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 ₹ 47,376 Cr.
- Current Price ₹ 2,349
- High / Low ₹ 2,525 / 738
- Stock P/E 29.6
- Book Value ₹ 268
- Dividend Yield 0.68 %
- ROCE 32.7 %
- ROE 26.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 28.7%
- Debtor days have improved from 66.0 to 46.7 days.
Cons
- Stock is trading at 8.75 times its book value
- Contingent liabilities of Rs.27,721 Cr.
- Earnings include an other income of Rs.964 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
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|
3,605 | 4,094 | 3,505 | 4,457 | 4,614 | 4,905 | 4,048 | 5,733 | 7,827 | 8,442 | |
3,383 | 3,874 | 3,375 | 4,300 | 4,353 | 4,642 | 3,822 | 5,292 | 7,027 | 7,343 | |
Operating Profit | 222 | 221 | 129 | 157 | 261 | 263 | 226 | 441 | 801 | 1,098 |
OPM % | 6% | 5% | 4% | 4% | 6% | 5% | 6% | 8% | 10% | 13% |
563 | 761 | 766 | 565 | 617 | 546 | 448 | 396 | 687 | 964 | |
Interest | 8 | 16 | 17 | 20 | 36 | 13 | 11 | 14 | 9 | 6 |
Depreciation | 31 | 44 | 39 | 52 | 64 | 69 | 60 | 75 | 76 | 81 |
Profit before tax | 746 | 922 | 839 | 650 | 778 | 727 | 604 | 749 | 1,403 | 1,976 |
Tax % | 34% | 39% | 37% | 39% | 40% | 48% | 25% | 25% | 25% | |
516 | 596 | 585 | 496 | 532 | 471 | 514 | 611 | 1,119 | 1,600 | |
EPS in Rs | 258.91 | 298.97 | 234.98 | 22.14 | 23.76 | 23.33 | 25.48 | 30.29 | 55.48 | 79.34 |
Dividend Payout % | 19% | 17% | 34% | 49% | 19% | 46% | 28% | 29% | 29% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 12% |
3 Years: | 17% |
TTM: | 18% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 18% |
3 Years: | 33% |
TTM: | 68% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 126% |
1 Year: | 200% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 19% |
3 Years: | 21% |
Last Year: | 26% |
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 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|
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 | 5,213 |
83 | -0 | -0 | -0 | -0 | -0 | 30 | 12 | 6 | 3 | |
28,397 | 16,386 | 16,366 | 16,540 | 17,633 | 17,883 | 21,679 | 25,904 | 24,709 | 22,958 | |
Total Liabilities | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 28,375 |
266 | 368 | 546 | 705 | 810 | 836 | 807 | 965 | 1,024 | 1,001 | |
CWIP | 40 | 170 | 98 | 85 | 89 | 80 | 80 | 87 | 62 | 72 |
Investments | 299 | 324 | 376 | 429 | 431 | 484 | 519 | 542 | 589 | 645 |
30,629 | 18,166 | 18,324 | 18,154 | 19,520 | 19,542 | 23,735 | 28,179 | 27,801 | 26,658 | |
Total Assets | 31,233 | 19,028 | 19,345 | 19,374 | 20,850 | 20,943 | 25,140 | 29,773 | 29,476 | 28,375 |
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 | |
---|---|---|---|---|---|---|---|---|---|
746 | -1,003 | 491 | 65 | -96 | 68 | -163 | 858 | ||
560 | 493 | 348 | 417 | 454 | 348 | 326 | 508 | ||
-119 | -245 | -608 | -126 | -605 | -160 | -183 | -218 | ||
Net Cash Flow | 1,188 | -755 | 231 | 356 | -246 | 257 | -19 | 1,148 |
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 | |
---|---|---|---|---|---|---|---|---|---|
Debtor Days | 76 | 82 | 78 | 91 | 117 | 107 | 87 | 64 | 47 |
Inventory Days | 3,239 | 622 | 782 | 559 | 533 | 688 | 1,142 | 1,044 | 605 |
Days Payable | 124 | 160 | 174 | 353 | 410 | 704 | 1,234 | 836 | 366 |
Cash Conversion Cycle | 3,191 | 544 | 685 | 297 | 240 | 91 | -4 | 272 | 285 |
Working Capital Days | -576 | -575 | -608 | -431 | -444 | -311 | -606 | -645 | -528 |
ROCE % | 34% | 30% | 23% | 27% | 24% | 23% | 21% | 33% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
1d - Shri. Rajeev Pillai, General Manager (Shipbuilding - Works), member of the Senior Management of the Company has taken Voluntary Retirement from the services of the …
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Announcement under Regulation 30 (LODR)-Change in Management
1d - Shri. Debabrata Shome, Executive Director (Finance), member of Senior Management of the Company has superannuated from the services of the Company w.e.f April 30, 2024
- Certificate Under Regulation 7(3) Of The Listing Regulations For The Year Ended On 31 March 2024. 11 Apr
- Certificate Under Regulation 40(9) Of The Listing Regulations For The Year Ended On 31 March 2024. 11 Apr
- Provisional And Unaudited Turnover For The Financial Year Ended On March 31, 2024 8 Apr
Annual reports
Concalls
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Jun 2023Transcript PPT REC
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May 2023TranscriptNotesPPT
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Nov 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
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.