Marine Electricals Announces Q2 Results, Recommends Dividend and Approves Direct Listing on BSE

Marine Electricals Announces Q2 Results, Recommends Dividend and Approves Direct Listing on BSE​

Marine Electricals (India) Limited released its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The results were approved by the Board of Directors during a meeting held on August 14, 2026. In addition to the financial outcomes, the company also announced recommendations regarding dividend distribution and strategic corporate developments, including approval for direct listing on the Main Board of BSE Limited.

The company recommended a final dividend of Rs 0.30 per equity share, representing 15% of the face value of Rs 2 each, for the Financial Year ended March 31, 2026. The board also set September 11, 2026, as the record date to determine member entitlement to this dividend.

Q2 Financial Performance Highlights​

Marine Electricals reported significant performance across both standalone and consolidated financials for the quarter ended June 30, 2026.

Standalone Quarterly Results (Figures in lakhs):
The company generated a total income of 23,857.41 lakhs during the quarter. Key expense areas included Cost of materials consumed at 2,076,214 and Other expenses totaling 192,220. The profit before tax stood at 221,858.

Consolidated Quarterly Results (Figures in lakhs):
On a consolidated basis, the company recorded total income of 263,4617 for the quarter ended June 30, 2026. Total expenses were reported at 23,971.44 lakhs, resulting in profit before tax of 237,473.

The segment-wise results for the standalone entity showed strong performance, with Marine segment revenue at 7,776.68 and Industry segment revenue at 15,636.20, both contributing to a total profit before tax of 218,124.

Corporate Approvals and Strategic Moves​

The Board Meeting held on August 14, 2026, sanctioned several material corporate decisions:

• Direct Listing: The company approved the direct listing of its equity shares on the Main Board of BSE Limited, subject to necessary regulatory approvals and compliance.
• Dividend Recommendation: The final dividend recommendation was confirmed, contingent upon approval by shareholders at the forthcoming 19th Annual General Meeting (AGM).
• AGM Details: The AGM is scheduled for Wednesday, September 30, 2026, to be held via video conference and/or other audio-visual means.
• Fund Utilization: Approval was granted for a change in the object of utilization of funds amounting to Rs 149.22 crore, which were raised through preferential allotment of shares, pending shareholder approval.

The company also appointed M/s Joshi Apte & Associates as its Cost Auditor for the financial year 2026-27. The independent auditor's review report confirmed that nothing came to their attention regarding material misstatement in the accompanying statements.

Operational Updates and Restructuring​

During the reporting quarter, the company undertook significant operational shifts:

• Subsidiary Restructuring: Narhari Engineering Works, which was a partnership firm with a 99% share of profit held by the Company, was reconstituted into a private limited company named MEL Heavy Industries Private Limited as of May 22, 2026. The Company retained its same percentage of shareholding post-reconstitution.
• Stake Sale: Marine Electricals sold 70.00% of its stake (comprising 7,000 equity shares at face value of Rs 10 each) in its wholly owned subsidiary, MEL Shipyard Private Limited (formerly Xanatech Synergies Private Limited), to the company's promoters for a consideration of Rs 0.70 lakhs. Following the transfer, the Company's stake in MEL reduced to 30%, making it an associate company effective from June 9, 2026.
• Arbitration Settlement: The company paid the balance interest amount of Rs 474.50 lakhs as per a final arbitration award dated August 1, 2024. With this payment, the entire liability under the arbitration award has been settled.

Financial Highlights at a Glance (All figures in lakhs)​

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Marine Electricals (India) Limited is primarily engaged in providing Integrated Electrical & Automation Solution services across two main segments: Marine and Industry. The company's registered office is located at B-1, Udyog Sadan-3, MIDC, Andheri (E), Mumbai.

MARINE Stock Price Movement​

Marine Electricals (India) Limited closed today at ₹370.7, narrowly marking a modest gain of 0.19% as it navigated the closing session. The equity remained robustly supported, hovering close to its 52-week high of ₹388 amid significant investor activity with over 1.69 million shares traded.