Mr. Mohan Rao ceased to be an Independent Director of Marine Electricals (India) Limited on May 29, 2026, following the completion of his second term. The cessation is effective from the close of business hours on the said date, as disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consequent to the completion of his tenure, Mr. Rao is no longer a member of the Nomination & Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Director Details

Marine Electricals (India) Limited reported a net profit of ₹528.7 crore for the financial year ended March 31, 2026, marking an increase from ₹410.2 crore in the previous year. Revenue from operations for the year rose to ₹7,469.4 crore compared to ₹7,005.8 crore in FY25, driven by growth in both its Marine and Industry segments. The company's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 27, 2026.

Financial Performance Overview

For the quarter ended March 31, 2026, the company reported a net profit of ₹153.8 crore, up from ₹128.2 crore in the corresponding quarter of the previous year. Revenue for Q4FY26 stood at ₹2,445.3 crore, compared to ₹2,249.9 crore in Q4FY25. Earnings per share (EPS) for the year increased to ₹3.83 from ₹3.03 in the prior year.

The following table summarizes the key financial metrics for the standalone financial results:

Segment Performance

The company operates primarily in two segments: Marine and Industry. The Marine segment reported revenue of ₹3,341.7 crore for FY26, while the Industry segment contributed ₹4,127.7 crore. On a consolidated basis, revenue from operations for the year stood at ₹8,769.4 crore, with a net profit of ₹586.2 crore.

Key Developments and Notes

During the year, the company converted 20,00,000 share warrants into equity shares against the balance 75% subscription money received of ₹3,075 lakh. Additionally, an unsecured loan of ₹476.57 lakh to a subsidiary, Evigo Charge Private Limited, was converted into equity shares in February 2026, increasing the company's stake to 96.52%.

The statutory auditors, Saini Pati Shah & Co LLP, issued an unmodified opinion on the standalone and consolidated financial results. The report included an emphasis of matter regarding a final arbitration award received in August 2024, directing payment to a sub-contractor, which the company has provided for.