MARINE - Marine Electric.

📊 NSE: MARINE 🏢 Electric Equipment 📅 Last Updated: 12/14/2025 9:37

💰 Financial Performance

Revenue Growth by Segment

Marine segment revenue grew 24% YoY to INR 329.55 Cr in FY25, while the Industry segment grew 38.5% YoY to INR 371.04 Cr. Total consolidated revenue in FY24 was INR 622.3 Cr, up 40.5% from INR 442.9 Cr in FY23.

Geographic Revenue Split

Domestic operations contribute approximately 96% of revenue, while exports account for ~4% of total turnover as of H1 FY25.

Profitability Margins

Net Profit Ratio improved to 4.97% in FY25 from 4.14% in FY24. Operating Profit Ratio increased to 8.96% in FY25 from 8.32% in FY24. PAT margin was 3.8% in FY23.

EBITDA Margin

Operating profit margin (OPBDIT/OI) was 8.7% in FY23 and 8.3% in H1 FY24. Core profitability is supported by a healthy order book and stable execution, though constrained by fixed-price contracts.

Capital Expenditure

The company raised INR 29.25 Cr through warrants to fund a planned capex of INR 30 Cr across FY24 and FY25 (INR 15 Cr each year).

Credit Rating & Borrowing

Credit rating upgraded to [ICRA]BBB+ (Stable) and [ICRA]A2. Borrowing costs are supported by a comfortable capital structure with a gearing of 0.2 times as of September 2024.

⚙️ Operational Drivers

Raw Materials

Electrical and electronic components for switchboards, control panels, and NAVCOM systems represent 70-80% of the total cost of production.

Import Sources

Approximately 19-20% of raw materials are imported, primarily through international subsidiaries and partners in regions like Italy and the UAE.

Key Suppliers

Not disclosed in available documents; however, the company uses back-to-back arrangements with suppliers to mitigate price risks.

Capacity Expansion

The company operates 8 manufacturing plants across Goa, Mumbai, UAE, and Italy. Specific unit-wise capacity metrics were not disclosed.

Raw Material Costs

Raw material costs account for 70-80% of revenue. Significant fluctuations can impact margins due to the 2-3 year execution cycle for marine orders.

Manufacturing Efficiency

Average utilization of sanctioned fund-based working capital limits stood at approximately 60% during the 12 months ended December 31, 2023.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth is driven by the 'Make in India' focus on indigenous naval procurement, a healthy order book of INR 612 Cr as of Feb 2025, and expansion into commercial export shipbuilding and EV charging consultants.

Products & Services

Integrated Bridge Systems, NAVCOM systems, Main Switchboards, Control panels, Integrated Platform Management Systems (IPMS), LV and MV switchgears, and proprietary Energy Management Systems (EMS).

Brand Portfolio

Marine Electricals, Xanatos Marine, Evigo Charging Consultants, STI Company SRL.

New Products/Services

Ruggedized UPS, solid-state Auto Transfer Switches, and expanded IPMS portfolios are expected to contribute to future revenue growth.

Market Expansion

Expanding into commercial export shipbuilding (auxiliary vessels) and securing ship repair agreements with the US Navy through partnerships with Cochin Shipyard.

Market Share & Ranking

Leader in providing electrical and electronic solutions to the marine sector; one of the largest manufacturers of LV and MV switchgears in India.

Strategic Alliances

Nominated vendor status for the Indian Navy and Coast Guard; technical tie-ups with reputed global OEMs for turnkey solutions.

🌍 External Factors

Industry Trends

The Indian Navy's vision for a 200-strong combat fleet by 2027 is a major catalyst for warship construction and systems integration demand.

Competitive Landscape

Intense competition in the industry segment from global giants like Siemens, GE, and domestic leader L&T.

Competitive Moat

Durable moat through 'Nominated Vendor' status for defense PSUs and high technical T1 evaluation barriers that favor established players with 45+ years of experience.

Macro Economic Sensitivity

Highly sensitive to the Indian Government's defense budget, naval modernization plans, and national infrastructure growth.

Consumer Behavior

Not applicable as the business is B2B and B2G focused.

Geopolitical Risks

Beneficiary of geopolitical shifts toward indigenous defense manufacturing ('Atmanirbhar Bharat'), reducing reliance on foreign OEMs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to strict technical standards and indigenization requirements set by the Indian Navy and Ministry of Defence.

Environmental Compliance

Focuses on carbon emission reduction and waste management; uses environment-friendly raw materials in manufacturing to minimize impact.

⚠️ Risk Analysis

Key Uncertainties

Delays in project execution by customers could defer revenue recognition; raw material price volatility on long-term fixed-price contracts (2-3 years).