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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 50NIFTY100 QUALTY30NIFTYLARGEMIDCAP250NIFTY100 EQL WGTNIFTY200 QUALITY 30
S.No.Name
1.MAZDOCK2409.0034.0097174.240.75550.4621.742942.7012.0836.5116.48
2.COCHINSHIP1554.3060.1240890.650.58151.45-19.371094.212.4017.6017.65
3.GRSE2492.4035.6628550.940.79172.8443.821814.6238.5343.668.22
4.KMEW2961.3057.977511.140.0062.75466.05115.41138.1124.8863.61
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
2,1731,8282,3623,1042,3572,7573,1443,1742,6262,9293,6013,6842,771
2,0011,6511,8232,5801,7152,2462,3273,0552,3242,2352,7143,3082,397
Operating Profit172177539524642511817119302695887376374
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%
233261269376271269291323289276262281310
Interest111115581861036
Depreciation20202023232340292324232323
Profit before Tax3834167868768897511,0634065679391,120625684
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 Profit287313592654666564768327419715837464510
14.2115.5214.6616.2216.5113.9819.048.1110.3917.7320.7511.5012.64

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,5314,4884,6144,9054,0485,7337,8279,46711,43212,84012,985
3,4064,3394,3534,6423,8225,2917,0258,0459,36710,77910,653
Operating Profit1241492612632264428031,4212,0642,0612,332
OPM %3.52%3.31%5.66%5.35%5.58%7.72%10.25%15.01%18.06%16.05%17.96%
7756056385774744207131,1381,1881,3441,129
Interest237101311151115286159
Depreciation39506469607576831159393
Profit before Tax8376978257586307731,4292,4613,1093,2503,368
Tax %34.41%36.84%37.30%46.12%23.87%24.10%24.95%25.02%25.23%25.06%24.99%
Net Profit5494405174084805861,0731,8452,3252,4362,526
EPS220.4818.2823.0818.2923.7829.0853.1991.5057.6360.38—
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

Corporate actions

2026

Aug 20

₹ 0.92

Rs.4.6200 per share(92.4%)Final Dividend

2026

Feb 13

₹ 1.50

Rs.7.5000 per share(150%)Interim Dividend

2025

Nov 4

₹ 1.20

Rs.6.0000 per share(120%)Interim Dividend

2025

Sep 19

₹ 0.54

Rs.2.7100 per share(54.2%)Final Dividend

2025

Apr 16

₹ 0.60

Rs.3.0000 per share(60%)Interim Dividend

2024

Oct 30

₹ 2.31

Interim Dividend

2024

Sep 19

₹ 1.21

Rs.12.1100 per share(121.1%)Final Dividend

2023

Nov 20

₹ 1.53

Interim Dividend

2023

Sep 20

₹ 0.68

Rs.6.8600 per share(68.6%)Final Dividend

2022

Nov 21

₹ 0.91

Interim Dividend

2022

Sep 19

₹ 0.16

Rs.1.6300 per share(16.3%)Final Dividend

2022

Jan 6

₹ 0.71

Interim Dividend

2021

Sep 20

₹ 0.18

Rs.1.8300 per share(18.3%)Final Dividend

2021

Feb 22

₹ 0.54

Interim Dividend

2026

Aug 5

₹ 0.92

Rs.4.6200 per share(92.4%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital249224224202202202202202202202
2,3762,1982,5682,3802,7173,1203,9765,3696,9798,641
183176209206187164152161158132
Trade Payables9262,3912,9174,7286,3626,1664,4634,4303,7384,485
14,75413,38713,92312,53214,73419,13619,63819,44018,48114,602
Total Liabilities18,48818,37719,84120,04824,20228,78728,43029,60229,55828,063
5466468108368079651,0248381,4661,432
Capital Work in Progress9885898080876268133245
666666666243
4,0293,7863,7904,6235,8897,7007,3575,7134,5372,556
00000001,8471,0672,564
Cash & Bank8,3637,1907,4705,7988,02811,48013,28614,21016,15012,878
5,4466,6647,6768,7059,3938,5496,6956,9206,1998,144
Total Assets18,48818,37719,84120,04824,20228,78728,43029,60229,55828,063

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-6637493811132251401,8286842,102-2,761
Cash from Investing494392417454348326-1503,115-1,299975
Cash from Financing-240-603-126-605-160-183-218-448-736-834
-755231356-246257-191,1483,35067-2,620

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
84.8384.8384.8384.8381.2281.2281.2281.2281.22
2.441.451.552.262.571.971.801.731.72
0.831.001.461.695.215.655.375.095.02
Government0.000.000.000.000.000.000.000.000.00
11.9012.7212.1611.2210.9911.1611.6211.9512.05

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.

News

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