”Marine Electricals: Riding the Waves of Expansion”
INTRODUCTION
Established in 1978, and since then serving the market in diversified areas like Navy & Coast Guard, Commercial Ship Building Yards, Industries and Commercial Establishments, Ports and Electric Vehicles. Marine Electricals is an integrated technical services provider in the fields of Electrical Automation, Power Electronics, Information and Communication Technology Solutions.
- Market Cap. : ₹ 2,885 Cr.
- Current Price. : ₹ 209
- Stock P/E. : 75.7
- Promoter holding : 68.4%
- ROCE. : 16.3 %
- ROE. : 11.6 %
Overview
1.BUSINESS OPERATIONS 
Marine Defence
Data Centres
EV charging
Shipping Industry.
-
Marine Defence:
The Indian Navy’s growing fleet and the push for indigenisation in shipbuilding have boosted Marine Electricals’ business. Their flagship products, such as Integrated Bridge Systems, NAVCOM systems, and Integrated Platform Management Systems (IPMS), are essential for naval and warship construction, forming a strong growth segment. -
Data centre and industry solutions:
With India’s demand for data centers increasing due to data localization and cloud adoption, Marine Electricals is a preferred partner, offering critical power solutions to major data center operators in India. The company is one of India’s largest LV and MV switchgear manufacturers. -
EV charging:
Marine Electricals, through its subsidiary Evigo Charge, is involved in pioneering next-gen EV charging solutions, catering to home, workplace, and fleet charging, as well as exploring opportunities in electric 2- and 3-wheeler charging markets. -
Maritime Safety & Security:
Marine Electricals is also investing in maritime domain awareness solutions, which include port management and vessel monitoring systems, ensuring maritime safety through advanced traffic monitoring technology. They have majority stake in xanatos marine a company into this segment.
2.MANUFACTURING FACILITIES:
The company has 8 manufacturing plants across Goa, Mumbai, Chennai and UAE & Italy.
Subsidiary & Associates:
-Company has 2 Indian Subsidiaries & 3 foreign subsidiaries. It has made investment in 75% of shares of Xanatos Marine Limited and acquired Xanatos Marine Limited as a subsidiary.
-The company is the largest partner of Schneider in india with 50% market share.
3.STRENGTHS
-The company is a nominated vendor for key government entities such as the Indian Navy, Coast Guard, and major shipyards (Mazagon Dock, Cochin Shipyard, etc.), providing credibility and preferential access .
-Strategic Joint Ventures: The Cummins MoU and MoD-aligned innovations enhance the company’s engineering credibility and defence-grade capabilities.
-Leadership in marine business with 50% market share in electrical segment
-High entry barrier in marine with service infra buit in all major ports
4.
Promoter Driven
Founded in 1978 and promoter-led by
Chairman and Executive Director (Vinay Uchil):
A seasoned leader with 29 years of experience driving growth in the Marine and Defence sectors, known for building alliances and expanding into new markets.
Managing Director (Venkatesh Uchil):
A highly professional with 22+ years of experience in Marine Electricals, skilled in marketing, production planning, and industry segments.
5.BUSINESS MODEL
-Product + Services: Combines in-house R&D and manufacturing (LV/MV panels, automation) with turnkey project execution.
-Revenue Mix: ~60‑70% from long-cycle marine/defence contracts; rest from faster industrial/commercial segment projects .
-After‑sales: AMC, remote monitoring, commissioning support through service centers.
6.ORDER BOOK
As of 2025, order book at ~₹612 crore with
59% to marine and 41% to industrial segment
In the last two months, from the earliest
5.71cr order from Navy for integrated bridge
60.44 cr order for Supply, Installation, Testing & commissioning of Power Distribution System
77.47 crores Excluding Taxes from Garden Reach Shipbuilders & Engineers Limited and Goa Shipyard Limited for Supply of Integrate Bridge Systems
4.97cr order from Mazagon dock for integrated bridge
24.74Cr (excluding taxes) from Digital Edge DC (India) Private Limited for the Supply, Installation, Testing and Commissioning of Power Distribution System for the BOM1 project
7.30 Cr (Excluding Taxes) from DC Development Noida Limited for supply, installation, testing and commissioning of power distribution system, the delivery shall be over a period of 5 months
30.50Cr (Excluding of Taxes) from Mazagon Dock Shipbuilders Limited for supply of electrical equipment and AMCS for MPV Project the delivery shall be over a period of 27 months
7.FINANCIAL PERFORMANCE
Marine Electricals (India) Limited Q4 FY25 Results:-
Revenue 250 cr vs 237 cr up by 5.76% YoY & up by 29.38% QoQ
PAT 13.51 cr vs 12.17 cr up by 10.92% YoY & up by 182% QoQ
8.
Growth Drivers
• Strong marine/defence pipeline, driven by government procurement and shipyard modernization.
• Expansion into industrial & commercial automation, including data centers, pharma, EV infrastructure.
• Continued penetration in renewables & EV, complementing core electrical capabilities.
• Promoter-led strategy and strategic technology tie-ups boost competitive positioning .
• Order momentum: ₹612 Cr backlog offers medium-term revenue visibility .
9.
Negatives / Risks
• High working capital intensity: NWC/OI ~33%, with delayed receivables (₹32 Cr overdue >180 days) .
• Contract execution risk: Marine orders are long-cycle; delays hurt revenues due to fixed-price nature .
• Currency/raw-material exposure: Imports account for ~20% of costs; modest hedging in place .
• Pending arbitration: ₹21.3 Cr payable to GE; provisioned ~₹16.8 Cr, appeals ongoing .
• Competitive tendering in both marine and industrial markets may limit pricing leverage .
Screener link:
(Marine Electricals (India) Ltd share price | About Marine Electric. | Key Insights - Screener)
Website link:
(https://www.marineelectricals.com/)
Investor presentation:
(https://www.marineelectricals.com/images/MEIL-Investor-Presentation-2024.pdf)
Disclaimer: Invested and biased