Mazagon Dock Shipbuilders Ltd logo

Mazagon Dock Shipbuilders Ltd

MAZDOCK NSE

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]

AI Verdict: HOLD Confidence: 6%

Mazagon Dock offers strong fundamentals with 32% 3-year ROE and debt-free status, but the stock trades at a demanding 39.2x PE and 10.4x book value after a -24% correction in the past year. The order pipeline from Indian Navy remains robust, yet slowing profit growth (7% TTM vs 32% 3-year CAGR) warrants caution at current valuations.

Key Fundamentals

MidcapEngineeringAerospace & Defense
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
36.13
EBITDA
₹2,266 Cr
Return on Equity
21.98%
Debt to Equity
0
Book Value
₹241.83
EPS
₹96.04
52W High
₹3,369
52W Low
₹2,057.4

Technical Indicators

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 10.3 times its book value
  • Contingent liabilities of Rs.37,852 Cr.
  • Earnings include an other income of Rs.1,139 Cr.
  • Debtor days have increased from 59.5 to 73.1 days.

Growth Rate

Revenue Growth
3.61% ↘
Net Income Growth
0.31% ↗
Cash Flow Change
203.92% ↗
ROE
-1.00% ↗
ROCE
-3.22% ↗
EBITDA Margin (Avg.)
-36.78% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk medium

Mazagon Dock offers strong fundamentals with 32% 3-year ROE and debt-free status, but the stock trades at a demanding 39.2x PE and 10.4x book value after a -24% correction in the past year. The order pipeline from Indian Navy remains robust, yet slowing profit growth (7% TTM vs 32% 3-year CAGR) warrants caution at current valuations.

Bull Case 8
  • Exceptional return on equity of 32% over 3 years and 30% over 5 years, indicating highly efficient capital deployment in a capital-intensive sector
  • Company is virtually debt-free, providing significant financial flexibility to fund capacity expansion and absorb project execution delays
  • Compounded profit growth of 34% CAGR over 5 years demonstrates consistent earnings power and operational leverage
  • Revenue growth of 26% CAGR over 5 years shows strong order execution capability backed by Indian Navy's indigenous shipbuilding mandate
  • Healthy dividend payout of 28.6% with 0.54% yield offers income alongside growth, rare for a defense PSU growing at this pace
  • 62.5% of analyst ratings are Buy (5 out of 8 analysts), reflecting consensus confidence in the long-term defense order book
  • Stock has delivered 62% CAGR over 3 years and 82% over 5 years, demonstrating sustained wealth creation despite recent correction
  • Being a monopoly builder of submarines and large warships for the Indian Navy provides a structural moat with multi-decade order visibility
Bear Case 8
  • Stock trades at 10.4x price-to-book value, significantly premium for a PSU shipbuilder and leaving little margin of safety
  • TTM profit growth has decelerated sharply to 7% compared to the 3-year CAGR of 32%, signaling potential earnings plateau
  • Contingent liabilities of Rs 37,852 Cr are massive relative to the Rs 1,01,410 Cr market cap, posing tail risk if crystallized
  • Stock has declined 24% over the past 1 year, indicating momentum reversal and potential de-rating cycle
  • Debtor days increased from 59.5 to 73.1 days, suggesting slower collections from the government and working capital pressure
  • Other income of Rs 1,139 Cr forms a meaningful portion of earnings, flattering core operating profitability
  • PE ratio of 39.2x is expensive for a company with TTM sales growth of only 14%, implying a PEG ratio well above 2x
  • 25% of analysts rate the stock as Sell (2 out of 8), indicating meaningful disagreement on valuation sustainability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 1
  • ₹70K Cr submarine deal approved May 29

    Finance Ministry approved a ₹70,000 crore submarine deal involving Mazagon Dock Shipbuilders, underscoring government focus on strengthening domestic shipbuilding for underwater naval assets.

Neutral 2
  • New GM (Technical) appointed Jun 15

    Smt. Devi Nair appointed as General Manager (Technical) via internal promotion, effective July 1, 2025.

  • Govt holds 32.76 Cr shares Jun 8

    President of India (Ministry of Defence) holds 32,76,18,501 equity shares as of March 31, 2026, with no encumbrance made during FY26.

TL;DR: Mazagon Dock's near-term outlook is bolstered by the Finance Ministry's approval of a massive ₹70,000 crore submarine deal, reinforcing its position as India's primary naval shipbuilder. No material headwinds emerged in recent news. Government shareholding remains stable and unencumbered. The trend is positive with a strong order pipeline visibility in the defence shipbuilding space.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,079
2,173
1,828
2,362
3,104
2,357
2,757
3,144
3,174
2,626
2,929
3,601
3,850
Expenses
1,868
2,001
1,651
1,823
2,580
1,715
2,246
2,327
3,055
2,324
2,235
2,714
3,308
Operating Profit
211
172
177
539
524
642
511
817
119
302
695
887
543
OPM %
10%
8%
10%
23%
17%
27%
19%
26%
4%
11%
24%
25%
14%
Other Income
211
233
251
269
349
271
258
291
287
324
271
262
283
Interest
2
1
1
1
1
1
5
5
8
35
8
6
10
Depreciation
20
20
20
20
23
23
23
40
29
23
24
23
23
PBT
400
383
407
786
849
889
740
1,063
370
567
934
1,120
793
Tax %
26%
25%
25%
25%
26%
25%
25%
28%
21%
26%
24%
25%
20%
Net Profit
326
314
333
627
663
696
585
807
325
452
749
880
674
EPS in Rs
8.09
7.79
8.25
15.54
16.43
17.26
14.5
20.01
8.06
11.21
18.58
21.81
16.84
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
3,383
3,874
3,375
4,300
4,353
4,642
3,822
5,292
7,027
8,051
9,366
10,741
Operating Profit
222
221
129
157
261
263
226
441
801
1,416
2,066
2,266
OPM %
6%
5%
4%
4%
6%
5%
6%
8%
10%
15%
18%
17%
Other Income
563
761
766
565
617
546
448
396
687
1,101
1,121
1,139
Interest
8
16
17
20
36
13
11
14
9
9
10
72
Depreciation
31
44
39
52
64
69
60
75
76
83
115
97
PBT
746
922
839
650
778
727
604
749
1,403
2,425
3,062
3,237
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
EPS in Rs
130
150
117
11.07
11.88
11.66
12.74
15.14
27.74
48.02
59.83
64.04
Div. Payout %
19%
17%
34%
49%
19%
46%
28%
29%
29%
29%
29%
28%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
17,255
Total Liabilities
31,233
19,028
19,345
19,374
20,850
20,943
25,140
29,773
29,476
29,463
28,804
27,458
Fixed Assets
266
368
546
705
810
836
807
965
1,024
838
1,466
2,069
CWIP
40
170
98
85
89
80
80
87
62
72
133
245
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
24,229
Total Assets
31,233
19,028
19,345
19,374
20,850
20,943
25,140
29,773
29,476
29,463
28,804
27,458
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
746
-1,003
491
65
-96
68
-163
1,516
684
2,078
-2,891
Investing
—
560
493
348
417
454
348
326
-150
1,420
-1,299
1,209
Financing
—
-119
-245
-608
-126
-605
-160
-183
-218
-448
-712
-738
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
1,599
-3,365
CFO/OP
—
479
-507
507
146
43
99
32
228
96
146
-84
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
373
130
Days Payable
124
160
174
353
410
704
1,234
836
366
321
301
224
Cash Conversion Cycle
3,191
544
685
297
240
91
-4
272
285
162
106
-21
Working Capital Days
-576
-575
-608
-431
-444
-311
-607
-645
-528
-426
-356
-188
ROCE %
—
34%
30%
23%
27%
24%
23%
21%
33%
44%
43%
36%

Shareholding Pattern

As of Mar 2026
Promoters 81.22%
Public 10.56%
DIIs 5.09%
FIIs 1.73%
Others 1.39%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
84.83%
81.22%
81.22%
81.22%
81.22%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.32%
2.38%
2.44%
1.45%
1.55%
2.26%
2.58%
1.97%
1.80%
1.73%
DIIs
0.79%
0.40%
0.38%
0.91%
0.97%
1.15%
0.75%
0.26%
0.31%
0.53%
0.37%
0.43%
0.67%
0.84%
1.01%
1.47%
1.70%
5.21%
5.66%
5.37%
5.09%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
10.30%
10.66%
11.08%
9.77%
9.55%
8.99%
8.41%
8.88%
8.94%
8.79%
9.10%
9.37%
10.18%
9.67%
11.11%
10.48%
9.56%
9.58%
9.86%
10.26%
10.56%
Others
4.08%
4.11%
3.71%
4.48%
4.65%
5.03%
6.02%
6.03%
5.93%
5.85%
5.71%
2.04%
1.94%
2.22%
1.61%
1.67%
1.66%
1.41%
1.29%
1.35%
1.39%
No. of Shareholders
1,06,711
1,18,296
1,22,459
1,16,739
1,18,354
1,14,635
1,19,248
1,58,987
1,64,151
2,02,872
3,08,372
3,45,328
3,86,330
4,77,478
6,72,404
6,89,605
6,76,957
7,19,743
7,41,680
7,62,652
8,08,455

Documents

1
Concall - Jan 2023 Jan 2023
2
Concall - Jan 2023 Jan 2023
3
Concall - Mar 2023 Mar 2023
4
Concall - Mar 2023 Mar 2023
5
Concall - Apr 2023 Apr 2023

Frequently Asked Questions about Mazagon Dock Shipbuilders Ltd

What does Mazagon Dock Shipbuilders Ltd do?
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 ...
Where is Mazagon Dock Shipbuilders Ltd (MAZDOCK) listed?
Mazagon Dock Shipbuilders Ltd is listed on the Indian stock exchanges. It is listed on NSE: MAZDOCK and BSE: 543237. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Mazagon Dock Shipbuilders Ltd belong to?
Mazagon Dock Shipbuilders Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Mazagon Dock Shipbuilders Ltd?
Mazagon Dock Shipbuilders Ltd has a market capitalisation of approximately ₹102047.07 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Mazagon Dock Shipbuilders Ltd?
The Price-to-Earnings (PE) ratio of Mazagon Dock Shipbuilders Ltd is 36.13. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Mazagon Dock Shipbuilders Ltd?
Over the past 52 weeks, Mazagon Dock Shipbuilders Ltd has traded between a low of ₹2,057.4 and a high of ₹3,369. This range helps investors understand the stock's price volatility and recent trading levels.
Does Mazagon Dock Shipbuilders Ltd pay dividends?
Yes, Mazagon Dock Shipbuilders Ltd has a dividend yield of 0.54%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Mazagon Dock Shipbuilders Ltd?
Mazagon Dock Shipbuilders Ltd has a Return on Equity (ROE) of 21.98%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Mazagon Dock Shipbuilders Ltd on Tapetide?
On Tapetide, you can view Mazagon Dock Shipbuilders Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website mazagondock.in
Listed 2020-10-12
Face Value ₹ 5
Issued Size 40,33,80,000

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