Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders
Aerospace & Defense F&OKey Fundamentals
MidcapEngineeringAerospace & DefenseTapetide Score
Data-driven rating, 0–100. How it works →
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 9.67 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMazagon Dock Shipbuilders, with a market cap of ₹93,625 Cr, is a nearly debt-free defence PSU that has delivered 33% compounded profit CAGR over 5 years and maintains a 3-year ROE of 32%. However, the stock trades at 9.9x book value, the 1-year stock return is -15%, and rising debtor days and a significant other income component raise questions about earnings quality.
- Company is virtually debt-free, providing strong balance sheet flexibility and low financial risk in a capital-intensive shipbuilding sector.
- 5-year compounded profit growth of 33% CAGR significantly outpaces revenue growth of 26%, indicating improving operating leverage and margin expansion.
- 3-year ROE of 32.3% and 5-year ROE of 29% reflect consistently high capital efficiency, well above most industrial peers.
- TTM revenue growth of 14% and TTM profit growth of 32% show continued earnings momentum with profit growing more than twice as fast as sales.
- Healthy dividend payout ratio of 28.6% with a current yield of 0.76%, demonstrating shareholder return discipline for a growth-stage defence company.
- 10-year compounded sales CAGR of 12% and profit CAGR of 16% demonstrate a long track record of sustained growth across business cycles.
- Operates in the strategic defence shipbuilding sector where order pipelines are driven by long-term government procurement plans, providing multi-year revenue visibility.
- Stock trades at 9.9x price-to-book, a steep premium that prices in substantial future growth and leaves limited margin of safety.
- Earnings include other income of ₹1,129 Cr, raising concerns about the quality and sustainability of core operating profits.
- Debtor days have increased from 59.5 to 73.1 days, signalling slower collections and potential working capital strain from government payment cycles.
- 1-year stock CAGR of -15% indicates significant recent price correction despite strong underlying fundamentals, suggesting potential valuation re-rating risk.
- PE ratio of 33.8x is elevated for a shipbuilding company with cyclical order flow, leaving the stock vulnerable to any earnings disappointment.
- Last year ROE of 29% dipped from the 3-year average of 32%, hinting at a possible plateau in return on equity expansion.
- 5-year stock CAGR of 81% has front-loaded significant returns, and mean reversion risk increases as the valuation multiple compresses from peak levels.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Board vacancy delays persist Aug 27
At the 93rd AGM, Mazagon Dock acknowledged statutory board composition delays attributed to slow government appointment processes, flagging a governance gap.
- Exceptional Q2 FY26 results Aug 27
Net income surged 65.76% QoQ to ₹749.48 crore, operating income jumped 140.87% QoQ to ₹671.13 crore, and diluted EPS rose 65.74% QoQ to ₹18.58. Analyst Kunal Bothra recommended a buy with ₹2,800 target.
- Rs 118 Cr AI security order Sep 4
Mazagon Dock secured a ₹117.99 crore work order from MSETCL for an AI-based infrasecure project at 5 substations, with 24-month execution. This is the first order win in 3 quarters.
- ₹4.62 per share dividend approved Aug 27
Shareholders approved a ₹4.62 per share dividend at the 93rd AGM held on August 27, 2026, signaling continued capital returns.
- New statutory auditors appointed Sep 8
M/s. Sarda & Pareek LLP appointed as statutory auditors for FY 2026-27 per directive from the Comptroller and Auditor General of India.
- Independent director K.M. Ravi Kumar Sep 7
K.M. Ravi Kumar, a 38-year structural fabrication veteran, appointed as Non-Official Independent Director for a three-year term effective September 7, 2026.
TL;DR: Mazagon Dock is firing on operational metrics with a standout Q2 FY26 showing 65.76% QoQ net income growth and 140.87% QoQ operating income growth, complemented by a new ₹118 crore AI security order that diversifies revenue beyond core shipbuilding. Board composition delays due to government processes remain a minor governance overhang. The trend is clearly improving with strong earnings momentum and order flow resuming after a 3-quarter dry spell.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mazagon Dock Shipbuilders insights
57 extracted metrics + investor summaries across FY15–FY26.
Documents
Frequently Asked Questions about Mazagon Dock Shipbuilders
What does Mazagon Dock Shipbuilders Ltd do?
Where is Mazagon Dock Shipbuilders Ltd (MAZDOCK) listed?
Which sector does Mazagon Dock Shipbuilders Ltd belong to?
What is the market capitalisation of Mazagon Dock Shipbuilders Ltd?
What is the PE ratio of Mazagon Dock Shipbuilders Ltd?
What is the 52-week high and low of Mazagon Dock Shipbuilders Ltd?
Does Mazagon Dock Shipbuilders Ltd pay dividends?
What is the Return on Equity (ROE) of Mazagon Dock Shipbuilders Ltd?
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MAZDOCK.md for Mazagon Dock Shipbuilders Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.