Marine Electricals, engaged in ship, power distribution and panelling, has recently received orders from the UK Navy for power distribution and panels and radar for three ships.
India and China have 20 per cent lower manufacturing costs than Europe. The company expects to bag more orders from European companies as they explore to diversify sourcing from China.
On the domestic front, Marine Electricals expects to benefit from the proposed government investment in shipbuilding.
The company manufactures power distribution panels and radars of all the Indian Navy ships. The company is the approved vendor of the Indian Navy. Recently, the company opened offices in Europe and UAE to strengthen its position abroad.
Along with Adani and Priston, Marine Electricals handles power distribution in the data centres of companies such as Dr Reddy, Lupin and Vedanta.
Marine Electricals has a market cap of ₹3,500 crore and competes with global companies such as ABB, Siemens and Schneider.
After the recent order from the UK Navy, the company plans to showcase its prowess in the world’s largest maritime exhibition to be held in Germany next month to garner more business abroad.