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MARINE ELECTRICALS INDIA LTD (MARINE)

Producer Manufacturing

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.71 / 100
Profitability 53Growth 88Balance sheet 72
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.85 / 100
Price 98Earnings 72FII/DII 84
Compare withBHARAT HEAVY ELECTRICALS LTDABB INDIA LIMITEDCG POWER AND IND SOLUTIONS LTD

Passes these screens: High Momentum · Debt-light & profitable · Consistent compounders

Share Price
₹399.65
P/E
86.9x
ROCE
18.0%
Market Cap
₹5588 cr
Revenue (TTM)
₹968 cr
P/S
5.8x
P/B
11.3x
ROE
13.0%
Operating Margin
11.0%
Debt / Equity
0.2x
Promoter Holding
68.2%
12M Momentum
59.5%
P/E vs its own history80th percentilesince Dec '20
P/E vs Producer Manufacturing3.0xthe sector median

52-week range

₹150.86₹490.85
73% of the way from its 52-week low to its high

Price risk

1Y volatility
53.3%
Beta vs sector
1-year daily
1.48

Balance sheet & cash

Interest cover
operating profit ÷ interest
5.2x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.26x
low
Share count, 1Y
unchanged

Was the rally earned?

+59%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 50 points to the rise, while the multiple moved less (P/E 80.6x to 86.9x).
  • The share count barely moved.
1 year Net profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48 ptsP/E change: +10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+10 ptsShare count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price. +59% 1 year Net profit growth: +48 pts. Points of the price return explained by net profit growing (or shrinking).+48 ptsP/E change: +10 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.Share count change: +2 pts. Points of the price return explained by the share count changing. More shares count against the price. +59%
Net profit growth+48 ptsNet profit rose about 46%, which lifts the price.
P/E change+10 ptsThe P/E rose from 80.6x to 86.9x, which lifts the price.
Share count change+2 ptsShare count was little changed. More shares would count against the price.
+420%share price, 3 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 312 points to the rise, while the multiple moved less (P/E 56.9x to 86.9x).
  • The share count rose 11%.
3 years Net profit growth: +339 pts. Points of the price return explained by net profit growing (or shrinking).+339 ptsP/E change: +108 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+108 ptsShare count change: -27 pts. Points of the price return explained by the share count changing. More shares count against the price. +420% 3 years Net profit growth: +339 pts. Points of the price return explained by net profit growing (or shrinking).+339 ptsP/E change: +108 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+108 ptsShare count change: -27 pts. Points of the price return explained by the share count changing. More shares count against the price. +420%
Net profit growth+339 ptsNet profit rose about 278%, which lifts the price.
P/E change+108 ptsThe P/E rose from 56.9x to 86.9x, which lifts the price.
Share count change-27 ptsShare count rose 11%, which lowers the price.
+1257%share price, 5 yearsEarnings and multiple

Both mattered.

  • Per-share earnings added 712 points and the multiple added 545 points (P/E 28.0x to 86.9x).
  • The share count rose 5%.
5 years Net profit growth: +735 pts. Points of the price return explained by net profit growing (or shrinking).+735 ptsP/E change: +545 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+545 ptsShare count change: -23 pts. Points of the price return explained by the share count changing. More shares count against the price. +1257% 5 years Net profit growth: +735 pts. Points of the price return explained by net profit growing (or shrinking).+735 ptsP/E change: +545 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+545 ptsShare count change: -23 pts. Points of the price return explained by the share count changing. More shares count against the price. +1257%
Net profit growth+735 ptsNet profit rose about 359%, which lifts the price.
P/E change+545 ptsThe P/E rose from 28.0x to 86.9x, which lifts the price.
Share count change-23 ptsShare count rose 5%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BHARAT HEAVY ELECTRICALS

Is it expensive against its own past and its peers?

86.9xP/E todayNear its historic high
Against its own history80th percentileMedian 59.4x; usual range 30.4x to 98.0x since 2020-12.
Against Producer Manufacturing86.9x vs 28.5xAbove the Producer Manufacturing median.
23.7x71.8x119.9x168.0xDec '20Feb '22Apr '23Jun '24Aug '25Oct '2623.7x71.8x119.9x168.0xDec '20Dec '22Dec '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

What is the price implying?

~44%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 187.4x, a holder earning 12%/yr needs earnings to grow about 43.9%/yr for 10 years, then trade at 15x.

Delivered12.9%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg
Gap+31.0 ptsimplied minus delivered
Rank42ndmost demanding of 843

Over time

Implied growth by month (solid) and delivered growth (dashed).

-9%19%47% Jun 2020Oct 2026 -9%19%47% Jun 2020Oct 2026

Change the assumptions

Exit P/E / return11%12%13%
12x45.8%47.1%48.4%
15x42.6%43.9%45.2%
20x38.6%39.9%41.1%
Implied: 43.9%/yr

Looking back

  • Jan 2021Price implied 28%/yr; EPS has since grown 44%/yr (6.0 yrs)
  • Jan 2022Price implied 24%/yr; EPS has since grown 30%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

What changed?

  1. Oct '26Volume reached 5.3x its 50-day median on 2026-10-05; price +7.5% that day.
  2. Sep '26Volume reached 23.3x its 50-day median on 2026-09-23; price +3.5% that day.
  3. Aug '26Regained the 2024-12 peak, 17 months after the low.
  4. Jun '26Moved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  5. May '26Volume reached 12.7x its 50-day median on 2026-05-29; price +8.5% that day.
  6. Mar '26Slipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  7. Jan '26Debt / equity halved over 12 months to 0.14x.
  8. Dec '25Moved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
Show 22 earlier events
  1. Nov '25Slipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
  2. Oct '25Volume reached 6.5x its 50-day median on 2025-10-17; price +5.5% that day.
  3. Sep '25Volume reached 11.0x its 50-day median on 2025-09-22; price +2.7% that day.
  4. Jun '25Moved into the 2nd quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
  5. Jun '25Debt / equity halved over 12 months to 0.14x.
  6. Jun '25Volume reached 11.6x its 50-day median on 2025-06-06; price +8.3% that day.
  7. Mar '25Promoter holding fell 2.7 pts to 68.5%.
  8. Mar '25Fell 56% from the Dec 2024 peak to the Mar 2025 low.
  9. Mar '25Slipped to the bottom quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
  10. Dec '24Regained the 2024-08 peak, 2 months after the low.
  11. Dec '24Moved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
  12. Dec '24Volume reached 11.9x its 50-day median on 2024-12-09; price +10.0% that day.
  13. Oct '24Fell 37% from the Aug 2024 peak to the Oct 2024 low.
  14. Sep '24Moved into the top quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
  15. Jul '24P/E crossed above the 90th percentile of its own history to date (131.2x).
  16. Jul '24Volume reached 6.3x its 50-day median on 2024-07-10; price +5.0% that day.
  17. Jun '24Revenue (TTM) reached a new high of ₹622 cr.
  18. Jun '24Regained the 2024-02 peak, 3 months after the low.
  19. Jun '24Started paying a dividend (payout 10% of profit).
  20. Jun '24Share count is up 8.0% over 12 months.
  21. Jun '24Volume reached 11.0x its 50-day median on 2024-06-12; price +10.0% that day.
  22. Mar '24Fell 27% from the Feb 2024 peak to the Mar 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

4 of 7 checks are within range, 2 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance17%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 16.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate26%Within range

Median quarterly effective tax rate over about 2.5 years: 26.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.26xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.26x (cash from operations ₹32 cr, net profit ₹123 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-8 daysWithin range

Debtor days are below the median of the previous three fiscal years by 8 days (178 vs 186). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress20% of fixed assetsWithin range

Capital work-in-progress is 20% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-32 days / 2 yrsWithin range

Days payable changed by -32 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, promoters trimmed 4.7 pts; FIIs added 1.1 pts.
  • The number of shareholders rose from 49,305 to 86,580 (+76%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters72.9%68.2%-4.7 pts
FIIs0.0%1.1%+1.1 pts
DIIs0.0%0.4%+0.4 pts
Public and others27.1%30.3%+3.1 pts

Number of shareholders

86,580shareholders+76% since Dec '23
49k65k81k96k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 49,305
Mar '24: 50,304
Jun '24: 55,983
Sep '24: 83,799
Dec '24: 89,628
Mar '25: 93,629
Jun '25: 96,332
Sep '25: 94,688
Dec '25: 89,679
Mar '26: 89,030
Jun '26: 86,580
 49k65k81k96k Dec '23Dec '24Dec '25Jun '26
Dec '23: 49,305
Mar '24: 50,304
Jun '24: 55,983
Sep '24: 83,799
Dec '24: 89,628
Mar '25: 93,629
Jun '25: 96,332
Sep '25: 94,688
Dec '25: 89,679
Mar '26: 89,030
Jun '26: 86,580

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-70.3%recovered 2023-11
1-year volatility53.3%annualised
Beta vs sector index1.353-year daily, correlation 0.51
Volume spikes4last 90 sessions, 5x the 50-day median

Monthly share price

₹28₹162₹296₹430 Dec '20Feb '22Apr '23Jun '24Aug '25Oct '26
2020-12: ₹45.00
2021-01: ₹43.70
2021-02: ₹62.15
2021-03: ₹65.80
2021-04: ₹72.75
2021-05: ₹77.30
2021-06: ₹62.20
2021-07: ₹51.65
2021-08: ₹40.40
2021-09: ₹37.20
2021-10: ₹29.45
2021-11: ₹28.35
2021-12: ₹39.80
2022-01: ₹35.75
2022-02: ₹31.30
2022-03: ₹30.85
2022-04: ₹32.20
2022-05: ₹29.85
2022-06: ₹27.80
2022-07: ₹28.70
2022-08: ₹33.05
2022-09: ₹33.10
2022-10: ₹33.50
2022-11: ₹34.35
2022-12: ₹32.25
2023-01: ₹38.80
2023-02: ₹36.30
2023-03: ₹35.85
2023-04: ₹46.50
2023-05: ₹49.65
2023-06: ₹49.05
2023-07: ₹64.00
2023-08: ₹64.40
2023-09: ₹58.05
2023-10: ₹76.85
2023-11: ₹91.35
2023-12: ₹101.60
2024-01: ₹106.50
2024-02: ₹105.30
2024-03: ₹90.20
2024-04: ₹102.50
2024-05: ₹109.60
2024-06: ₹156.15
2024-07: ₹261.11
2024-08: ₹261.65
2024-09: ₹220.40
2024-10: ₹217.66
2024-11: ₹262.09
2024-12: ₹257.95
2025-01: ₹210.35
2025-02: ₹147.71
2025-03: ₹156.99
2025-04: ₹188.42
2025-05: ₹203.37
2025-06: ₹213.44
2025-07: ₹182.48
2025-08: ₹166.42
2025-09: ₹214.06
2025-10: ₹250.65
2025-11: ₹232.45
2025-12: ₹216.29
2026-01: ₹180.41
2026-02: ₹192.05
2026-03: ₹151.70
2026-04: ₹229.30
2026-05: ₹268.94
2026-06: ₹283.55
2026-07: ₹266.00
2026-08: ₹400.85
2026-09: ₹429.55
2026-10: ₹399.65
 ₹28₹162₹296₹430 Dec '20Dec '22Dec '24Oct '26
2020-12: ₹45.00
2021-01: ₹43.70
2021-02: ₹62.15
2021-03: ₹65.80
2021-04: ₹72.75
2021-05: ₹77.30
2021-06: ₹62.20
2021-07: ₹51.65
2021-08: ₹40.40
2021-09: ₹37.20
2021-10: ₹29.45
2021-11: ₹28.35
2021-12: ₹39.80
2022-01: ₹35.75
2022-02: ₹31.30
2022-03: ₹30.85
2022-04: ₹32.20
2022-05: ₹29.85
2022-06: ₹27.80
2022-07: ₹28.70
2022-08: ₹33.05
2022-09: ₹33.10
2022-10: ₹33.50
2022-11: ₹34.35
2022-12: ₹32.25
2023-01: ₹38.80
2023-02: ₹36.30
2023-03: ₹35.85
2023-04: ₹46.50
2023-05: ₹49.65
2023-06: ₹49.05
2023-07: ₹64.00
2023-08: ₹64.40
2023-09: ₹58.05
2023-10: ₹76.85
2023-11: ₹91.35
2023-12: ₹101.60
2024-01: ₹106.50
2024-02: ₹105.30
2024-03: ₹90.20
2024-04: ₹102.50
2024-05: ₹109.60
2024-06: ₹156.15
2024-07: ₹261.11
2024-08: ₹261.65
2024-09: ₹220.40
2024-10: ₹217.66
2024-11: ₹262.09
2024-12: ₹257.95
2025-01: ₹210.35
2025-02: ₹147.71
2025-03: ₹156.99
2025-04: ₹188.42
2025-05: ₹203.37
2025-06: ₹213.44
2025-07: ₹182.48
2025-08: ₹166.42
2025-09: ₹214.06
2025-10: ₹250.65
2025-11: ₹232.45
2025-12: ₹216.29
2026-01: ₹180.41
2026-02: ₹192.05
2026-03: ₹151.70
2026-04: ₹229.30
2026-05: ₹268.94
2026-06: ₹283.55
2026-07: ₹266.00
2026-08: ₹400.85
2026-09: ₹429.55
2026-10: ₹399.65

Last 90 trading days

₹248₹325₹402₹479 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹274.65
2026-06-25: ₹268.75
2026-06-30: ₹283.55
2026-07-02: ₹284.20
2026-07-06: ₹275.95
2026-07-08: ₹247.65
2026-07-10: ₹258.70
2026-07-14: ₹255.20
2026-07-16: ₹253.40
2026-07-20: ₹254.60
2026-07-22: ₹255.50
2026-07-24: ₹254.80
2026-07-28: ₹269.50
2026-07-30: ₹259.55
2026-08-03: ₹287.75
2026-08-05: ₹305.50
2026-08-07: ₹336.90
2026-08-11: ₹349.70
2026-08-13: ₹371.20
2026-08-17: ₹367.10
2026-08-19: ₹371.45
2026-08-21: ₹375.65
2026-08-25: ₹373.50
2026-08-27: ₹374.10
2026-08-31: ₹400.85
2026-09-02: ₹431.50
2026-09-04: ₹432.15
2026-09-08: ₹416.45
2026-09-10: ₹408.85
2026-09-15: ₹376.75
2026-09-17: ₹373.15
2026-09-21: ₹415.80
2026-09-23: ₹425.80
2026-09-25: ₹413.75
2026-09-29: ₹438.25
2026-10-01: ₹436.55
2026-10-06: ₹478.85
2026-10-08: ₹452.60
2026-10-12: ₹464.65
2026-10-14: ₹470.20
2026-10-16: ₹429.00
2026-10-21: ₹420.05
2026-10-23: ₹394.45
2026-10-27: ₹425.25
2026-10-29: ₹420.80
2026-10-30: ₹399.65
 ₹248₹325₹402₹479 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹274.65
2026-06-25: ₹268.75
2026-06-30: ₹283.55
2026-07-02: ₹284.20
2026-07-06: ₹275.95
2026-07-08: ₹247.65
2026-07-10: ₹258.70
2026-07-14: ₹255.20
2026-07-16: ₹253.40
2026-07-20: ₹254.60
2026-07-22: ₹255.50
2026-07-24: ₹254.80
2026-07-28: ₹269.50
2026-07-30: ₹259.55
2026-08-03: ₹287.75
2026-08-05: ₹305.50
2026-08-07: ₹336.90
2026-08-11: ₹349.70
2026-08-13: ₹371.20
2026-08-17: ₹367.10
2026-08-19: ₹371.45
2026-08-21: ₹375.65
2026-08-25: ₹373.50
2026-08-27: ₹374.10
2026-08-31: ₹400.85
2026-09-02: ₹431.50
2026-09-04: ₹432.15
2026-09-08: ₹416.45
2026-09-10: ₹408.85
2026-09-15: ₹376.75
2026-09-17: ₹373.15
2026-09-21: ₹415.80
2026-09-23: ₹425.80
2026-09-25: ₹413.75
2026-09-29: ₹438.25
2026-10-01: ₹436.55
2026-10-06: ₹478.85
2026-10-08: ₹452.60
2026-10-12: ₹464.65
2026-10-14: ₹470.20
2026-10-16: ₹429.00
2026-10-21: ₹420.05
2026-10-23: ₹394.45
2026-10-27: ₹425.25
2026-10-29: ₹420.80
2026-10-30: ₹399.65

Drawdown from peak

0% -35% -70% Dec '20Nov '23Oct '26 0% -35% -70% Dec '20Nov '23Oct '26
Largest drawdowns

-70.3% (2021-05 peak to 2021-12 low, recovered 2023-11)

-55.8% (2024-12 peak to 2025-03 low, recovered 2026-08)

-36.9% (2024-08 peak to 2024-10 low, recovered 2024-12)

Most recent volume spikes

2026-10-05: 5.3x the 50-day median, price +7.5% that day

2026-09-23: 23.3x the 50-day median, price +3.5% that day

2026-08-07: 5.5x the 50-day median, price +4.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
AIMTRON ELECTRONICS (AIMTRON)Electronic Technology53%P/E, debt/equity
ASHIANA HOUSING (ASHIANA)Finance52%revenue, revenue growth
BIKAJI FOODS INT (BIKAJI)Consumer Non-Durables52%debt/equity, ROCE
ASTRAZENECA PHARMA INDIA (ASTRAZEN)Health Technology50%P/E, revenue growth
OLECTRA GREENTECH (OLECTRA)Consumer Durables50%revenue growth, operating margin
STANDARD ENGINEERING TECHNOLOG (SETL)Producer Manufacturing64%P/E, revenue
TRANSFORMERS AND RECTIFIERS (I (TARIL)Producer Manufacturing54%EPS growth, revenue growth
DOMS INDUSTRIES (DOMS)Producer Manufacturing53%operating margin, debt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

−7.5%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like MARINE ELECTRICALS INDIA LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −33% to +26% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (−5.6%, 80% range −23.8% to +6.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
ANURAS · May 2023: −54.4% vs market
SIGACHI · Feb 2024: −52.4% vs market
HIKAL · Aug 2021: −49.3% vs market
ORCHPHARMA · Aug 2024: −47.7% vs market
EPL · Oct 2020: −45.8% vs market
THEJO · Apr 2024: −42.7% vs market
VENUSPIPES · Apr 2024: −42.5% vs market
SYRMA · Oct 2023: −39.9% vs market
THERMAX · Jun 2024: −37.5% vs market
TARIL · Apr 2025: −36.7% vs market
ZAGGLE · Dec 2024: −36.6% vs market
FLUOROCHEM · Oct 2022: −33.4% vs market
KINGFA · May 2023: −32.5% vs market
KRISHANA · Mar 2023: −32.4% vs market
STYLAMIND · May 2023: −31.1% vs market
CARYSIL · Mar 2022: −30.7% vs market
RAINBOW · Jul 2023: −27.3% vs market
BORORENEW · Apr 2022: −26.5% vs market
ASTEC · Aug 2020: −26.1% vs market
MATRIMONY · Dec 2020: −24.5% vs market
GREENPANEL · Dec 2021: −22.4% vs market
ARVSMART · Sep 2024: −14.4% vs market
MEDANTA · Mar 2024: −12.5% vs market
ORIENTELEC · Apr 2020: −8.4% vs market
ELGIEQUIP · Mar 2023: −7.5% vs market
ETHOSLTD · Mar 2024: −7.4% vs market
UNOMINDA · Jan 2020: −2.2% vs market
NEOGEN · Jun 2022: +3.2% vs market
BALAMINES · May 2021: +6.0% vs market
RADICO · May 2020: +6.1% vs market
ASTRAMICRO · Mar 2024: +8.7% vs market
POWERINDIA · Jun 2022: +9.8% vs market
PGEL · Aug 2024: +10.0% vs market
BECTORFOOD · Oct 2023: +21.1% vs market
PRINCEPIPE · Mar 2021: +23.1% vs market
NIPPOBATRY · Jun 2020: +24.4% vs market
AXISCADES · Aug 2025: +24.7% vs market
AMBER · May 2020: +25.8% vs market
APLAPOLLO · Apr 2021: +27.2% vs market
LAURUSLABS · Mar 2021: +32.0% vs market
HBLENGINE · Oct 2023: +36.5% vs market
APCOTEXIND · Sep 2021: +38.4% vs market
ABDL · Sep 2025: +41.1% vs market
KPITTECH · Aug 2021: +55.7% vs market
KAYNES · Jan 2024: +56.4% vs market
NEULANDLAB · Mar 2024: +84.2% vs market
AVALON · Jun 2025: +113.4% vs market
SANGHVIMOV · Mar 2023: +158.5% vs market
POLYMED · Apr 2020: +173.9% vs market
ATGL · Feb 2020: +180.7% vs market
Similar setups −7.5%All companies −1.9%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median
−7.5%
All companies' median
−1.9%
Beat the market
46% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
ETHOSLTD
Retail Trade		 Mar 2024 106x18% +170%−8% −7%
BECTORFOOD
Consumer Non-Durables		 Oct 2023 73x21% +194%−5% +21%
SIGACHI
Health Technology		 Feb 2024 —20% +228%−9% −52%
ARVSMART
Finance		 Sep 2024 103x16% +138%−5% −14%
POLYMED
Health Technology		 Apr 2020 31x22% +16%−31% +174%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
PGEL
Electronic Technology		 Aug 2024 98x19% +187%−6% +10%
AVALON
Electronic Technology		 Jun 2025 88x13% +56%−17% +113%
SANGHVIMOV
Industrial Services		 Mar 2023 52x— +92%−10% +159%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MARINE ELECTRICALS INDIA LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (71 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1086.9x₹968 cr13.0%18.0%0.2x
2026-0993.4x₹968 cr13.4%18.0%0.2x
2026-0895.2x₹876 cr12.2%18.0%0.2x
2026-0763.2x₹876 cr12.2%18.0%0.2x
2026-0667.4x₹876 cr12.2%18.0%0.2x
2026-0569.7x₹850 cr13.6%16.0%0.1x
2026-0459.4x₹850 cr13.6%16.0%0.1x
2026-0339.3x₹850 cr13.6%16.0%0.1x
2026-0256.7x₹834 cr11.9%16.0%0.1x
2026-0153.2x₹834 cr11.9%16.0%0.1x
2025-1263.8x₹834 cr11.9%16.0%0.1x
2025-1174.7x₹796 cr10.9%16.0%0.1x
2025-1080.6x₹796 cr10.9%16.0%0.1x
2025-0968.8x₹796 cr10.9%16.0%0.1x
2025-0859.2x₹767 cr9.7%16.0%0.1x
2025-0764.9x₹767 cr9.7%16.0%0.1x
2025-0676.0x₹767 cr9.7%16.0%0.1x
2025-0572.6x₹753 cr14.7%15.0%0.4x
2025-0467.3x₹753 cr14.7%15.0%0.4x
2025-0356.1x₹753 cr14.7%15.0%0.4x
2025-0252.8x₹706 cr14.7%15.0%0.4x
2025-0175.1x₹706 cr14.7%15.0%0.4x
2024-1292.1x₹706 cr14.7%15.0%0.4x
2024-11116.5x₹659 cr11.6%15.0%0.4x
2024-1096.7x₹659 cr11.6%15.0%0.4x
2024-0998.0x₹659 cr11.6%15.0%0.4x
2024-08131.5x₹622 cr10.4%15.0%0.4x
2024-07131.2x₹622 cr10.4%15.0%0.4x
2024-0678.5x₹622 cr10.4%15.0%0.4x
2024-0581.2x₹443 cr8.2%14.0%0.3x
2024-0475.9x₹443 cr8.2%14.0%0.3x
2024-0366.8x₹443 cr8.2%14.0%0.3x
2024-0278.0x₹443 cr8.2%14.0%0.3x
2024-0178.9x₹443 cr8.2%14.0%0.3x
2023-1275.3x₹443 cr8.2%14.0%0.3x
2023-1167.7x₹443 cr8.2%14.0%0.3x
2023-1056.9x₹443 cr8.2%14.0%0.3x
2023-0943.0x₹443 cr8.2%14.0%0.3x
2023-0847.7x₹443 cr8.2%14.0%0.3x
2023-0747.4x₹443 cr8.2%14.0%0.3x
2023-0636.3x₹443 cr8.2%14.0%0.3x
2023-0546.8x₹376 cr7.4%12.0%0.2x
2023-0443.9x₹376 cr7.4%12.0%0.2x
2023-0333.8x₹376 cr7.4%12.0%0.2x
2023-0234.2x₹376 cr7.4%12.0%0.2x
2023-0136.6x₹376 cr7.4%12.0%0.2x
2022-1230.4x₹376 cr7.4%12.0%0.2x
2022-1132.4x₹376 cr7.4%12.0%0.2x
2022-1031.6x₹376 cr7.4%12.0%0.2x
2022-0931.2x₹376 cr7.4%12.0%0.2x
2022-0831.2x₹376 cr7.4%12.0%0.2x
2022-0727.1x₹376 cr7.4%12.0%0.2x
2022-0626.2x₹376 cr7.4%12.0%0.2x
2022-0528.4x₹251 cr8.6%12.0%0.4x
2022-0430.7x₹251 cr8.6%12.0%0.4x
2022-0329.4x₹251 cr8.6%12.0%0.4x
2022-0229.8x₹251 cr8.6%12.0%0.4x
2022-0134.0x₹251 cr8.6%12.0%0.4x
2021-1237.9x₹251 cr8.6%12.0%0.4x
2021-1127.0x₹251 cr8.6%12.0%0.4x
2021-1028.0x₹251 cr8.6%12.0%0.4x
2021-0935.4x₹251 cr8.6%12.0%0.4x
2021-0838.5x₹251 cr8.6%12.0%0.4x
2021-0749.2x₹251 cr8.6%12.0%0.4x
2021-0659.2x₹251 cr8.6%12.0%0.4x
2021-05168.0x₹263 cr4.0%9.0%0.4x
2021-04158.2x₹263 cr4.0%9.0%0.4x
2021-03143.0x₹263 cr4.0%9.0%0.4x
2021-02135.1x₹263 cr4.0%9.0%0.4x
2021-0195.0x₹263 cr4.0%9.0%0.4x
2020-1297.8x₹263 cr4.0%9.0%0.4x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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