Mazagon Dock Shipbuilders Ltd

Mazagon Dock Shipbuilders Ltd

₹ 5,298 -0.51%
23 Jul 10:40 a.m.
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 1,06,855 Cr.
  • Current Price 5,298
  • High / Low 5,860 / 1,714
  • Stock P/E 55.2
  • Book Value 310
  • Dividend Yield 0.29 %
  • ROCE 44.1 %
  • ROE 35.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 29.5% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.3%
  • Company has been maintaining a healthy dividend payout of 24.5%

Cons

  • Stock is trading at 17.2 times its book value
  • Earnings include an other income of Rs.1,101 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
1,103 1,214 1,570 1,552 1,396 2,230 1,702 1,816 2,079 2,173 1,828 2,362 3,104
1,060 1,144 1,485 1,351 1,319 2,057 1,585 1,520 1,868 2,001 1,651 1,823 2,580
Operating Profit 43 70 85 202 77 174 118 296 211 172 177 539 524
OPM % 4% 6% 5% 13% 6% 8% 7% 16% 10% 8% 10% 23% 17%
273 74 90 103 129 136 164 176 211 233 251 269 349
Interest 2 2 2 2 1 1 1 1 2 1 1 1 1
Depreciation 17 17 17 17 23 18 18 18 20 20 20 20 23
Profit before tax 297 125 156 286 182 290 261 452 400 383 407 786 849
Tax % 22% 26% 20% 30% 20% 25% 25% 25% 26% 25% 25% 25% 26%
259 102 135 215 159 225 214 354 326 314 333 627 663
EPS in Rs 12.85 5.04 6.69 10.67 7.88 11.14 10.61 17.56 16.17 15.59 16.50 31.08 32.87
Raw PDF

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
3,605 4,094 3,505 4,457 4,614 4,905 4,048 5,733 7,827 9,467
3,383 3,874 3,375 4,300 4,353 4,642 3,822 5,292 7,027 8,055
Operating Profit 222 221 129 157 261 263 226 441 801 1,412
OPM % 6% 5% 4% 4% 6% 5% 6% 8% 10% 15%
563 761 766 565 617 546 448 396 687 1,101
Interest 8 16 17 20 36 13 11 14 9 5
Depreciation 31 44 39 52 64 69 60 75 76 83
Profit before tax 746 922 839 650 778 727 604 749 1,403 2,425
Tax % 34% 39% 37% 39% 40% 48% 25% 25% 25% 25%
516 596 585 496 532 471 514 611 1,119 1,937
EPS in Rs 258.91 298.97 234.98 22.14 23.76 23.33 25.48 30.29 55.48 96.04
Dividend Payout % 19% 17% 34% 49% 19% 46% 28% 29% 29% 16%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 33%
TTM: 21%
Compounded Profit Growth
10 Years: %
5 Years: 29%
3 Years: 47%
TTM: 73%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 172%
1 Year: 172%
Return on Equity
10 Years: %
5 Years: 24%
3 Years: 27%
Last Year: 35%

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
Equity Capital 199 199 249 224 224 202 202 202 202 202
Reserves 2,554 2,442 2,730 2,610 2,993 2,858 3,230 3,656 4,558 6,042
83 0 0 0 0 0 30 12 6 1
28,397 16,386 16,366 16,540 17,633 17,883 21,679 25,904 24,709 23,204
Total Liabilities 31,233 19,028 19,345 19,374 20,850 20,943 25,140 29,773 29,476 29,449
266 368 546 705 810 836 807 965 1,024 841
CWIP 40 170 98 85 89 80 80 87 62 68
Investments 299 324 376 429 431 484 519 542 589 679
30,629 18,166 18,324 18,154 19,520 19,542 23,735 28,179 27,801 27,860
Total Assets 31,233 19,028 19,345 19,374 20,850 20,943 25,140 29,773 29,476 29,449

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
746 -1,003 491 65 -96 68 -163 858 684
560 493 348 417 454 348 326 508 1,420
-119 -245 -608 -126 -605 -160 -183 -218 -448
Net Cash Flow 1,188 -755 231 356 -246 257 -19 1,148 1,655

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
Debtor Days 76 82 78 91 117 107 87 64 47 71
Inventory Days 3,239 622 782 559 533 688 1,142 1,044 605 410
Days Payable 124 160 174 353 410 704 1,234 836 366 321
Cash Conversion Cycle 3,191 544 685 297 240 91 -4 272 285 161
Working Capital Days -576 -575 -608 -431 -444 -311 -606 -645 -528 -426
ROCE % 34% 30% 23% 27% 24% 23% 21% 33% 44%

Shareholding Pattern

Numbers in percentages

Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83%
0.92% 1.82% 2.06% 2.47% 3.05% 3.29% 3.29% 3.29% 3.69% 3.32% 2.38% 2.44%
0.43% 0.95% 0.97% 1.15% 0.76% 0.26% 0.30% 0.56% 0.39% 0.43% 0.66% 0.83%
13.83% 12.40% 12.14% 11.55% 11.35% 11.62% 11.57% 11.31% 11.10% 11.42% 12.12% 11.89%
No. of Shareholders 1,22,4591,16,7391,18,3541,14,6351,19,2481,58,9871,64,1512,02,8723,08,3723,45,3283,86,3304,77,478

* 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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