Synopsis: Fresh orders worth approximately Rs. 76.38 crore (excluding taxes) from STT Global Data Centres India and Deepak Chem Tech Limited, covering supply and commissioning of power distribution systems with 12 to 18 month delivery windows, have been received by Marine Electricals (India) Limited, adding to a strong order inflow pace sustained through Q1 FY27.
Shares of an integrated electrical automation and power distribution company came into focus after it disclosed receipt of fresh orders totalling approximately Rs. 76.38 crore on June 16, 2026, under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements Regulations. The two orders span a data centre operator and a specialty chemicals firm, extending the company’s reach into infrastructure-adjacent segments beyond its traditional marine and defence base.
With a market capitalization of Rs.3,628.76 crore, the shares of Marine Electrical (India) were trading at Rs.258.45, up 4.78 percent from its previous close of Rs.246.65. The stock trades at a P/E of 59.5.
The Rs. 76.38 crore comes from two orders filed under a single Regulation 30 disclosure by Company Secretary Deep Shah. The first is from STT Global Data Centres India Private Limited, covering the Supply, Installation, Testing and Commissioning (SITC) of a power distribution system. STT GDC is among India’s largest data centre operators, with hyperscale facilities across major metros. A SITC-scope contract demands a broader execution mandate than a pure supply order: the vendor must deliver an operational, commissioned system rather than merely shipping product. This scope places Marine Electricals in the role of power system integrator within the data centre infrastructure chain, a segment attracting strong capex inflows as cloud and co-location demand scales rapidly across India.
The second order is from Deepak Chem Tech Limited, a subsidiary of Deepak Nitrite, for supply of a power distribution system. Deepak Nitrite is one of India’s established specialty and basic chemicals manufacturers, and its plant-level requirements span switchgear and distribution equipment compliant with process-safety standards. Establishing a supply relationship within the Deepak Group opens a potential avenue in the industrial chemicals capex cycle, which has been expanding as domestic manufacturers reinvest in downstream capacity.
Both orders carry a 12 to 18 month delivery window. The filing confirms that no promoter or promoter group entity has any interest in either order and that neither falls within related party transaction parameters, a clean-governance disclosure the company has maintained consistently across recent announcements.
At Rs. 76.38 crore, the two orders together represent approximately 8.71 percent of FY26 consolidated revenue of Rs. 877 crore. Revenue from these contracts will flow into the company’s financials over FY27 and into FY28, subject to execution and billing milestones.
Order Book Momentum and Capacity Context
The June 16 disclosure is the latest in a run of order wins Marine Electricals has announced in Q1 FY27. The company had already disclosed Rs. 115 crore from Larsen and Toubro for the Tata Semiconductor facility in Dholera (April 6, 2026), Rs. 70.86 crore from Princeton Digital Group and C Torq Marine Services (April 27, 2026), and Rs. 16.90 crore across Afcons, Knowledge Shipyard, and Udupi Cochin Shipyard (April 16, 2026). The current addition brings disclosed Q1 FY27 order inflows to approximately Rs. 279 crore a quarterly run that, if sustained, would substantially outpace FY26’s full-year revenue of Rs. 877 crore.
This order activity coincides with a manufacturing capacity addition. The company inaugurated a Vadodara plant on April 15, 2026 a 51,000 sq. ft. facility adding 25 percent to its assembly shopfloor area. The Rs. 95 crore deployed in investing activities in FY25 and Rs. 17 crore in FY26 reflects this capex. The combination of expanded capacity and broadening client sectors across data centres, semiconductors, shipyards, and chemicals points to a deliberate push to widen the revenue mix while the general industrial and infrastructure capex cycle remains active.
Financials
Marine Electricals reported consolidated revenue of Rs. 877 crore for FY26, up 14.34 percent from Rs. 767 crore in FY25, with net profit growing 55.26 percent to Rs. 59 crore from Rs. 38 crore. Operating margin improved to 11.0 percent from 9.0 percent.
Working capital quality, however, remains the financial concern that offsets the headline momentum. Debtor days stood at 178 in FY26, elevated from 157 in FY25. SITC and supply contracts of the type in these orders typically involve milestone-linked billing, which can extend receivable cycles further. The cash conversion cycle was 93 days in FY26, and working capital days reached 104 from 79 in FY24. Until receivables compress, a portion of revenue growth gets absorbed into working capital rather than cash. Return on equity for FY26 was 13.2 percent, with a three-year average of 12 percent relatively modest for a stock trading at over 7x book value.
Business Overview
Marine Electricals (India) Limited is an integrated technical services provider specialising in electrical automation, LV and MV switchgear manufacturing, power distribution systems, and ICT solutions. The company claims approximately 50 percent market share in the electrical segment for marine applications and holds approved vendor status with the Indian Navy and select Indian and global shipyards.
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