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 ₹ 1,13,597 Cr.
- Current Price ₹ 2,815
- High / Low ₹ 3,778 / 1,918
- Stock P/E 54.7
- Book Value ₹ 178
- Dividend Yield 0.61 %
- ROCE 48.8 %
- ROE 36.5 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 41.1% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 34.9%
- Company has been maintaining a healthy dividend payout of 30.0%
- Debtor days have improved from 50.7 to 34.1 days.
Cons
- Stock is trading at 15.8 times its book value
- Contingent liabilities of Rs.37,852 Cr.
- Earnings include an other income of Rs.1,187 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2,331 | 3,619 | 4,127 | 3,530 | 4,475 | 4,614 | 4,905 | 4,048 | 5,733 | 7,827 | 9,467 | 11,432 | 11,700 | |
2,222 | 3,405 | 3,910 | 3,403 | 4,325 | 4,353 | 4,642 | 3,822 | 5,291 | 7,027 | 8,051 | 9,366 | 9,981 | |
Operating Profit | 109 | 214 | 217 | 126 | 149 | 261 | 263 | 226 | 442 | 801 | 1,416 | 2,066 | 1,719 |
OPM % | 5% | 6% | 5% | 4% | 3% | 6% | 5% | 6% | 8% | 10% | 15% | 18% | 15% |
547 | 563 | 760 | 765 | 612 | 664 | 600 | 474 | 420 | 713 | 1,138 | 1,169 | 1,187 | |
Interest | 2 | 0 | 4 | 4 | 14 | 36 | 36 | 11 | 15 | 9 | 9 | 10 | 4 |
Depreciation | 15 | 31 | 44 | 39 | 50 | 64 | 69 | 60 | 75 | 76 | 83 | 115 | 115 |
Profit before tax | 639 | 746 | 929 | 848 | 697 | 825 | 758 | 630 | 773 | 1,429 | 2,461 | 3,109 | 2,787 |
Tax % | 35% | 34% | 39% | 37% | 37% | 37% | 46% | 24% | 24% | 25% | 25% | 25% | |
413 | 492 | 568 | 533 | 440 | 517 | 408 | 480 | 586 | 1,073 | 1,845 | 2,325 | 2,078 | |
EPS in Rs | 103.70 | 123.52 | 142.83 | 107.13 | 9.82 | 11.54 | 10.13 | 11.89 | 14.54 | 26.59 | 45.75 | 57.63 | 51.51 |
Dividend Payout % | 24% | 20% | 18% | 37% | 56% | 19% | 53% | 30% | 30% | 30% | 30% | 30% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 18% |
3 Years: | 26% |
TTM: | 21% |
Compounded Profit Growth | |
---|---|
10 Years: | 17% |
5 Years: | 41% |
3 Years: | 57% |
TTM: | -7% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 107% |
1 Year: | 38% |
Return on Equity | |
---|---|
10 Years: | 27% |
5 Years: | 31% |
3 Years: | 35% |
Last Year: | 36% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 199 | 199 | 199 | 249 | 224 | 224 | 202 | 202 | 202 | 202 | 202 | 202 |
Reserves | 1,615 | 2,261 | 2,124 | 2,360 | 2,198 | 2,568 | 2,380 | 2,717 | 3,120 | 3,976 | 5,369 | 6,979 |
81 | 79 | 0 | 0 | 0 | 0 | 0 | 30 | 12 | 6 | 17 | 20 | |
23,648 | 28,401 | 16,384 | 16,363 | 16,502 | 17,633 | 17,883 | 21,679 | 25,904 | 24,709 | 23,203 | 20,844 | |
Total Liabilities | 25,544 | 30,940 | 18,707 | 18,971 | 18,925 | 20,425 | 20,465 | 24,628 | 29,237 | 28,893 | 28,791 | 28,045 |
126 | 266 | 368 | 546 | 646 | 810 | 836 | 807 | 965 | 1,024 | 838 | 1,466 | |
CWIP | 78 | 40 | 170 | 98 | 85 | 89 | 80 | 80 | 87 | 62 | 72 | 133 |
Investments | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
25,334 | 30,629 | 18,164 | 18,321 | 18,187 | 19,520 | 19,542 | 23,735 | 28,179 | 27,801 | 27,875 | 26,440 | |
Total Assets | 25,544 | 30,940 | 18,707 | 18,971 | 18,925 | 20,425 | 20,465 | 24,628 | 29,237 | 28,893 | 28,791 | 28,045 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
288 | -1,009 | 442 | 65 | -96 | 68 | -163 | 1,516 | 684 | 2,078 | |||
516 | 494 | 392 | 417 | 454 | 348 | 326 | -150 | 3,115 | -1,299 | |||
-120 | -240 | -603 | -126 | -605 | -160 | -183 | -218 | -448 | -712 | |||
Net Cash Flow | 683 | -755 | 231 | 356 | -246 | 257 | -19 | 1,148 | 3,350 | 67 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 62 | 76 | 81 | 77 | 90 | 117 | 107 | 87 | 64 | 47 | 71 | 34 |
Inventory Days | 5,315 | 3,239 | 586 | 687 | 514 | 541 | 688 | 1,142 | 1,044 | 605 | 411 | 373 |
Days Payable | 433 | 124 | 151 | 153 | 324 | 416 | 704 | 1,234 | 836 | 366 | 318 | 301 |
Cash Conversion Cycle | 4,944 | 3,190 | 516 | 611 | 280 | 241 | 91 | -4 | 272 | 285 | 164 | 106 |
Working Capital Days | -735 | -573 | -571 | -604 | -428 | -445 | -311 | -607 | -645 | -528 | -425 | -356 |
ROCE % | 37% | 38% | 35% | 28% | 33% | 30% | 28% | 25% | 38% | 51% | 49% |
Documents
Announcements
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Declaration Of The Final Dividend For The Financial Year 2024-25 At The 92Nd AGM Of The Company Held On 26.09.2025.
29 Sep - Final dividend of Rs2.71/share (54.2%) for FY2024-25 declared; AGM 26 Sep 2025; payment within 30 days.
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Intimation Of Appointment Of Secretarial Auditor.
29 Sep - Appointed SVJS Associates as Secretarial Auditor for five years from FY2025-26 (approved 26 Sep 2025).
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
29 Sep - 92nd AGM on 26 Sep 2025; all 13 resolutions approved; scrutinizer report dated 29 Sep 2025.
- Shareholder Meeting / Postal Ballot-Outcome of AGM 26 Sep
- Closure of Trading Window 24 Sep
Annual reports
Concalls
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Jun 2025Transcript PPT REC
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Leading Shipbuilding Yards
The company is among India’s leading shipbuilding yards, specializing in constructing and repairing warships and submarines for the Ministry of Defence and commercial vessels. It is the only Indian shipyard to have built destroyers and conventional submarines for the Navy, among the first to manufacture Veer and Khukri-class corvettes, and a lead builder of 4 Nilgiri-class stealth frigates. It is the only shipyard to be conferred with the Navratna status. [1] [2]