Mazagon Dock Shipbuilders Ltd.

•

mazagondock.inBSE: 543237NSE: MAZDOCK

Market Cap₹ 97,174 Cr.

Current Price

High / Low₹ 3,061 / 2,057

Stock P/E38.5

Book Value₹ 232

Price to Book9.42

Dividend Yield0.75 %

ROCE41.3 %

ROE30.4 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Submarine: 68.2% • Shipbuilding: 31.8%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company has delivered good profit growth of 38.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 47.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 34.9%
Company has delivered good sales growth of 26.0% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 30.0%

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (41.3% of PBT)
Promoter holding has decreased over last 2 years: -3.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.00x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsShip BuildingShip Building

Part ofNIFTY NEXT 50 NIFTY100 QUALTY30 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY200 QUALITY 30

S.No.	Name
1.	MAZDOCK	2409.00	34.00	97174.24	0.75	550.46	21.74	2942.70	12.08	36.51	16.48
2.	COCHINSHIP	1554.30	60.12	40890.65	0.58	151.45	-19.37	1094.21	2.40	17.60	17.65
3.	GRSE	2492.40	35.66	28550.94	0.79	172.84	43.82	1814.62	38.53	43.66	8.22
4.	KMEW	2961.30	57.97	7511.14	0.00	62.75	466.05	115.41	138.11	24.88	63.61

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,173	1,828	2,362	3,104	2,357	2,757	3,144	3,174	2,626	2,929	3,601	3,684	2,771
	2,001	1,651	1,823	2,580	1,715	2,246	2,327	3,055	2,324	2,235	2,714	3,308	2,397
Operating Profit	172	177	539	524	642	511	817	119	302	695	887	376	374
OPM %	7.90%	9.66%	22.82%	16.89%	27.25%	18.52%	25.99%	3.76%	11.49%	23.71%	24.63%	10.21%	13.51%
	233	261	269	376	271	269	291	323	289	276	262	281	310
Interest	1	1	1	1	1	5	5	8	1	8	6	10	36
Depreciation	20	20	20	23	23	23	40	29	23	24	23	23	23
Profit before Tax	383	416	786	876	889	751	1,063	406	567	939	1,120	625	684
Tax %	25.23%	24.72%	24.76%	25.32%	25.07%	24.98%	27.70%	19.54%	26.03%	23.85%	25.23%	25.71%	25.49%
Net Profit	287	313	592	654	666	564	768	327	419	715	837	464	510
	14.21	15.52	14.66	16.22	16.51	13.98	19.04	8.11	10.39	17.73	20.75	11.50	12.64

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,531	4,488	4,614	4,905	4,048	5,733	7,827	9,467	11,432	12,840	12,985
	3,406	4,339	4,353	4,642	3,822	5,291	7,025	8,045	9,367	10,779	10,653
Operating Profit	124	149	261	263	226	442	803	1,421	2,064	2,061	2,332
OPM %	3.52%	3.31%	5.66%	5.35%	5.58%	7.72%	10.25%	15.01%	18.06%	16.05%	17.96%
	775	605	638	577	474	420	713	1,138	1,188	1,344	1,129
Interest	23	7	10	13	11	15	11	15	28	61	59
Depreciation	39	50	64	69	60	75	76	83	115	93	93
Profit before Tax	837	697	825	758	630	773	1,429	2,461	3,109	3,250	3,368
Tax %	34.41%	36.84%	37.30%	46.12%	23.87%	24.10%	24.95%	25.02%	25.23%	25.06%	24.99%
Net Profit	549	440	517	408	480	586	1,073	1,845	2,325	2,436	2,526
EPS	220.48	18.28	23.08	18.29	23.78	29.08	53.19	91.50	57.63	60.38	—
Dividend Payout %	30.13%	55.78%	19.33%	53.16%	30.45%	30.02%	30.01%	30.00%	30.03%	30.01%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 26%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: 38%
3 Years:: 31%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 81%
3 Years:: 28%
1 Year:: -14%

RETURN ON EQUITY

10 Years:: 24%
5 Years:: 30%
3 Years:: 35%
Last Year:: 30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	249	224	224	202	202	202	202	202	202	202
	2,376	2,198	2,568	2,380	2,717	3,120	3,976	5,369	6,979	8,641
	183	176	209	206	187	164	152	161	158	132
Trade Payables	926	2,391	2,917	4,728	6,362	6,166	4,463	4,430	3,738	4,485
	14,754	13,387	13,923	12,532	14,734	19,136	19,638	19,440	18,481	14,602
Total Liabilities	18,488	18,377	19,841	20,048	24,202	28,787	28,430	29,602	29,558	28,063
	546	646	810	836	807	965	1,024	838	1,466	1,432
Capital Work in Progress	98	85	89	80	80	87	62	68	133	245
	6	6	6	6	6	6	6	6	6	243
	4,029	3,786	3,790	4,623	5,889	7,700	7,357	5,713	4,537	2,556
	0	0	0	0	0	0	0	1,847	1,067	2,564
Cash & Bank	8,363	7,190	7,470	5,798	8,028	11,480	13,286	14,210	16,150	12,878
	5,446	6,664	7,676	8,705	9,393	8,549	6,695	6,920	6,199	8,144
Total Assets	18,488	18,377	19,841	20,048	24,202	28,787	28,430	29,602	29,558	28,063

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-663	749	381	113	225	140	1,828	684	2,102	-2,761
Cash from Investing	494	392	417	454	348	326	-150	3,115	-1,299	975
Cash from Financing	-240	-603	-126	-605	-160	-183	-218	-448	-736	-834
	-755	231	356	-246	257	-19	1,148	3,350	67	-2,620

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	84.83	84.83	84.83	84.83	81.22	81.22	81.22	81.22	81.22
	2.44	1.45	1.55	2.26	2.57	1.97	1.80	1.73	1.72
	0.83	1.00	1.46	1.69	5.21	5.65	5.37	5.09	5.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.90	12.72	12.16	11.22	10.99	11.16	11.62	11.95	12.05

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Change in Auditors

2026-09-08 - Mazagon Dock Shipbuilders Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-07

Appointment

2026-09-07 - Mazagon Dock Shipbuilders Limited has informed the Exchange regarding Appointment of Mr K M Ravikumar as Non- Executive Independent Director of the company w.e.f. September 07, 2026.

2026-09-04

Bagging/Receiving of orders/contracts

2026-09-04 - Mazagon Dock Shipbuilders Limited has informed the Exchange about receipt of an Order from MSETCL for Al based comprehensive Infrasecure Project

2026-08-28

Shareholders meeting

2026-08-28 - Mazagon Dock Shipbuilders Limited has submitted the Exchange a copy of Srutinizers report of 93rd Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-27

Shareholders meeting

2026-08-27 - Mazagon Dock Shipbuilders Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026

2026-08-24

General Updates

2026-08-24 - Mazagon Dock Shipbuilders Limited has informed the Exchange about Appointment of Part-time Non-official (Independent) Director.

2026-08-12

Updates

2026-08-12 - Mazagon Dock Shipbuilders Limited has informed the Exchange regarding 'Board comments on fine levied by the Exchange'.

2026-08-11

Record Date

2026-08-11 - Mazagon Dock Shipbuilders Limited has informed the Exchange that Record date for the purpose of Dividend is 20-Aug-2026.

2026-08-05

General Updates

2026-08-05 - Mazagon Dock Shipbuilders Limited has informed the Exchange about web-link letter dispatched to the Members, for accessing the Annual Report and Notice of the 93rd AGM for the FY 2025-26.

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