Marinetrans India Limited

Sector n/a · NSE

₹27.00−₹0.90 (−3.23%)

DalalBaazaar Score

37 / 100

🔴 Weak

Verdict

CAUTION

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

The 60-second version of Marinetrans India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹127 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹2 left at the operating level before interest, tax and depreciation.

EBITDA margin1.5%

Net margin0.5%

What is its competitive advantage?Little sign of one

Returns on capital of 6.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE6.7%

ROE2.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -15% while net margin moved -54% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-15%

Margin effect-54%

DalalBaazaar Score

37/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

37/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

22.5x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Debt is rising
Total debt is up 73% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 9.5% to 2.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 15.0% to 6.7% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 90% against revenue growth of -15% — customers are taking longer to pay.

Red Flags

3 items require attention · 2 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 73% over 3 years, from ₹6 Cr to ₹10 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 90% against revenue up -15% — sales are being booked faster than they are collected.
🟡Profit is decliningFinancial
Net profit is down 61% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Self-funding with balance-sheet headroom
Positive free cash flow of ₹0 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 5.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 90% against revenue up -15%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 9.5% to 2.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 0%✓ 1.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 5.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 2.2x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 6.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

4 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 5 neutral · 3 weak

Market Cap

₹34 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

2.2%

Weak

Weak capital efficiency

ROCE

6.7%

Weak

Low return on total capital employed

Debt/Equity

0.37x

Low

Conservative leverage

Revenue Growth (YoY)

-19.3%

Shrinking

Sales are contracting

Profit Growth (YoY)

19.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹27

Gross Margin

2.8%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

0.5%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.28

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

14.0 / 15.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹150 Cr	₹106 Cr	₹158 Cr	₹127 Cr	-5.4%
EBITDA	₹2 Cr	₹2 Cr	₹2 Cr	₹2 Cr	-8.2%
EBITDA Margin	1.7%	1.6%	1.2%	1.5%	—
PAT (Net Profit)	₹2 Cr	₹1 Cr	₹0 Cr	₹1 Cr	-27.0%
EPS	₹1.2	₹0.58	₹0.39	—	—
ROE	9.5%	2.2%	1.9%	2.2%	—
ROCE	15.0%	5.8%	6.5%	6.7%	—
Total Debt	₹6 Cr	₹7 Cr	₹8 Cr	₹10 Cr	+20.1%
Free Cash Flow	-₹1 Cr	-₹8 Cr	-₹1 Cr	₹0 Cr	—

🔴 Revenue has shrunk at 5.4% a year over 3 years.

🔴 EBITDA has shrunk at 8.2% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 1.5% over 3 years.

🔴 PAT (Net Profit) has shrunk at 27.0% a year over 3 years.

🔴 ROE has fallen from 9.5% to 2.2% over 3 years (-7.3 pts).

🔴 ROCE has fallen from 15.0% to 6.7% over 3 years (-8.3 pts).

🔴 Total Debt has grown at 20.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹43 Cr

Total Liabilities

₹17 Cr

Total Debt

₹10 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹0 Cr

Capex

-₹0 Cr

Recent News

6 general

Compare with

Equitymaster, 17 Oct

MFL India (BSE:526622) - Stock Analysis

Simply Wall Street, 02 Dec

NECCLTD Stock Price and Chart — NSE:NECCLTD

TradingView, 23 Jul

AMIC Forging Limited IPO opens tomorrow, price band set at ₹121 -126 per share

Livemint, 28 Nov

Ikoma Technologies Independent Director Mr. Chahan Vinod Vora Resigns Due to Professional Commitments

scanx.trade, 02 Jan

Graphisads Ltd IPO, Marinetrans India Limited IPO to close for subscription in Top News on December 5: Stock market, Bank Nifty outlook, OnePlus 12 China launch, GTA VI trailer release

Business News, 05 Dec

Watch Items

Revenue growth is negative (-19.3%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak5.9/20

🟡Financial HealthAdequate12.7/20

🔴GrowthWeak4.1/20

🔴ProfitabilityWeak4.6/15

🟡ValuationFair7.5/15

🔴RiskHigh1.8/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 0%1.5%
✗Debt / EBITDA falls below 3x5.1x
✗Interest cover stays above 3x2.2x
✓Free cash flow remains positive₹0 Cr
✗ROCE stays above 8%6.7%