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 ₹ 1,37,012 Cr.
- Current Price ₹ 3,397
- High / Low ₹ 3,778 / 1,569
- Stock P/E 56.8
- Book Value ₹ 197
- Dividend Yield 0.43 %
- ROCE 43.2 %
- ROE 34.0 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 38.3% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.4%
- Company has been maintaining a healthy dividend payout of 26.3%
- Debtor days have improved from 50.7 to 34.1 days.
Cons
- Stock is trading at 17.3 times its book value
- Earnings include an other income of Rs.1,121 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
3,605 | 4,094 | 3,505 | 4,457 | 4,614 | 4,905 | 4,048 | 5,733 | 7,827 | 9,467 | 11,432 | |
3,383 | 3,874 | 3,375 | 4,300 | 4,353 | 4,642 | 3,822 | 5,292 | 7,027 | 8,051 | 9,372 | |
Operating Profit | 222 | 221 | 129 | 157 | 261 | 263 | 226 | 441 | 801 | 1,416 | 2,060 |
OPM % | 6% | 5% | 4% | 4% | 6% | 5% | 6% | 8% | 10% | 15% | 18% |
563 | 761 | 766 | 565 | 617 | 546 | 448 | 396 | 687 | 1,101 | 1,121 | |
Interest | 8 | 16 | 17 | 20 | 36 | 13 | 11 | 14 | 9 | 9 | 4 |
Depreciation | 31 | 44 | 39 | 52 | 64 | 69 | 60 | 75 | 76 | 83 | 115 |
Profit before tax | 746 | 922 | 839 | 650 | 778 | 727 | 604 | 749 | 1,403 | 2,425 | 3,062 |
Tax % | 34% | 39% | 37% | 39% | 40% | 48% | 25% | 25% | 25% | 25% | 26% |
516 | 596 | 585 | 496 | 532 | 471 | 514 | 611 | 1,119 | 1,937 | 2,414 | |
EPS in Rs | 129.59 | 149.63 | 117.49 | 11.07 | 11.88 | 11.66 | 12.74 | 15.14 | 27.74 | 48.02 | 59.83 |
Dividend Payout % | 19% | 17% | 34% | 49% | 19% | 46% | 28% | 29% | 29% | 29% | 22% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 18% |
3 Years: | 26% |
TTM: | 21% |
Compounded Profit Growth | |
---|---|
10 Years: | 17% |
5 Years: | 38% |
3 Years: | 57% |
TTM: | 25% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 194% |
1 Year: | 118% |
Return on Equity | |
---|---|
10 Years: | 24% |
5 Years: | 28% |
3 Years: | 32% |
Last Year: | 34% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 249 | 224 | 224 | 202 | 202 | 202 | 202 | 202 | 202 |
Reserves | 2,554 | 2,442 | 2,730 | 2,610 | 2,993 | 2,858 | 3,230 | 3,656 | 4,558 | 6,042 | 7,738 |
83 | 0 | 0 | 0 | 0 | 0 | 30 | 12 | 6 | 1 | 20 | |
28,397 | 16,386 | 16,366 | 16,540 | 17,633 | 17,883 | 21,679 | 25,904 | 24,709 | 23,219 | 20,748 | |
Total Liabilities | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 29,463 | 28,708 |
266 | 368 | 546 | 705 | 810 | 836 | 807 | 965 | 1,024 | 838 | 1,466 | |
CWIP | 40 | 170 | 98 | 85 | 89 | 80 | 80 | 87 | 62 | 72 | 133 |
Investments | 299 | 324 | 376 | 429 | 431 | 484 | 519 | 542 | 589 | 679 | 765 |
30,629 | 18,166 | 18,324 | 18,154 | 19,520 | 19,542 | 23,735 | 28,179 | 27,801 | 27,875 | 26,344 | |
Total Assets | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 29,463 | 28,708 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
746 | -1,003 | 491 | 65 | -96 | 68 | -163 | 1,516 | 684 | 2,078 | ||
560 | 493 | 348 | 417 | 454 | 348 | 326 | -150 | 1,420 | -1,299 | ||
-119 | -245 | -608 | -126 | -605 | -160 | -183 | -218 | -448 | -712 | ||
Net Cash Flow | 1,188 | -755 | 231 | 356 | -246 | 257 | -19 | 1,148 | 1,655 | 67 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 76 | 82 | 78 | 91 | 117 | 107 | 87 | 64 | 47 | 71 | 34 |
Inventory Days | 3,239 | 622 | 782 | 559 | 533 | 688 | 1,142 | 1,044 | 605 | 411 | 366 |
Days Payable | 124 | 160 | 174 | 353 | 410 | 704 | 1,234 | 836 | 366 | 321 | 301 |
Cash Conversion Cycle | 3,191 | 544 | 685 | 297 | 240 | 91 | -4 | 272 | 285 | 162 | 98 |
Working Capital Days | -576 | -575 | -608 | -431 | -444 | -311 | -606 | -645 | -528 | -426 | -359 |
ROCE % | 34% | 30% | 23% | 27% | 24% | 23% | 21% | 33% | 44% | 43% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
6 Jun - Transcript of Q4FY25 Investor earning call held on 30 May 2025.
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Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015
3 Jun - MDL to meet investors on 6 June 2025 to discuss Q4 and FY25 performance presentation.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
31 May - Audited Financial Results (Standalone & Consolidated) of the Company for the quarter and year ended 31.03.2025 have been published in the English and Marathi Newspapers …
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Announcement under Regulation 30 (LODR)-Change in Management
31 May - Senior management changes: ED (HR) retires; two internal promotions effective June 1, 2025.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
30 May - Annual Secretarial Compliance Report for FY 2024-25; minor SEBI penalties noted, waiver applied by government company.
Annual reports
Concalls
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Jun 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT REC
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Jun 2024TranscriptPPT
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Jun 2024TranscriptPPT
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Jun 2024Transcript PPT REC
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May 2024TranscriptNotesPPTREC
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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Jun 2023Transcript PPT REC
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May 2023TranscriptNotesPPT
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Apr 2023TranscriptNotesPPT
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Apr 2023TranscriptNotesPPT
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Mar 2023TranscriptNotesPPT
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Mar 2023TranscriptNotesPPT
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Jan 2023TranscriptNotesPPT
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Jan 2023TranscriptNotesPPT
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Nov 2022TranscriptNotesPPT
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Aug 2022TranscriptNotesPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Sep 2021TranscriptPPT
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Jun 2021TranscriptPPT
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]