Marine Electricals (India) Ltd

NSE: MARINE · Capital goods / electrical equipment (naval & data-centre power distribution) · Data as of 06-Oct-2026, ~3:09 pm IST · Consolidated, ₹ crore unless stated

CMP

₹478 (+1.9% on day)

Market cap

₹6,688 cr (13.994 cr shares)

52-week range

₹150.86 (30-Mar-26) – ₹490 (06-Oct-26 intraday ATH)*

Listed

NSE Emerge 11-Oct-2018 @ ₹66; main board w.e.f. 02-Dec-2020

Index membership

Not verified — none found

MIDC Andheri (E), Mumbai

Founded

1978 (K.D. Uchil); Pvt Ltd Dec-2007; public 1-Aug-2018

Employees

709 permanent + 386 workers (BRSR, standalone); 711 (AR); 428 (Tracxn, Oct-24); “1,200+” group (IP)

Promoter

Uchil family / KDU Enterprises — 68.20% (Jun-26) → ~65.20% pro-forma

Credit rating

ICRA A-(Stable) / A2+ (23-Jul-2026)

Order book

₹2,073 cr (30-Jun-26), 2.4x FY26 revenue

Auditor

Saini Pati Shah & Co LLP (since 2018)

*Screener shows 52W high ₹488 (close basis); ₹490 is the 06-Oct intraday print (heard.md). One value — ₹490 intraday — used throughout.

What the company does. Mumbai-based systems integrator and OEM of electrical power-distribution, automation, navigation and communication systems. It began in 1978 making switchgear for the Indian Navy and today has two reporting segments: Marine (switchboards, IPMS, Integrated Bridge Systems, NAVCOM, UPS, converters for the Navy, Coast Guard and shipyards; ~50% naval share is a company claim) and Industry (LV/MV switchboards, Schneider Blokset panels, Power Train Units, busducts for data centres, semiconductor fabs and factories). It is “the largest partner of Schneider Electric in India” (Blokset licence since 2004). Since FY25 the growth engine has moved to data centres: Industry was 60% of Q1 FY27 revenue and ~66% of the ₹2,073 cr backlog.

Quick verdict scorecard

Business

Medium ↑

Naval moat durable; DC integrator moat thin

Management

Weak

Promoter-favouring RPTs, 5 CFOs, bulk sale

Financial

Medium

Growth strong; OCF/PAT 0.50x over 5 yrs

Valuation

Expensive

~103x P/E, 13.6x P/B on 13.0% RoE

Overall

Neutral

Good story, full price, open red flags

₹876.9 cr

FY26 revenue (+14.3%)

₹58.6 cr

FY26 PAT (+53.8%)

10.7%

EBITDA margin ex-OI (12.6% incl. OI)

13.0% / 18%

RoE / RoCE FY26

₹2,073 cr

Order book Jun-26 (+201% YoY)

−₹16.1 cr

FY26 operating cash flow

Reconciled headline figures (one value used in every tab)

Item	Value used	Alternatives seen	Basis
FY26 EBITDA	₹94 cr (10.7%) ex-OI; ₹110.8 cr incl. OI	₹94.5 cr (10.77%, AR); 12.4% on total income	Both shown; adjusted ~12.6% Est.
FY26 PAT	₹58.6 cr total	₹58.4 cr attributable	Company
Q1 FY27 revenue / PAT	₹259.2 cr / ₹17.5 cr	₹263.5 cr total income; ₹234 cr standalone; ₹17.27 cr to owners	Rev. from ops
FY26 RoE	13.0%	13.1% (Screener latest); 11.7% (company IP)	PAT / avg equity
TTM P/E	~103x (EPS ₹4.61)	~104x (TTM PAT ₹64.5 cr)	Screener basis
P/B	~13.6x (BVPS ₹35.2)	13.4x (Screener/heard)	FY26 book
EV/EBITDA	~62x (TTM ex-OI ~₹106 cr)	61x FY26 incl-OI; 72x FY26 ex-OI; 56x TTM incl-OI	See Tab 12
Order book Jun-26 mix	Industry ₹1,373.5 cr (66.3%) / D&M ₹699.4 cr	Deck rounds to 65/35	Computed
Orders filed since 1-Jul-26	₹1,871.6 cr (7 filings)	₹1,791 cr (heard), ₹1,398 cr (market)	Different windows — Tab 12
Promoter holding	68.20% Jun-26 → ~65.20% pro-forma	Sep-26 pattern due 21-Oct	Bulk deal 23-Sep-26
Credit rating	ICRA A-(Stable)/A2+ 23-Jul-26	BBB+/A2 (Apr-25) superseded	NSE intimation 24-Jul-26
Net cash FY26	~₹18 cr conservative	₹64 cr company-reported	Tab 6
Debtor days FY26	178 (Screener)	176 (company), 190 (closing incl. contract assets)	Denominator differences
RPT column convention	FY26 AR columns likely transposed — FY26 = column labelled “FY25” Est.	Literal reading shown alongside	BRSR purchases test, Tab 7

Freshness: market data 06-Oct-2026; financials to Q1 FY27 (Jun-26); shareholding to Jun-26 plus 23-Sep-26 bulk deal. Q2 FY27 results due mid-Nov-2026.

Analyst Notes

First-person read before the data Analyst View

What just happened. Marine Electricals has stopped being a sleepy naval switchboard supplier and become, in the market's eyes, an AI/data-centre power play. The order book went from ₹525 cr (Mar-25) to ₹1,254 cr (Mar-26) to ₹2,073 cr (Jun-26), and the company has filed another ₹1,871.6 cr of orders since 1-Jul-2026 — about 2.1x FY26 revenue in three months. Q1 FY27 revenue rose 55% and PAT 51%. The stock went from ₹150.86 on 30-Mar-2026 to ₹478 (~3.2x), with an intraday ATH of ₹490 today.

What the market is pricing. At ₹6,688 cr the stock trades at ~103x TTM earnings, 13.6x book and ~62x EV/EBITDA — 2.3x, 3.0x and 2.5x its own FY24–26 averages, and in line with ABB/Siemens/Quality Power on P/E despite a materially lower return on equity (13.0% vs 19–38% for the electrification peers). To grow into a 40x multiple by FY28 the company needs PAT of ~₹165 cr, i.e. ~2.8x FY26 in two years. The backlog makes revenue of ₹1,200–1,400 cr in FY27 plausible Est., but this is a 10–11% EBITDA integrator on Schneider hardware, not an IP owner.

The cash problem is the centre of the debate. Over FY22–26 the company reported ₹153 cr of PAT and generated ₹76 cr of operating cash (50%); cumulative FCF was −₹33 cr. Growth was funded by ₹161 cr of equity (warrants at ₹29.25 and a ₹205 preferential issue). FY26 OCF was −₹16 cr on ₹58.6 cr PAT; receivables are ~₹456 cr (178 days, 92% of net worth); ICRA says 18.3% of standalone receivables are older than 180 days. A 2.4x book with milestone/retention billing and new SITC/MEP scope will consume more working capital before it releases any — the ₹76.52 cr of unused preferential money being redirected to “order execution working capital” and the BG limit raised to ₹294.5 cr say the same thing.

Governance has moved from background to foreground. Three things matter. (1) 70% of MEL Shipyard was sold to the promoter brothers on 9-Jun-2026, at a consideration not found in any accessible filing, in the year India launched a ₹69,725 cr shipbuilding package. (2) On 23-Sep-2026 promoter holdco KDU Enterprises sold 42 lakh shares (3.0%) at ₹386.48 (₹162.3 cr), seven months after converting warrants at ₹205 — the governance input's “no promoter selling” is now out of date. SBI MF bought 11.55 lakh at ₹394.79, the first mutual fund on the register. (3) The FY26 Annual Report's related-party note appears to have its columns transposed: three KDU lines in the column labelled “FY26” exactly equal the FY25 Annual Report's FY25 figures (306.29 / 270.71 / 32.21 lakh), and the BRSR related-party purchase share (1.97% in FY26, 5.37% in FY25) is directionally consistent only with the column labelled “FY25” actually being FY26 (neither reading reproduces BRSR's ₹937 lakh exactly). On that reading the FY26 guarantee fee paid to KDU was ~₹7.4 cr (≈14% of standalone PAT), against ₹32.21 lakh in FY25, and total flows to KDU (rent, purchases, fee) were ~₹14 cr Est.. The company has not explained this, so it remains an open red flag.

What tempers my enthusiasm most. The order-book bridge does not add up: ₹1,254 cr + ₹784 cr inflow − ₹259 cr revenue = ₹1,779 cr, not the ₹2,073 cr reported — a ~₹294 cr gap with no earnings call at which to ask. There have been no con-calls for six quarters and no sell-side coverage. Add five CFOs since 2018, an Audit Committee that may have fallen below the Reg 18 minimum after 10-Jul-2026, Xanatos carried at ₹12.2 cr cost against negative net worth, and the picture is of a promoter-run company whose disclosure has not kept up with its market cap.

What amplifies it. The demand is real and documented in exchange filings with named counterparties (Princeton Digital, STT GDC, Digital Edge, Siemens for a hyperscaler, Web Werks, CtrlS, Adani, Micron, GRSE, Titagarh). ICRA upgraded to A-(Stable)/A2+ on 23-Jul-2026, its second upgrade in ~15 months (BBB+/A2 in Apr-2025; the Mar-2024 action reaffirmed the long-term BBB per ICRA's rationale title). Capacity is being added (Vadodara Apr-26; 160,000 sq ft Goa PTU plant Sep-26). The naval franchise (30+ DGQA approvals, 70 Navy ships in execution) is a durable floor.

Bottom line. Good business momentum, full price, open governance and cash questions. I would not chase at 103x; I would revisit on (a) Q2 FY27 showing positive OCF or falling debtor days, (b) a clean reconciliation of the order book and the KDU fee, (c) disclosure of the MEL Shipyard consideration, or (d) a de-rating toward 50–60x.

How the six cross-input conflicts were resolved

#	Conflict	Resolution
1	Governance input: “no promoter selling” vs bulk deal (narrative/heard)	Bulk deal treated as Fact (NSE bulk-deal data): KDU sold 42,00,000 @ ₹386.48 on 23-Sep-2026 (exchange date per heard.md; narrative says 24-Sep, the reporting date). Promoter 68.20% → ~65.20% pro-forma; KDU 47.45% → ~44.45%.
2	Rating: BBB+ (market.md), “A- early 2024” (heard.md)	Current = ICRA A-(Stable)/A2+, 23-Jul-2026. heard.md conflated the 2024 rationale with the Jul-26 ₹30 cr term-loan rating. BBB+/A2 (Apr-25) and BBB/A3+ are history.
3	Orders since 1-Jul: ₹1,398 / ₹1,791 / ₹1,872 cr	Master = narrative table, ₹1,871.6 cr. heard.md excludes ₹80.77 cr DXDC/Micron; market.md excludes ₹141.74 cr PDG (treated as overlap), ₹80.77 cr and ₹250.78 cr. Floor if ₹141.74 cr double-counted: ~₹1,730 cr. ₹43.5 cr is LOI only.
4	EBITDA definitions	Ex-OI ₹94 cr (10.7%) and incl-OI ₹110.8 cr both shown; ₹16.4 cr arbitration add-back Est.; net ~₹5.6 cr if FY25 provision reversal ran through P&L.
5	ICRA id 137124; 10x-inflated figures	Excluded (Micron Electricals; ₹ mn read as ₹ cr).
6	Order-book gap; KDU guarantee fee	Both shown as open red flags (Tabs 6, 7, 10, 12).

Business Deep-Dive

Sources: FY26/FY25 AR, Investor Presentation Aug-2026 (IP), ICRA, exchange filings

Defence & Marine products

Product / system	What it does / note
Main switchboards, section/distribution boards, power distribution panels, starter panels, battery chargers	Ship-wide power generation and distribution
Power generation & distribution packages; complete electrical installation packages	Turnkey shipboard fit-out (supply, install, test, commission) — strategic thrust per FY25/FY26 AR
Integrated Bridge System (IBS)	Radar, ECDIS, autopilot, conning and alarms in one console
NAVCOM; navigation radars	Representative of Sperry Marine (UK); in-house radar capitalised FY26 (₹1,264 lakh intangible, 10-yr life)
Navigation light control panels	COLREG light control and monitoring
Pump/motor/HVAC control panels; MCCs; shock-graded, low-noise motors and starters	Naval shock and acoustic grade auxiliaries
Naval LED light fittings	Shipboard lighting
Helo-starting rectifiers, converters, transformers, ACOS/HCOS, static frequency converters	400 Hz and special loads
Alarm & monitoring; fire/flood/aux machinery control; tank-level indication	Ship safety
IPMS; VME open-architecture automation incl. steering-gear and stabiliser control	Being extended to commercial vessels, autonomous craft, e-ferries
Ruggedised UPS and solid-state ATS	In series production
Wind/weather sensors; internal communication; integrated data distribution	Shipboard sensors and networks
Electric/battery propulsion, battery storage, shaft alternators	Ferries, cruise; battery-electric tugs under Green Port programme
Future products (IP)	Navy PMS, naval installation packages, batteries/BMS, shock-graded alternators, PMSM propulsion motors, degaussing, small autonomous vessels
Lifecycle services	Warranty, AMC, RRC, installation & commissioning, spares over 25–30-yr vessel life

Naval platforms supplied (IP): destroyers P-15/15A/15B (INS Mormugao); frigates P-16A, P-17A (INS Nilgiri, Taragiri), P-1135.6; P-28 ASW corvettes; 16 ASW-SWC (CSL/GRSE); indigenous submarine projects; INS Vikramaditya (supply/retrofit), INS Vikrant (IAC-1); ICGS Samar/Sankalp/Vishwast refurbishment; diving support vessels and FDN-III (HSL); survey vessels (GRSE). INS Viraat retrofit (2001). Commercial: bulk carriers, tankers, gas carriers, tugs, cruise vessels, ferries.

Ports / VTMS (TITAN) and other verticals

TITAN Sentinel (large ports) and TITAN AVIPS (small ports): IALA V-128 / G-1111 VTS integrating radar, AIS, CCTV, VHF, met sensors; software from Xanatos Marine (Canada) with full ToT. IP calls it “India's only indigenous VTMS”; Philippines VTMIS reference; first recent order Navayuga (Ramayapatnam Port, Oct-26).
Coastal surveillance; shore-conversion/shore-power (new Goa plant); port electrification; indigenous AIS base station (Maritime 3 Group heads of terms, 22-Sep-26); Danfoss India marine system-integrator partnership (2025).
Bijlify EV chargers (Evigo Charge): 3.3–240 kW AC/DC (X'Treme, Pro, Univ), OCPP, CPMS app; Pune Municipal Corporation PPP with 8-year right to charge (₹501.94 lakh intangible). FY26 turnover only ~₹4.2 cr.

Industry segment products

Product	What it does
MEcubE+ LV switchboard; MEcubE+ Drawout (patented per FY25 AR)	Type-tested LV main/sub distribution
MEcubE+ PDU / RPP	Rack/row-level data-centre distribution
MEpoweR+ MV switchgear; Ring-Air RMU	MV up to 33 kV; air-insulated RMUs
Schneider Blokset LV switchboards (licence since 2004)	Claims India's largest licensed Blokset builder; exclusive western-India Blokset maker
MEducT bus duct / busway	High-current distribution
Power Train Units — containerised, MEskiD skid, close-coupled	Pre-integrated MV-to-LV modules; Goa target 800/yr by Mar-27
Intelligent MCC / iPMC	Smart motor-control centres
MEconnecT+ EMS; IBMS	Energy management, building management
Hybrid solar + storage; legacy solar EPC	Marginal; legacy TN 50 MW EPC caused FY26 arbitration loss
Metro-rail electricals	Delhi Metro registered; MMRC, Pune Metro references
MEP general contracting (new)	First order: CtrlS (Oct-26, 6–8 months)

End-industries: data centres, semiconductors, auto/tyres, chemicals, FMCG, pharma, iron & steel, oil & gas, metro/infra, high-rise, hotels/hospitals, textiles.

How it makes it

Engineering: SLDs, type-tested platforms, IPMS/VME software
Sheet-metal enclosures (MEL Heavy Industries, Palghar, likely in-house fabrication Est.)
Copper busbar fabrication
Assembly of bought-out ACBs/MCCBs/relays (largely Schneider)
Wiring; PLC/SCADA/IPMS integration
FAT — DGQA/Navy inspection (₹399 lakh inspection charges FY26)
Dispatch, site installation & commissioning (₹669 lakh FY26), warranty, AMC

Revenue recognition: 99.6% “at a point in time” (₹74,317 of ₹74,642 lakh standalone) — a product/systems business, not percentage-of-completion EPC. Services 7.6% of standalone (₹5,647 lakh), 11.9% of consolidated revenue (₹10,410 lakh). BRSR: 100% NIC 2710.

Standalone cost intensity (₹ lakh)	FY25	FY26
Materials consumed	51,073 (72.9%)	53,160 (71.2%)
Employee cost	4,124	5,239 (7.0%)
Purchases	—	53,394
Liquidated damages	19	107

Facilities

#	Location	Ownership / note	Products
1	Mumbai — B/1 Udyog Sadan 3, MIDC Andheri (E); HQ, R&D	Owned (SBI mortgage); adjacent B-2, D-1, B-3 owned by promoter KDU and A-2 by Philins, likely leased (KDU rent ~₹342 lakh FY26 on the transposed-column reading; ₹306 lakh literal — see Tab 7)	Not disclosed
2	Goa — Plots 17 & 18, Verna Electronic City	Owned; SBI collateral	Not disclosed
3	Goa — Plots N-51, 52, 59, 60, Verna Ph IV	Owned; Kotak collateral	Not disclosed
4	Goa — Plots N-54 to 57, Verna Ph IV	Owned; Yes Bank collateral	Not disclosed
5	Goa — Shed A3, Survey 258/1-G, Loutulim	Not disclosed	Not disclosed
6	Navi Mumbai — Plot D/390, TTC MIDC Juinagar	Not disclosed	Not disclosed
7	Vadodara — GIDC Savli, Plot 627, ~51,000 sq ft	Leased; operational ~15-Apr-2026 (+25% assembly floor)	LV/MV switchboards, busducts
8	New Goa plant ~1,60,000 sq ft	Ops 14-Sep-26; inaugurated 21-Sep-26; capex not disclosed	DC PTUs (800/yr by Mar-27), shore-conversion
9	MEL Heavy Industries — Plot 3/B Shri Industrial Estate, Boisar–Palghar Rd; Gut 251 Plot 7, Kolgaon, Palghar	99% sub; ₹596 lakh Kotak TL for expansion	Motors, pump sets, panels

Plant-count conflict (unresolved): FY26 BRSR “6 national plants + 10 offices in 9 states”; FY25 AR “07+ plants”; IP “12+ manufacturing facilities” (group); press “sixth plant… first in Goa” (cannot be literal); TradeBrains/Sahi “five in Goa, one in Vadodara”. 28+ branch/service centres, 12 coastal. Goa: 200 kW rooftop solar, ETP. Standalone net PP&E only ₹3,217 lakh. Subsidiary sites: FZC (Sharjah SAIF Zone), STI (Italy), Marks Marine (Masjid Bunder, Ghatkopar), Xanatos (Kelowna, Canada), Singapore Pte.

Certifications, IP, people

Area	Detail
Management systems	ISO 9001:2015, 14001:2015, 45001:2018, 27001:2022
Defence	30+ DGQA-approved equipment types; nominated vendor to Navy, ICG, GSL, CSL, MDL, GRSE; Tier-1 (IP)
Class approvals	IRS/DNV/ABS/LR not found in AR/IP — unverified (a Substack cites IEC/DNV/BV/Lloyd's)
IP / brands	MEcubE+/MEpoweR+ (patent nos. undisclosed), radar, TITAN, MEconnecT+, MEducT, MEskiD, Bijlify; in-licensed Blokset (terms undisclosed)
R&D centres	Mumbai; Kochi (FY25); Bengaluru (FY26). Spend not quantified; RF-design PhD (ex-Aptiv) leads radar; 2 new products for FY26 sale
Leadership	CTO R&D Sridhar Srinivasan (ex-BEL, Samsung, Thales, e2V); CTO Industry Dr Milind Dalvi (35 yrs Schneider/Crompton); Semicon Imad Siddiqui (ex-Schneider/L&T); SVP Mktg Deepak Vaidya (ex-Schneider); COO Marine Cdr Rajiv Malhotra; Capt Kamal Yadav (commercial marine); GM Procurement Stella D'Souza

Export footprint (₹ lakh)

Outside-India revenue	FY24	FY25	FY26	Chg
Standalone incl. deemed exports (AR)	3,851	8,101	4,761	−41.2%
— deemed exports	n.a.	5,252	1,305	−75.2%
Consolidated	10,551	12,683	9,480	−25.3%
Standalone exports per financials input (FY25 DR)	5,040	3,850	—	conflict

Conflict: financials input gives standalone exports ₹38.5 cr (FY25) vs ₹50.4 cr (FY24); the AR table gives ₹38.5 cr for FY24 and ₹81.0 cr for FY25 — likely a year mislabel in the directors'-report scrape; AR table used. BRSR export share 4.63% = direct exports only.

Foreign customers: Bangladesh Navy, Colombo Dockyard, HEISCO (Kuwait), Grandweld (UAE), Zamil (Saudi), C Torq Marine (UAE), Philippines VTMIS. Subsidiaries: UAE FZC ₹4,970 lakh (+53%), Italy STI ₹4,796 lakh (+17%), Canada ₹8.8 lakh, Singapore new. Watch: promoter-linked KDU Marine Equipment Trading LLC (UAE) — see Tab 7.

History: 1978 proprietary concern → 1998 switchgear supplier → 2000 first Verna plant → 2001 INS Viraat retrofit → 2003 UAE exports → 2004 McGeoch JV / 2004–05 Schneider Blokset → 2007 AEC → 2010 Narhari, FZC → 2014 Sperry reseller → 2016 STI 75% → 2017 Eltech, NLC solar EPC → 2018 third Goa plant, SME IPO → 2020 main board → 2023 Xanatos → 2025 Danfoss → 2026 Vadodara, Goa PTU plant.

Segment Analysis

Marine = shipbuilding + all subsidiaries; Industry = LV/MV for DCs, industry, buildings. Only segment EBIT/PBIT disclosed; segment assets not reviewed by CODM.

Consolidated segments (₹ cr, IP / AR note)

	FY23	FY24	FY25	FY26	FY26 YoY	3-yr CAGR
Marine revenue	249.7	354.2	396.1	464.2	+17.2%	22.9%
Industry revenue	193.2	267.9	371.0	412.8	+11.3%	28.8%
Total	442.9	622.1	767.1	877.0	+14.3%	25.6%
Marine EBIT	18.8	27.0	28.3	40.0	+41.3%
Industry EBIT	12.1	15.0	25.0	40.0	+60.0%
Marine EBIT margin	7.5%	7.6%	7.1%	8.6%
Industry EBIT margin	6.3%	5.6%	6.7%	9.7%

Standalone segments (₹ lakh, AR)

	FY24	FY25	FY26	FY25 YoY	FY26 YoY
Marine revenue	26,579	32,955	33,417	+24.0%	+1.4%
Industry revenue	26,793	37,104	41,277	+38.5%	+11.2%
Total	53,373	70,058	74,694	+31.3%	+6.6%
Industry share	50.2%	53.0%	55.3%
Marine PBIT	2,611	2,611	3,208	0.0%	+22.9%
Industry PBIT	1,495	2,495	3,998	+66.9%	+60.2%
Marine PBIT margin	9.8%	7.9%	9.6%
Industry PBIT margin	5.6%	6.7%	9.7%

Consolidated Marine exceeds standalone by ~₹130 cr: subsidiaries. Standalone revenue FY22–26 (₹ lakh): 32,289 / 39,127 / 53,373 / 70,058 / 74,694 (CAGR 23.3%); PBIDT 3,169 / 4,111 / 5,491 / 7,690 / 9,833. Narrative input quotes FY25/FY26 standalone Marine ₹329.5/₹334.2 cr (AR table above ₹329.6/₹334.2 cr).

Subsidiary turnover (₹ lakh)	FY25	FY26
MEL Power Systems FZC (UAE)	3,245	4,970
STI SRL (Italy)	4,109	4,796
Narhari / MEL Heavy	2,186	2,796
Marks Marine Radio	—	588 (part-year)
Evigo Charge	368	415
Eltech	—	232

Q1 history (₹ cr, IP)

	Q1 FY23	Q1 FY24	Q1 FY25	Q1 FY26	Q1 FY27	YoY
Industry revenue	31	43	78	88	156	+77%
Marine revenue	52	58	61	79	103	+30%
Industry EBIT	1	5	5	9	14 (9.0%)*	+56%
Marine EBIT	3	3	5	6	9 (8.7%)	+50%

*One proxy extraction of the deck shows Industry EBIT ₹23 cr (14.7%); ₹14 cr (Multibagg) used; unresolved.

Fastest grower — Industry/data centres. Q1 FY27 +77%; 3-yr CAGR 28.8%; backlog 3.3x in FY26 and 5.7x by Jun-26 vs Mar-25; EBIT margin 5.6% → 9.7% (FY24–26). Industry ≥50% of standalone since FY24.

Under pressure — standalone Marine and exports. Standalone Marine +1.4% in FY26 (programme timing); exports −41%; deemed exports −75%. Q1 FY27 Marine +30% and D&M backlog ₹699 cr (+51% vs Mar-26) suggest cyclical, not structural. Group gross margin −3.4 pts YoY in Q1 FY27 (32.3% → 28.9%).

Management focus: “structural hyper-growth” in data centres; “electrical infrastructure partner for high density, uptime critical environments”; naval pipeline ₹2.35 lakh cr to 2035; semiconductors, ports/VTMS, AIS, EV (little traction).

Financials — P&L

Consolidated. EBITDA = Screener operating profit (ex-other income) unless stated.

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue from operations	376.3	442.9	622.1	767.1	876.9	969.1
YoY growth	+50%	+18%	+40%	+23%	+14%	—
Gross profit	92.2	111.8	150.0	206.7	253.4	279.3
Gross margin (stockanalysis)	24.5%	25.3%	24.1%	26.9%	28.9%	28.8%
Gross margin (company IP)	—	—	25.3%	28.6%	30.7%	—
Employee cost	—	—	—	57	70.6	—
EBITDA ex-OI	32	39	52	69	94	~106
EBITDA margin ex-OI	8.5%	8.8%	8.4%	9.0%	10.7%	~10.9%
EBITDA incl. OI (company)	—	—	~59	82.1	110.8	~121
Other income	4	5	7	13	15	15
D&A	9	8	10	16	15	16
EBIT (PBT + interest)	26	35	48	66	95	~103
Finance cost (incl. BG charges)	7	10	12	14	19	19
PBT	19	25	36	52	76	84
Tax rate	32%	33%	29%	27%	23%	~23%
PAT (reported)	13.0	17.0	25.9	38.4	58.6	~64
PAT margin	3.4%	3.8%	4.2%	5.0%	6.7%	6.6%
EPS diluted (₹)	1.06	1.36	2.02	2.81	4.22	4.61
DPS (₹)	—	—	0.20	0.30	0.30	—

Revenue CAGR FY22–26 23.6% (Screener 5-yr 28% from Covid-hit FY21 ₹251 cr); PAT CAGR ~46%. FY25 PAT is 38.4 (stockanalysis, this table) vs 38.1 (Screener/company, standalone-vs-consolidated table); the headline “+53.8%” FY26 PAT growth uses 38.1 (company basis) — on 38.4 it is +52.6%. History: FY19 ₹400 cr, FY20 ₹263 cr, FY21 ₹251 cr; pre-FY22 OPM 6–11%. FY26 PAT ₹58.4 cr attributable. Minority interest 7.0/6.4/4.8/4.3/8.8. Headcount 428 (Tracxn, Oct-24).

Revenue (bars, ₹ cr) and EBITDA margin ex-OI (line, %)

Last 9 quarters

Quarter	Revenue	EBITDA	OPM	PAT	Rev YoY	Rev QoQ	EBITDA YoY	PAT YoY	PAT QoQ
Q1 FY25 (Jun-24)	138.5	13	10%	7.1	+37%	−42%	+30%	+78%	−41%
Q2 FY25 (Sep-24)	184.1	21	11.4%	12.7	+34%	+33%	+110%	~+150%	+78%
Q3 FY25 (Dec-24)	193.8	11	5.7%	5.2	+32%	+5%	~0%	~0%	−59%
Q4 FY25 (Mar-25)	250.7	22	8.8%	13.4	+6%	+29%	+10%	~+12%	+158%
Q1 FY26 (Jun-25)	167.0	17	10.2%	11.6	+21%	−33%	+31%	+63%	−13%
Q2 FY26 (Sep-25)	222.2	26	11.7%	16.5	+21%	+33%	+24%	+30%	+42%
Q3 FY26 (Dec-25)	210.2	20.1	9.6%	11.8	+8%	−5%	+83%	+127%	−29%
Q4 FY26 (Mar-26)	277.5	31.5	11.4%	18.5	+11%	+32%	+43%	+38%	+57%
Q1 FY27 (Jun-26)	259.2	~28	10.8%	17.5	+55%	−7%	+65%	+51%	−6%

Q2/Q3 FY26 PAT = 16.5/11.8 (financials & narrative inputs; business input's 11.8/16.5 ordering is a transposition). EPS Q1 FY27 ₹1.23 vs ₹0.84. Company incl-OI EBITDA: Q4 FY26 ₹35.0 cr (+34% YoY); Q1 FY27 ₹32.5 cr (12.3%) vs ₹22.1 cr (12.8%); Q1 FY27 EBIT ₹27.9 cr vs ₹18.6 cr. Standalone Q1 FY27: revenue ₹234 cr, OP ₹25 cr (10%), PAT ₹17 cr (EPS ₹1.20).

Quarterly revenue (₹ cr)

EBITDA definitions and one-offs

Measure	FY25	FY26	Q1 FY27	Label
Operating EBITDA ex-OI (AR basis)	68.7 (8.96%)	94.5 (10.77%)	~28 (10.8%)	Fact
Company EBITDA incl. other income	82.1	110.8 (12.6% of rev; 12.4% of total income)	32.5 (12.3% of TI; Q1 FY26 22.1, 12.8%)	Fact
Arbitration charge in opex	10.78 provision	16.41 expense	—	Fact
Adjusted EBITDA ex-OI (add back)	~79.5 (10.4%)	~110.9 (~12.6%)	—	Est.
Alt.: net one-off if ₹10.78 cr provision reversal ran through P&L	—	~5.6 net → ~100 (~11.4%)	—	Est.
Underlying PBT if ₹16.4 cr inside PBT	—	~92 vs 76 reported	—	Est.

Margin drivers: gross margin +440 bps FY24–26 on DC/defence mix; partly offset by employee cost +24% (₹70.6 cr). Q1 FY27 gross margin fell (27.7% stockanalysis; 28.9% vs 32.3% company) on lower-margin industrial/DC execution; incl-OI EBITDA margin −50 bps YoY on +55% revenue.
Tax fell 32–33% → 23% (fewer loss-making subs; new regime, standalone ~24–25%); Q4 FY26 ~17%.
Other income ~₹15 cr = ~20% of PBT, treasury income on ~₹85 cr parked proceeds — non-recurring once deployed.
Q4 FY26 finance cost spike to ₹7.54 cr vs ~₹4 cr run-rate; back to ₹4 cr in Q1 FY27; possibly arbitration interest — unexplained. Q2 FY26 interest ₹3.86 cr.
Q3 FY25 weak: OPM 5.7%, tax 40%, PAT ₹5.2 cr (subsidiary losses / overruns; standalone OPM 8%). Q3 FY26 margin dip ~200 bps attributed to timing.
Seasonality: Q4 = 30–38% of annual revenue; Q1 FY27 broke the pattern at 93% of preceding Q4.
Earnings quality: PAT not backed by cash — see Tab 6. Organic growth; acquisitions immaterial.

Standalone vs consolidated (₹ cr)	FY22	FY23	FY24	FY25	FY26	Q1 FY27
Revenue (S)	323	391	534	701	747	234
Revenue (C)	376	443	622	767	877	259
Implied subsidiary revenue	~53	~52	~88	~66	~130	~25
OPM (S)	8%	9%	9%	9%	11%	10%
PAT (S)	12.4	19.6	28.4	41.0	52.9	16.8
PAT (C)	13.0	17.0	25.8	38.1	58.6	17.5
C − S PAT	+0.6	−2.6	−2.6	−2.9	+5.7	+0.7
Debt (S)	29	55	76	34	61	—
OCF (S)	38	−6	1	46	−29	—

Balance Sheet, Cash Flow & Ratios

₹ cr (31-Mar)	FY22	FY23	FY24	FY25	FY26
Net PP&E	39.8	37.7	46.2	54.7	64.5
Other intangibles	6.1	15.4	21.3	24.1	35.0
CWIP	2	0	6	16	19
Goodwill	0	7.8	7.8	7.8	8.0
Inventory	79.1	63.8	92.3	78.9	85.2
Trade receivables (incl. contract assets)	189.1	245.2	333.2	357.2	456.1
Cash + ST investments	1.4	3.3	7.8	103.5	107.0
Trade payables	123.2	145.5	214.6	196.9	228.6
Short-term debt	26.5	36.6	65.3	25.7	60.5
Long-term debt	4.4	22.2	26.5	20.8	19.9
Total debt (incl. leases)	36.6	65.7	97.0	55.2	88.6
Net debt / (net cash)	35.2	62.4	89.3	(48.4)	(18.4)
Net worth (ex-MI)	175	208	251	404	493
Total assets	373	466	616	725	890
BVPS (₹)	14.2	16.5	18.9	29.3	35.2

Data conflicts on FY26 balance sheet. Receivables: ₹456.1 cr (stockanalysis, incl. contract assets) vs ₹427.7 cr AR consolidated trade receivables (+₹98.1 cr) vs standalone ₹375.4 cr (gross ₹379.56 cr, ECL ₹4.16 cr, doubled from ₹2.1 cr). Borrowings: ₹88.6 cr incl. leases vs ₹84.2 cr AR (₹55.2 cr floating). Net cash: ₹18 cr computed vs ₹64 cr company (likely includes BG-margin deposits; ₹94.1 cr in Yes Bank FDs per monitoring agency). Receivables = 92% of net worth, 51% of assets. Goodwill from FY23 acquisitions; intangibles 6 → 35 cr (radar, PMC EV right, TITAN).

Cash flow and PAT-to-OCF reconciliation

₹ cr	FY22	FY23	FY24	FY25	FY26	5-yr
PAT	13.0	17.0	25.9	38.4	58.4	152.7
D&A	9.2	7.8	9.6	12.4	13.4	52.4
Change in working capital	+15.8	−39.8	−61.3	−15.8	−100.3	−201.4
OCF	46.6	−2.8	−7.4	55.4	−16.1	75.7
Capex	(11.9)	(23.0)	(24.2)	(21.8)	(28.3)	(109.2)
FCF	34.7	−25.7	−31.5	33.7	−44.3	−33.1
Acquisitions	—	(4.8)	—	—	+0.4
Equity issued	—	10.7	13.9	105.3	30.8	160.7
Net debt raised/(repaid)	(21.7)	24.8	29.9	(47.4)	29.8	15.4
Dividends	(2.4)	—	—	(2.6)	(4.1)	(9.2)
Investing CF (incl. treasury)	(18.3)	(27.0)	(21.0)	(95.3)	(17.2)
Financing CF	(31.2)	31.3	31.9	51.7	37.1
OCF / PAT	3.6x	neg	neg	1.44x	neg	0.50x
OCF / EBITDA	146%	−7%	−14%	80%	−17%	~27%
FCF yield (FY-end mcap)	9.2%	−5.8%	−2.8%	1.6%	−2.1%	FY26 on ₹6,688 cr: −0.7%

Screener's consolidated CF columns are mislabeled by two years; stockanalysis used. FY26 WC build ~₹100 cr: receivables +₹99 cr, inventory +₹6 cr, payables +₹32 cr. FY22 cash came from Covid-era collections (debtor days 252 → 167). Standalone OCF FY22–26 cumulative ₹50 cr ≈ 32% of standalone PAT (~₹154 cr). Dr Vijay Malik (FY16–25): cumulative PAT ₹157 cr vs CFO ₹108 cr; capex ₹126 cr > CFO.

PAT (black) vs OCF (gold / red if negative), ₹ cr

Working capital

Days	FY22	FY23	FY24	FY25	FY26
Debtor days (Screener)	167	186	186	157	178
Inventory days (COGS)	102	71	72	52	50
Creditor days (COGS)	159	161	167	129	135
Cash conversion cycle	110	96	91	80	93
WC days (Screener)	108	95	79	129	104
Debtor days closing incl. contract assets	183	202	196	170	190
CCC closing basis	127	111	101	93	106
Debtor days standalone	135	163	179	150	183
CCC standalone	100	88	85	76	91

Company FY26 (on sales): debtors 176, inventory 35, creditors 94, WC 117 days (FY25: 100). Pre-FY22 debtor days peaked 235–252. ICRA ageing: >180 days ₹23.1 cr (13%, Sep-23) → ₹69.3 cr (18.3%) standalone (Jul-26 rationale); 6–12m ₹37.8 cr, 1–2 yrs ₹22.8 cr, >2 yrs ₹8.7 cr; >3 yrs ₹25 cr consolidated; NWC/OI ~35%.

Ratios

Ratio	FY22	FY23	FY24	FY25	FY26
RoE (Screener latest 13.1%; company 11.7%)	7.7%	8.9%	11.3%	11.7%	13.0%
RoCE (company FY26 16.4%)	12%	14%	15%	16%	18%
ROIC	12.8%	13.0%	15.2%	12.7%	15.2%
D/E	0.21	0.32	0.39	0.14	0.18
Net debt / equity	0.20	0.30	0.36	(0.12)	(0.04)
Debt / EBITDA	1.1x	1.7x	1.9x	0.8x	0.9x
EBIT / interest	3.7x	3.5x	4.0x	4.7x	5.0x
EBITDA / interest	4.6x	3.9x	4.3x	4.9x	4.9x
Current ratio	1.65	1.60	1.48	2.14	2.12
Quick ratio	0.99	1.07	1.03	1.61	1.57
Asset turnover	1.00x	1.06x	1.15x	1.14x	1.09x
Fixed-asset turnover	9.5x	11.7x	13.5x	14.0x	13.6x
Inventory turnover	3.6x	4.6x	6.1x	6.6x	7.6x
Dividend payout	0%	0%	~10%	~11%	~7%

RoE held down by equity raises (FY25 preferential +~₹105 cr). FY21 payout ~19%.

Debt, lenders and rating

ICRA limits (23-Jul-2026, ₹419.5 cr)	₹ cr	Rating	Action
Fund-based cash credit (enhanced)	73.00	A-(Stable)	Up from BBB+(Stable)
Non-fund-based bank guarantee (enhanced)	294.50	A2+	Up from A2
Unallocated LT/ST	22.00	A-(Stable)/A2+	Upgraded
Term loan (assigned)	30.00	A-(Stable)	New

Lender (MCA charges, 26 in all, >₹388 cr)	Charge	Created	Status
Yes Bank	₹75 cr	8-Oct-2024	Open
Kotak Mahindra Bank	₹75 cr	27-Sep-2023	Open
Union Bank of India	₹0.59 cr	29-Sep-2025	Open
Bank of Baroda	₹0.14 cr	16-Oct-2025	Open
HDFC / IndusInd / Mercedes-Benz Fin / Kotak Prime	₹0.06–1.2 cr	2022–25	Vehicle/equipment
State Bank of India	₹90.8 cr	Dec-2007	Historical consortium; ICRA lists SBI, Yes, IndusInd, Kotak

FY26 debt mix: ST/WC ₹60.5 cr (68%), term ₹19.9 cr (22%), leases ~₹8.2 cr (9%). CC utilisation ~80% (60.5/73). ~70% of limits are BGs. No hedging policy beyond EEFC. Interest includes BG commission (₹14.08 cr FY25 vs ₹12.38 cr FY24). Preferential loan-repayment allocation ₹25 → ₹12.47 cr. ICRA capex guide ₹25–50 cr in FY27 and FY28; upgrade trigger: interest cover >4.5x with better WC. Repayment schedule not available.

Rating trail (ICRA only)	Rating	Note
Jan-2020/21/22	Jan-22: BBB(Stable)/A3+ upgraded (governance input)	Earlier levels not extracted
28-Nov-2022 / 5-Jan-2023	Review	Not extracted
28-Mar-2024	Long-term BBB(Stable) reaffirmed; A3+	ICRA rationale (id 126638) is titled “Ratings reaffirmed and …” (title truncated in retrieval) — supports the governance input's “reaffirmed” over the financials input's “upgraded” (reviewer web check); ₹200 cr; OB ~₹540 cr (Dec-23)
14-Aug-2024	Review	Monitoring of preferential issue
25-Apr-2025	BBB+(Stable)/A2 upgraded	Superseded
3-Nov-2025	Filing	Content not extracted
23-Jul-2026	A-(Stable)/A2+ upgraded — CURRENT	₹419.5 cr; NSE 24-Jul-26

No CRISIL/CARE/India Ratings rating found. Drivers: + naval position, order book, net worth, low debt; − stretched receivables, WC intensity, shipyard concentration, small scale, fixed-price, no hedging.

Equity dilution and share count

Date	Event	Shares	₹/sh	Shares after
Mar-2012	Bonus 3:1 (pre-IPO); Sep-2017 placement @ ₹58 (FV10)	—	—	—
Oct-2018	SME IPO 28-Sep–3-Oct, fresh issue ₹42.87 cr, 1.05x subscribed, Aryaman Financial / Bigshare; promoter avg cost ₹2.50–5.14	64,96,000	66	2,45,33,050 (FV10)
Feb-2021	Split FV10 → FV2 (ex 18-Feb, record 22-Feb)	×5	—	12,26,65,250
30-Sep-2022	1 cr warrants (KDU 20 lakh)	—	29.25	—
FY23	Conversions (incl. 16.5 lakh on 6-Mar-23)	36,50,000	29.25	12,63,15,250
FY24	Balance conversions (11 lakh 2-Oct-23; 6 lakh 24-Nov-23)	63,50,000	29.25	13,26,65,250
10-Sep-2024	Preferential (EGM 17-Aug-24): equity to 163 non-promoters + 20 lakh warrants (KDU 10, Aptrans 5, B N Mittal 5); cut from ₹213.76 cr to ₹149.22 cr	52,79,160	205	13,79,44,410
23-Dec-2025	KDU warrant conversion	3,50,000	205	13,82,94,410
25-Feb-2026	Conversion (KDU 6.5 lakh, Aptrans 5, Mittal 5) — all warrants converted	16,50,000	205	13,99,44,410

Shares outstanding (crore) — +14.1% FY22–26

Preferential proceeds (₹ cr)	Original	1st revision	Status / 2nd variation
Working capital	100.76	77.29	₹20.77 cr used by Mar-26; ₹56.52 cr unused
Loan repayment	25.00	12.47	Fully used
Strategic acquisitions	35.00	20.00	0% used
General corporate purposes	53.00	36.57	Fully used
Total	213.76	146.33	₹76.52 cr → order-execution WC (board 14-Aug-26; AGM Res. 6, 30-Sep-26; vote not retrieved)

No ESOPs, buybacks or outstanding warrants. Authorised capital ₹30 cr (15 cr shares) — headroom ~1.0 cr shares (7%); an increase would be a lead indicator of a QIP/preferential. Monitoring agency (ICRA) report 14-May-26: “no material deviation”. Contingent liabilities: see Tab 7.

Management, Promoters & Governance

Desk view: Moderate-to-high concern — operating business real, promoter-favouring transactions recur

Promoter	Role	Education	Background / holding
Vinay K. Uchil (DIN 01276871), ~55	Chairman & ED to 31-Jul-2027	B.E. Instrumentation; PGDBA NMIMS	Joined 1995; Marine & Defence, finance. Bought Athmar (₹50,000) and 70% MEL Shipyard. 10,95,823 sh (0.78%). Chairs CSR, RMC; NRC and GPC member. ₹2.04 lakh open-market buy 16-Mar-24
Venkatesh K. Uchil (DIN 01282671), ~48	MD (director since 3-Dec-2007) to 31-Jul-2027; retired by rotation, re-appointment put to 19th AGM (vote result not retrieved)	B.E. E&TC; PGDFBM S.P. Jain	Joined 2002; opened DCs, metro, pharma; EViGO. 2,77,78,045 sh (19.85%). Sits on Audit Committee
Dr Tanuja D. Pudhierkar (DIN 08190742)	Non-exec non-independent	MBBS, MD (Ob-Gyn)	Gynaecologist (KEM, Wadia, Cooper); no industry background; 1,000 sh; 3/4 meetings; relationship reported inconsistently (sister per CG report)
KDU Enterprises Pvt Ltd (CIN U31401MH1982PTC027850)	Promoter holdco (since 1982)	—	6,64,06,875 sh (47.45%) → ~6,22,06,875 (~44.45%) after 23-Sep-26 sale. Also supplier, landlord (₹2.88 cr deposits), loan guarantor for a fee. Ceased “holding company” 21-Feb-2024. Paid-up ₹3.07 cr

Other promoter-group entities: Philins Industrial Corporation (partnership; landlord, guarantor), DKM Precision Engineers (partnership), Switch N Control Gears (switchgear-named; overlap), Mcgeoch Marine Electricals (ex-UK JV), KDU Marine Equipment Trading & Maintenance LLC (UAE; same geography as FZC — channel-conflict question), KDU Worldwide Middle East Marine Services LLC (sales ₹6.25 lakh FY25), KDU Worldwide Technical Services Ghana (₹5.81 lakh written off FY22).

Remuneration: Vinay and Venkatesh ₹85 lakh each FY26 (0% increase per AR); snippets cite ₹90 lakh from 1-Aug-25; narrative input says MD pay +20% vs median +11.5% — conflict, unresolved. FY18–19 ₹48 lakh each. KMP total ₹266.81 lakh (FY25 ₹264.32; FY24 ₹244.15). AR pay ratio 1.7x vs ~13x computed (median ₹6.5 lakh) — disclosure error. Promoter pay ~3% of standalone PAT; economic flows run mainly via rent, fees, purchases and asset transfers.

Key management and board

Person	Role	Background / note
Shailendra K. Shukla (08049885), ~58	Executive Director (ED from 30-Jun-2022)	B.E.; weapon-control PG (INS Valsura); MBA NMIMS; ~30 yrs maritime/defence; 4/4
Sunil Kumar Dalmia	CFO since 16-Jan-2025	CA, SRCC; 30+ yrs; prior employers not named; pay 2.93x median, +12%
Deep V. Shah (ACS 61488)	CS since 14-Feb-2024	Replaced Mitali Ambre (resigned 13-Dec-2023); +20%
Rajeev Malhotra; Milind Dalvi; Sridhar S	COO (since Mar-2017); CTO; CTO R&D	Sridhar highest paid ₹45.61 lakh
Adm. Nikunj K. Mishra, ~68	ID, NRC Chair, since Jul-2018 (term ~2028)	34 yrs Navy; ~4 yrs CMD Hindustan Shipyard; M.Tech IIT-B; Nao Sena Medal; 4/4
Vikas M. Jaywant, ~66	ID, 23-Feb-2020; to 22-Feb-2028	20+ yrs Schneider; Crompton; Oasys Energy; 4/4
Venkata Archana Rajagopalan, ~52	ID (woman), Feb-2021	CA, CISA; Hiranandani; IXCFO; 4/4
Shanmugam Nagarajan (11881663), 66	Addl. ID 10-Aug-2026 to 9-Aug-2029	20 yrs Schneider incl. DCs; no shares
Madan G. Pendse (07650301)	Ex-ID, Audit & SRC Chair — ceased 10-Jul-2026	28 yrs Mazagon Dock F&A; 5 boards
Mohan Rao (02592294), ~75	Ex-ID — ceased 29-May-2026	Ex-National Shipping Board; 3/4

CFO	Tenure
Rohit Shetty	3-Aug-2018 – 19-Oct-2019 (“personal reasons”)
Aditya Desai	14-Nov-2019 – 24-Jun-2020
Namita Sethia	30-Jul-2020 – 30-Jul-2022
U.M. Bhakthavalsalan	4-Aug-2022 – 16-Jan-2025
Sunil Kumar Dalmia	16-Jan-2025 –

Board compliance. 8 directors, 4 independent (50%) — exactly at Reg 17 floor (executive promoter chair). 10-Jul to 10-Aug-2026: 3 of 7 (43%), likely within Reg 25(6) 3-month window. Audit Committee: after Pendse left, disclosed members were Jaywant + Venkatesh Uchil only (Reg 18 needs 3, two-thirds independent, independent chair); 14-Jul filing reconstituted NRC/SRC/RMC only and still named Pendse as SRC chair. Composition at the ~14-Aug results meeting not found — verify. General Purpose Committee (two promoter brothers) met 19 times; board met 4 times (27-May, 12-Aug, 3-Nov-25, 11-Feb-26). NRC met once; IDs met 23 and 31-Mar-26. Two of four IDs are ex-Schneider. Sitting fees ₹7.35 lakh total.

Shareholding

Quarter	Promoter	FII	DII	MF	Public	Holders
Jun-2024	71.17	0.15	0.11	0	28.56	55,983
Sep-2024	71.17	0.25	0.08	0	28.50	83,799
Dec-2024	68.45	0.96	0.04	0	30.56	89,628
Mar-2025	68.45	0.15	0.04	0	31.35	93,629
Jun-2025	68.45	0.08	0.07	0	31.40	96,332
Sep-2025	68.46	0.18	0.12	0	31.24	94,688
Dec-2025	68.54	0.65	0.12	0	30.69	89,679
Mar-2026	68.20	0.59	0.34	0	30.87	89,030
Jun-2026	68.20	1.12	0.41	0	30.27	86,580
Sep-2026 pro-forma (not filed; due 21-Oct)	~65.20	?	~1.2+	~0.83	~32–33	—

Earlier: 73.52% (FY19–22), 74.46% (Mar-23), 73.84% (Sep-23), 71.98% (Mar-24). Retail <₹2 lakh 20.47% (Jun-26) vs 21.79% (Sep-25). 10 FIIs; none >1%. Holders of 1,00,001+ shares own 77.8%. Locked-in 10,00,000 (1.05% of promoter holding; ~0.71% of equity). Pledge: nil (Reg 31(4), 7/8-Apr-2026). INDmoney “promoter −5.32%” disregarded.

Promoter holding %, Mar-23 → Sep-26 pro-forma

Promoter-wise	Jun-26 shares	%	Pro-forma %
KDU Enterprises	6,64,06,875	47.45	~44.45
Venkatesh K. Uchil	2,77,78,045	19.85	19.85
Vinay K. Uchil	10,95,823	0.78	0.78
Tanuja Pudhierkar	1,000	~0	~0
Others (incl. Reshma Uchil 0.11%)	~1.55 lakh	~0.11	~0.11
Total promoter	9,54,36,713	68.20	~65.20

Insider / SAST / bulk deals

Date	Party	Action	Qty	Price / note
15-Dec-2021	(Trendlyne history)	Bulk deal	7,00,019	₹40.31 (~₹2.8 cr)
30-Sep/4-Oct-2022	KDU	Warrants (preferential)	20,00,000	₹29.25; 25% upfront ~₹1.46 cr
16-Mar-2024	Vinay Uchil	Open-market buy	2,300	₹88.80
21-Aug-2024	Ravi Raj Singh Rajput (designated person)	Sale	7,510	₹261.10 (₹19.61 lakh)
10/12-Sep-2024	KDU	Warrants	10,00,000	₹205; upfront ~₹5.1 cr (Trendlyne “₹51.25 cr” is a units error)
23-Dec-2025	KDU	Conversion (Trendlyne mislabels as sale; SAST 26/31-Dec)	3,50,000	Balance ₹153.75; effective ₹205
25-Feb-2026	KDU	Conversion; SAST 27-Feb	6,50,000	Post-holding 6,64,06,875
9-Jun-2026	Vinay & Venkatesh Uchil	Bought 70% MEL Shipyard from company	—	Consideration not found
23-Sep-2026	KDU Enterprises	Bulk SALE	42,00,000	₹386.48 avg; ₹162.3 cr; ~3.0%
23-Sep-2026	SBI Funds Management	Bulk BUY — first MF	11,55,413	₹394.79; ~₹45.6 cr; ~0.83%
23-Sep-2026	Setu Securities / Swetaben Shah / QE Securities	Intraday churn (flat net)	9.74 / 7.47 / 7.13 lakh	₹385–420; not positional

Superseded statement. The governance input's “no open-market selling by promoters” and “no promoter selling” positive pre-date the 23-Sep-2026 bulk deal and are no longer valid. Narrative input dates the deal 24-Sep (reporting date); exchange date 23-Sep used. Stock fell ~5.3% to ₹403. SBI took ~27.5% of the block; ~30.5 lakh went to sub-threshold buyers. An untraceable “₹62.9 cr block of 1.6M at ₹394.2” is unverified. Fresh conversion shares likely under ICDR lock-in, so the sale probably came from KDU's legacy stake Est.. The sale came 5 days before the ₹250.78 cr and 12 days before the ₹393.52 cr order filings — timing only, no allegation.

Notable holder	%	Comment
Aptrans Impex Pvt Ltd	~0.36%	5 lakh conv. @ ₹205 (Feb-26); ~2.3x in the money
Bishan Narain Mittal	~0.36%	Same
Sep-2024 equity allottees (163)	~3.8% at issue	52.79 lakh @ ₹205, ~2.3x — potential overhang; names not retrieved
Ratna Uchil	7,500 sh	Preferential allottee classified non-promoter; relationship undisclosed
Marquee investors	—	Kacholia, Kedia, Agrawal, Kela, Veliyath: none found. No PMS/AIF named

Related-party transactions (standalone, ₹ lakh)

Columns shown exactly as printed in the FY26 AR (header “31-Mar-2026 | 31-Mar-2025”), plus the FY25 AR. The last column is our likely FY26 reading Est. — see the transposition test below.

Counterparty	Nature	FY26 AR col. “FY26”	FY26 AR col. “FY25”	FY25 AR: FY25	FY25 AR: FY24	Likely FY26 (Est.)
KDU Enterprises	Lease rent	306.29	341.96	306.29	276.19	341.96
KDU Enterprises	Purchases	270.71	319.00	270.71	208.93	319.00
KDU Enterprises	Corporate guarantee fee	32.21	737.50 (cons. 775.26)	32.21	39.20	737.50
Philins Industrial Corp	Guarantee fee	207.68 — year ambiguous in extraction		not seen	—	?
Philins	Lease rent / professional	46.87 / 27.31	49.21 / —	46.87	47.86	49.21 / ?
Directors' relatives (Rashmi/Reshma Uchil)	Lease rent / professional	31.86 / 14.16	10.20 / 12.00	—	—	10.20 / 12.00
KMP	Salaries	266.81	264.32	264.32	244.15	266.81 (reconciles literally)
Independent directors	Sitting fees	7.35	6.95	—	—	7.35
KDU Marine Equipment Trading LLC (UAE)	Sales by company	135.81	257.70	—	—	257.70 (receivable: business input ₹1,121.5 lakh Mar-26 vs ₹18.6 lakh; governance input ₹18.61 lakh FY26 / ₹177.26 lakh FY25 — inputs conflict, unresolved)
Switch N Control Gears	Rent income / purchases	28.32 / —	28.32 / 88.50	28.32	70.76 purch.	28.32 / 88.50
Mcgeoch Marine Electricals	Purchases	5.86	7.94	—	—	7.94
MEL Power Systems FZC	Purchases / sales	1,358.89 / 585.05	162.27 / 4.26	—	—	162.27 / 4.26
STI SRL	Purchases	825.38	549.82	—	—	549.82
Narhari Engg	Profit share / purchases / guarantee income	219.27 / 102.66 / 0.65	337.93 / 17.70 / 37.76	—	—	337.93 / 17.70
Evigo Charge	Loan → equity	476.57	111.84 conv.	—	102.78 conv.	₹4.77 cr converted Feb-26 (narrative) — literal
MEL Shipyard (then sub)	Loan; interest	11.17 loan; 8.13 int.	10.67; 1.12	10.67	112.45	Repayment before sale not disclosed
Marks Marine Radio	Loan	17.49	—	—	—	—

OPEN RED FLAG — KDU guarantee fee / RPT column order. For KDU rent, purchases and fee, the FY26 AR's “FY26” column equals the FY25 AR's FY25 figures. Transposition test: BRSR says related-party purchases were 1.97% of purchases in FY26 (₹937 of ₹47,533 lakh) vs 5.37% in FY25. Literal “FY26” purchases (KDU 270.71 + FZC 1,358.89 + STI 825.38 + Narhari 102.66 + Mcgeoch 5.86) ≈ ₹2,563 lakh ≈ 5.4% — close to FY25's 5.37%, not FY26's 1.97%. The transposed reading (319.00 + 162.27 + 549.82 + 17.70 + 7.94 + 88.50) ≈ ₹1,145 lakh ≈ 2.4% — directionally consistent with FY26. Caveat: both ratios use the FY26 denominator (₹47,533 lakh) and neither sum reproduces BRSR's ₹937 lakh, so the BRSR test is directional, not a reconciliation; the stronger evidence is the exact match of three KDU lines with the FY25 AR. Likely reading Est.: FY26 KDU guarantee fee ₹737.50 lakh (~₹7.4 cr ≈ 14% of standalone PAT; ₹775.26 lakh consolidated) vs ₹32.21 lakh in FY25; FY26 flows to KDU (rent + purchases + fee) ≈ ₹14 cr. Counter-evidence: KMP salary reconciles literally. Consequences of the reading: “FZC purchases up 8x” and “relatives' rent up 3x” become declines; the governance input's “~₹4.5 cr low-year promoter flow” holds only on the literal reading. Reg 23(9) filings do not itemise guarantee fees. Unresolved until the company explains — ask for Audit Committee approvals, fee rate and guaranteed facilities. Unverified snippet: ₹0.51 cr of issue proceeds paid to KDU — not in monitoring report.

Auditors

Item	Detail
Statutory auditor	Saini Pati Shah & Co LLP (ex-SGJ & Co), FRN 137904W/W100622; partner Ankush Shah (FY25 report 27-May-25)
Tenure	AGM 31-Aug-2018; reappointed 26-Sep-2023 to FY28 (final term); no change since listing; small firm for ~₹877 cr revenue
Fee	₹23.50 lakh + ₹0.52 lakh (FY26 standalone)
Opinion	Unmodified FY24–FY26
EoM standalone FY26	Solar arbitration (principal ₹2,185.88 lakh, interest ₹949.54 lakh paid)
EoM consolidated FY26	(1) arbitration; (2) Eltech going concern (losses ₹188.75 lakh, NW −₹38.75 lakh); (3) non-uniform subsidiary depreciation, impact “not ascertainable”
CARO	Disputed dues ~₹3.1 cr: IT AY13–16 (~₹4.7–6.1 lakh), GST Maharashtra FY19–20 (₹47.5–94.2 lakh), customs 2014–18 (₹132.62 lakh); Eltech adverse (vii)(a)/(b) (CARO 16-May-26)
Audit trail	Exception: no log for DB-level changes; inventory module none Apr–Jul-2025
Others	Internal: IRA & Associates (ex-SMSD); Secretarial: R. Bhandari & Co (FY26–30, ₹75,000 p.a., clean, nil deviations); Cost: Joshi Apte & Associates (FY27, ₹1.25 lakh)

Subsidiaries, associates, acquisitions

Entity	Stake	Purpose	FY26 turnover (₹ lakh)	PAT	Note
MEL Power Systems FZC (UAE, 2010)	93.71%	ME trading/service; Sperry reseller	4,969.82	268.21	NW ~₹5,245.6 lakh; FY18 turnover ₹66 cr — shrunk
STI SRL (Italy, 2016)	70.28%	Electrical/automation	4,795.94	23.02	Marginal; NW ~₹1,956.7 lakh
MEL Heavy Industries (ex-Narhari, 2010)	99%	Motors, pumps, panels	~2,796	341.35	Best performer; converted 22-May-26
Evigo Charge (Bijlify)	96.52% (91.74%)	EV chargers	415.49	318.72 (incl. DTA ~148.6)	Reserves −₹499 lakh; ₹25 cr corporate guarantee (2023)
Eltech Engineers Madras (2017)	94%	Panels, Chennai	231.95	74.07	Negative NW; going-concern EoM
Marks Marine Radio	59.23%	Marine radio/NAVCOM	587.59	~27	49.2% Oct-23 (₹2.35 cr); +10% ₹50 lakh, sub from 12-May-25
Xanatos Marine (Canada)	75%	TITAN VTS software	8.82	(151.81)	US$1.55 mn (agreed 22-Oct-21, done 4-Jan-23); cost ₹1,216.86 lakh; net assets at acq. −₹2.35 cr; NW −₹844.97 lakh; no impairment
MEL Power Systems Pte (Singapore)	100%	Trading (inc. 6-Oct-25)	nil	nil	Dormant
Premalata Foundation	100%	Sec. 8 CSR (27-Oct-25)	nil	(0.10)	—
MEL Shipyard (ex-Xanatech, inc. 22-Jan-24)	100% → 30% associate 9-Jun-26	Shipbuilding vehicle	~nil	small loss	Last 26% bought for ₹0.14 lakh (11-Oct-25); renamed 18-Nov-25; 70% to promoters (board 11-Feb-26, MEIL/SEC/2025-26/55)
Athmar India (Pune, inc. 7-Feb-24)	50% → sold 31-Mar-25	JV/MoU vehicle	nil	—	Sold to Vinay Uchil for ₹50,000
Technology Ventures ME FZC	Historical	—	—	—	Last filed 2019

Parent = ~90% of consolidated profit, ~91% of net assets. Goodwill ₹782–800 lakh, no impairment. NCI ₹876.5 lakh (₹434.1). AEC (2007) absorbed. AOC-1 mapping indicative (scrambled extraction). Dr Vijay Malik pattern: “formed an associate… helped it enter an MOU with a reputed company and then sold its stake to the promoters” — fits Athmar; MEL Shipyard follows the same arc Analyst View.

Litigation and contingent liabilities

Item	Amount
Solar arbitration (NLC 50 MW TN, 2017): award 1-Aug-2024 ₹2,134 lakh + interest; ₹85.37 lakh admitted; HC challenge 24-Oct-24; upheld 7-Oct-2025	Paid ₹21.86 cr + ₹9.50 cr interest FY26; expense ₹16.41 cr; FY25 provision ₹10.78 cr (~50%) insufficient; further ₹2.17 cr principal / ₹4.75 cr interest provided; ₹4.27 cr interest outstanding; ~₹31 cr cash total. ValuePickr cites “₹21.3 cr GE arbitration”
Bank guarantees / surety bonds (standalone, net of ₹393.50 lakh counter-guarantees)	₹16,829.38 lakh
Guarantees for subsidiaries	₹1,272.82 lakh (FY24 ₹2,177.25)
Letters of credit / bill discounting	₹1,554.15 lakh / ₹1,127.34 lakh
Disputed taxes (standalone net) / customs	₹220.17 lakh / ₹67.62 lakh (customs busbar dispute ₹120.6 lakh)
Consolidated contingent liabilities	~₹211.5 cr; GST ~₹15.7–17.0 cr vs ₹1.9 cr standalone — ~8x gap unreconciled
Other	GST order CGST Goa Oct-2024; KDU Worldwide Ghana bad debt ₹5.81 lakh (FY22); cyber “firewall attack” 7-Jul-26 (no material impact); NSE surveillance query 10-Aug-26 (NSE/CM/Surveillance/17348); no SEBI/NCLT/IBC; 0 investor complaints

Governance red-flag register

#	Flag	Severity
1	70% MEL Shipyard to promoters; consideration not found	High
2	KDU guarantee fee ₹0.32 cr vs ₹7.38/7.75 cr across ARs (likely FY26 ~₹7.4 cr Est.); Philins ₹2.08 cr year-ambiguous	High
3	Promoter bulk sale 3.0% @ ₹386.48 (23-Sep-26) after ₹205 conversions	High
4	Athmar 50% sold to promoter for ₹50,000	Medium
5	Recurring rent ~₹3.5–3.9 cr, purchases, deposits with KDU; relatives' rent (3x up on literal reading)	Medium
6	Overlapping promoter entities (KDU Marine UAE, Switch N Control, Mcgeoch, DKM)	Medium
7	Promoter-MD on Audit Committee; possible Reg 18 gap	Medium
8	Five CFOs in ~6.5 years	Medium
9	Xanatos ₹12.2 cr, no impairment; Eltech going concern	Medium
10	Preferential objects varied twice; ₹20 cr acquisition fund unused	Medium
11	Audit-trail gaps; pay-ratio error; small auditor on final term	Low

Positives: no pledge; unqualified opinions; clean secretarial reports; no SEBI penalties; naval/Schneider ID expertise; ICRA A-; FPI and first MF interest. Diligence questions: MEL Shipyard price/valuer/loan repayment/supply terms; KDU and Philins fee reconciliation; KDU Marine UAE, Switch N Control, Mcgeoch financials and non-compete; Audit Committee composition; Xanatos impairment; AGM votes on Res. 6 and 7; Ratna Uchil and Ravi Raj Singh Rajput relationships.

Supply Chain

↑ Upstream — what Marine Electricals depends on

Counterparty / input	Role	FY26 (likely, Est.)	FY25
Schneider Electric	Blokset licensor (2004) + key device source; “largest partner in India”	Spend undisclosed	—
Sperry Marine (UK)	Navigation principal; MEIL representative	Undisclosed	—
MEL Power Systems FZC	Group sourcing	₹162.27 lakh	₹1,358.89 lakh
STI SRL	Group sourcing	₹549.82 lakh	₹825.38 lakh
KDU Enterprises	Purchases / rent	₹319.00 / ₹341.96 lakh	₹270.71 / ₹306.29 lakh
Switch N Control / Mcgeoch	Purchases	₹88.50 / ₹7.94 lakh	— / ₹5.86 lakh
Narhari / MEL Heavy	Fabrication	₹17.70 lakh	₹102.66 lakh
Chinese solar-module supplier (legacy)	USD 0.8m advance written off	—	FY25
Danfoss India	Marine products — partner/integrator	2025	—

Year allocation follows the transposed-column reading that reconciles to BRSR (related-party purchases 1.97% FY26 vs 5.37% FY25) — see Tab 7; literal FY26 AR columns give the reverse. Same convention used in Tabs 3 and 7.

Inputs: ACBs/MCCBs/relays (Schneider), copper busbars (imported historically), Cu/Al cable, sheet steel, PLC/HMI, VME boards, radar/RF parts, UPS modules, batteries, Sperry nav kit, Xanatos software; sub-contracted fabrication and installation.
Imports: ICRA ~19–20% of RM; forex outgo ₹9,985 lakh ÷ purchases ₹53,394 lakh ≈ 18.7% FY26 Est. (FY25 ₹11,394 lakh ≈ 22%). EUR dominant (European-origin switchgear implied): unhedged €3.69m (₹4,038 lakh) vs €2.86m; USD $0.39m; ±5% EUR = ±₹194 lakh. BRSR “0% sourced in India” is an error; MSME 0.73%.
Single-source risk: high for Blokset (terms, exclusivity, tenor undisclosed); hedge = MEcubE+/MEpoweR+, PTUs. People ties: IDs Jaywant and Nagarajan, execs Dalvi, Vaidya, Siddiqui are ex-Schneider.
Pass-through: Marine 2–3-yr fixed price (weak); Industry 3–6-month cycles; back-to-back ordering; “where feasible” price adjustment (MD&A); RM 70–80% of cost (ICRA). Supplier LCs ₹168 lakh (₹1,554). Standalone payables ₹19,514 lakh; creditor days 94 (IP) / 123 (BRSR). Supplier concentration not disclosed.

↓ Downstream — who depends on Marine Electricals

Sector	Named customers
Defence / government	Indian Navy, Coast Guard, MoD, DRDO; MDL, GRSE, CSL, GSL, HSL; L&T Shipbuilding, Titagarh, Chowgule, Shoft, Udupi Cochin; ABG, Bharati (historic); L3, ONGC, SCI; ATV (SSBN) programme; Material Organisation Vizag
Foreign marine	Bangladesh Navy, Colombo Dockyard, HEISCO, Grandweld, Zamil, C Torq, SHM Shipcare
Data centres	Princeton Digital Group, STT GDC, AdaniConneX, Equinix, Colt, CtrlS, Web Werks, Bridge DC, Netmagic (NTT), BAM–DLR, Digital Edge, DXDC, Siemens (hyperscaler), Crescon, Socomec
Semiconductors	Micron (Sanand), Tata Semiconductor Dholera (via L&T), CG Semi, SEMI, Jabil, Tata Electronics, Tata Advanced Systems
Infra / EPC / real estate	L&T, Adani Infra, Afcons, Classic Electric, Boeing India, MMRC, Pune Metro, PMC (EV), Prestige, Oberoi Realty, Lodha World One/Crest, Omkar Alta Monte
Oil & gas	ONGC, IOC, HPCL, Cairn, Oiltanking
Auto / chemicals / FMCG	BKT, MRF, Mahindra, Skoda, Maruti; Galaxy, Deepak, Grasim, Asian Paints, Chloride; Nestle, P&G, HUL, Colgate, PepsiCo
Pharma / metals	Serum, Dr Reddy's, Sun, ACG, Cipla; Suez Steel, JSW, AM/NS, Tata Steel; repeat: Cipla, MRF, Thermax, Blue Star

Navy programmes in execution (70 ships)	Coast Guard (38 vessels)	Pipeline (257 Navy + 51 CG)
FSS ×5 (HSL)	Adamya FPV ×8 (GSL)	P-17B ×8, P-18 ×12
NGOPV ×11 (GSL 7, GRSE 4)	MDL FPV ×14	MCMV ×12, NGSV ×5 (CSL L1)
NGMV ×6 (CSL); MPV ×2, CTS ×3 (L&T)	NGOPV ×6 (MDL)	ASV-MCM ×10, FIC ×120
FDN-3 (HSL); DSC ×5 (Titagarh)	Training ship ×1	NWJFAC ×31, LPD ×4
NGC ×8 (GRSE 5, GSL 3); P-17A ×7	Pollution control ×3 (GSL)	IAC-2, P-75(I) ×6, P-76 ×12, midget subs ×2
1135.6 ×2 (GSL); ASW-SWC ×16; Arihant-class ×4	Hovercraft ×6 (Chowgule)	CG NG FPV ×18 (HSL L1), interceptors ×22

Concentration: no customer >10% in FY25/FY26 (Note 50); FY24 one customer ₹7,728 lakh (~14.5% standalone). Top-5/10 not disclosed; market input cites top ~10% of customers ≈ 47% of revenue. Effective concentration higher: Navy via 5–6 yards; PDG in 7 filings, standalone-disclosed ₹265.4 cr, PDG-linked >₹500 cr Est. vs ₹2,073 cr book.
Stickiness: naval designed-in, DGQA-approved, 2–3-yr supply then 25–30-yr AMC/RRC (P-17A, ASW-SWC, 1135.6 flagged). DC project-by-project, 8–24 months (PDG 10–14m), won on T1 qualification then price, no frame agreement.
End-products: warships/submarines, CG craft, commercial and battery-electric vessels, DC halls, fabs, factories, metros, towers, ports, EV networks.
Customer WC burden: standalone receivables ₹37,540 lakh (₹28,752); >1 yr ₹3,148 lakh; contract liabilities ₹3,099 lakh; BGs ₹16,829 lakh.

RAW / COMPONENTS              MEIL (+ subs)                           CUSTOMER / INTEGRATOR             END USER
Cu busbar, steel, cable  ->  Type-tested engineering (Blokset,   ->  Defence yards (MDL, GRSE, CSL,  -> Indian Navy, Coast Guard,
Schneider ACB/MCCB            MEcubE+/MEpoweR+, IPMS, radar, TITAN)    GSL, HSL, L&T, Titagarh)            foreign navies
(EUR imports ~19-20% RM)     Fabrication (MEL Heavy, Palghar)    ->  Commercial yards / ports        -> Ship owners, port authorities
PLC/VME, RF, batteries,      Assembly, wiring, FAT/DGQA              DC developers & EPCs (PDG, STT,  -> Hyperscalers / cloud tenants
Sperry nav kit; FZC, STI     Install, AMC/RRC; Goa PTU plant         Adani, Digital Edge, Siemens)
                                                                 ->  Fabs / industry / metro / PMC   -> Factories, commuters, EV users

Link	Pricing power
Upstream — Schneider/OEMs	Strong vs MEIL owns Blokset design and core devices
MEIL	Moderate naval approvals, ~50% claimed share, PTU speed; Industry EBIT 5.6% → 9.7%; GM 25.3% → 30.7% then 28.9% Q1
Downstream — MoD/yards, DC operators	Strongest L1 fixed-price tenders, competitive RFQs, ~176 debtor days, LDs, BG-backed
Net	Mid-chain integrator; group EBITDA ~10.8% (12.6% adj. Est.)

Competitive Position

Vertical	Products	Competition
Defence & Marine (Q1 FY27 ₹103 cr, +30%; OB ₹699 cr)	Switchboards, PMS, IPMS/APMS/IBMS, nav/bridge, marine radio, VTMS, shore power	Oligopoly of approved vendors (one of 3–5 preferred); fixed-price 24–36 months
Industrial (Q1 FY27 ₹156 cr, +77%; OB ₹1,373.5 cr)	DC PDS, PTUs, LV/Blokset, MEP GC, EV, motors	Fragmented panel builders under OEMs (Schneider, Siemens, ABB, Eaton, Legrand, Vertiv); 6–24 months; price-led

Position: naval ~50% share is a management claim, unverified; rivals Lauritz Knudsen (ex-L&T E&A, Schneider-owned) and Blue Gold Resources; foreign OEMs (Siemens, GE Vernova, Wärtsilä, Kongsberg, L3Harris) on high-end; BEL, L&T Defence. DC: sizeable Tier-2 integrator, largest Schneider Blokset partner, single orders ₹142–399 cr; Schneider ~18% of global DC switchgear. Groww peer median ₹1,557 cr mcap (when MARINE was ~₹3,923 cr). No listed pure-play marine-electrical peer in India.

Listed peers (Screener, 06-Oct-2026, recomputed)

Company	Revenue	Growth	EBITDA%	PAT%	RoE	P/E	EV/EBITDA	Moat
Marine Electricals (FY26)	877	+14.3%	10.7% (12.6% incl OI)	6.7%	13.0%	~103x	~62x	Naval approvals; Blokset
Schneider Electric Infra (FY26)	2,891	+9.6%	12.8%	7.4%	36.5%	~165x TTM	~83x gross	Global parent tech
ABB India (CY25)	13,203	+8.3%	15.5%	12.6%	22.4%	~90x	≤74x gross	Full DC stack, marine propulsion
Hind Rectifiers (FY26)	999	+52.5%	8.5%	3.9%	21.2%	104x / 127x TTM	~51x	RDSO approvals
Salzer Electronics (FY26)	1,758	+24.0%	8.4%	3.1%	~9.4%	~20x	~9.7x	Low-cost LV
Data Patterns (valuation comp)	925	+30.6%	40.4%	29.3%	16.7%	~90x	~64x	Owned defence IP

MARINE RoE 13.0% used throughout (Screener 13.1%). ABB CY25 PAT used (TTM includes one-off). Salzer TTM may be stale. Shipyards and Siemens are customers, not peers. Basis differs between the two peer tables: the first is recomputed (market input; SEIL P/E ~165x TTM, RoE 36.5% on average equity; ABB ~90x on CY25 PAT), the second is Screener-reported (financials input; SEIL 157x / 38.2%; ABB 97.8x on TTM PAT incl. a one-off).

Electrification peers (mcap ₹ cr)	Mcap	P/E	P/B	RoCE	RoE	Div yld
Marine Electricals	6,688	~103x	13.6x	18.0%	13.0%	0.06%
Quality Power	12,711	95.4x	23.4x	31.7%	25.3%	0.06%
Schneider Electric Infra	30,360	157x	44.1x	29.6%	38.2%	0.00%
Siemens Ltd (customer; Sep YE)	1,37,106	91.2x	9.6x	21.4%	19.2%	0.49%
ABB India	1,50,648	97.8x	16.1x	29.9%	22.4%	0.58%
Salzer	920	21.1x	1.55x	11.3%	9.4%	0.49%

Peer	MEIL strengths	MEIL weaknesses
SEIL	Naval know-how; +201% order growth; lower debt	~3x revenue; ~36% RoE; Schneider can integrate forward
ABB India	Naval incumbency; faster growth	~15x revenue; 15.5% EBITDA; net cash; bundles DC stack
Hind Rectifiers	Higher margin; DC cycle; lower debt (₹89 vs ₹245 cr)	21% RoE; +52% growth
Salzer	Higher margin, less leverage	~2x revenue at ~20x P/E; owns product IP
Data Patterns	Larger DC TAM; less MoD dependence	40% EBITDA from owned IP; cash-rich
Lauritz Knudsen	Focus, cost, yard relationships	Schneider cost/tech advantage, captive DC channel
Global marine OEMs	IDDM preference, cost, local service	Lacks integrated electric propulsion; Xanatos partial bridge

Unlisted / global competitor	Threat
Lauritz Knudsen E&A	High (both segments)
Siemens Ltd/AG — also customer	Co-opetition
Schneider Electric India — also partner	Co-opetition; supplier power
ABB marine, GE Vernova, Wärtsilä, Kongsberg, L3Harris MAPPS	Medium–High high-end
BEL; L&T Defence; Tata Advanced Systems	Medium
Blue Gold Resources, MSME switchboard makers	Medium (price)
Eaton, Vertiv, Legrand, Delta	High in DC
Sterling & Wilson, Tata Projects, L&T B&F (MEP EPCs)	High — MEIL new entrant
Korean/Japanese yard partners	Rising, medium-term

Porter's Five Forces

Force	Assessment	Rating
New entrants	Naval: DGQA, shock/EMI testing, track record; DC: low barriers, OEM forward integration	Low / Med-High
Supplier power	OEMs control price, allocation, lead time; copper volatile	High
Buyer power	MoD monopsony via PSU yards, L1; sophisticated DC buyers	High
Substitutes	OEM prefab power modules, busway, solid-state breakers, integrated propulsion	Low-Med
Rivalry	Naval moderate; DC intense	Med-High

EBITDA range-bound 8–12% for 6 years; FY25 Marine PBIT flat on +24% revenue. Moat: naval durable 10+ yrs; DC weak-moderate. Barriers: Navy/DGQA registration, IEC 61439 type-tests, hyperscaler qualification, BG capacity (₹419.5 cr limits), warship track record (INS Nilgiri, Taragiri, Mormugao).

Industry and policy

Data point	Value
Warships under construction	54 across 6 yards, ~₹99,500 cr (Sep-25) → ~45 (May-26); FY25 MD&A: 81 in execution, 99 planned
Navy inductions 2026	18 warships (record); 5 in June 2026
FY27 BE defence	MoD ~₹7.8 lakh cr (+15%); capital ₹2.19 lakh cr (+21.8%); Navy heads ₹32,496 cr (+4%); Naval Fleet ₹25,024 cr
Shipbuilding	India ~0.06% global (~20th); top-10 by 2030, top-5 by 2047; MoS 5% by 2030; capacity 0.072 → 11.3 MGT; Amrit Kaal ~₹80 lakh cr
₹69,725 cr package (Sep-25)	SBFAS to 31-Mar-2036 ₹24,736 cr; MDF ₹25,000 cr (MIF ₹20,000 cr, 49% GoI; IIF ₹5,000 cr); SbDS ₹19,989 cr, 4.5 MGT
India DC capacity	~1,700 MW 2025 (+440 MW); +500 MW 2026; 2030: 4.2 GW (C&W), ~4.8 GW consensus (~US$28 bn), 8 GW (Jefferies); 16 → 55 mn sq ft (Chairman)
Global DC switchgear	~US$2.57 bn (2026), 7.5% CAGR to US$5.3 bn (2036)
Policies +	DAP-2020 PIL, IDDM, PPP-MII, Green Tug, Harit Nauka, 111 waterways, DC infra status, state DC policies, DPDP, IndiaAI; Atmanirbharta 2047
Policies −/n.a.	No PLI applies; BIS/QCO, customs on breakers; SEBI LODR RPT scrutiny

Risks & Red Flags

Two open red flags carried across tabs: (1) Order-book bridge gap ~₹294 cr (Q1 FY27); (2) KDU guarantee-fee inconsistency (₹32.21 lakh vs ₹737.50 lakh; likely FY26 ~₹7.4 cr on the transposed-column reading Est.). Neither has a management explanation; no earnings call exists to ask.

#	Risk	Cat.	Sev.	Explanation	Mitigant
1	WC stretch / negative OCF	Financial	High	Debtor days 178; OCF −₹16.1 cr vs PAT ₹58.6 cr; borrowings ₹55 → ₹89 cr; Q4 interest ₹7.54 cr	Preferential capital; non-fund limits; ICRA A-(Stable)/A2+ (23-Jul-26)
2	Execution of ₹2,073 cr + ₹1,871.6 cr inflows	Execution	High	Book ~4x in 15 months; Goa ramp; 4–28-month schedules; LDs	Plants; repeat clients
3	MEL Shipyard to promoters	Governance	High	Consideration unseen; coincides with SBFAS/SbDS	30% retained
4	Order-book reconciliation gap ~₹294 cr	Disclosure	High	1,254+784−259=1,779 vs 2,073; segment-implied inflow ~₹1,078 cr	May include July orders/LOIs — ask IR
5	KDU guarantee-fee inconsistency	Governance	High	Likely ~₹7.4 cr fee ≈14% of standalone PAT Est.	None disclosed
6	Promoter selling	Governance	High	3.0% @ ₹386.48 on 23-Sep-26; demonstrated supply	Still ~65.2%; SBI absorbed part
7	Margin stagnation	Business	High	EBITDA 8–12% for 6 yrs; Q1 −50 bp; GM −3.4 pts	PTU productisation
8	OEM dependence (Schneider, Siemens)	Business	High	Licensor, supplier, competitor, customer	Own designs
9	DC cycle/customer concentration	Macro	High	~66% book Industry; PDG >₹500 cr Est.; AI-capex, grid delays	Marine ₹699 cr; semis
10	Valuation / sentiment	Financial	High	~103x P/E, 13.6x P/B; no coverage; 53-day avg holding; beta 1.35	Order momentum; BSE listing
11	Objects changed twice	Governance	Med	₹213.76 → ₹149.22 cr; ₹76.52 cr redirected	Monitoring agency
12	Naval budget timing	Macro	Med	Navy heads +4%; Marine flat FY26	54 warships u/c
13	MEP general contracting	Execution	Med	CtrlS EPC scope; SITC retention	6–8 months
14	Commodities	Business	Med	Cu/steel on fixed-price 24–36m	Back-to-back
15	Currency	Financial	Low-Med	€3.69m unhedged; no policy	EEFC
16	Interest / coverage	Financial	Low-Med	EBIT/interest 5.0x; standalone FY25 10.75x	Rating upgrade
17	Dilution / overhang	Financial	Med	All 20 lakh warrants converted by 25-Feb-26; 62.8 lakh ₹205 shares 2.3x ITM; 7% authorised headroom	Zero pledge
18	Key-person / family	Governance	Med	Uchil family; GPC met 19x; 5 CFOs	Board 8 with 4 IDs
19	Subsidiary sprawl	Governance	Med	Xanatos NW −₹8.4 cr, no impairment; Eltech going concern	MEL Heavy profitable
20	Audit Committee Reg 18	Regulatory	Med	Possibly 2 members after 10-Jul-26	Verify
21	Litigation / tax	Legal	Med	3 EoMs; contingent ~₹211.5 cr; GST gap; ₹4.27 cr interest due	Arbitration largely paid
22	Cyber	Operational	Low	7-Jul-26 firewall attack; data loss “cannot be ruled out”	Forensic firm
23	Technology obsolescence	Business	Low-Med	Prefab OEM modules, solid-state distribution	PTUs
24	Foreign yard partners	Business	Med (LT)	Imported vendor lists	IDDM rules
25	ESG / safety; disclosure	ESG	Low	Site safety with MEP; unit errors in media	Shore power ESG-positive

Red-flag checklist (corrected)

Flag	Status	Evidence
Rising debt	WATCH	₹55 → ₹89 cr; still 0.18x D/E
Margin deterioration	WATCH	Q1 −50 bp; GM 32.3% → 28.9%
Auditor concerns	WATCH	Unmodified, but 3 consolidated EoMs + audit-trail exception (FY26)
Related-party abuse	FLAG	MEL Shipyard; Athmar; KDU fee
Promoter selling	FLAG	42 lakh @ ₹386.48, 23-Sep-26
Dilution	WATCH	+14.1% shares FY22–26
Customer loss	CLEAR	Repeat DC clients; OB dipped FY25 then recovered
Litigation / tax	WATCH	Arbitration loss ~₹31 cr cash; ~₹211.5 cr contingent
Cash flow vs profit	FLAG	OCF/PAT 0.50x 5-yr
Disclosure gaps	FLAG	₹294 cr OB gap; no calls
Valuation	FLAG	~103x vs 13.0% RoE
Key-person	WATCH	Family-led

Concall Highlights & Guidance

No earnings calls for 6 quarters. Last transcript: Q4 FY21 maiden call (14-Jun-2021, Vinay Uchil). Since: PPTs only (Jun-22, May-24, 11-Oct-25, Aug/Sep-26 filed ~22-Sep-26 ref MEIL/SEC/2026-27/45). AGM minutes record questions generically. No sell-side (TipRanks: 0). Analyst Q&A below is reconstructed from ICRA, auditor and filings.

Quarter (date)	Rev	PAT	Highlights / management words	Tone
Q4 FY25 (27-May-25)	251	13.4	OB ₹525 cr (down from ₹601); MD&A: “strong naval order flow”, “low-risk manageable steps”, acquisitions in North/East, “top ten players in global marine”	Aspirational
Q1 FY26 (12-Aug-25)	167	11.6	Seasonal; implied OB ~₹689 cr	—
Q2 FY26 (3-Nov-25)	222.2	16.5	OPM 11.65%; H1 sales ₹389 cr; Oct-25 deck: “Achieved leadership position in Data Centres”; Adani ConneX, Equinix repeats	Confident DC
Q3 FY26 (11-Feb-26)	210.2	11.8	Margin −200 bps (timing); OB ~₹966 cr (13-Nov); same day: MEL Shipyard sale noted	Defensive by omission
Q4 FY26 (27-May-26)	277.5	18.5	“robust operational and financial performance… 14% top-line growth and 35% full-year EBITDA growth”; OB ₹1,254 cr (ICRA 63/37); “structural hyper-growth” in DCs; interest ₹7.54 cr; tax ~17%	Confident
Q1 FY27 (14-Aug-26)	259.2	17.5	OB ₹2,073 cr; inflow ₹784 cr; “First quarter of FY27 has set a strong direction… faster execution and growing market presence”; “electrical infrastructure partner for these high density, uptime critical environments”; 8–24-month visibility; BSE listing, object change, ₹0.30 dividend, cost auditor	Expansionary

Standalone PBIT margin	FY25	FY26	Q1 FY27
Marine	7.9% (₹26.1/329.6)	9.6% (₹32.1/334.2)	~8.7%
Industry	6.7% (₹24.95/371.0)	9.7% (₹40.0/412.8)	~9.0%

Guidance vs actual

When	Said / planned	Outcome	Verdict
FY25 MD&A	Strong naval flow; adequate visibility	OB fell ₹601 → ₹525 cr; book-to-bill ~0.9x	Missed
FY25 MD&A / Sep-24 objects	Acquisitions; ₹20 cr earmarked	₹0 used; redirected to WC; only Marks Marine +10% (₹0.5 cr)	Not delivered
Sep-24 objects	₹77.29 cr long-term WC	₹20.77 cr used by Mar-26	Partial
FY25 MD&A	Top-10 global marine	Marine share of book 37% → ~34%	Drift
Decks	EV, autonomy, MDA	Evigo ~₹4.2 cr; VTMS order Oct-26; AIS heads of terms	Little traction
Oct-25 deck	DC leadership	PDG x7, STT x3+, Digital Edge x2, Siemens x2, Equinix x2; Industry +77% Q1 FY27	Delivered
Q3 FY26 dip	Timing	OPM back to 11.4%	Delivered
Q4 FY26 PR	Hyper-growth	Q1 inflow ₹784 cr; Q2 filings ₹1,478 cr	Delivered
Q1 FY27 deck	8–24-month visibility	Watch Q2 (mid-Nov)	Pending
Goa plant (21-Sep-26)	800 PTUs/yr by Mar-27	Ops 14-Sep-26	Pending
ICRA Jul-26	Capex ₹25–50 cr FY27, FY28	FY26 ₹28.3 cr	Plausible

Recurring themes: naval pipeline ₹2.35 lakh cr to 2035, 200-ship fleet (~150 today, ~50 under construction); DC 16 → 55 mn sq ft; industrial power demand +152% by FY35; Make in India; ~50% naval share; Blokset “largest partner”. Contradictions: bullish naval MD&A while OB fell; acquisition ambition dropped via object change; Q1 inflow doesn't bridge the OB. Tone: cautious (FY25) → defensive (Q3 FY26) → confident (Q4 FY26) → expansionary (Q1 FY27). Deck metric conflict: one extraction RoE 16.4%/RoCE 11.7%/WC 32 days vs Multibagg RoE 11.7%/RoCE 16.4%/WC 117 — latter used.

Hidden-risk Q&A (reconstructed)

Why is OCF negative with 18.3% of receivables >180 days? (ICRA)
Was the ₹16.41 cr arbitration inside PBT, and did the ₹10.78 cr provision reversal also run through P&L?
What is the GST contingent — ₹15.7 cr or ₹1.9 cr?
What did promoters pay for MEL Shipyard; why sell 3% on 23-Sep-26; why did the 10-Aug NSE volume query precede 14-Aug results by 3 days?
How will SITC/MEP orders affect margins and receivables? Small items: relative lease rent, ₹0.2 cr loan to an executive.

Growth, Outlook & Valuation

Order book trail

Date	Industry	Marine	Total (₹ cr)	Note
Mar-18 / 19 / 20 / 21			161 / 188 / 402 / 441	AR history; Jul-21 ~500 milestone
Mar-22			356	~0.9x revenue
Mar-23	115.7	370.6	486.3
Dec-23			~540	ICRA
Mar-24	226.4	374.7	601.0
Mar-25	239.6	285.8	525.4	−13%
Jun-25			~689	Derived
13-Nov-25			~966	Company
Mar-26	791.8	462.3	1,254	+139%
Jun-26	1,373.5	699.4	2,073	+201% YoY; 2.4x FY26 rev; 2.1x TTM
~6-Oct-26			~3,600–3,700	Est. (narrative); financials input ~2,800–3,000; may double-count up to ₹294 cr

Order book (₹ cr); last bar estimate

OPEN RED FLAG — order-book bridge. ₹1,254 + ₹784 − ₹259 = ₹1,779 cr vs ₹2,073 cr reported (gap ~₹294 cr). Segments: Industry 791.8 + x − 156 = 1,373.5 → x ≈ ₹738 cr; D&M 462 + y − 103 = 699.4 → y ≈ ₹340 cr; total ~₹1,078 cr ≠ ₹784 cr. Chairman refers to contracts “secured through July”, so Jun-26 book may include July wins (LOIs, escalations, Marks Marine scope). If so, adding all post-Q1 filings to ₹2,073 cr double-counts.

Period	Inflow	Revenue	Book-to-bill
FY25 (implied)	~691	767	~0.90x
FY26 (ICRA)	1,606	877	~1.83x
Q1 FY27	784	259	~3.0x
Q2 FY27 (filings)	≥1,478	~280–300 Est.	~5x

Master order table (Reg-30 filings, ex-taxes)

Date	₹ cr	Client(s)	Sector / tenor / reaction
13-Nov-25	174.60	Siemens (JUI1A hyperscaler DC, 12m); HSL (vessel 11200, 36m); Equinix MB3.2 (4m)	DC+Naval; stock +7–8% to ₹256.9
24-Jan-26	21.83	Udupi Cochin (NAVCOM UY175-182, 24m); Prestige (6m); Equinix (4m)	Mixed
27-Jan-26	284.39	Crescon (LBOM-12 DC), SHM Shipcare, others	1–8m; +8% to ~₹183
27-Feb-26	27.49	CG Semi; Oberoi Realty	3–4m
10-Mar-26	27.21	PDG	DC SITC, 6m
6-Apr-26	115.00	L&T for Tata Semi Dholera	Fab, 18m
27-Apr-26	70.86	PDG (7–9m); C Torq Marine UAE (21m)	DC+export
18-May-26	208.72	Adani Infra (12–14m); Udupi Cochin AMS (24m)	+5% (Sahi “₹209 cr marine” mislabel)
26-May-26	96.40	PDG	12–14m
10-Jun-26	44.22	GRSE, Udupi Cochin, Material Organisation Vizag	Defence; −0.96% to ₹241.60
16-Jun-26	76.38	STT GDC; Deepak Chem Tech	12–18m
23-Jun-26	75.19	STT GDC; PDG	12–18m
24-Jul-26	376.22	Siemens hyperscaler PDS (21m); Titagarh Naval (8–10m); PDG (8–10m)	+2.1% ~₹255
28-Jul-26	141.74	PDG	DC SITC, 10m
31-Aug-26	398.81	PDG (18m); Classic Electric (6–8m)	−2.5% to ₹396.65
1-Sep-26	229.73	Digital Edge (BOM-2)	15m; +8% ATH ₹435
4-Sep-26	80.77	DXDC Chennai LOI ₹43.52 cr (4–5m); Micron ₹37.25 cr	DC+semi
28-Sep-26	250.78	Digital Edge (10–12m); Socomec (4m); STT GDC	+5.1% to ₹434.90
5-Oct-26	393.52	Web Werks PDS (18–24m); CtrlS MEP GC (6–8m); GRSE 7,500 DWT MPV (24–28m); Navayuga TITAN VTMS Ramayapatnam (4–7m)	+7–9% to ₹474.9
Since 1-Jul-26	1,871.6	Master sum (7 filings); DC-only floor ≥₹1,021 cr (~55%); LOI ₹43.5 cr; 12-month total ~₹3,100 cr

Source	₹ cr	Window / treatment
narrative.md (master)	1,871.6	All 7 filings 24-Jul–5-Oct
heard.md	~1,791	6 filings; excludes ₹80.77 cr DXDC/Micron
market.md	≥1,398	5 filings; excludes ₹141.74 cr (possible overlap with 24-Jul), ₹80.77 cr, ₹250.78 cr
Floor if ₹141.74 cr double-counted	~1,730	Est.; financials input places ₹141.74 cr inside ₹398.81 cr instead

Q1 FY27 filings ₹686.8 cr (+Afcons ₹16.9 cr = ₹703.7 cr) vs ₹784 cr reported (~88–90% disclosed). Q4 FY26 filings ₹360.9 cr. Deck order list: L&T ₹115.0; Afcons/Knowledge Marine/Udupi ₹16.9; PDG/C Torq ₹70.9; Adani/Udupi ₹208.7; PDG ₹96.4; GRSE/MO/Udupi ₹44.2; STT/Deepak ₹76.4; STT/PDG ₹75.2.

Capacity and capex

Item	Detail
Vadodara	~15-Apr-26; leased ~51,000 sq ft; LV/MV, busducts
Goa sixth plant	~1,60,000 sq ft; ops 14-Sep-26; PTUs (800/yr by Mar-27) + shore conversion; capex undisclosed; stock +7.7–9.65%
Earlier	Capacity-addition intimation Oct-2024 (details not retrieved)
Capex	FY26 ₹28.3 cr consol / ₹15.5 cr standalone; CWIP ₹13.5–19 cr; ICRA ₹25–50 cr p.a. FY27–28
Funding	₹76.52 cr redirected proceeds; BG ₹294.5 cr; CC ₹73 cr

Visibility: Industry converts ~12 months, Marine 24–36; FY27 revenue ₹1,200–1,400 cr looks contracted Est. (no management number). Catalysts (0–12m): Q2 FY27 mid-Nov (OCF, receivables, bridge explanation); Sep-26 shareholding (21-Oct); SBI scheme disclosure; BSE listing; first sell-side initiation; Goa ramp; P-17B/NGC/NGOPV; TITAN mandates; possible rating upgrade. 3–5y drivers: DC 4–8 GW by 2030; naval 200-ship plan; semis fabs; shipbuilding package; AIS/Danfoss. Negative: further promoter/allottee supply; OCF negative H1; SITC margin compression; DC deferrals; cyber; GST/arbitration.

Valuation

Multiple	Current	FY22	FY23	FY24	FY25	FY26	FY24–26 avg
Price (₹)	478	~31	~35	~86	~151	~150
Mcap (₹ cr)	6,688	378	440	1,139	2,083	2,093
P/E TTM	~103x	29.2x	25.9x	44.0x	54.2x	35.9x	44.7x
P/B	~13.6x	2.1x	2.1x	4.5x	5.1x	4.2x	4.6x
EV/EBITDA	~62x	13.1x	12.7x	22.6x	31.8x	21.2x	25.2x
EV/Sales	6.7x	1.06x	1.10x	1.92x	2.76x	2.26x	2.3x
P/FCF	n.m.	10.9x	n.m.	n.m.	61.8x	n.m.
Dividend yield	0.06%	—	—	0.22%	0.19%	0.20%

P/E at fiscal year-end vs current

EV/EBITDA alternates: ~61x on FY26 incl-OI ₹110.8 cr (gross EV ₹6,774 cr); ~72x FY26 ex-OI; ~56x TTM incl-OI ~₹121 cr. Mid-May-26 (~₹271): ~58x P/E, ~8x P/B, ~36x EV/EBITDA. Annualised Q1 FY27 PAT ~₹70 cr → ~95x; doubling FY26 PAT (~₹117 cr) → ~57x. Returns: 1-yr ~+109%; 3-yr CAGR ~100%; 5-yr ~67%; YTD ~+122% vs benchmark −11–15%. Beta 1.35; volatility ~45%. 5-Oct: up 7–9% intraday to a high of ₹474.2–474.9 on ₹393.52 cr orders (financials input's “+6.8% to ₹466” was an earlier intraday print); close ~₹469. DPS ₹0.30 FY26 (record 11-Sep-26; outflow ~₹4.2 cr); no buybacks.

Scenario (18 months)	PAT basis	Multiple	Value/share	Label
Bear — de-rate to FY24–26 avg on FY27E	~₹85 cr (FY27E)	45x	~₹273	Est.
Base — execution, cash still lagging	~₹120 cr (FY28E)	60x	~₹514	Est.
Bull — DC super-cycle, WC fixed	~₹150 cr (FY28E)	80x	~₹858	Est.
Weighted 30/50/20			~₹510 (+7% vs ₹478)	Analyst View

No broker targets or consensus exist (FY+1/FY+2 consensus not available). Aggregator noise below.

Street sentiment

Source	Type	Rating / target	Comment
Sell-side brokers	—	None	Trendlyne 0 reports; Investing.com, MarketScreener, Stockopedia no consensus; SMIFS/Ventura/Arihant/Choice/Asit Mehta/Monarch/Sharekhan none
INDmoney / MarketScreener	Platform	“100% BUY”	Unverifiable
Saras.market	Algo	Neutral ₹212.87–266.87 (13-Feb-26)	Stale
Univest (Ankit Jaiswal)	Model blog (18-Aug-26)	2027 ₹66; 2028 ₹82; 2030 ₹129 (bull ₹243, bear ₹114)	Wrong EPS base (₹1.3) — noise
MarketsMojo	Quant	Sell (48) → Hold (64), 19-May-26; reiterated 21-Sep-26	“Very Expensive”; partial profit-taking at ~₹271; fair value ₹180–210; earlier Buy at ATH ₹228.29
Investing.com technicals	Technical	Strong Buy (11-Aug-26)	MACD 14.4, ADX 63.3; overbought
smart-investing.in	IV model	IV ₹86.07 (20-Sep-26)	Over-valued
Sharepricechart/Munafasutra/Bazaartrend	SEO	2026 ₹424–499; 2027 ₹539–699	No research value

Voice	Stance	Thesis
Dr Vijay Malik (blog/X)	Bear	FY16–25 PAT ₹157 cr vs CFO ₹108 cr; FY19 ₹99.5 cr of ₹190 cr receivables >6 months; OPM 6–11%; Xanatos “almost no business”; CFO/CS churn
MarketsMojo	Hold	ROE ~9.2% (their calc); no MF backing
Trade Brains — Leon Mendonca (22-Sep-26)	Cautious	DC clearest avenue; rail/EV potential; P/E 88 vs industry 35
Multibagg.ai	Bull	OB 5.8x since FY22; flags GM 32.3% → 28.9%
Chart Wallah (X, mid-2024)	Bull	“Best proxy for futuristic sectors”
Futurecaps Substack (11-Jun-26)	Bull	“Potential multibagger”
Value Investment Substack — Om Prakash (30-Sep-25)	Neutral	Educational
News (Upstox, HDFC Sky, BS, Business Upturn, Sahi, ScanX)	Neutral-positive	Negative reactions on 10-Jun, 31-Aug
TV	—	No named recommendation found

ValuePickr (thread 199411)	Poster	Gist
22-Jun-25	Abhijay	Bull; OB ₹612 cr; mcap ₹2,885 cr @ 75.7x; risks: WC 33% of OI, ₹32 cr >180 days, ₹21.3 cr GE arbitration (₹16.8 cr provided), ~20% imports
28-Apr-26	Tshab	Holder “since ₹45”; cites Vijay Malik
25-Jun-26	anupammahor	OB ₹525 → ₹1,254 cr + ~₹700 cr Q1
28-Jun-26	goutam	Sceptic: source of numbers?
29-Jun / 26-Jul / 28-Jul-26	anupammahor	Self-tally; ~₹375 cr Siemens/Titagarh/PDG; FY27 inflow ~₹1,100 cr in 4 months; ₹141.74 cr PDG

TradingView longs: Microcap_Investor ₹434/₹1,013; Prakash_Patil2301 ₹321; Pips_Sadhak ₹240–260; firos_meethal >₹298; IdeasNeosagi ₹301/₹337; Saishayu VCP; Yoyohoneysingh93 “min 25%”; Rachitstock ₹300–305/₹400; RajputAmarjit ₹240–250 — most exceeded. Reddit/Morningstar/Moneycontrol: none indexed. INDmoney: search −8%, activity +97% (30d), avg holding 53 days; Screener cons: 13.4x book, ROE 12.1% 3y, debtor days 178, promoter −5.64% 3y.

Date	Event	Price / reaction
13-Nov-25	₹175 cr orders	+7.9% to ₹256.90
23–31-Dec-25	KDU converts 3.5 lakh warrants	Year-end ~₹215
Jan–Mar-26	Small-cap sell-off	Low ₹150.86 (30-Mar)
11-Feb / 9-Jun-26	MEL Shipyard announced / completed	Governance flag
19-May-26	MarketsMojo Hold	—
27–29-May-26	Q4 FY26	~₹271
24-Jul-26	₹376.22 cr	~₹255
14–17-Aug-26	Q1 FY27, ₹2,073 cr OB	~₹368 — inflection
1–3-Sep-26	₹628.5 cr in 24 hrs	ATH ₹435 → ₹450
14–21-Sep-26	Goa plant	~₹408–416
23-Sep-26	KDU sells; SBI MF buys	~₹386–395; −5.3% to ₹403
30-Sep-26	19th AGM	Votes not retrieved (scrutinizer 1-Oct)
5–6-Oct-26	₹393.52 cr	₹474.9 → ATH ₹490

Street synthesis: no institutional consensus; narrative bullish (“AI/DC critical power with defence moat”), price split. Agreement: OB step-up real, blue-chip DC roster, naval base durable. Contention: valuation vs quality; promoter behaviour; order-to-cash; overhang. Sentiment arc: capitulation (Apr–May) → disbelief (Jun–Jul) → inflection (Aug) → euphoria with first institutional validation (Sep–Oct) — crowded-bullish. heard.md's “ICRA A- rationale early 2024” is superseded: the A- rating dates from 23-Jul-2026.

Final Verdict

Business quality

Medium

Improving; naval moat, DC integrator

Management quality

Weak

RPTs, promoter sale, disclosure gaps

Financial quality

Medium

Growth + low debt vs 0.50x cash conversion

Valuation

Expensive

~103x P/E; ~62x EV/EBITDA

Overall view

Neutral

Wait for cash and disclosure proof

Bull case

₹2,073 cr book + ₹1,871.6 cr filings → FY27 revenue ₹1,200–1,400 cr Est.
DC capacity 1.7 → 4–8 GW; Goa PTU plant productises margin
Naval franchise (70 ships in execution, 257-ship pipeline) plus ICRA A- and first MF entry

Bear case

OCF/PAT 0.50x over 5 yrs; receivables 92% of net worth; more equity likely
Governance: MEL Shipyard, KDU fee (~₹7.4 cr likely FY26 Est.), 3% promoter sale, ₹294 cr OB gap, no calls
103x for a 10–11% EBITDA OEM-dependent integrator; de-rate to 45x = ~₹273

Base case (12–18m)

Revenue and PAT grow 35–50%, but OCF stays weak and the multiple compresses toward ~60x; stock roughly flat-to-modestly up (~₹510 weighted) with high volatility around results and promoter/allottee supply. Analyst View

Five things to remember

The business is now ~60% data-centre/industrial; naval is the floor, not the engine.
Five-year cumulative FCF is −₹33 cr; growth was funded with ₹161 cr of equity.
Promoters sold 3.0% at ₹386.48 on 23-Sep-2026 (pro-forma 65.20%) after converting at ₹205.
The Jun-26 order book does not bridge by ~₹294 cr; post-Q1 filings total ₹1,871.6 cr.
ICRA A-(Stable)/A2+ since 23-Jul-2026; ~103x P/E vs 44.7x FY24–26 average.

Five questions before investing

What explains the ₹294 cr order-book gap, and does the Jun-26 book include July orders?
What did promoters pay for 70% of MEL Shipyard, and will MEIL supply it?
Are the FY26 AR related-party columns transposed — was FY26's KDU guarantee fee ~₹7.4 cr (as the BRSR test implies) — and why pay promoters for guarantees at all?
When does OCF turn positive — what are debtor days and advances on the DC book?
Will promoters or the ₹205 allottees sell more, and is a QIP coming (authorised-capital headroom 7%)?

Marine Electricals has a real and accelerating data-centre and naval order book, but at ~103x earnings the price already assumes flawless execution, while cash conversion, related-party dealings and a promoter sale argue for caution. Neutral: track Q2 FY27 cash flow and disclosure fixes; accumulate only on a de-rating toward 50–60x.

Sources

Merged and de-duplicated from all six researcher inputs. All accessed 06-Oct-2026 unless stated; publication dates shown where known. Excluded: ICRA rationale id 137124 (Micron Electricals — wrong company); aggregator snippets with 10x-inflated FY26 figures.

Company filings & annual reports

Annual Report FY2025-26 (company, dated 14-Aug-26) — https://www.marineelectricals.com/images/report/Marine-Electricals-Annual-Report-2026.pdf

Annual Report FY26 (NSE, filed 05-Sep-26) — https://archives.nseindia.com/annual_reports/AR_31621_MARINE_2025_2026_A_6301876_05092026211745.pdf

Annual Report FY25 (NSE, 05-Sep-25) — https://archives.nseindia.com/annual_reports/AR_28645_MARINE_2024_2025_A_3207230_05092025190617.pdf

Investor Presentation Aug-2026 — https://www.marineelectricals.com/images/disclosure-reports/Regulation-Investor-Presentation-August-2026.pdf

Investor Presentation 2026 (Q1 FY27, filed ~22-Sep-26) — https://www.marineelectricals.com/images/MEIL-Investor-Presentation-2026.pdf

Investor Presentation 11-Oct-2025 — https://nsearchives.nseindia.com/corporate/MARINE_11102025111048_Regulation_30_Investor_Presentation_uploaded_stock_exchange_Signed.pdf

Board outcome 14-Aug-2026 — https://www.marineelectricals.com/images/financial-results-outcome/Outcome-of-the-Board-Meeting-held-on-14-08-2026.pdf

NSE volume clarification 11-Aug-2026 — https://www.marineelectricals.com/images/disclosure-reports/Clarfication-W.r.t-Movement-in-Price.pdf

Q4 FY21 earnings call transcript (14-Jun-21) — https://marineelectricals.com/images/disclosure-reports/EarningsCallTranscriptMEIL.pdf

RPT disclosure H1 FY26 — https://www.marineelectricals.com/images/disclosure-reports/Related-Party-Transaction-for-September-2025.pdf

RPT disclosure H2 FY25 — https://www.marineelectricals.com/images/disclosure-reports/Related-Party-Transaction-for-March-2025-IndAS-Details.pdf

Annual Secretarial Compliance Report FY26 — https://www.marineelectricals.com/images/disclosure-reports/Annual-Secretarial-Compliance-Report-for-F.Y.2025-2026.pdf

Sale of stake (company copy) — https://marineelectricals.com/images/disclosure-reports/Regulation-30-MEIL-sale-of-stake.pdf

Athmar cessation — https://marineelectricals.com/images/disclosure-reports/Intimation-that-Athmar-India-Private-Limited-is-ceased-to-be-an-associate-company-of-MEIL.pdf

Sep-2024 allotment list — https://marineelectricals.com/images/disclosure-reports/Allotment-of-7279160-securities-pursuant-to-Preferential-Issue-at-its-meeting-held-on-September10,2024.pdf

CFO appointment (Dalmia, 16-Jan-25) — https://www.marineelectricals.com/images/disclosure-reports/Appointment-of-Mr.Sunil-Kumar-Dalmia-as-Chief-Financial-Officer-of-the-Company-w.e.f-January16,2025.pdf

Company disclosures — https://www.marineelectricals.com/disclosure-reports/

Company credit rating page — https://www.marineelectricals.com/credit-rating/

Company board — https://www.marineelectricals.com/board-of-directors/

Company committees — https://www.marineelectricals.com/board-committees/

Company subsidiaries — https://www.marineelectricals.com/subsidiaries/

Company results index — https://www.marineelectricals.com/financial-results-and-outcome/

NSE exchange filings

MEL Shipyard sale 09-Jun-26 — https://nsearchives.nseindia.com/corporate/MARINE_09062026182515_Signed_Regulation_30_MEIL_sale_of_stake.pdf

19th AGM notice 07-Sep-26 — https://nsearchives.nseindia.com/corporate/MARINE_07092026135723_Signed_Notice_and_Annual_Report_2026__2_.pdf

AGM proceedings 30-Sep-26 — https://nsearchives.nseindia.com/corporate/MARINE_30092026171549_Signed_2_Final_19th_Annual_General_Meeting_Proceedings.pdf

Preferential allotment 10-Sep-24 — https://nsearchives.nseindia.com/corporate/MARINE_10092024204815_Regulation30SignedFinal.pdf

Warrant conversion 25-Feb-26 — https://nsearchives.nseindia.com/corporate/MARINE_25022026115544_Signed_MEIL_Outcome_Stock_Exchange_Intimation_allotment.pdf

Monitoring agency report 14-May-26 — https://nsearchives.nseindia.com/corporate/MARINE_14052026202215_Signed_Monitoring_agency.pdf

Name change 18-Nov-25 — https://nsearchives.nseindia.com/corporate/MARINE_18112025173957_Signed_Regulation_30_Intimation_for_name_change.pdf

Vadodara plant 15-Apr-26 — https://nsearchives.nseindia.com/corporate/MARINE_15042026121304_Signed_Stock_Exchange_Intimation_Baroda_Plant.pdf

Mohan Rao cessation 29-May-26 — https://nsearchives.nseindia.com/corporate/MARINE_29052026195327_Signed_Cessation_from_the_position_of_ID.pdf

Committee reconstitution 14-Jul-26 — https://nsearchives.nseindia.com/corporate/MARINE_14072026135406_Signed_Regulation_30_Reconstitution_of_Committee_2.pdf

CFO resignation 19-Oct-2019 — https://nsearchives.nseindia.com/corporate/MARINE_19102019174635_Resignation_CFO_100.pdf

SME migration postal ballot 21-Sep-20 — https://nsearchives.nseindia.com/corporate/MARINE_21092020135743_MEILPOSTALBALLOTRESULTS.pdf

Credit ratings

ICRA intimation 24-Jul-26 — https://nsearchives.nseindia.com/corporate/MARINE_24072026135405_Signed_Credit_Rating_Agency.pdf

ICRA rationale Jul-26 — https://www.icra.in/Rating/GetRationalReportFilePdf?id=144450

ICRA rationale Jul-26 (viewer) — https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/144450

ICRA rationale Mar-24 — https://www.icra.in/Rating/GetRationalReportFilePdf?id=126638

ICRA intimation 28-Mar-24 — https://nsearchives.nseindia.com/corporate/MARINE_28032024162117_FinalIntimationtobeuploadedSigned.pdf

ICRA filing 3-Nov-25 — https://nsearchives.nseindia.com/corporate/MARINE_03112025175247_ICRA_Stock_Exchange.pdf

ICRA press release Jan-22 — https://www.marineelectricals.com/images/disclosure-reports/MEIL-Credit-Rating-ICRA-Press-Release.pdf

Financial databases

Screener consolidated — https://www.screener.in/company/MARINE/consolidated/

Screener standalone — https://www.screener.in/company/MARINE/

Stockanalysis income — https://stockanalysis.com/quote/nse/MARINE/financials/

Stockanalysis quarterly — https://stockanalysis.com/quote/nse/MARINE/financials/?p=quarterly

Stockanalysis balance sheet — https://stockanalysis.com/quote/nse/MARINE/financials/balance-sheet/

Stockanalysis cash flow — https://stockanalysis.com/quote/nse/MARINE/financials/cash-flow-statement/

Stockanalysis ratios — https://stockanalysis.com/quote/nse/MARINE/financials/ratios/

Tijori — https://www.tijorifinance.com/company/marine-electricals-india-limited/

Tijori shareholding — https://www.tijorifinance.com/company/marine-electricals-india-limited/shareholding/

Angel One shareholding — https://www.angelone.in/stocks/marine-electricals-india-ltd/shareholding

INDmoney — https://www.indmoney.com/stocks/marine-electricals-india-ltd-share-price

Trendlyne SAST — https://trendlyne.com/equity/insider-trading-sast/all/MARINE/111258/marine-electricals-india-ltd/

Trendlyne bulk/block — https://trendlyne.com/equity/bulk-block-deals/MARINE/111258/marine-electricals-india-ltd/

Trendlyne shareholding — https://trendlyne.com/equity/share-holding/111258/MARINE/latest/marine-electricals-india-ltd/

Trendlyne split — https://trendlyne.com/equity/Split/MARINE/111258/marine-electricals-india-ltd-split/

Trendlyne research reports — https://trendlyne.com/research-reports/stock/111258/MARINE/marine-electricals-india-ltd/

Trendlyne credit ratings — https://trendlyne.com/fundamentals/documents-credit-ratings/111258/MARINE/marine-electricals-india-ltd/

Trendlyne bulk-deal post (23-Sep-26) — https://trendlyne.com/posts/5859093/market-trades-lower-sonaselection-india-debuts-at-a-3-3-premium

Tracxn MCA charges — https://tracxn.com/d/legal-entities/india/marine-electricals-india-limited/__ayUN6pXdx_-AJ8n7VfHb60UBD664g-KxRx-TaiREAw8

Tofler KDU — https://www.tofler.in/kdu-enterprises-private-limited/company/U31401MH1982PTC027850

IIFL directors' report FY25 — https://www.indiainfoline.com/company/marine-electricals-india-ltd/reports/directors-report

IIFL MD&A FY25 — https://www.indiainfoline.com/company/marine-electricals-india-ltd/management-discussions

Goodreturns directors' report — https://www.goodreturns.in/company/marine-electricals-india/director-report.html

Goodreturns history — https://www.goodreturns.in/company/marine-electricals-india/history.html

Chittorgarh IPO — https://www.chittorgarh.com/ipo/marine-electricals-ipo/937/

Chittorgarh IPO review — https://www.chittorgarh.com/ipo_review/marine-electricals-ipo/2721/

Screener Quality Power — https://www.screener.in/company/QPOWER/consolidated/

Screener Siemens — https://www.screener.in/company/SIEMENS/consolidated/

Screener ABB India — https://www.screener.in/company/ABB/

Screener Schneider Electric Infra — https://www.screener.in/company/SCHNEIDER/

Screener Salzer — https://www.screener.in/company/SALZERELEC/consolidated/

Screener Hind Rectifiers — https://www.screener.in/company/HIRECT/consolidated/

Screener Data Patterns — https://www.screener.in/company/DATAPATTNS/

Groww peers — https://groww.in/stocks/marine-electricals-india-ltd/peer-comparison

Blue Gold Resources — https://bgresources82.wixsite.com/bluegold/switchboards-naval-ships

News & analysis

Multibagg Q1 FY27 — https://www.multibagg.ai/market-pulse/articles/q1fy27-execution-1240969101

Multibagg ₹629 cr orders — https://www.multibagg.ai/market-pulse/articles/marine-electricals-629cr-orders-cmtir7ijq000x35odmn957crv

TradeBrains Q1 FY27/BSE — https://tradebrains.in/marine-electricals-q1-fy27-consolidated-net-profit-up-51-yoy-to-17-51-cr-board-approves-direct-bse-listing/

TradeBrains ₹393.52 cr — https://tradebrains.in/indian-markets/marine-electicals-stock-jumps-7-after-securing-39352-crore-orders-across-data-centres-defence-and-port-projects-12624609

TradeBrains ₹250.78 cr — https://tradebrains.in/indian-markets/marine-electricals-in-focus-after-securing-25078-crore-orders-for-data-centre-equipment-12584960

TradeBrains ₹399 cr — https://tradebrains.in/indian-markets/marine-electricals-in-focus-after-winning-399-cr-data-center-power-orders-12459208

TradeBrains ₹141.74 cr — https://tradebrains.in/marine-electricals-secures-141-74-crore-order-from-princeton-digital-group/

TradeBrains ₹96 cr — https://tradebrains.in/marine-electricals-shares-up-4-after-securing-96-cr-order-from-princeton-digital-group/

TradeBrains ₹376 cr — https://tradebrains.in/defence-stock-in-focus-after-receiving-376-cr-orders-across-data-centre-and-defence-segments/

TradeBrains DC/rail/EV (22-Sep-26) — https://tradebrains.in/indian-markets/marine-electricals-how-is-this-defence-company-capturing-data-centre-railways-and-ev-opportunities-12562625

Upstox ₹393 cr — https://upstox.com/news/market-news/stocks/marine-electricals-india-shares-rally-9-to-hit-52-week-high-on-bagging-multiple-orders-worth-over-393-crore-check-details/article-201267/

Upstox ₹251 cr — https://upstox.com/news/market-news/stocks/marine-electricals-shares-gain-5-on-bagging-power-distribution-supply-orders-worth-251-crore-check-details/article-200958/

Upstox capacity — https://upstox.com/news/market-news/stocks/marine-electricals-shares-jump-8-on-capacity-expansion-update-shares-up-92-ytd/article-200600/

HDFC Sky ₹376.22 cr — https://hdfcsky.com/news/marine-electricals-wins-rs376-22-crore-orders-shares-rise-2-08-percent

HDFC Sky ₹80.77 cr — https://hdfcsky.com/news/marine-electricals-secures-rs-80-77-crore-orders-shares-rise-0-84-percent

HDFC Sky ₹27.21 cr — https://hdfcsky.com/news/marine-electricals-secures-rs-27-21-crore-power-distribution-order

HDFC Sky ₹44.22 cr — https://hdfcsky.com/news/marine-electricals-wins-rs-44-22-crore-orders-from-defence-and-shipyard-clients

HDFC Sky ₹398.81 cr — https://hdfcsky.com/news/marine-electricals-receives-rs-398-81-crore-orders

HDFC Sky Goa plant — https://hdfcsky.com/news/marine-electricals-opens-goa-plant-shares-rise-9-65-percent-on-capacity-expansion

Business Upturn ₹393.52 cr — https://businessupturn.com/business/marine-electricals-india-secures-rs-393-52-crore-order-excluding-taxes/

Business Upturn ₹174.6 cr — https://www.businessupturn.com/business/corporates/marine-electricals-bags-rs-174-6-crore-worth-of-new-orders-order-book-rises-to-rs-966-crore/

Business Upturn ₹208.72 cr — https://www.businessupturn.com/business/marine-electricals-secures-rs-208-72-crore-orders-from-adani-infra-and-udupi-cochin-shipyard/

Business Upturn ₹115 cr — https://www.businessupturn.com/business/marine-electricals-secures-rs-115-crore-order-from-larsen-toubro/

Business Upturn cyber — https://www.businessupturn.com/business/marine-electricals-reports-potential-cybersecurity-incident-with-no-business-impact

Business Upturn Danfoss — https://www.businessupturn.com/business/corporates/marine-electricals-and-danfoss-india-join-forces-to-electrify-indias-maritime-future/

Business Upturn committees — https://businessupturn.com/business/marine-electricals-india-announces-reconstitution-of-board-committees/

Business Standard Q1 FY27 — https://www.business-standard.com/amp/markets/capital-market-news/marine-electricals-india-consolidated-net-profit-rises-48-75-in-the-june-2026-quarter-126081500472_1.html

Business Standard ₹175 cr (13-Nov-25) — https://www.business-standard.com/markets/news/marine-electricals-share-climbs-8-on-securing-multiple-deals-worth-175-cr-125111300928_1.html

ScanX FY26 — https://scanx.trade/stock-market-news/companies/marine-electricals-reports-strong-q4-performance-with-net-profit-at-154m-rupees-and-ebitda-margin-expanding-to-11-35/41449513

ScanX MEL Shipyard — https://scanx.trade/stock-market-news/companies/marine-electricals-completes-70-stake-sale-in-mel-shipyard/42579406

ScanX PDG ₹141.74 cr — https://scanx.trade/stock-market-news/companies/marine-electricals-wins-rs-141-74-crore-work-order-from-princeton-digital-group-for-power-distribution-system/46813387

ScanX encumbrance — https://scanx.trade/stock-market-news/companies/marine-electricals-discloses-no-new-encumbrances-on-shares-in-fy26/42235815

ScanX ₹284.39 cr — https://scanx.trade/stock-market-news/orders-deals/marine-electricals-secures-284-39-crore-orders-for-power-distribution-systems/31044685

ScanX ₹27.49 cr — https://scanx.trade/stock-market-news/orders-deals/marine-electricals-secures-27-49-crore-orders-for-power-distribution-systems/33718091

ScanX ₹75.19 cr / ₹44.22 cr — https://scanx.trade/stock-market-news/companies/marine-electricals-india-limited-secures-orders-worth-44-22-crores-across-three-key-segments/42612435

ScanX Pendse — https://scanx.trade/stock-market-news/companies/marine-electricals-director-ceases-after-term-ends/45264119

ScanX Mohan Rao — https://scanx.trade/stock-market-news/companies/marine-electricals-director-mohan-rao-steps-down-after-second-term/41641278

Sahi Goa — https://www.sahi.com/news/marine-electricals-opens-goa-factory-targeting-800-power-train-units-annually-by-march-2027

Sahi Q1 — https://www.sahi.com/news/marine-electricals-q1-revenue-rises-to-2-34b-rupees-as-net-profit-reaches-167m-3935-PE1_COR

Sahi ₹209 cr — https://www.sahi.com/news/marine-electricals-wins-209-crore-order-strengthening-marine-electrical-segment-order-book-3935-PE1_COR

Sahi ₹44.22 cr — https://www.sahi.com/news/marine-electricals-wins-44-22-cr-orders-for-electrical-turnkey-and-bridge-systems-3935-PE1_COR

TipRanks board/BSE — https://www.tipranks.com/news/company-announcements/marine-electricals-board-clears-dividend-fund-reallocation-and-bse-listing-plan

TipRanks Narhari — https://www.tipranks.com/news/company-announcements/marine-electricals-converts-key-subsidiary-narhari-engineering-works-into-mel-heavy-industries-pvt-ltd

TipRanks Xanatech — https://www.tipranks.com/news/company-announcements/marine-electricals-completes-acquisition-of-xanatech-synergies

TipRanks Premalata — https://www.tipranks.com/news/company-announcements/marine-electricals-expands-csr-initiatives-with-new-subsidiary

TipRanks ₹21.83 cr — https://www.tipranks.com/news/company-announcements/marine-electricals-bags-rs-21-83-crore-orders-across-marine-real-estate-and-data-center-segments

TipRanks coverage — https://www.tipranks.com/stocks/in:marine/earnings/q2-2026-report

MarketsMojo Q4 FY26 — https://www.marketsmojo.com/news/result-analysis/marine-electricals-q4-fy26-strong-quarter-masks-valuation-concerns-4021978

MarketsMojo Q2 FY26 — https://www.marketsmojo.com/news/result-analysis/marine-electricals-q2-fy26-strong-profit-surge-masks-valuation-concerns-3668467

MarketsMojo Q3 FY26 — https://www.marketsmojo.com/news/result-analysis/are-marine-electricals-india-ltd-latest-results-good-or-bad-3835948

MarketsMojo Hold (May-26) — https://www.marketsmojo.com/news/stock-recommendation/marine-electricals-india-ltd-is-rated-hold-by-marketsmojo-4052765

MarketsMojo Hold (Sep-26) — https://www.marketsmojo.com/news/stock-recommendation/marine-electricals-india-ltd-is-rated-hold-4199859

MarketsMojo ATH ₹459.2 — https://www.marketsmojo.com/news/stocks-in-action/marine-electricals-india-ltd-hits-all-time-high-at-rs4592-4214580

MarketsMojo smallcap ATH — https://www.marketsmojo.com/news/stocks-in-action/marine-electricals-ltd-smallcap-companys-stock-reaches-all-time-high-promising-investment-opportunity-311393

MarketsMojo company CV — https://www.marketsmojo.com/stocks-analysis/companycv/marine-electricals-india-1003069-1

MarketScreener company — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/

MarketScreener company profile — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/company/

MarketScreener Xanatos — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Marine-Electricals-Limited-agreed-to-acquire-a-75-stake-in-Xanatos-Marine-Ltd-for-1-6-million-37711340/

MarketScreener Marks Marine 49.2% — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Marine-Electricals-Limited-agreed-to-acquire-49-2-stake-in-Marks-Marine-Radio-Private-Limited-for-I-45083896/

MarketScreener Marks Marine +10% — https://in.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Marine-Electricals-Limited-agreed-to-acquire-an-additional-10-stake-in-Marks-Marine-Radio-Private-L-49040371/

MarketScreener Xanatech 26% — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Marine-Electricals-Limited-agreed-to-acquire-remaining-26-stake-in-Xanatech-Synergies-Private-Limit-49040052/

MarketScreener Danfoss — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Danfoss-India-Appoints-Marine-Electricals-Limited-as-its-Official-Partner-and-System-Integrator-for-49279380/

MarketScreener CFO — https://www.marketscreener.com/quote/stock/MARINE-ELECTRICALS-INDIA--46555743/news/Marine-Electricals-Limited-Appoints-Sunil-Kumar-Dalmia-as-Chief-Financial-Officer-48815366/

MarketScreener Q1 FY27 — https://www.marketscreener.com/news/marine-electricals-limited-reports-earnings-results-for-the-first-quarter-ended-june-30-2026-ce7859dfdc8bfe22

Equitypandit Goa — https://www.equitypandit.com/marine-electricals-opens-sixth-plant-its-first-in-goa/

Electrical Mirror Goa — https://electricalmirror.net/marine-electricals-goa-plant-data-centre/

Kotak Neo Goa — https://www.kotakneo.com/news/stocks/marine-electricals-shares-closed-up-9-percent-after-inauguration-of-sixth-goa-plant/

Chola Securities — https://www.cholasecurities.com/news/hot-pursuit/marine-electricals-rises-as-new-orders-boost-order-book/1654270

MoneyWorks4Me ₹70.86 cr — https://www.moneyworks4me.com/company/news/index/id/811837

TradingView/Moneycontrol ₹174.6 cr — https://www.tradingview.com/news/moneycontrol:d8c3e7100094b:0-marine-electricals-shares-gain-7-on-orders-win-of-rs-174-60-crore/

Choice board — https://choiceindia.com/stocks/marine-electricals-india-ltd-board-of-directors

Industry & policy

PIB Navy Aatmanirbhar — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2198298&reg=3&lang=1

PIB ₹69,725 cr package — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2170573

PIB Maritime India Vision 2047 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2182563

PIB Maritime Amrit Kaal Vision 2047 — https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID=2080010&reg=48&lang=2

Maritime Gateway package — https://www.maritimegateway.com/cabinet-clears-rs-69725-crore-shipbuilding-and-maritime-development-package/

Business Standard 5% target — https://www.business-standard.com/industry/news/india-targets-5-share-in-global-shipbuilding-market-by-2030-says-mos-125091500662_1.html

Unravelling Geopolitics — https://unravellinggeopolitics.substack.com/p/indias-big-shipbuilding-push-from

Free Press Journal defence budget — https://www.freepressjournal.in/business/union-budget-2026-defence-budget-gets-15-boost-with-78-lakh-crore-allocation-capital-outlay-for-modernisation-rises-to-219-lakh-crore

MP-IDSA MoD BE — https://idsa.in/publisher/issuebrief/ministry-of-defence-2026-27-budget-estimates-an-analysis

Wikipedia Future of the Indian Navy — https://en.wikipedia.org/wiki/Future_of_the_Indian_Navy

Channel IAM 18 warships (30-Sep-26) — https://en.channeliam.com/2026/09/30/indian-navy-warships-largest-single-year-addition/

Marine Insight June 2026 — https://www.marineinsight.com/indian-navy-five-indigenous-warships-june-2026/

Business Today CBRE (1-Apr-26) — https://www.businesstoday.in/technology/story/india-data-centre-capacity-to-jump-30-in-2026-500-mw-supply-boost-expected-cbre-report-523529-2026-04-01

SBI DC sector report Apr-26 — https://sbi.bank.in/documents/57189647/58231607/Sector+Report+DataCentre.pdf/f1919592-ee66-b50b-ea20-75fbb27c9bb5?t=1779885206866

Future Market Insights — https://www.futuremarketinsights.com/reports/switchgear-for-data-centers-market

NextMSC — https://www.nextmsc.com/report/india-data-center-power-solution-market-ic3679

Sentiment, forums, aggregators

ValuePickr thread 199411 — https://forum.valuepickr.com/t/marine-electricals-riding-the-waves-of-expansion/199411

Dr Vijay Malik — https://www.drvijaymalik.com/marine-electricals/

Dr Vijay Malik on X — https://x.com/drvijaymalik/status/1963505847956287956

Chart Wallah on X — https://x.com/Chart_Wallah108/status/1818500936865607965

TradingView ideas — https://www.tradingview.com/symbols/NSE-MARINE/ideas/

Futurecaps Substack — https://futurecapsmarketing.substack.com/p/marine-electricals-india-multibagger

Value Investment Substack — https://valueinvestment.substack.com/p/marine-electricals-india-ltd

Investing.com consensus — https://in.investing.com/equities/marine-electricals-consensus-estimates

Investing.com technical — https://in.investing.com/equities/marine-electricals-technical

Stockopedia — https://www.stockopedia.com/share-prices/marine-electricals-india-NSI:MARINE/

Saras.market — https://www.saras.market/stocks/MARINE/share-price-targets

Univest — https://univest.in/blogs/marine-electricals-india-share-price-target-2027-2028-2030

Sharepricechart — https://sharepricechart.com/marine-electricals-share-price-target/

Munafasutra — https://munafasutra.com/nse/forecast/MARINE

smart-investing.in — https://www.smart-investing.in/main.php?Company=MARINE+ELECTRICALS+%28INDIA%29+LTD