Mazagon Dock Shipbuilders Ltd
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]
- Market Cap ₹ 48,578 Cr.
- Current Price ₹ 2,409
- High / Low ₹ 2,525 / 738
- Stock P/E 32.2
- Book Value ₹ 237
- Dividend Yield 0.66 %
- ROCE 38.2 %
- ROE 28.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 19.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 30.2%
- Debtor days have improved from 66.0 to 46.7 days.
Cons
- Stock is trading at 10.2 times its book value
- Earnings include an other income of Rs.994 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Ship Building Industry: Miscellaneous
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,278 | 2,331 | 3,619 | 4,127 | 3,530 | 4,475 | 4,614 | 4,905 | 4,048 | 5,733 | 7,827 | 8,442 | |
2,077 | 2,222 | 3,405 | 3,910 | 3,403 | 4,325 | 4,353 | 4,642 | 3,822 | 5,291 | 7,027 | 7,343 | |
Operating Profit | 201 | 109 | 214 | 217 | 126 | 149 | 261 | 263 | 226 | 442 | 801 | 1,098 |
OPM % | 9% | 5% | 6% | 5% | 4% | 3% | 6% | 5% | 6% | 8% | 10% | 13% |
532 | 547 | 563 | 760 | 765 | 612 | 664 | 600 | 474 | 420 | 713 | 994 | |
Interest | 27 | 2 | 0 | 4 | 4 | 14 | 36 | 36 | 11 | 15 | 9 | 6 |
Depreciation | 13 | 15 | 31 | 44 | 39 | 50 | 64 | 69 | 60 | 75 | 76 | 81 |
Profit before tax | 692 | 639 | 746 | 929 | 848 | 697 | 825 | 758 | 630 | 773 | 1,429 | 2,006 |
Tax % | 29% | 35% | 34% | 39% | 37% | 37% | 37% | 46% | 24% | 24% | 25% | |
494 | 413 | 492 | 568 | 533 | 440 | 517 | 408 | 480 | 586 | 1,073 | 1,509 | |
EPS in Rs | 248.15 | 207.19 | 246.78 | 285.38 | 214.25 | 19.63 | 23.08 | 20.25 | 23.78 | 29.08 | 53.19 | 74.83 |
Dividend Payout % | 20% | 24% | 20% | 18% | 37% | 56% | 19% | 53% | 30% | 30% | 30% |
Compounded Sales Growth | |
---|---|
10 Years: | 13% |
5 Years: | 12% |
3 Years: | 17% |
TTM: | 18% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | 19% |
3 Years: | 37% |
TTM: | 68% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 129% |
1 Year: | 219% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 21% |
3 Years: | 23% |
Last Year: | 29% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 199 | 199 | 199 | 199 | 249 | 224 | 224 | 202 | 202 | 202 | 202 | 202 |
Reserves | 1,319 | 1,615 | 2,261 | 2,124 | 2,360 | 2,198 | 2,568 | 2,380 | 2,717 | 3,120 | 3,976 | 4,574 |
82 | 81 | 79 | 0 | 0 | 0 | 0 | 0 | 30 | 12 | 6 | 3 | |
22,752 | 23,648 | 28,401 | 16,384 | 16,363 | 16,502 | 17,633 | 17,883 | 21,679 | 25,904 | 24,709 | 22,958 | |
Total Liabilities | 24,352 | 25,544 | 30,940 | 18,707 | 18,971 | 18,925 | 20,425 | 20,465 | 24,628 | 29,237 | 28,893 | 27,736 |
123 | 126 | 266 | 368 | 546 | 646 | 810 | 836 | 807 | 965 | 1,024 | 1,001 | |
CWIP | 38 | 78 | 40 | 170 | 98 | 85 | 89 | 80 | 80 | 87 | 62 | 72 |
Investments | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
24,184 | 25,334 | 30,629 | 18,164 | 18,321 | 18,187 | 19,520 | 19,542 | 23,735 | 28,179 | 27,801 | 26,658 | |
Total Assets | 24,352 | 25,544 | 30,940 | 18,707 | 18,971 | 18,925 | 20,425 | 20,465 | 24,628 | 29,237 | 28,893 | 27,736 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|
288 | -1,009 | 442 | 65 | -96 | 68 | -163 | 858 | ||||
516 | 494 | 392 | 417 | 454 | 348 | 326 | 508 | ||||
-120 | -240 | -603 | -126 | -605 | -160 | -183 | -218 | ||||
Net Cash Flow | 683 | -755 | 231 | 356 | -246 | 257 | -19 | 1,148 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 47 | 62 | 76 | 81 | 77 | 90 | 117 | 107 | 87 | 64 | 47 |
Inventory Days | 5,875 | 5,315 | 3,239 | 586 | 687 | 514 | 541 | 688 | 1,142 | 1,044 | 605 |
Days Payable | 806 | 433 | 124 | 151 | 153 | 324 | 416 | 704 | 1,234 | 836 | 366 |
Cash Conversion Cycle | 5,116 | 4,944 | 3,190 | 516 | 611 | 280 | 241 | 91 | -4 | 272 | 285 |
Working Capital Days | -617 | -735 | -573 | -571 | -604 | -428 | -445 | -311 | -606 | -645 | -528 |
ROCE % | 37% | 38% | 35% | 28% | 33% | 30% | 28% | 25% | 38% |
Documents
Announcements
- Certificate Under Regulation 7(3) Of The Listing Regulations For The Year Ended On 31 March 2024. 11 Apr
- Certificate Under Regulation 40(9) Of The Listing Regulations For The Year Ended On 31 March 2024. 11 Apr
- Provisional And Unaudited Turnover For The Financial Year Ended On March 31, 2024 8 Apr
- Closure of Trading Window 27 Mar
- Extension Of Additional Charge For The Post Of Chairman And Managing Director For A Period Of 6 Months W.E.F. 01.02.2024 Vide MOD Letter Dated 18.03.2024 21 Mar
Annual reports
Concalls
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Feb 2024Transcript PPT
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Nov 2021TranscriptPPT
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Sep 2021TranscriptPPT
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Jun 2021TranscriptPPT
Shipbuilding Yard[1]
It primarily manufactures for the defence sector and has built 802 vessels including 28 warships ranging from advanced destroyers to missile boats and 7 submarines. It received orders worth ~Rs. 6,000 crs.+ in 9MFY24.
Frigate Project - MDL is the lead shipyard for building 4 of the Nilgiri Class Stealth Frigates.
Destroyer Project - Executing P15B project
of 4 Destroyers (3 Delivered within Timelines)
Kalvari Class Submarines Project - delivered 5 submarines during 2017 - 2022.
It received the status of Mini-Ratna -I in 2022 by the Dept. of Public Enterprises.