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Mazagon Dock Shipbuilders

MAZDOCK NSE
₹1,828.10 +43.00 (+2.41%)
P/E
25.80
View as Markdown
MCP
Close 4 Nov 2026 ₹1,828.10 −802.40 −30.5% 1Y
Start ₹2,630.50

Key Fundamentals

MidcapIndustrial ManufacturingCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
36.00%
Debt to Equity
0.05
EPS (TTM)
₹70.85
Book Value
₹259.29
Market Cap
—
P/E (TTM)
25.80
P/B
7.05
ROE
29.20%
Dividend Yield
0.28%
EBITDA
₹3,405 Cr
52W High
₹2,848.00
52W Low
₹1,687.50
Day Range
₹1,761.00 – ₹1,832.80
Volume
8,90,046

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
51
Average
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
41
Weak
Sales & profit trajectory 9% weight
Financial Health
56
Good
Solvency, leverage, coverage 9% weight
Momentum
12
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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

4
  • Stock is trading at 8.58 times its book value
  • Contingent liabilities of Rs.28,181 Cr.
  • Earnings include an other income of Rs.1,129 Cr.
  • Debtor days have increased from 59.5 to 73.1 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1153
OscillatorsBearish351
Moving AveragesStrong Bearish802

Key readings

RSI (14)
37.54
Neutral
MACD (12,26,9)
−116.94
Bearish
SMA (50)
2,169.42
Bearish
SMA (200)
2,373.16
Bearish

As of

Analyst Rating

Based on 13 analysts
BUY46%

6 of 13 analysts rate Buy, 2 Hold, 5 Sell.

As of

BUY
6
46%
HOLD
2
15%
SELL
5
38%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.25%
5Y+26.29%
3Y+18.44%
1Y+13.77%
TTM+13.86%

Net profit

Net profit growth by window
10Y+15.77%
5Y+38.06%
3Y+32.07%
1Y+6.79%
TTM+31.54%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YTurned negative
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+12.04 pp
5Y+11.86 pp
3Y+7.21 pp
1Y−0.87 pp
TTM+4.35 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,505 Cr
Mar 2018₹4,457 Cr
Mar 2019₹4,614 Cr
Mar 2020₹4,905 Cr
Mar 2021₹4,048 Cr
Mar 2022₹5,733 Cr
Mar 2023₹7,827 Cr
Mar 2024₹9,467 Cr
Mar 2025₹11,432 Cr
Mar 2026₹13,006 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹585 Cr
Mar 2018₹496 Cr
Mar 2019₹532 Cr
Mar 2020₹471 Cr
Mar 2021₹514 Cr
Mar 2022₹611 Cr
Mar 2023₹1,119 Cr
Mar 2024₹1,937 Cr
Mar 2025₹2,414 Cr
Mar 2026₹2,578 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,937 Cr −43.1% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Mazagon Dock Shipbuilders Ltd trades at ₹1,785.1 as of 2026-11-03 with a market cap of ₹72,270 Cr. The company is nearly debt-free (debt-to-equity of 0.05) with strong return ratios (ROE of 24.26%, ROCE of 28.51%) and a 5-year profit CAGR of 33%, though the stock has declined 28% over the past year from a 52-week high of ₹2,848 and trades at 6.88x book value.

Bull Case 8
  • The company is virtually debt-free with a debt-to-equity ratio of just 0.05, providing significant financial flexibility and resilience against interest rate cycles.
  • Return on equity stands at 24.26% on a trailing basis, with a 3-year average ROE of 32%, indicating highly efficient capital deployment relative to most peers in the capital goods and defence space.
  • Compounded profit growth of 33% over 5 years and 32% over 3 years demonstrates sustained earnings momentum, well above the 5-year sales CAGR of 26%.
  • ROCE of 28.51% reflects strong operating profitability and efficient use of total capital employed, reinforcing the quality of the business franchise.
  • A 10-year compounded sales growth of 12% and profit growth of 16% show a long track record of consistent top-line and bottom-line expansion across business cycles.
  • The company has maintained a healthy dividend payout ratio of 28.6%, demonstrating shareholder-friendly capital allocation even while investing in growth.
  • The stock is trading 37% below its 52-week high of ₹2,848, which may present a more favourable entry valuation compared to recent peaks.
  • India's defence indigenisation push and expanding naval fleet requirements position the shipbuilding sector for sustained order inflows over the medium to long term.
Bear Case 6
  • Contingent liabilities stand at ₹28,181 Cr, a figure that significantly exceeds the company's market capitalisation of ₹72,270 Cr and could crystallise into real liabilities under adverse outcomes.
  • Earnings quality is diluted by other income of ₹1,129 Cr, meaning a meaningful portion of reported profit is not derived from core shipbuilding operations.
  • The stock has delivered a negative 1-year return of -28%, reflecting significant near-term price weakness and potential shifts in market sentiment.
  • Debtor days have increased from 59.5 to 73.1 days, signalling a deterioration in working capital efficiency and potential collection delays from government clients.
  • TTM sales growth of 14% has moderated compared to the 5-year compounded sales growth of 26%, suggesting a possible deceleration in revenue momentum.
  • A trailing PE of 25.2x on EPS of ₹70.85 prices in significant future growth, and any order book delays or execution challenges in defence contracts could compress the multiple.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

4d ago

TL;DR: Mazagon Dock is positioning for long-term capacity expansion with selection for two new shipyard clusters under a national maritime vision, though the stalled Thoothukudi project signals execution risks on expansion plans. The strategic direction is positive but timelines remain uncertain. Watch for concrete milestones at Dighi and Dugarajapatnam to gauge whether the expansion story gains substance.

Headwinds 1
  • Thoothukudi shipyard stalled Oct 02

    Mazagon Dock confirms no progress on the Thoothukudi shipyard project, indicating delays in expanding its shipbuilding capacity at that location.

Positives 1
  • Two new shipyard clusters awarded Oct 02

    Mazagon Dock selected as the main shipyard for new clusters at Dighi and Dugarajapatnam under the Maritime Amrit Kaal Vision 2047 framework, expanding its geographic footprint.

Neutral 1
  • Vision 2047 framework selection Oct 02

    The shipyard cluster selections at Dighi and Dugarajapatnam are part of a long-term national maritime strategy extending to 2047, with no immediate revenue or timeline details disclosed.

Quarterly Results

₹ Cr
MAZDOCK quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
2,446
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
2,247
Operating Profit
172
177
539
524
642
511
817
119
302
695
887
543
447
199
OPM %
8%
10%
23%
17%
27%
19%
26%
3.8%
11%
24%
25%
14%
15%
8%
Other Income
233
251
269
349
271
254
286
287
324
271
262
283
313
—
Interest
1
1
1
1
1
1.09
1.11
8
35
8
6
10
44
21
Depreciation
20
20
20
23
23
23
40
29
23
24
23
23
29
30
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
346
EPS (₹)
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
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MAZDOCK profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
71.57
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 (₹)
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

₹ Cr
MAZDOCK balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
MAZDOCK cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

MAZDOCK financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Mazagon Dock Shipbuilders insights

62 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 81.22%
  • Public 10.42%
  • DIIs 5.09%
  • FIIs 1.73%
  • Others 1.54%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Sep 2026
    PPT
  • Q1 FY27 concall · Jul 2026
    PPT
  • Concall · Apr 2026
    PPT
  • Q3 FY26 concall · Mar 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT

Frequently Asked Questions about Mazagon Dock Shipbuilders

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.
Where is Mazagon Dock Shipbuilders Ltd (MAZDOCK) listed?
Mazagon Dock Shipbuilders Ltd trades as MAZDOCK on the NSE and under code 543237 on the BSE.
Which sector does Mazagon Dock Shipbuilders Ltd belong to?
Mazagon Dock Shipbuilders Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the PE ratio of Mazagon Dock Shipbuilders Ltd?
Mazagon Dock Shipbuilders Ltd trades at a PE ratio of 25.80 as of 4 Nov 2026, on earnings per share of ₹70.85, against a book value of ₹259.29 per share.
What is the 52-week high and low of Mazagon Dock Shipbuilders Ltd?
Over the last 52 weeks Mazagon Dock Shipbuilders Ltd has traded between ₹1,687.5 and ₹2,848 as of 4 Nov 2026.
Does Mazagon Dock Shipbuilders Ltd pay dividends?
Mazagon Dock Shipbuilders Ltd has a dividend yield of 0.28%.
What is the Return on Equity (ROE) of Mazagon Dock Shipbuilders Ltd?
Mazagon Dock Shipbuilders Ltd reported a return on equity of 29.20%. Its debt-to-equity ratio is 0.05.

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.

Website mazagondock.in
Listed 12 Oct 2020
Face Value ₹5

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