Mazagon Dock Shipbuilders Ltd
MAZDOCK NSE
Mazagon Dock Shipbuilders Ltd
Aerospace & Defense F&ONSE: MAZDOCK BSE: 543237 Engineering
Key Fundamentals
MidcapEngineeringAerospace & DefenseMarket Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
36.29
EBITDA
₹3,405 Cr
Return on Equity
24.26%
Debt to Equity
0.05
Book Value
₹241.83
EPS
₹96.04
52W High
₹3,061.4
52W Low
₹2,057.4
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mazagon Dock Shipbuilders Ltd insights
39 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
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
3- Stock is trading at 10.6 times its book value
- Earnings include an other income of Rs.1,129 Cr.
- Debtor days have increased from 59.5 to 73.1 days.
Growth Rate
Revenue Growth
12.77% ↗
Net Income Growth
6.35% ↗
Cash Flow Change
-226.25% ↘
ROE
-15.41% ↗
ROCE
-17.91% ↘
EBITDA Margin (Avg.)
-5.68% ↗
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
Mazagon Dock Shipbuilders is a debt-free defense PSU with a market cap of Rs.1,01,434 Cr, trading at a P/E of 35.8x and P/B of 10.46x. The company has delivered 33% compounded profit CAGR over 5 years with consistent ROE above 29%, though the stock has declined 10% over the past year after a massive 83% CAGR rally over 5 years.
Bull Case 8
- Company is virtually debt-free, providing financial flexibility and resilience against interest rate cycles
- Exceptional 5-year compounded profit growth of 33% CAGR demonstrates strong earnings momentum
- 3-year ROE of 32.3% indicates highly efficient capital deployment relative to peers in the defense sector
- TTM revenue growth of 14% and 5-year sales CAGR of 26% show sustained top-line expansion driven by order book execution
- Healthy dividend payout ratio of 28.6% provides income visibility while retaining capital for growth
- 10-year ROE of 26% demonstrates this is not a cyclical spike but a structurally profitable business model
- TTM profit growth of 32% continues to outpace revenue growth of 14%, indicating margin expansion
- Strategic positioning as India's premier warship and submarine builder benefits from government's defense indigenization push and rising capital expenditure on naval capabilities
Bear Case 8
- Stock trades at 10.46x book value, a steep premium that prices in significant future growth and leaves limited margin of safety
- P/E of 35.8x is elevated for a PSU shipbuilder, implying market expects continued high-growth execution without delays
- Other income of Rs.1,129 Cr forms a material portion of earnings, raising questions about core operating profit sustainability
- Debtor days have increased from 59.5 to 73.1 days, signaling potential working capital stress or delayed payments from the government
- Stock has declined 10% over the past 1 year after a 5-year CAGR of 83%, suggesting a potential mean-reversion phase
- Dividend yield of just 0.72% offers minimal income cushion given the elevated valuation multiples
- Revenue dependence on government orders creates concentration risk and vulnerability to budget allocation shifts or order delays
- 10-year sales CAGR of only 12% versus 5-year CAGR of 26% highlights that the recent acceleration may not be the long-term norm
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago Positives 6
- Record FY26 PAT ₹2,435 Cr Aug 4
Mazagon Dock posted record FY26 PAT of ₹2,435.77 crore on revenue of ₹12,839.64 crore, and completed India's first defence PSU international acquisition of Colombo Dockyard PLC.
- €9B submarine deal near approval Aug 6
Defence Ministry committee approved a €9 billion submarine deal with Mazagon Dock as key participant; final CCS clearance is the only remaining step.
- Q1FY27 profit up 22% YoY Jul 30
Consolidated net profit rose 21.7% YoY to ₹55.05 crore in Q1FY27, with revenue up 12.1% to ₹2,942.7 crore.
- ₹4.62 dividend declared for FY26 Aug 4
Board recommended ₹4.62 per share final dividend for FY26; 93rd AGM scheduled for August 27, 2026 with appointment of new Government Nominee Director Dinesh Mahur.
- Two major orders targeted in FY27 Aug 10
Mazagon Dock plans to secure two new major orders in FY27 to strengthen its order book and expand its business pipeline.
- BRSR ESG disclosure filed Aug 4
Filed FY 2025-26 BRSR disclosing GHG emissions, energy use, workforce data, CSR spend, and sustainability initiatives, signaling governance transparency.
Neutral 1
- Indo-German submarine pact imminent Jul 30
German Ambassador Ackermann confirmed India and Germany are close to finalizing a submarine agreement, advancing naval modernization and bilateral defence ties.
TL;DR: Mazagon Dock is firing on all cylinders with record FY26 profitability, strong Q1FY27 growth, and a massive €9 billion submarine deal awaiting final CCS approval. The international acquisition of Colombo Dockyard adds a new growth vector. No material headwinds are visible in the current news cycle. The outlook is strongly positive, contingent on timely CCS clearance and successful FY27 order wins.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
4 May - Copy of Newspaper Publication of Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31 March 2026 is attached herewith. 4 May - Copy of Newspaper Publication of Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31 March 2026 is attached herewith.
2
Board Meeting Outcome for Mazagon Dock Shipbuilders Limited Has Submitted To The Exchange, The Audited Financial Results (Consolidated And Standalone) For The Quarter And Year Ended 3 1 March 2026.
30 Apr - Board approved FY26 audited results and recommended Rs4.62 final dividend per share on 30 April 2026. 30 Apr - Board approved FY26 audited results and recommended Rs4.62 final dividend per share on 30 April 2026.
3
Announcement under Regulation 30 (LODR)-Change in Directorate
30 Apr - Shri Dinesh Mahur appointed Government Nominee Director from 30 April 2026, replacing Shri Rajeev Prakash. 30 Apr - Shri Dinesh Mahur appointed Government Nominee Director from 30 April 2026, replacing Shri Rajeev Prakash.
4
Announcement under Regulation 30 (LODR)-Dividend Updates
30 Apr - Board recommended final dividend of Rs. 4.62 per share for FY2026. 30 Apr - Board recommended final dividend of Rs. 4.62 per share for FY2026.
5
Announcement under Regulation 30 (LODR)-Newspaper Publication
4 May - Copy of Newspaper Publication of Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31 March 2026 is attached herewith. 4 May - Copy of Newspaper Publication of Audited Financial Results (Standalone & Consolidated) for the quarter and year ended 31 March 2026 is attached herewith.
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 Aerospace & Defense sector within the Engineering 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 ₹103160.40 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 36.29. 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 ₹3,061.4. 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 0.71%. 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 24.26%. 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]