Marine Electricals (India) has secured orders worth ₹96.40 crores from Princeton Digital Group (India) Management Private Limited for the supply of power distribution systems. The contract value excludes taxes, and deliveries are scheduled to be completed over a period of 12-14 months. This order win underscores the company's capabilities in executing large-scale infrastructure projects within the power distribution segment.

Order Details

The following table summarises the key parameters of the order secured:

Regulatory Disclosure

The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Marine Electricals (India) clarified that none of the promoters or the promoter group have any interest in the aforementioned work. The company further stated that the order does not fall within the ambit of related party transactions.

Marine Electricals has announced the conversion of its subsidiary, Narhari Engineering Works, into a private limited company. The transformation was executed pursuant to the applicable provisions of the Companies Act, 2013, and became effective on May 22, 2026. Consequently, the entity has been renamed MEL Heavy Industries Private Limited.

The disclosure was made to the National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the Certificate of Incorporation regarding the conversion was received from the Central Registration Center on the same date.

Subsidiary Details

MEL Heavy Industries Private Limited is engaged in the business of manufacturing electric motors, pump sets, and other electrical products. The entity is incorporated in India and operates within the same industry sector as its parent company. The conversion process did not involve any financial acquisition or change in shareholding structure.

Financial Overview

The erstwhile partnership firm reported a turnover of ₹22.11 crore in the financial year 2022-2023. This figure slightly decreased to ₹21.09 crore in the following year, 2023-2024, before recovering marginally to ₹21.86 crore in the financial year 2024-2025.

Corporate Structure

The newly incorporated private limited company has an authorized capital of ₹5,00,00,000, divided into 50,00,000 equity shares of ₹10 each. Marine Electricals continues to maintain control over the entity, retaining a 99% shareholding post-conversion. The company clarified that the transaction is a mere conversion of a partnership firm into a private limited company and does not constitute an acquisition or a related party transaction.