price To Sales | 0.0 | 3.3 | 4.2 | 3.2 | 1.0 | 1.0 | 1.9 | 2.8 |
Price To Book Price To Book | 0.0 | 1.7 | 1.5 | 5.0 | 2.2 | 2.3 | 4.8 | 5.6 |
| 0.6 | 60.4 | 51.2 | 31.3 | 13.0 | 12.9 | 24.5 | 31.5 |
Profitability Ratios Profitability Ratios |
| 22.3 | 20.7 | 28.8 | 30.8 | 24.7 | 25.6 | 24.4 | 27.3 |
| 8.5 | 5.5 | 8.5 | 10.8 | 8.3 | 8.7 | 8.3 | 9.0 |
| 4.4 | 2.3 | 2.2 | 5.4 | 3.5 | 3.8 | 4.1 | 5.0 |
| 21.1 | 10.2 | 9.3 | 11.8 | 12.8 | 13.1 | 14.1 | 14.9 |
| 17.0 | 5.9 | 4.0 | 8.4 | 7.7 | 8.4 | 10.4 | 9.8 |
| 4.6 | 2.5 | 1.5 | 3.5 | 3.6 | 3.6 | 4.2 | 5.3 |
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.