Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders
Aerospace & Defense F&OKey Fundamentals
MidcapEngineeringAerospace & DefenseTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Company is almost debt free.
- Company has delivered good profit growth of 33.5% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.3%
- Company has been maintaining a healthy dividend payout of 28.6%
Weaknesses
4- Stock is trading at 8.53 times its book value
- Contingent liabilities of Rs.28,181 Cr.
- Earnings include an other income of Rs.1,129 Cr.
- Debtor days have increased from 59.5 to 73.1 days.
Growth Rate
AI Analysis — Bull vs Bear
Mazagon Dock Shipbuilders has a market capitalisation of about Rs 88,990 Cr and trades at a P/E of 31.2 and a P/B of 9.12. Over the last 5 years, profit has compounded at 33% and sales at 26%, with a 3-year average ROE of 32% and almost no debt. Against that, sales growth has slowed to 14% TTM, contingent liabilities stand at Rs 28,181 Cr, other income contributes Rs 1,129 Cr to earnings, and the stock has fallen 22% over the past year.
- Profit has compounded at 33% (33.5%) over 5 years and 32% over both 3 years and TTM, so earnings momentum has held up across periods.
- Return on equity has improved over time: 26% over 10 years, 29% over 5 years and 32% over 3 years, with last year at 29%. That points to efficient use of shareholder capital.
- The company is almost debt free. This cuts financial risk and interest costs for a business with long project cycles that needs a lot of working capital.
- The 3-year profit CAGR of 32% is well above the 3-year sales CAGR of 18%, which suggests operating leverage and margin expansion.
- Sales compounded at 26% over 5 years, more than double the 10-year sales CAGR of 12%. Revenue growth has clearly picked up in the recent period.
- A P/E of 31.2 against TTM profit growth of 32% gives a price-to-growth ratio of roughly 1.0 on trailing numbers. That is lower than the P/B of 9.12 alone would suggest.
- The stock has returned a 77% CAGR over 5 years and 26% over 3 years, reflecting long-term value creation despite recent weakness.
- The company pays out 28.6% of profits as dividends, for a 0.82% yield. It returns cash to shareholders while keeping most earnings to fund growth.
- The stock trades at 9.12 times book value. That is a high multiple for a manufacturing and shipbuilding business, and it leaves little room for error if execution or growth disappoints.
- Contingent liabilities total Rs 28,181 Cr, about 32% of the Rs 88,990 Cr market cap. If a meaningful share of these became actual liabilities, they would be material.
- Other income of Rs 1,129 Cr makes up a large part of reported earnings. Core operating profit may therefore be smaller than headline profit and the P/E of 31.2 imply.
- Debtor days rose from 59.5 to 73.1, an increase of about 23%. Collections are getting slower and working capital is tightening.
- Sales growth is slowing: 26% CAGR over 5 years, 18% over 3 years and 14% TTM. Future profit growth may be harder to sustain at 32%.
- The stock has returned -22% over the past year, well below its 3-year CAGR of 26%, which suggests the market's view of its valuation has changed.
- The 10-year sales CAGR of 12% and profit CAGR of 16% are much lower than the 5-year figures. The business has a history of lumpy, order-driven growth that depends on government defence procurement cycles.
- The dividend yield of 0.82% is low, so total shareholder return depends mostly on price appreciation from an already high P/B of 9.12.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Order inflow drought before P75I Sep 4
The ₹117.99 crore MSETCL order was disclosed as the company's first in the last 3 quarters, which points to weak order inflow. Much of the near-term sentiment now depends on the P75I submarine order, which management said was 'likely this month' (Sep 18). Any slip in that timeline could weigh on the stock.
- ₹15,000 crore capex execution risk Sep 18
MDL plans to invest nearly ₹15,000 crore in shipyard development and targets 15-17% returns. Greenfield commercial shipbuilding at 1.2 million GT scale is outside its core defence expertise. That adds execution, capital-allocation and margin-dilution risks.
- P75I submarine order likely imminent Sep 18
Management said it expects the P75I order likely in September 2026, which signals a big order is coming. A win would strongly replenish the order book after a 3-quarter lull.
- Anchor yard for two shipbuilding clusters Sep 22
MDL signed an MoU with NSHIPML on Sep 16 to anchor the Dighi, Maharashtra cluster (≥1.2 million GT a year). It signed a second MoU, disclosed Sep 18, with NSHIPAP for a ₹15,000 crore Dugarajapatnam, Andhra Pradesh cluster (1.2 million GT a year). Together they mark a major push from defence vessels into large-scale commercial shipbuilding.
- ₹118 crore MSETCL AI security order Sep 4
MDL won a ₹117.99 crore work order from MSETCL for an AI-based infrasecure project at 5 substations, to be executed over 24 months. The order is small but adds a non-naval revenue stream.
- Investor meet Sep 24-30 Sep 21
MDL will host analysts and institutional investors via video conference from September 24 to 30, 2026. No unpublished price-sensitive information will be shared.
- Director (Operations) tenure extended Sep 23
The Ministry of Defence extended Biju George's tenure as Director (Operations) until February 28, 2029. This keeps operational leadership stable.
- New independent director appointed Sep 7
K.M. Ravi Kumar, a 38-year veteran of structural fabrication, joined as Non-Official (Independent) Director effective September 7, 2026, for a three-year term.
- Sarda & Pareek named auditors Sep 8
Sarda & Pareek LLP was appointed statutory auditor for FY2026-27 on a CAG directive. This is a routine PSU governance item.
TL;DR: Mazagon Dock is building a strategic growth story: it is anchoring two 1.2 million GT greenfield shipbuilding clusters in Maharashtra and Andhra Pradesh and plans about ₹15,000 crore of capex targeting 15-17% returns. The main risks are a 3-quarter order inflow lull, heavy reliance on P75I timing, and execution risk in commercial shipbuilding, a new area for the company. Management, operations leadership and governance look stable. Sentiment should turn sharply better if the P75I order lands as expected in September 2026, while a delay would put the current momentum to the test.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,173 | 1,828 | 2,362 | 3,104 | 2,357 | 2,757 | 3,144 | 3,174 | 2,626 | 2,929 | 3,601 | 3,850 | 2,943 |
| Expenses | 2,001 | 1,651 | 1,823 | 2,580 | 1,715 | 2,246 | 2,327 | 3,055 | 2,324 | 2,235 | 2,714 | 3,308 | 2,496 |
| Operating Profit | 172 | 177 | 539 | 524 | 642 | 511 | 817 | 119 | 302 | 695 | 887 | 543 | 447 |
| OPM % | 8% | 10% | 23% | 17% | 27% | 19% | 26% | 3.8% | 11% | 24% | 25% | 14% | 15% |
| Other Income | 233 | 251 | 269 | 349 | 271 | 258 | 291 | 287 | 324 | 271 | 262 | 283 | 313 |
| Interest | 1 | 1 | 1 | 1 | 1 | 5 | 5 | 8 | 35 | 8 | 6 | 10 | 44 |
| Depreciation | 20 | 20 | 20 | 23 | 23 | 23 | 40 | 29 | 23 | 24 | 23 | 23 | 29 |
| PBT | 383 | 407 | 786 | 849 | 889 | 740 | 1,063 | 370 | 567 | 934 | 1,120 | 793 | 686 |
| Tax % | 25% | 25% | 25% | 26% | 25% | 25% | 28% | 21% | 26% | 24% | 25% | 20% | 25% |
| Net Profit | 314 | 333 | 627 | 663 | 696 | 585 | 807 | 325 | 452 | 749 | 880 | 674 | 550 |
| EPS in Rs | 7.79 | 8.25 | 15.54 | 16.43 | 17.26 | 14.5 | 20.01 | 8.06 | 11.21 | 18.58 | 21.81 | 16.84 | 13.62 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,605 | 4,094 | 3,505 | 4,457 | 4,614 | 4,905 | 4,048 | 5,733 | 7,827 | 9,467 | 11,432 | 13,006 | 13,323 |
| Expenses | 3,383 | 3,874 | 3,375 | 4,300 | 4,353 | 4,642 | 3,822 | 5,292 | 7,027 | 8,051 | 9,339 | 10,738 | 10,752 |
| Operating Profit | 222 | 221 | 129 | 157 | 261 | 263 | 226 | 441 | 801 | 1,416 | 2,093 | 2,268 | 2,571 |
| OPM % | 6% | 5% | 3.7% | 3.5% | 6% | 5% | 6% | 8% | 10% | 15% | 18% | 17% | 19% |
| Other Income | 563 | 761 | 766 | 565 | 617 | 546 | 448 | 396 | 687 | 1,101 | 1,112 | 1,139 | 1,129 |
| Interest | 8 | 16 | 17 | 20 | 36 | 13 | 11 | 14 | 9 | 9 | 28 | 74 | 68 |
| Depreciation | 31 | 44 | 39 | 52 | 64 | 69 | 60 | 75 | 76 | 83 | 115 | 97 | 99 |
| PBT | 746 | 922 | 839 | 650 | 778 | 727 | 604 | 749 | 1,403 | 2,425 | 3,062 | 3,237 | 3,533 |
| Tax % | 34% | 39% | 37% | 39% | 40% | 48% | 25% | 25% | 25% | 25% | 26% | 25% | — |
| Net Profit | 516 | 596 | 585 | 496 | 532 | 471 | 514 | 611 | 1,119 | 1,937 | 2,414 | 2,578 | 2,854 |
| EPS in Rs | 130 | 150 | 117 | 11.07 | 11.88 | 11.66 | 12.74 | 15.14 | 27.74 | 48.02 | 59.83 | 64.04 | 70.85 |
| Div. Payout % | 19% | 17% | 34% | 49% | 19% | 46% | 28% | 29% | 29% | 29% | 29% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 199 | 199 | 249 | 224 | 224 | 202 | 202 | 202 | 202 | 202 | 202 | 202 |
| Reserves | 2,554 | 2,442 | 2,730 | 2,610 | 2,993 | 2,858 | 3,230 | 3,656 | 4,558 | 6,042 | 7,738 | 9,553 |
| Borrowings | 83 | 0 | 0 | 0 | 0 | 0 | 30 | 12 | 6 | 1 | 20 | 447 |
| Other Liabilities | 28,397 | 16,386 | 16,366 | 16,540 | 17,633 | 17,883 | 21,679 | 25,904 | 24,709 | 23,219 | 20,844 | 17,272 |
| Total Liabilities | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 29,463 | 28,804 | 27,474 |
| Fixed Assets | 266 | 368 | 546 | 705 | 810 | 836 | 807 | 965 | 1,024 | 838 | 1,466 | 2,062 |
| CWIP | 40 | 170 | 98 | 85 | 89 | 80 | 80 | 87 | 62 | 72 | 133 | 252 |
| Investments | 299 | 324 | 376 | 429 | 431 | 484 | 519 | 542 | 589 | 679 | 765 | 915 |
| Other Assets | 30,629 | 18,166 | 18,324 | 18,154 | 19,520 | 19,542 | 23,735 | 28,179 | 27,801 | 27,875 | 26,440 | 24,245 |
| Total Assets | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 29,463 | 28,804 | 27,474 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | 746 | -1,003 | 491 | 65 | -96 | 68 | -163 | 1,516 | 684 | 2,102 | -2,654 |
| Investing | — | 560 | 493 | 348 | 417 | 454 | 348 | 326 | -150 | 1,420 | -1,299 | 1,166 |
| Financing | — | -119 | -245 | -608 | -126 | -605 | -160 | -183 | -218 | -448 | -736 | -931 |
| Net Cash Flow | — | 1,188 | -755 | 231 | 356 | -246 | 257 | -19 | 1,148 | 1,655 | 67 | -2,419 |
| Free Cash Flow | — | 615 | -1,149 | 311 | -110 | -196 | 26 | -203 | 1,401 | 347 | 1,298 | -2,828 |
| CFO/OP | — | 479 | -507 | 507 | 146 | 43 | 99 | 32 | 228 | 96 | 145 | -74 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 76 | 82 | 78 | 91 | 117 | 107 | 87 | 64 | 47 | 71 | 34 | 73 |
| Inventory Days | 3,239 | 622 | 782 | 559 | 533 | 688 | 1,142 | 1,044 | 605 | 411 | 298 | 131 |
| Days Payable | 124 | 160 | 174 | 353 | 410 | 704 | 1,234 | 836 | 366 | 321 | 240 | 224 |
| Cash Conversion Cycle | 3,191 | 544 | 685 | 297 | 240 | 91 | -4 | 272 | 285 | 162 | 92 | -20 |
| Working Capital Days | -576 | -575 | -608 | -431 | -444 | -311 | -607 | -645 | -528 | -426 | -356 | -187 |
| ROCE % | — | 34% | 30% | 23% | 27% | 24% | 23% | 21% | 33% | 44% | 43% | 36% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mazagon Dock Shipbuilders insights
62 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about Mazagon Dock Shipbuilders
What does Mazagon Dock Shipbuilders Ltd do?
Where is Mazagon Dock Shipbuilders Ltd (MAZDOCK) listed?
Which sector does Mazagon Dock Shipbuilders Ltd belong to?
What is the market capitalisation of Mazagon Dock Shipbuilders Ltd?
What is the PE ratio of Mazagon Dock Shipbuilders Ltd?
What is the 52-week high and low of Mazagon Dock Shipbuilders Ltd?
Does Mazagon Dock Shipbuilders Ltd pay dividends?
What is the Return on Equity (ROE) of Mazagon Dock Shipbuilders Ltd?
Company Information
Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms. [1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MAZDOCK.md for Mazagon Dock Shipbuilders Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.