Mazagon Dock Shipbuilders Ltd

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Mazagon Dock Shipbuilders Ltd

₹ 1,785 2.79%
03 Nov - close price
mazagondock.in BSE: 543237 NSE: MAZDOCK F&O
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

Business Segments
a) Shipbuilding: [1] [2]
The company undertakes the construction and repair of naval vessels, including destroyers, stealth frigates, corvettes, patrol vessels, and commercial ships for the Indian Navy, Indian Coast Guard, and commercial customers. In Mar 2026, it signed a contract with the Shipping Corporation of India for a 3,000 DWT Methanol Dual-Fuel-Diesel-Electric Platform Supply Vessel, signalling its re-entry into commercial shipbuilding.
b) Submarine and Heavy Engineering: [3] [4]
The segment covers construction, repair, and refit of diesel-electric submarines, Air-Independent Propulsion (AIP) integration, and offshore heavy engineering for clients such as ONGC.

Website BSE NSE F&O
  • Market Cap ₹ 71,825 Cr.
  • Current Price ₹ 1,785
  • High / Low ₹ 2,848 / 1,688
  • Stock P/E 29.3
  • Book Value ₹ 259
  • Dividend Yield 1.02 %
  • ROCE 36.0 %
  • ROE 29.2 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 33.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.3%
  • Company has been maintaining a healthy dividend payout of 28.6%

Cons

  • Contingent liabilities of Rs.28,181 Cr.
  • Earnings include an other income of Rs.1,089 Cr.
  • Debtor days have increased from 59.5 to 73.1 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

Industrials Capital Goods Industrial Manufacturing Ship Building & Allied Services

Part of BSE 500 BSE Capital Goods BSE 200 BSE Dollex 200 BSE PSU

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
1,828 2,362 3,104 2,357 2,757 3,144 3,174 2,626 2,929 3,601 3,850 2,943 2,446
1,651 1,823 2,580 1,715 2,246 2,327 3,055 2,324 2,235 2,714 3,308 2,496 2,247
Operating Profit 177 539 524 642 511 817 119 302 695 887 543 447 199
OPM % 10% 23% 17% 27% 19% 26% 3.8% 11% 24% 25% 14% 15% 8%
251 269 349 271 258 291 287 324 271 262 283 293 251
Interest 1 1 1 1 5 5 8 35 9 6 10 24 21
Depreciation 20 20 23 23 23 40 29 23 24 23 23 29 30
Profit before tax 407 786 849 889 740 1,063 370 567 934 1,120 793 686 399
Tax % 25% 25% 26% 25% 25% 28% 21% 26% 24% 25% 20% 25% 25%
333 627 663 696 585 807 325 452 749 880 674 550 346
EPS in Rs 8.25 15.54 16.43 17.26 14.50 20.01 8.06 11.21 18.58 21.81 16.84 13.62 8.53
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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 Mar 2026 TTM
3,605 4,094 3,505 4,457 4,614 4,905 4,048 5,733 7,827 9,467 11,432 13,006 12,840
3,383 3,874 3,375 4,300 4,353 4,642 3,822 5,292 7,027 8,051 9,339 10,738 10,765
Operating Profit 222 221 129 157 261 263 226 441 801 1,416 2,093 2,268 2,076
OPM % 6% 5% 3.7% 3.5% 6% 5% 6% 8% 10% 15% 18% 17% 16%
563 761 766 565 617 546 448 396 687 1,101 1,112 1,139 1,089
Interest 8 16 17 20 36 13 11 14 9 9 28 74 61
Depreciation 31 44 39 52 64 69 60 75 76 83 115 97 105
Profit before tax 746 922 839 650 778 727 604 749 1,403 2,425 3,062 3,237 2,999
Tax % 34% 39% 37% 39% 40% 48% 25% 25% 25% 25% 26% 25%
516 596 585 496 532 471 514 611 1,119 1,937 2,414 2,578 2,451
EPS in Rs 10.36 11.96 11.75 11.07 11.88 11.66 12.74 15.14 27.74 48.02 59.83 64.04 60.80
Dividend Payout % 19% 17% 34% 49% 19% 46% 28% 29% 29% 29% 29% 28%
Compounded Sales Growth
10 Years: 12%
5 Years: 26%
3 Years: 18%
TTM: 8%
Compounded Profit Growth
10 Years: 16%
5 Years: 33%
3 Years: 32%
TTM: 5%
Stock Price CAGR
10 Years: %
5 Years: 64%
3 Years: 23%
1 Year: -35%
Return on Equity
10 Years: 26%
5 Years: 29%
3 Years: 32%
Last Year: 29%

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 Mar 2026 Sep 2026
Equity Capital 199 199 249 224 224 202 202 202 202 202 202 202 202
Reserves 2,554 2,442 2,730 2,610 2,993 2,858 3,230 3,656 4,558 6,042 7,738 9,553 10,257
83 0 0 0 0 0 30 12 6 1 20 447 811
28,397 16,386 16,366 16,540 17,633 17,883 21,679 25,904 24,709 23,219 20,844 17,272 13,872
Total Liabilities 31,233 19,028 19,345 19,374 20,850 20,943 25,140 29,773 29,476 29,463 28,804 27,474 25,142
266 368 546 705 810 836 807 965 1,024 838 1,466 2,062 2,004
CWIP 40 170 98 85 89 80 80 87 62 72 133 252 323
Investments 299 324 376 429 431 484 519 542 589 679 765 915 957
30,629 18,166 18,324 18,154 19,520 19,542 23,735 28,179 27,801 27,875 26,440 24,245 21,858
Total Assets 31,233 19,028 19,345 19,374 20,850 20,943 25,140 29,773 29,476 29,463 28,804 27,474 25,142

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 Mar 2026
746 -1,003 491 65 -96 68 -163 1,516 684 2,102 -2,654
560 493 348 417 454 348 326 -150 1,420 -1,299 1,166
-119 -245 -608 -126 -605 -160 -183 -218 -448 -736 -931
Net Cash Flow 1,188 -755 231 356 -246 257 -19 1,148 1,655 67 -2,419
Free Cash Flow 615 -1,149 311 -110 -196 26 -203 1,401 347 1,298 -2,828
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 479% -507% 507% 146% 43% 99% 32% 228% 96% 145% -74%

Ratios

Consolidated / View Standalone

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 82 78 91 117 107 87 64 47 71 34 73
Inventory Days 3,239 622 782 559 533 688 1,142 1,044 605 411 298 131
Days Payable 124 160 174 353 410 704 1,234 836 366 321 240 224
Cash Conversion Cycle 3,191 544 685 297 240 91 -4 272 285 162 92 -20
Working Capital Days -576 -575 -608 -431 -444 -311 -607 -645 -528 -426 -356 -187
ROCE % 34% 30% 23% 27% 24% 23% 21% 33% 44% 43% 36%

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 Mar 2026
Total Workforce
count ・Standalone data

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Total Order Book Value
INR Cr ・Standalone data
Cumulative Submarines Delivered (since 1960)
count ・Standalone data
Cumulative Vessels Delivered (since 1960)
count ・Standalone data
Cumulative Warships Delivered (since 1960)
count ・Standalone data
Order Book - Shipbuilding Segment
INR Cr ・Standalone data
Order Book - Submarine & Heavy Engineering Segment
INR Cr ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 81.22% 81.22% 81.22% 81.22% 81.22% 81.22%
3.32% 2.38% 2.44% 1.45% 1.55% 2.26% 2.57% 1.97% 1.80% 1.73% 1.72% 1.73%
0.43% 0.66% 0.83% 1.00% 1.46% 1.69% 5.21% 5.65% 5.37% 5.09% 5.02% 5.09%
11.42% 12.12% 11.89% 12.72% 12.16% 11.21% 11.00% 11.15% 11.61% 11.95% 12.04% 11.95%
No. of Shareholders 3,45,3283,86,3304,77,4786,72,4046,89,6056,76,9577,19,7437,41,6807,62,6528,08,4558,05,8237,97,262

* 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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