The deceased were identified as Sonal Bhagwan Shurti, Jhanvi Harish Shurti (both aged 18) and Sanskruti Mayavanshi.
All three were residents of Masauli in Dahanu's Ambedkar Nagar area.
Local authorities say two schoolgirls drowned and six were missing Saturday after a boat with an estimated 40 children on board capsised off India's western coast.
The students were out on an annual picnic trip.
The boat capsized around 20 miles off the Dahanu coast, a spokesperson of the Coast Guard said.
Even the lone boatman, Mahesh Ambre, who was injured in the incident, has been rescued and undergoing treatment in a Dahanu hospital.
Late in the evening, Singe told reporters that the police were probing the accident. Suddenly, their boat capsized, however, no reason has reported yet. State government has rescued most of the passengers and is making efforts to trace those still missing. "Our deep condolences and thoughts are with the families who lost their loved ones", he said in a tweet.
Thirty-two of the children were rescued in a massive search and rescue operation, launched after the students fell into waters around five km in the sea off the beach. "Since it was a weekend the children may have planned a joy ride", said Vijay Kumar Adhikari, a member of the Coast Guard rescue team".
The toll is likely to release, reports said. Three teen girls died in the incident, according to a statement from the Indian Coast Guard. And the police have also reported the missing of 8 students, however, the search operation is still underway.