NSE:MAZDOCKNSEIndustrials
Mazagon Dock Shipbuilders Limited
📊 Aerospace & Defense
Day ₹2,710
₹2,810 Neutral
52W ₹2,057
₹3,775 Neutral
₹2,777.00
▲ ₹93.70 (+3.49%)
Vol: 3,592,978 · Avg: 2,073,669
As of April 29, 2026 · 06:24 IST
COMPOSITE RISK SCORE
61 MODERATE
VAL:7/25 · FIN:20/25 · GRO:14/25 · TECH:20/25
📈 P/E RATIO
46.4x
Trailing
📖 P/B RATIO
12.6x
Price to Book
💰 EPS
₹59.84
TTM
🏛 MARKET CAP
₹112,019Cr
Large Cap
📊 ROE
30.4%
Return on Equity
📈 REV GROWTH
14.6%
YoY
🏢 Company Analysis · Mazagon Dock Shipbuilders Limited
💼 BUSINESS MODEL
  • Mazagon Dock Shipbuilders Limited engages in the building and repairing of ships, submarines, vessels, and related engineering products in India and internationally..
  • The company operates in two segments, Shipbuilding, and Submarine and Heavy Engineering..
  • The company offers naval platforms, such as destroyers, conventional submarines, frigates, corvettes, missile boats, offshore patrol vessels, and floating border outposts..
  • It also provides merchant ships, such as general cargo vessels, multipurpose support vessels, offshore supply vessels, tugs, dredgers, passenger cum cargo vessels, water tankers, barges, trawlers, and windmill towers and pontoons..
  • Operates in Aerospace & Defense within the Industrials sector.
  • Workforce of 2,614 employees.
🏰 MOAT & COMPETITION
  • Mega-cap (₹112,019 Cr) — dominant market position with significant scale advantages.
  • Profit margin of 19.5% — moderate pricing power.
  • Key competitors: Mazagon Dock, Laxmipati Engg, Hariyana Ship, Cochin Shipyard.
🚀 CATALYSTS
  • Company has delivered good profit growth of 38.3% CAGR over last 5 years
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹2,100 — ₹3,407 (mean ₹2,768, 6 analysts).
  • Unfavorable asymmetry — limited upside +23% vs downside -24% (0.9x).
  • P/E of 46.4x — premium valuation, growth must sustain to avoid de-rating risk.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Hold (6 analysts).
  • Latest quarter earnings change: +9% YoY — relatively flat.
  • Debtor days have improved from 50.7 to 34.1 days.
✅ PROS
  • Company is almost debt free.
  • Company has delivered good profit growth of 38.3% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.4%
  • Company has been maintaining a healthy dividend payout of 28.7%
  • Debtor days have improved from 50.7 to 34.1 days.
❌ CONS
  • Stock is trading at 12.7 times its book value
  • Contingent liabilities of Rs.37,852 Cr.
  • Earnings include an other income of Rs.1,166 Cr.
VALUATION
7/25
25% WEIGHT
  • P/E at 46x
  • P/B at 12.6x
  • Analyst target: ₹2768 (-0.3%)
  • 1Y return: -7.7%
FINANCIAL HEALTH
20/25
25% WEIGHT
  • ROE: 30.4%
  • Profit margin: 19.5%
  • Revenue growth: 14.6%
  • Debt/Equity: 0%
GROWTH
14/25
25% WEIGHT
  • Revenue growth: 14.6%
  • Earnings growth: 9.0%
  • Beta: 0.49
  • Sector: Industrials
TECHNICAL
20/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
288.5 220.3 152.1 84.0 15.8 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2015: 21.4 Mar 2016: 18.6 Mar 2017: 23.6 Mar 2018: 250.9 Mar 2019: 233.8 Mar 2020: 238.2 Mar 2021: 218.0 Mar 2022: 183.4 Mar 2023: 100.1 Mar 2024: 57.8 Mar 2025: 46.4 TTM: 46.5 46.5
💎 Valuation & Financial Metrics
P/E RATIO
46.4x
Trailing twelve months
P/B RATIO
12.6x
Price to Book value
ROE
30.4%
Return on Equity
PROFIT MARGIN
19.5%
Net profit margin
OPM
24.0%
Operating profit margin
ANALYST TARGET
₹2,768
Range: ₹2,100 - ₹3,407
Yahoo Finance ↗
PEG RATIO
0.82
Price/Earnings to Growth
EV/EBITDA
47.9x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
0.72%
Annual yield
ROA
9.3%
Return on Assets
GROSS MARGIN
38.9%
Gross profit margin
INDUSTRY AVERAGES — SHIP BUILDING & ALLIED SERVICES
P/E 31.6x (above avg)
P/B 5.0x (sector fair)
ROCE 18.6% (above avg)
ROE 20% (sector good)
OPM 20% (sector good)
Div Yield 0.58%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹2,757 Cr— ₹585 Cr— N/A 27.9%
Q3 FY25 ₹3,144 Cr+14.0% ₹807 Cr+37.9% N/A 35.2%
Q4 FY25 ₹2,939 Cr-6.5% ₹325 Cr-59.7% N/A 13.8%
Q1 FY26 ₹2,626 Cr-10.7% ₹452 Cr+39.0% N/A 22.5%
Q3 FY26 ₹3,601 Cr+37.2% ₹880 Cr+94.6% N/A 31.9%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹5,718 Cr— ₹611 Cr— ₹-163 Cr—
FY23 ₹7,584 Cr+32.6% ₹1,119 Cr+83.2% ₹1,516 Cr+1031.9%
FY24 ₹9,068 Cr+19.6% ₹1,937 Cr+73.1% ₹684 Cr-54.9%
FY25 ₹11,196 Cr+23.5% ₹2,414 Cr+24.6% ₹2,078 Cr+203.9%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How Mazagon Dock Shipbuilders Limited Makes Its Money
Revenue ₹3.6K Cr Cost of Revenue ₹2.3K Cr Gross Profit ₹1.3K Cr Op. Expenses ₹447 Cr Operating Inc. ₹864 Cr Tax ₹282 Cr Other ₹262 Cr Net Income ₹880 Cr (24.4% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of Mazagon Dock Shipbuilders Limited's Balance Sheet
Total Assets ₹28.7K Cr Cash & Equiv.: ₹5.3K Cr (18.4%) Receivables: ₹1.1K Cr (3.7%) Inventory: ₹4.5K Cr (15.8%) Other Current: ₹13.8K Cr (48.2%) PP&E: ₹1.6K Cr (5.5%) Other Non-Curr.: ₹2.4K Cr (8.3%) Liab. + Equity ₹28.7K Cr Current Liab.: ₹19.8K Cr (69.1%) Long-Term Debt: ₹20 Cr (0.1%) Other Liab.: ₹925 Cr (3.2%) Equity: ₹7.9K Cr (27.7%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into Mazagon Dock Shipbuilders Limited's Cash Flow
Operating CF ₹2.1K Cr Capital Exp. ₹805 Cr Free Cash Flow ₹1.3K Cr Dividends ₹712 Cr Retained / Other ₹561 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +2,1731,8282,3623,1042,3572,7573,1443,1742,6262,9293,601
Expenses +2,0011,6511,8232,5801,7152,2462,3273,0842,3242,2352,714
Operating Profit17217753952464251181790302695887
OPM %8%10%23%17%27%19%26%3%11%24%25%
Other Income +233251269349271258291310324271262
Interest111115513586
Depreciation2020202323234029232423
Profit before tax3834077868498897401,0633705679341,120
Tax %25%25%25%26%25%25%28%21%26%24%25%
Net Profit +314333627663696585807325452749880
EPS in Rs7.798.2515.5416.4317.2614.5020.018.0611.2118.5821.81
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +4,4574,6144,9054,0485,7337,8279,46711,43212,330
Expenses +4,3004,3534,6423,8225,2927,0278,0519,36610,357
Operating Profit1572612632264418011,4162,0661,973
OPM %4%6%5%6%8%10%15%18%16%
Other Income +5656175464483966871,1011,1211,166
Interest2036131114991050
Depreciation5264696075768311598
Profit before tax6507787276047491,4032,4253,0622,990
Tax %39%40%48%25%25%25%25%26%
Net Profit +4965324715146111,1191,9372,4142,407
EPS in Rs11.0711.8811.6612.7415.1427.7448.0259.8359.66
Dividend Payout %49%19%46%28%29%29%29%29%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital224224202202202202202202202
Reserves2,6102,9932,8583,2303,6564,5586,0427,7388,709
Borrowings +000301261202
Other Liabilities +16,54017,63317,88321,67925,90424,70923,21920,84417,040
Total Liabilities19,37420,85020,94325,14029,77329,47629,46328,80425,952
Fixed Assets +7058108368079651,0248381,4661,444
CWIP85898080876272133210
Investments429431484519542589679765833
Other Assets +18,15419,52019,54223,73528,17927,80127,87526,44023,466
Total Assets19,37420,85020,94325,14029,77329,47629,46328,80425,952
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +-1,00349165-9668-1631,5166842,078
Cash from Investing Activity +493348417454348326-1501,420-1,299
Cash from Financing Activity +-245-608-126-605-160-183-218-448-712
Net Cash Flow-755231356-246257-191,1481,65567
Free Cash Flow-1,149311-110-19626-2031,4013471,599
CFO/OP-507%507%146%43%99%32%228%96%146%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days78911171078764477134
Inventory Days7825595336881,1421,044605411373
Days Payable1743534107041,234836366321301
Cash Conversion Cycle68529724091-4272285162106
Working Capital Days-608-431-444-311-607-645-528-426-356
ROCE %30%23%27%24%23%21%33%44%43%
🏭 Industry Peers — Ship Building & Allied Services
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Mazagon Dock ★₹2,77746.5₹112,01943.2%+9.0%60
2Laxmipati Engg₹27016.7₹15518.6%+3100.0%60
3Hariyana Ship₹1046.3₹643.2%+1523.8%45
4Cochin Shipyard₹1,75264.8₹46,08120.4%-25.3%24
5Swan Defence₹1,868—₹9,841-5.8%+37.9%17
★ MAZDOCK is the top-ranked techno-fundamental pick in Ship Building & Allied Services
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters84.83%84.83%81.22%81.22%81.22%81.22%
FIIs1.55%2.26%2.57%1.97%1.80%1.73%
DIIs1.46%1.69%5.21%5.65%5.37%5.09%
Public12.16%11.21%11.00%11.15%11.61%11.95%
No. of Shareholders6,89,6056,76,9577,19,7437,41,6807,62,6528,08,455
🟢 CATALYSTS
🏆Positive Revenue Growth: Revenue growing at 14.6% YoY.
💹High ROE (30.4%): Above sector norm of 20% — efficient capital use.
🔀Low Beta (0.49): Less volatile than market — defensive play.
🔴 RISKS
📜Below Analyst Target: CMP above mean target — limited upside consensus.
💰Market Risk: Broader market correction or sentiment shift could impact stock.
🔓Sector Risk: Regulatory or competitive changes in Industrials space.
🕸 Factor Analysis · Radar
Momentum 7/10: 1M +34.5%, 6M +0.6%, RSI 72, MACD bullish, Above 200DMA Sentiment 4/10: Analyst upside -0.3%, Rec: hold Value 3/10: P/E 46.4, P/B 12.6, PEG 0.82, EV/EBITDA 47.9 Quality 6/10: Margin 19.5%, D/E 0 Low Volatility 8/10: Beta 0.49, Ann. vol 38% Momentum 7 Sentiment 4 Value 3 Quality 6 Low Vol 8
Momentum 7/10
1M +34.5%, 6M +0.6%, RSI 72, MACD bullish, Above 200DMA
Sentiment 4/10
Analyst upside -0.3%, Rec: hold
Value 3/10
P/E 46.4, P/B 12.6, PEG 0.82, EV/EBITDA 47.9
Quality 6/10
Margin 19.5%, D/E 0
Low Volatility 8/10
Beta 0.49, Ann. vol 38%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-rating; strong 43% ROCE compoundsOPM of 24% provides margin buffer; P/E 46x vs sector median 17x is a risk
HOLDRetain existing position; wait for better entry; FII stake falling (-0.07%)Miss further upside if momentum continues; 1M return of +34.5% shows momentum
SELLLock in -7.7% 1Y return; redeploy into Laxmipati Engg at lower P/EAvoid further drawdown; P/E compression risk at 46x
REASONS TO BUY
  • ROCE at 43% indicates strong capital efficiency
  • ROE of 30.4% above sector norm of 20%
  • Revenue growing at 14.6% YoY (sector norm: 6%)
  • Operating margin of 24% shows pricing power (sector norm: 20%)
REASONS TO SELL / AVOID
  • P/E of 46.4x is 2.8x the sector median of 17x
  • FII stake falling (-0.07%) — institutional exit signal
  • Laxmipati Engg offers lower P/E (16.7) with ROCE of 18.6% in the same sector
  • Trading above analyst target — consensus sees -0.3% downside
📰 Latest News
India begins construction of first green hydrogen-powered ships
Ship Technology · 2025-08-11T16:11
RECOMMENDATION
HOLD
COMPOSITE SCORE
61/100
Mazagon Dock Shipbuilders Limited trades at ₹2,777.00 with a composite risk score of 61/100. The stock scores 7/25 on valuation, 20/25 on financial health, 14/25 on growth, and 20/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 14.6%.

Bottom Line: Neutral for Industrials — wait for better entry or catalyst. The current recommendation is HOLD.
PROFITABLE HIGH ROE
RISK SCORE REPORT · NSE:MAZDOCK · GENERATED APR 29, 2026 06:24 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.