Mazagon Dock Shipbuilders Ltd

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

Mazagon Dock Shipbuilders Ltd

₹ 2,648 0.13%
07 May 10:48 a.m.
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 ₹ 1,06,809 Cr.
  • Current Price ₹ 2,648
  • High / Low ₹ 3,778 / 2,057
  • Stock P/E 43.8
  • Book Value ₹ 219
  • Dividend Yield 0.65 %
  • ROCE 41.3 %
  • ROE 30.4 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 33.4% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.3%
  • Company has been maintaining a healthy dividend payout of 30.4%

Cons

  • Stock is trading at 12.1 times its book value
  • Contingent liabilities of Rs.37,852 Cr.
  • Earnings include an other income of Rs.1,143 Cr.
  • Debtor days have increased from 59.4 to 72.9 days.

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
2,079 2,173 1,828 2,362 3,104 2,357 2,757 3,144 3,174 2,626 2,929 3,601 3,684
1,868 2,001 1,651 1,823 2,580 1,715 2,246 2,327 3,055 2,324 2,235 2,714 3,308
Operating Profit 211 172 177 539 524 642 511 817 119 302 695 887 376
OPM % 10% 8% 10% 23% 17% 27% 19% 26% 4% 11% 24% 25% 10%
232 233 261 269 376 271 269 291 323 324 276 262 281
Interest 2 1 1 1 1 1 5 5 8 35 8 6 10
Depreciation 20 20 20 20 23 23 23 40 29 23 24 23 23
Profit before tax 421 383 416 786 876 889 751 1,063 406 567 939 1,120 625
Tax % 24% 25% 25% 25% 25% 25% 25% 28% 20% 26% 24% 25% 26%
318 287 313 592 654 666 564 768 327 419 715 837 464
EPS in Rs 7.88 7.11 7.76 14.66 16.22 16.51 13.97 19.04 8.11 10.39 17.73 20.75 11.50
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3,619 4,127 3,530 4,475 4,614 4,905 4,048 5,733 7,827 9,467 11,432 12,840
3,405 3,910 3,403 4,325 4,353 4,642 3,822 5,291 7,027 8,051 9,366 10,580
Operating Profit 214 217 126 149 261 263 226 442 801 1,416 2,066 2,260
OPM % 6% 5% 4% 3% 6% 5% 6% 8% 10% 15% 18% 18%
563 760 765 612 664 600 474 420 713 1,138 1,169 1,143
Interest 0 4 4 14 36 36 11 15 9 9 10 59
Depreciation 31 44 39 50 64 69 60 75 76 83 115 93
Profit before tax 746 929 848 697 825 758 630 773 1,429 2,461 3,109 3,250
Tax % 34% 39% 37% 37% 37% 46% 24% 24% 25% 25% 25% 25%
492 568 533 440 517 408 480 586 1,073 1,845 2,325 2,436
EPS in Rs 123.52 142.83 107.13 9.82 11.54 10.13 11.89 14.54 26.59 45.75 57.63 60.38
Dividend Payout % 20% 18% 37% 56% 19% 53% 30% 30% 30% 30% 30% 31%
Compounded Sales Growth
10 Years: 12%
5 Years: 26%
3 Years: 18%
TTM: 12%
Compounded Profit Growth
10 Years: 16%
5 Years: 33%
3 Years: 31%
TTM: 5%
Stock Price CAGR
10 Years: %
5 Years: 91%
3 Years: 90%
1 Year: -6%
Return on Equity
10 Years: 27%
5 Years: 32%
3 Years: 34%
Last Year: 30%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 199 199 249 224 224 202 202 202 202 202 202 202
Reserves 2,261 2,124 2,360 2,198 2,568 2,380 2,717 3,120 3,976 5,369 6,979 8,641
79 0 0 0 0 0 30 12 6 17 20 0
28,401 16,384 16,363 16,502 17,633 17,883 21,679 25,904 24,709 23,203 20,844 16,795
Total Liabilities 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 28,045 25,638
266 368 546 646 810 836 807 965 1,024 838 1,466 1,432
CWIP 40 170 98 85 89 80 80 87 62 72 133 245
Investments 6 6 6 6 6 6 6 6 6 6 6 243
30,629 18,164 18,321 18,187 19,520 19,542 23,735 28,179 27,801 27,875 26,440 23,718
Total Assets 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 28,045 25,638

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
288 -1,009 442 65 -96 68 -163 1,516 684 2,078 -3,235
516 494 392 417 454 348 326 -150 3,115 -1,299 1,449
-120 -240 -603 -126 -605 -160 -183 -218 -448 -712 -834
Net Cash Flow 683 -755 231 356 -246 257 -19 1,148 3,350 67 -2,620
Free Cash Flow 123 -1,156 304 -110 -197 26 -200 1,407 347 1,599 -3,704
CFO/OP 275% -524% 501% 146% 43% 99% 32% 228% 96% 146% -100%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 76 81 77 90 117 107 87 64 47 71 34 73
Inventory Days 3,239 586 687 514 541 688 1,142 1,044 605 411 373 128
Days Payable 124 151 153 324 416 704 1,234 836 366 318 301 225
Cash Conversion Cycle 3,190 516 611 280 241 91 -4 272 285 164 106 -24
Working Capital Days -573 -571 -604 -428 -445 -311 -607 -645 -528 -425 -356 -183
ROCE % 38% 35% 28% 33% 30% 28% 25% 38% 51% 49% 41%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Total Workforce (Employees)
Number

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Order Book
INR Crores
Simultaneous Construction Capacity - Submarines
Units
Simultaneous Construction Capacity - Warships
Units
Total Dead Weight Tonnage (DWT) Capacity
DWT
Cumulative Vessels Delivered Since 1960
Number

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 81.22% 81.22% 81.22% 81.22%
3.29% 3.69% 3.32% 2.38% 2.44% 1.45% 1.55% 2.26% 2.57% 1.97% 1.80% 1.73%
0.56% 0.39% 0.43% 0.66% 0.83% 1.00% 1.46% 1.69% 5.21% 5.65% 5.37% 5.09%
11.31% 11.10% 11.42% 12.12% 11.89% 12.72% 12.16% 11.21% 11.00% 11.15% 11.61% 11.95%
No. of Shareholders 2,02,8723,08,3723,45,3283,86,3304,77,4786,72,4046,89,6056,76,9577,19,7437,41,6807,62,6528,08,455

* 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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