Mazagaon Dock Shipbuilders Ltd.

NSE: MAZDOCK · Ship Building & Allied Services

52W Range₹2,057 ₹3,061

Snapshot

Unlock Mazagaon Dock Shipbuilders Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Mazagon Dock Shipbuilders Limited is a premier Indian shipyard specialising in the construction and repair of warships, submarines, and merchant vessels. The company serves both domestic and international markets, leveraging its extensive heritage in naval engineering.

Business Model

The company generates revenue primarily through long-term defence contracts for the Indian Navy and Coast Guard, alongside commercial shipbuilding and vessel repair services. It operates through two core segments: Shipbuilding and Submarine construction.

Growth Outlook

Growth is driven by the ongoing modernisation of the Indian Navy and the government's focus on indigenous defence manufacturing under the 'Make in India' initiative. The company continues to expand its order book through the development of advanced destroyers, frigates, and submarine platforms.

Key Risks

  • Geopolitical Dependency. The company's order book is heavily reliant on the Indian Ministry of Defence, making it vulnerable to shifts in national defence spending and policy.
  • Project Execution Delays. Complex naval shipbuilding projects are susceptible to technical challenges and supply chain disruptions that may lead to significant cost overruns and delivery delays.
  • Technological Obsolescence. Failure to continuously upgrade manufacturing capabilities and integrate modern naval technologies could impact the company's competitive edge in the defence sector.

Price

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Key Metrics

REVENUE

₹13,006 Cr

TTM · consolidated

+13.8%YoY

NET PROFIT

₹2,756 Cr

TTM · consolidated

+14.2%YoY

EPS

₹68.44

TTM · consolidated

-25.3%YoY

RETURN ON EQUITY

32.8%

TTM · consolidated

-3.4 ppYoY

RETURN ON CAPITAL EMPLOYED

36.0%

TTM · consolidated

-5.8 ppYoY

P/E

34.5x

Q4 FY26 · consolidated

34.5 vs 45.1x5Y avg

EV/EBITDA

26.3x

Q4 FY26 · consolidated

26.3 vs 58.1x5Y avg

EBITDA MARGIN

27.2%

TTM · consolidated

-0.6 ppYoY

NET PROFIT MARGIN

17.5%

Q4 FY26 · consolidated

+7.3 ppYoY

DEBT TO EQUITY

0.1x

Q4 FY26 · consolidated

+0.05xYoY

Peers · Ship Building & Allied Services

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Mazagaon Dock Shipbuilders Ltd.MAZDOCK
90,92134.5026.2913.8%27.2%32.8%36.0%-24.0%
Cochin Shipyard Ltd.COCHINSHIP
34,09551.6531.124.2%24.3%12.7%17.5%-27.4%
Swan Defence and Heavy Industries Ltd.SWANDEF
9,783-119.29-624.96-8.1%-41.0%-3.2%+662.0%

As of Q4 FY26

Financials