Revenue growth outpaced costs as Marine Electricals lifted margin
Consolidated net profit rose +83.27% QoQ, helped by a lower tax rate, while other income contributed 8.19% of pre-tax profit.
Filed 04 Nov 2026, 18:04 IST · after market close · Marine Electricals (India) Ltd (MARINE)
Key takeaways
- Consolidated revenue increased by +56.14% QoQ to Rs 404.65 cr, while expenses rose by +53.76%, lifting operating margin by 1.35 percentage points.
- Net profit grew by +83.27% QoQ to Rs 32.09 cr as the tax rate fell by 0.76 percentage points to 25.50%.
- Other income accounted for 8.19% of pre-tax profit, leaving a notable portion of reported earnings outside operations.
Price around the results
Q2 revenue growth widened operating profit
Marine Electricals reported consolidated revenue of Rs 404.65 cr in Q2FY27, up +56.14% QoQ from Rs 259.16 cr. Expenses grew by +53.76%, slower than revenue, so operating profit increased by +75.51% and operating margin expanded by 1.35 percentage points to 12.24%. This marks an improvement from the 10.89% margin in Q1FY27.
Lower tax rate amplified profit growth
Pre-tax profit rose by +81.39% QoQ, while net profit grew faster at +83.27% as the tax rate declined by 0.76 percentage points to 25.50%. Interest expense increased by +17.92% and depreciation by +10.34%, adding to the cost base even as revenue growth outpaced expenses. Other income was 8.19% of pre-tax profit, so reported earnings included a meaningful non-operating contribution.
Margin matched the Industrials peer median
The 12.24% operating margin was equal to the median for 143 Industrials peers that had reported the same quarter; Marine Electricals was ranked 72nd from the bottom. The sequential margin direction was positive, rising from 10.89% in Q1FY27, although a longer multi-quarter direction is not established by the available comparison. The company filed these consolidated results after market close on 4 November 2026.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹405 cr | ₹259 cr | +56.14% |
| Other income | ₹4 cr | ₹4 cr | -17.91% |
| Expenses | ₹355 cr | ₹231 cr | +53.76% |
| Operating profit | ₹50 cr | ₹28 cr | +75.51% |
| Operating margin (%) | 12.24% | 10.89% | — |
| Interest | ₹5 cr | ₹4 cr | +17.92% |
| Depreciation | ₹5 cr | ₹5 cr | +10.34% |
| Profit before tax | ₹43 cr | ₹24 cr | +81.39% |
| Tax | ₹11 cr | ₹6 cr | +76.12% |
| Net profit | ₹32 cr | ₹18 cr | +83.27% |
| EPS (₹) | ₹2.27 | ₹1.23 | +84.55% |
Operating margin of 12.24% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 12.24% in the next quarter.
- Whether expense growth stays below the +56.14% revenue growth recorded in Q2FY27.
- Whether the tax rate remains near 25.50% and other income stays within the 8.19% share of pre-tax profit.