Mazagon Dock Shipbuilders Ltd.

•

mazagondock.inBSE: 543237NSE: MAZDOCK

Market Cap₹ 94,209 Cr.

Current Price

High / Low₹ 3,061 / 2,057

Stock P/E33.0

Book Value₹ 255

Price to Book8.54

Dividend Yield0.78 %

ROCE36.5 %

ROE27.4 %

Face Value₹ 5

Add ratio to table

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 39.8% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 41.5%
Company has a good return on equity (ROE) track record: 3 Years ROE 30.8%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 26.3% CAGR over last 5 years

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 (41.4% 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 0.02x)

* 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	2335.50	32.97	94209.40	0.78	550.46	21.74	2942.70	12.08	36.51	16.48
2.	COCHINSHIP	1381.50	53.44	36344.61	0.65	151.45	-19.37	1094.21	2.40	17.60	17.65
3.	GRSE	2425.50	34.70	27784.59	0.81	172.84	43.82	1814.62	38.53	43.66	8.22
4.	KMEW	2869.80	56.18	7279.05	0.00	62.75	466.05	115.41	138.11	24.88	63.61

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	3,850	2,943
	2,001	1,651	1,823	2,580	1,715	2,246	2,327	3,055	2,324	2,235	2,714	3,308	2,569
Operating Profit	172	177	539	524	642	511	817	119	302	695	887	543	373
OPM %	7.90%	9.66%	22.82%	16.89%	27.25%	18.52%	25.99%	3.76%	11.49%	23.71%	24.63%	14.10%	12.68%
	233	251	269	349	271	258	291	287	289	271	262	283	313
Interest	1	1	1	1	1	5	5	8	1	8	6	10	44
Depreciation	20	20	20	23	23	23	40	29	23	24	23	23	29
Profit before Tax	383	407	786	849	889	740	1,063	370	567	934	1,120	793	725
Tax %	25.23%	25.27%	24.76%	26.13%	25.07%	25.35%	27.70%	21.47%	26.03%	23.99%	25.23%	20.24%	24.06%
Net Profit	0	0	0	0	696	585	807	325	452	749	880	674	550
	15.59	16.50	15.54	16.44	17.26	14.50	20.01	8.06	11.21	18.58	21.81	16.84	13.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	13,006	13,323
	3,406	4,340	4,353	4,642	3,822	5,291	7,025	8,045	9,371	10,938	10,826
Operating Profit	124	148	261	263	226	442	803	1,421	2,061	2,068	2,498
OPM %	3.52%	3.30%	5.66%	5.35%	5.58%	7.72%	10.25%	15.01%	18.03%	15.90%	18.75%
	766	559	591	546	448	396	687	1,101	1,144	1,339	1,129
Interest	23	7	10	13	11	15	11	15	28	74	68
Depreciation	39	50	64	69	60	75	76	83	115	97	99
Profit before Tax	828	650	778	727	604	749	1,403	2,425	3,062	3,237	3,572
Tax %	34.77%	39.49%	39.55%	48.11%	24.90%	24.85%	25.42%	25.40%	25.62%	25.18%	23.56%
Net Profit	540	393	470	377	453	563	1,046	1,809	2,277	2,422	2,730
EPS	244.32	21.66	23.76	21.07	25.48	30.29	55.48	96.04	59.83	64.04	—
Dividend Payout %	27.19%	50.55%	18.78%	46.15%	28.42%	28.83%	28.77%	28.58%	28.92%	28.29%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: 16%
5 Years:: 38%
3 Years:: 32%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 81%
3 Years:: 31%
1 Year:: -16%

RETURN ON EQUITY

10 Years:: 21%
5 Years:: 26%
3 Years:: 31%
Last Year:: 27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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
Minority Interest	0	0	0	0	0	0	0	0	0	229
	2,753	2,622	2,993	2,858	3,230	3,656	4,558	6,042	7,738	9,553
	183	176	209	206	187	164	152	161	158	578
Trade Payables	926	2,391	2,917	4,728	6,362	6,166	4,463	4,430	3,738	4,513
	14,754	14,369	14,830	12,532	14,734	19,136	19,638	19,440	18,481	14,813
Total Liabilities	18,866	19,782	21,174	20,526	24,715	29,323	29,013	30,275	30,317	29,887
	546	646	810	836	807	965	1,024	838	1,466	2,062
Capital Work in Progress	98	85	89	80	80	87	62	68	133	252
	384	429	431	484	519	542	589	679	765	915
	4,029	3,786	3,790	4,623	5,889	7,700	7,357	5,713	4,537	2,617
	0	0	0	0	0	0	0	1,847	1,067	2,606
Cash & Bank	8,363	7,190	7,470	5,798	8,028	11,480	13,286	14,210	16,150	13,096
	5,446	7,645	8,584	8,705	9,393	8,549	6,695	6,920	6,199	8,339
Total Assets	18,866	19,782	21,174	20,526	24,715	29,323	29,013	30,275	30,317	29,887

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	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	-2,654
Cash from Investing	494	392	417	454	348	326	-150	3,115	-1,299	1,166
Cash from Financing	-240	-603	-126	-605	-160	-183	-218	-448	-736	-931
	-755	231	356	-246	257	-19	1,148	3,350	67	-2,419

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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.

News

Recent coverage and analyst commentary for MAZDOCK

Loading news…

🤖

AI Stock Analyst

Mazagon Dock Shipbuilders Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account