| P/E TTM | 96.66xSector: 44.99x |
|---|---|
| Market Cap | ₹6,188.7 CrElectronic Components |
| 1-Year Return | 85.8%Price Performance |
| Promoter Holding | 65.19%No Pledges |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 405 | 259 | 222 |
| Other Income | 3.5 | 4.3 | 3.9 |
| Total Income | 408 | 264 | 226 |
| Profit Before Tax | 43.1 | 23.7 | 22.3 |
| Net Profit | 32.1 | 17.5 | 16.6 |
| Operating Margin | 10.6% | 9.0% | 9.9% |
| Net Profit QoQ | +83.4% | ||
| Net Profit YoY | +93.4% | ||
| Adj. Profit QoQ | +104.1% | ||
| Adj. Profit YoY | +115.2% | ||
Key highlights
- Net profit increased by 93.4% year-on-year to ₹32.1 crore in Q2-27
- Revenue from operations rose 82.4% to ₹405 crore compared to ₹222 crore in Q2-26
- Operating margins expanded to 10.6%, up from 9.9% in the same quarter last year
- Board approved converting a ₹17 crore loan to subsidiary MEL Heavy Industries into equity
- Consolidated revenue for the first half of FY27 reached ₹663.81 crore
Sharp Expansion in Bottom Line and Revenue
Marine Electricals (India) reported a substantial expansion in its bottom line for the quarter ended September 30, 2026. Net profit reached ₹32.1 crore, marking a 93.4% increase over the ₹16.6 crore recorded in the same period last year. This growth was underpinned by a sharp surge in revenue from operations, which rose to ₹405 crore from ₹222 crore.
On a sequential basis, performance was equally strong, with net profit climbing 83.4% from ₹17.5 crore in the preceding June quarter. Operating margins also saw a positive shift, settling at 10.6% for the current quarter compared to 9.9% in the year-ago period.
Consolidated Segment Performance Breakdown
- The Industry segment led performance with a consolidated revenue contribution of ₹262.60 crore.
- Marine segment revenue stood at ₹142.05 crore, reflecting steady demand in new ship building services.
- Consolidated profit before tax for the quarter reached ₹43.08 crore, nearly doubling from ₹22.32 crore YoY.
- Total comprehensive income for the period, including foreign currency translation, was ₹32.52 crore.
- Basic earnings per share (EPS) for the quarter improved to ₹2.27, up from ₹1.20 in Q2 FY26.
Restructuring of MEL Heavy Industries Subsidiary
In a significant corporate move, the Board of Directors approved the conversion of existing financial facilities extended to its subsidiary, MEL Heavy Industries Private Limited. The transaction involves converting loans and current capital, up to an amount not exceeding ₹17 crore, into equity in one or more tranches. This subsidiary, formerly known as Narhari Engineering Works, was recently reconstituted from a partnership firm into a private limited company.
The conversion is designed to strengthen the subsidiary’s capital structure as the Group integrates its heavy engineering capabilities more closely with its primary electrical automation business.
Execution Milestone and FY27 Guidance
The quarterly performance aligns with the company's strategic ramp-up following the commissioning of its new Goa manufacturing facility on September 14, 2026. Management had previously issued guidance targeting total FY27 order inflows between ₹3,000 crore and ₹3,300 crore. The Goa plant is expected to reach its full planned capacity of 800 Power Termination Units annually by March 2027.
With a current market capitalization of ₹6,188.67 crore and a one-year return of 85.8%, the company continues to outpace sector growth averages, supported by increasing demand in both marine navigation and industrial power distribution segments.
| Date | Announcement | Amount |
|---|---|---|
| 02 Sep 2026 | Management guidance for FY27 order inflowsSource: youtube.com | – |
| 14 Aug 2026 | Unaudited consolidated financial results for Q1 FY27 (Revenue from operations)Source: kalkine.co.in | ₹259.16 Cr |
| 27 May 2026 | Audited consolidated financial results for Q4 FY26 (Revenue from operations)Source: tickertape.in | ₹277.48 Cr |
| 11 Feb 2026 | Unaudited consolidated financial results for Q3 FY26 (Revenue from operations)Source: indmoney.com | ₹210.23 Cr |
| 03 Nov 2025 | Unaudited consolidated financial results for Q2 FY26 (Revenue from operations)Source: NSE filing | ₹222.25 Cr |
| 12 Aug 2025 | Unaudited consolidated financial results for Q1 FY26 (Revenue from operations)Source: indmoney.com | ₹166.98 Cr |
What to watch next
- Full capacity ramp-up of the Goa manufacturing facility by March 2027
- Progress toward the FY27 order inflow target of ₹3,000 crore to ₹3,300 crore
- Execution of the ₹17 crore loan-to-equity conversion for MEL Heavy Industries
“Approved the conversion of the loan/current capital extended to MEL Heavy Industries Private Limited (formerly known as Narhari Engineering Works – Partnership Firm), a subsidiary of Marine Electricals (India) Limited, into equity, for an amount not exceeding ₹17 crore in one or more tranches.”
| Share price | ₹447.5 |
|---|---|
| Market capitalisation | ₹6,188.67 Cr |
| Revenue (annual) | ₹876.94 Cr |
| Net profit (annual) | ₹58.37 Cr |
| Revenue (latest quarter) | ₹259.16 Cr-6.60% vs previous quarter |
| Net profit (latest quarter) | ₹17.27 Cr-6.57% vs previous quarter |
| P/E (TTM) | 96.66×Sector 44.99× |
| Promoter holding | 65.19%-3.01% QoQ |
| FII holding | 2.08%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Marine Electricals (India) Limited announcing unaudited financial results for Q2 and H1 FY27. Market figures from a third-party data provider.
