Marine Electricals (India) Limited (MARINE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.8%

₹101.30

vs ₹418.85 price

Levered DCF

-₹0.02

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	35.95×	58.24×	46.88×	25.98×	29.1×	62.67×	39.15×	23.91×
P/B	4.26×	5.44×	4.84×	2.12×	2.17×	4.95×	1.47×	1.42×
P/S	2.39×	2.86×	1.95×	1×	1.01×	3.22×	0.84×	0.55×
EV / EBITDA	18.61×	26.77×	23.68×	12.75×	12.7×	24.37×	10.9×	11.71×
Gross margin	19.7%	17.8%	14.9%	15.3%	14.0%	17.2%	13.4%	10.6%
Operating margin	9.1%	6.9%	7.8%	7.4%	6.4%	9.6%	5.5%	4.8%
Net margin	6.7%	5.0%	4.2%	3.8%	3.5%	5.1%	2.1%	2.3%
Current ratio	2.12×	2.14×	1.48×	1.6×	1.65×	1.61×	1.48×	1.47×
Debt / equity	0.18×	0.14×	0.39×	0.32×	0.21×	0.36×	0.38×	0.37×
Interest coverage	4.19×	3.78×	3.91×	3.3×	3.31×	2.7×	1.31×	2.36×
Dividend yield	0.2%	0.1%	0.0%	0.0%	0.6%	0.0%	0.0%	0.0%
Payout ratio	7.1%	6.9%	0.0%	0.0%	18.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.8%	9.5%	10.3%	8.2%	7.4%	7.9%	3.7%	6.0%
Return on invested capital	10.3%	8.2%	9.6%	7.7%	7.4%	8.4%	5.2%	6.7%
Return on assets	6.6%	5.3%	4.2%	3.6%	3.5%	3.4%	1.5%	2.5%
Free cash flow yield	-2.4%	2.0%	-2.6%	-5.7%	9.2%	-0.3%	9.1%	-28.0%
Earnings yield	2.8%	1.8%	2.1%	3.9%	3.4%	1.6%	2.5%	4.2%
Enterprise value	₹20.4B	₹22B	₹13B	₹5B	₹4.1B	₹8.5B	₹2.7B	₹2.7B
Net debt / EBITDA	-0.54×	-0×	1.64×	1.59×	1.08×	1.28×	1.97×	2.21×
Cash conversion cycle (days)	104	90	111	107	134	171	116	96