Mazagon Dock Shipbuilders Ltd

Mazagon Dock Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Mazagon Dock Shipbuilders Ltd

₹ 3,256 1.02%
20 Jun - close price
mazagondock.in BSE: 543237 NSE: MAZDOCK
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 1,31,357 Cr.
  • Current Price ₹ 3,256
  • High / Low ₹ 3,778 / 1,918
  • Stock P/E 56.5
  • Book Value ₹ 178
  • Dividend Yield 0.45 %
  • ROCE 48.8 %
  • ROE 36.5 %
  • Face Value ₹ 5.00
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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 27.5%
  • Debtor days have improved from 50.7 to 34.1 days.

Cons

  • Stock is trading at 18.3 times its book value
  • Earnings include an other income of Rs.1,169 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

Industrials Capital Goods Industrial Manufacturing Ship Building & Allied Services

Part of BSE 500 BSE 200 BSE PSU Nifty 500 BSE MidCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,396 2,230 1,702 1,816 2,079 2,173 1,828 2,362 3,104 2,357 2,757 3,144 3,174
1,319 2,057 1,585 1,520 1,868 2,001 1,651 1,823 2,580 1,715 2,246 2,327 3,084
Operating Profit 77 174 118 296 211 172 177 539 524 642 511 817 90
OPM % 6% 8% 7% 16% 10% 8% 10% 23% 17% 27% 19% 26% 3%
129 136 169 176 232 233 261 269 376 271 265 286 346
Interest 1 1 1 1 2 1 1 1 1 1 1 1 1
Depreciation 23 18 18 18 20 20 20 20 23 23 23 40 29
Profit before tax 182 290 267 452 421 383 416 786 876 889 751 1,063 406
Tax % 20% 25% 25% 25% 24% 25% 25% 25% 25% 25% 25% 28% 20%
145 217 200 337 318 287 313 592 654 666 564 768 327
EPS in Rs 3.59 5.38 4.97 8.36 7.88 7.11 7.76 14.66 16.22 16.51 13.97 19.04 8.11
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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
2,331 3,619 4,127 3,530 4,475 4,614 4,905 4,048 5,733 7,827 9,467 11,432
2,222 3,405 3,910 3,403 4,325 4,353 4,642 3,822 5,291 7,027 8,051 9,372
Operating Profit 109 214 217 126 149 261 263 226 442 801 1,416 2,060
OPM % 5% 6% 5% 4% 3% 6% 5% 6% 8% 10% 15% 18%
547 563 760 765 612 664 600 474 420 713 1,138 1,169
Interest 2 0 4 4 14 36 36 11 15 9 9 4
Depreciation 15 31 44 39 50 64 69 60 75 76 83 115
Profit before tax 639 746 929 848 697 825 758 630 773 1,429 2,461 3,109
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
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
Dividend Payout % 24% 20% 18% 37% 56% 19% 53% 30% 30% 30% 30% 22%
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: 26%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 200%
1 Year: 64%
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 1 20
23,648 28,401 16,384 16,363 16,502 17,633 17,883 21,679 25,904 24,709 23,219 20,748
Total Liabilities 25,544 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 27,949
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 26,344
Total Assets 25,544 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 27,949

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 1,420 -1,299
-120 -240 -603 -126 -605 -160 -183 -218 -448 -712
Net Cash Flow 683 -755 231 356 -246 257 -19 1,148 1,655 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 1,044 605 411 366
Days Payable 433 124 151 153 324 416 704 1,234 836 366 321 301
Cash Conversion Cycle 4,944 3,190 516 611 280 241 91 -4 272 285 162 98
Working Capital Days -735 -573 -571 -604 -428 -445 -311 -606 -645 -528 -426 -359
ROCE % 37% 38% 35% 28% 33% 30% 28% 25% 38% 51% 49%

Shareholding Pattern

Numbers in percentages

3 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83%
2.47% 3.05% 3.29% 3.29% 3.29% 3.69% 3.32% 2.38% 2.44% 1.45% 1.55% 2.26%
1.15% 0.76% 0.26% 0.30% 0.56% 0.39% 0.43% 0.66% 0.83% 1.00% 1.46% 1.69%
11.55% 11.35% 11.62% 11.57% 11.31% 11.10% 11.42% 12.12% 11.89% 12.72% 12.16% 11.21%
No. of Shareholders 1,14,6351,19,2481,58,9871,64,1512,02,8723,08,3723,45,3283,86,3304,77,4786,72,4046,89,6056,76,957

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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