Mazagon Dock Shipbuilders Ltd

Mazagon Dock Shipbuilders Ltd

₹ 2,078 -2.73%
21 Feb - close price
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

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.

  • Market Cap 41,933 Cr.
  • Current Price 2,078
  • High / Low 2,492 / 612
  • Stock P/E 27.8
  • Book Value 237
  • Dividend Yield 0.77 %
  • 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 8.78 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,461 1,103 1,214 1,570 1,552 1,396 2,230 1,702 1,816 2,079 2,173 1,828 2,362
1,369 1,060 1,144 1,485 1,351 1,319 2,057 1,585 1,520 1,868 2,001 1,651 1,823
Operating Profit 92 43 70 85 202 77 174 118 296 211 172 177 539
OPM % 6% 4% 6% 5% 13% 6% 8% 7% 16% 10% 8% 10% 23%
109 273 74 96 121 129 136 169 176 232 233 261 269
Interest 2 2 2 2 2 1 1 1 1 2 1 1 1
Depreciation 18 17 17 17 17 23 18 18 18 20 20 20 20
Profit before tax 181 297 125 162 304 182 290 267 452 421 383 416 786
Tax % 18% 22% 26% 19% 28% 20% 25% 25% 25% 24% 25% 25% 25%
149 231 93 131 218 145 217 200 337 318 287 313 592
EPS in Rs 7.37 11.43 4.60 6.50 10.80 7.19 10.76 9.94 16.72 15.77 14.21 15.52 29.33
Raw PDF

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: 112%
1 Year: 179%
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%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83%
0.70% 0.67% 0.92% 1.82% 2.06% 2.47% 3.05% 3.29% 3.29% 3.29% 3.69% 3.32%
0.79% 0.47% 0.43% 0.95% 0.97% 1.15% 0.76% 0.26% 0.30% 0.56% 0.39% 0.43%
13.68% 14.04% 13.83% 12.40% 12.14% 11.55% 11.35% 11.62% 11.57% 11.31% 11.10% 11.42%
No. of Shareholders 1,06,7111,18,2961,22,4591,16,7391,18,3541,14,6351,19,2481,58,9871,64,1512,02,8723,08,3723,45,328

* 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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