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Mazagon Dock Shipbuilders Ltd (MAZDOCK)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543237 NSE: MAZDOCK Ship Building | Mid Cap | Mazagon Dock Ship. Share Price

₹2,530 159.70 (6.74%)

As on 06-Aug'26 16:59

Mazagon Dock Shipbuilders Ltd (MAZDOCK)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543237 NSE: MAZDOCK Ship Building | Mid Cap | Mazagon Dock Ship. Share Price

₹2,530 159.70 (6.74%)

As on 06-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,02,055 Cr.
Current Price
₹2,530
52-Week Low / High
₹2,057 / 3,061
TTM EPS
₹62.6
TTM Sales
₹12,985 Cr.
Book Value per Share
₹231.9
P/E Ratio
40.40
Higher than its 5-year historical median
Industry PE
43.6
Price to Book (P/B)
10.91
Higher than its 5-year historical median
Price to Sales (P/S)
7.86
Higher than its 5-year historical median
EV/EBITDA
25.33
Higher than its 5-year historical median
Dividend Yield
0.68%
Profitability Efficiency
Return on Equity (ROE)
30.40%
Outperforms industry median
Return on Capital Employed (ROCE)
41.33%
Outperforms industry median
Return on Assets (ROA)
8.45%
Operating Profit Margin
18.1%
Net Profit Margin
18.97%
Gross Profit Margin
26%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
20.76%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.17%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
4.77%
Asset Quality
Promoter Holding
81.22%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹9,151 Cr.
Equity
₹201.7 Cr.
Face Value
₹5
All Time Low / High
₹82.00 / 3778.00

Mazagon Dock Shipbuilders stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is Mazagon Dock Shipbuilders Ltd a good quality company?
Mazagon Dock Shipbuilders Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Mazagon Dock Shipbuilders Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mazagon Dock Shipbuilders Ltd vs industry peers?
Mazagon Dock Shipbuilders Ltd revenue CAGR is 18.44%, compared to the industry median CAGR of 12.77%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Mazagon Dock Shipbuilders Ltd?
Promoters hold 81.22% of the Mazagon Dock Shipbuilders Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mazagon Dock Shipbuilders Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 81.89% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mazagon Dock Shipbuilders Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 38.5%34.8%27.9%32%28.7%23.3%25.2%38.4%50.8%49.2%-
Value Creation
Index
2.42.11.51.31.10.70.81.93.53.4-

Growth Parameters

Sales 4,1273,5314,4884,6144,9054,0485,7337,8279,46711,43212,985
Sales YoY Gr.--14.5%27.1%2.8%6.3%-17.5%41.6%36.5%20.9%20.8%-
Adj EPS 11.48.89.811.510.414.114.726.545.757.662.6
YoY Gr.--22.7%11.3%17.4%-10.1%35.7%4.6%80.1%72.5%26.1%-
BVPS (₹) 46.742.254.162.36472.482.3103.6138.1178231.9
Adj Net
Profit
5685494405174185685941,0691,8442,3252,526
Cash Flow from Ops. 288-1,00944265.2-95.568.2-1631,5166842,102-
Debt/CF from Ops. 0000000000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12%18.4%25.9%20.8%
Adj EPS 19.7%40.9%57.6%26.1%
BVPS16%22.7%29.3%28.9%
Share Price - 82.9% 40.9% -9.2%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
23.822.217.419.815.620.61928.537.836.530.6
Op. Profit
Mgn %
5.43.53.35.75.45.67.710.31518.118.4
Net Profit
Mgn %
13.815.59.811.28.51410.413.719.520.319.5
Debt to
Equity
0000000000-
Working Cap
Days
1,4389488108679231,2901,004707523420301
Cash Conv.
Cycle
1,0633832391741611731649639-487

Valuation of Mazagon Dock Ship. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3,5314,4884,6144,9054,0485,7337,8279,46711,43212,840
Operating Expenses + 3,4064,3394,3534,6423,8225,2917,0258,0459,36710,779
Manufacturing Costs2005339181,1831,0661,5151,4071,6432,7263,250
Material Costs2,1402,6932,5572,4531,8822,6934,4465,0824,5315,638
Employee Cost 729886689781653799793897979937
Other Costs 3382281892262222843794241,132955
Operating Profit 1241492612632264428031,4212,0642,061
Operating Profit Margin (%) 3.5%3.3%5.7%5.4%5.6%7.7%10.3%15.0%18.1%16.1%
Other Income + 7756056385906014347131,1381,1881,344
Exceptional Items 000-12-126-140000
Interest 2371013111511152861
Depreciation 395064696075768311593
Profit Before Tax 8376978257586307731,4292,4613,1093,250
Tax 288257308350150186357616784815
Profit After Tax 5494405174084805861,0731,8452,3252,436
PAT Margin (%) 15.6%9.8%11.2%8.3%11.9%10.2%13.7%19.5%20.3%19.0%
Adjusted EPS (₹)8.89.811.510.111.914.526.645.857.660.4
Dividend Payout Ratio (%)30.10%55.80%19.30%53.20%30.50%30%30%30%30%30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,6252,4232,7922,5812,9193,3214,1785,5717,1818,843
Share Capital 249224224202202202202202202202
Reserves 2,3762,1982,5682,3802,7173,1203,9765,3696,9798,641
Debt +0000000000
Long Term Debt0000000000
Short Term Debt0000000000
Minority Interest0000000000
Trade Payables9262,3912,9174,7286,3626,1664,4634,4303,7384,485
Others Liabilities 14,93713,56314,13212,73914,92119,30019,79019,60118,63914,734
Total Liabilities 18,48818,37719,84120,04824,20228,78728,43029,60229,55828,063

Fixed Assets

Net Fixed Assets +5466468108368079651,0248381,4661,432
Gross Block6177631,0071,1011,1401,3641,4941,3552,0912,140
Accumulated Depreciation71117196265334399469517625708
CWIP 9885898080876272133245
Investments 666666666243
Inventories4,0293,7863,7904,6235,8897,7007,3575,7134,5372,556
Trade Receivables7471,1091,4731,4339661,0051,0021,8471,0672,564
Cash Equivalents flag 8,3637,1907,4705,7988,02811,48013,28614,21016,15012,878
Others Assets 4,6995,5556,2037,2728,4277,5435,6936,9166,1998,144
Total Assets 18,48818,37719,84120,04824,20228,78728,43029,60229,55828,063
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + -1,00944265-9668-1631,5166842,102-2,761
PBT 8376978257586307731,4292,4613,1093,250
Adjustment -605-486-526-489-327-298-559-956-207-536
Changes in Working Capital -89653882-157-78-335958-145143-4490
Tax Paid -346-307-316-208-157-302-312-677-943-985
Cash Flow From Investing Activity + 494392417454348326-1503,115-1,299975
Capex -218-151-172-109-42-31-134105-742-57
Net Investments 000000-6582,427-1,873652
Others 7125425885633903576435831,316380
Cash Flow From Financing Activity + -240-603-126-605-160-183-218-449-736-834
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid 00-5-5-5-3-2-1-24-59
Dividend Paid -240-295-121-262-155-180-216-448-712-775
Others 0-3070-3370000-0-0
Net Cash Flow -755231356-246257-191,1483,35067-2,620
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)22.1917.4319.8415.217.4418.828.6137.8636.4630.4
ROCE (%)34.7627.8732.0128.723.325.2438.4250.849.241.33
Asset Turnover Ratio0.190.240.240.250.180.220.270.330.390.45
PAT to CFO Conversion(x)-1.8410.13-0.240.14-0.281.410.370.9-1.13
Working Capital Days
Receivable Days86.2075.50102.10108.10108.2062.8046.8054.9046.5051.60
Inventory Days427.70317.80299.70313473.90432.60351.10252163.60100.80
Payable Days172.20224.80378.90568.901,075.50848.90436.30319.40329266.20

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Mazagon Dock Shipbuilders Ltd FAQs

The current trading price of Mazagon Dock Ship. on 06-Aug-2026 16:59 is ₹2,530.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 05-Aug-2026 the market cap of Mazagon Dock Ship. stood at ₹1,02,055.1 Cr

The latest P/E ratio of Mazagon Dock Ship. as of 05-Aug-2026 is 40.40.

The latest P/B ratio of Mazagon Dock Ship. as of 05-Aug-2026 is 10.91.

The 52-week high of Mazagon Dock Ship. is ₹3,061 and the 52-week low is ₹2,057.4.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mazagon Dock Ship. is ₹12,985 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mazagon Dock Shipbuilders Ltd is a good quality company.

The key valuation ratios of Mazagon Dock Shipbuilders Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mazagon Dock Shipbuilders Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Mazagon Dock Shipbuilders Ltd

Mazagon Dock Shipbuilders (MDL), known as the ‘Ship & Submarine Builders to the Nation,’ is one of India’s premier defence shipyards, operating under the Ministry of Defence. The company specialize in constructing, repairing, and refurbishing warships and submarines at their facilities. Since its inception as a private limited company in 1934, the company has rapidly expanded its capabilities, becoming a key player in strengthening national defence. MDL is a Lead Shipyard for major Surface Combatants (Destroyers & Frigates); Only Shipyard possessing two Independent Submarine Assembly and Launch Lines. The company is the only Indian shipyard to produce both destroyers and conventional submarines for the Indian Navy and were pioneers in manufacturing Veer & Khukri Class Corvettes. 

Its contributions encompass the entire spectrum of naval warfare capabilities-ranging from cutting-edge stealth technologies and sophisticated underwater systems to advanced surface combat readiness. It is the only Indian shipyard to have built destroyers and conventional submarines for the Indian Navy and the Only shipyard in India Conferred with Navratna Status. The Company has played a pivotal role in supporting the Indian Navy’s indigenization goals, contributing significantly to national defence capabilities. MDL has been conferred ‘Navratna’ status by the DPE in June 2024. MDL is the 21st PSU, first amongst the government owned shipyards and 3rd amongst Defence PSUs of the country having ‘Navratna’ status. 

Business area of the company

The Company specializes in the construction and repair of warships and submarines for the Indian Navy, as well as vessels for commercial clients. The company has played pivotal role in the design, construction, and timely delivery of a diverse range of frontline naval assets, demonstrating its engineering precision and project execution excellence. Beyond naval defence, its expertise encompasses a wide range of maritime and offshore engineering solutions. The company has also delivered complex marine and offshore structures tailored for the energy sector, including platforms and rigs used in oil and gas exploration. 

Product portfolio

Naval Platforms

MDL has a distinguished track record in constructing various naval platforms that play a critical role in enhancing India’s maritime defence capabilities:

  • Destroyers
  • Conventional Submarines
  • Frigates
  • Corvettes
  • Missile Boat
  • Offshore Patrol vessels
  • Floating Border Outposts

Oil Sector


MDL provides specialised platforms for the oil and gas industry, ensuring robust support for offshore exploration and production: 

  • Offshore Platforms
  • Jack-up rigs

Merchant Ships

In addition to its defence and oil sector offerings, MDL manufactures a variety of merchant vessels catering to commercial needs: 

  • General Cargo Vessel
  • Multipurpose Support Vessel
  • Offshore Supply vessel
  • Tugs
  • Dredgers
  • Passenger cum Cargo Vessel
  • Water tankers
  • Barges
  • Trawlers
  • Windmill towers Pontoons
Coast Guard Ships

  • Training Ships
  • Next Generation Offshore
  • Patrol Vessels
  • Fast Patrol Vessels
Services offered by company 

  • Repairs and Refit
  • Designing of Ships
  • Training 
  • Tug Support
  • Supply Chain Management
  • Self-propeller modular Transporter 

Major events in company’s history:

  • 1934: Incorporated as a private company.
  • 1960: Acquired by the GoI.
  • 1972: Delivered the first frigate, INS Nilgiri.
  • 1984: Inauguration of undertaking submarine construction.
  • 1992: Commissoned first Indian built submarine, INS Shalki.
  • 1997: Commissioned first destroyer, INS Delhi.
  • 1998: Accredited with ISO certification for shipbuilding.
  • 2000: Upgraded to Schedule ‘A’ status from Schedule ‘B’.
  • 2006: Awarded Mini Ratna Category–I status.
  • 2009: Implementation of enterprise resource planning and systems applications and products.
  • 2011: Signed shipbuilding contract for construction and delivery of four P15 B misile destroyers with the MoD.
  • 2014: Inauguration of the Mazdock Modernisation project.
  • 2015: Launch of first destroyer class ship ‘Vishakhapatnam’ under P15 B project.
  • 2015: Signed contract for construction and delivery of four frigates with the MoD.
  • 2016: Inauguration of new submarine section assembly workshop at Alcock yard.
  • 2017: Delivery of first Scorpene class submarine ‘INS Kalvari’.
  • 2019: Delivery of second Scorpene class submarine ‘INS Khanderi’.
  • 2020: Listing of MDL in BSE & NSE in 2020.
  • 2021: Delivery of three platforms viz. 3rd & 4th Scorpene class submarine & 1st missile destroyer in 2021.
  • 2022: Historical Double Launching of a missile destroyer and a stealth frigate on May 17, 2022. Launching of 6th submarine on April 20, 2022.
  • 2023: Launched 4th stealth frigate (Project 17A) Mahendragiri on September 01.  
  • 2023: Commissioned INS Imphal, a third destroyer, on December 26.
  • 2024: Awarded Navratna status by the Department of Public Enterprises.
  • 2024: Delivered the 4th Visakhapatnam Class Destroyer, INS Surat and 1st Nilgiri Class Frigate, INS Nilgiri on December 20, 2024.
  • 2025: Delivered the 6th, P-75 Scorpene Class Submarine, INS Vaghsheer on January 09, 2025.
  • 2025: Tri-Commissioning on January 15: Indian Navy commissioned three frontline combatants - INS Nilgiri, INS Surat & INS Vagsheer.

Awards and Recognition

  • 2007: Scope Award for Excellence & Outstanding contribution to the Public Sector Management- Special Institutional Category.
  • 2008: Raksha Mantri Award for Excellence for: Best Performing Shipyard, awarded by Raksha Mantri (Ministry of Defence, GoI).
  • 2009: Raksha Mantri Award for Excellence for: Best Performing Shipyard, awarded by Raksha Mantri (Ministry of Defence, GoI).
  • 2010: Golden Peacock Award for Innovative Product / Service Award, awarded by Institute of Directors (IOD).
  • 2010: Accredited with ISO Certification for submarine division.
  • 2011: Aerospace and Defence Award 2011 for Excellence in Innovation, awarded by SAP Media Worldwide Limited.
  • 2012: IIIE Performance Excellence Award, awarded by Indian Institution of Industrial Engineering.
  • 2012: Golden Peacock Awards for Corporate Social Responsibility, awarded by Institute of Directors (IOD).
  • 2012: QCFI - Special Awards for Best Organisation for Promoting 5S concept, awarded by Quality Circle Forum of India.
  • 2013: Aerospace & Defense Awards 2013 - Excellence in Innovation, awarded by SAP Media Worldwide Limited.
  • 2013: Aerospace & Defense Awards 2013 - Most influential company of the Year, awarded by SAP Media Worldwide Limited.
  • 2014: IPSE Awards 2014: Award for Defence & Marine PSE of the year, awarded by PSE journal.
  • 2014: AIOE Annual Award for Outstanding Achievement in Industrial Relations, awarded by All India Organization of Employers.
  • 2015: Awarded two Gold and one Silver Awards at ICQCC- 2015, South Korea (Pending) Rainbow.
  • 2016: Awarded two Gold Awards at ICQCC-2016, Bangkok, Thailand.
  • 2016: Accredited with ISO 9001:2008 Quality Management Systems (QMS) of Shipbuilding Division for the scope of Design, Development, Construction and Servicing of Warships, Merchant Ships and Floating crafts.
  • 2017: Dun & bradstreet PSU awards 2017 for ‘Manufacturing Transportation Equipment’, awarded by Dun & Bradstreet.
  • 2018: Accredited with ISO 9001:2015 Quality Management Systems (QMS) of Shipbuilding Division for the scope of Design, Development, Construction and Servicing of Warships, Merchant Ships and Floating Crafts.
  • 2018: Accredited with ISO 9001:2015 Quality Management Systems (QMS) of Training Department for the scope of Imparting Training to Trade Apprentices and Employees.
  • 2018: National Award for Innovative Training Practices 2017-18 awarded by Indian Society for Training and Development, New Delhi.
  • 2018: NIPM National Award for HR Best Practices 2018.
  • 2019: Accredited with ISO 14001:2015 and OHSAS 18001:2007 for integrated management system for shipbuilding, submarine and heavy engineering, corporate planning and personnel and finance divisions.
  • 2019: Golden Peacock Award for Innovative Product / Service Award, awarded by Institute of Directors.
  • 2019: Awarded India CSR Project of the Year award 2019 by the India CSR Group.
  • 2019: Awarded certificate of appreciation by the Skill Developmemt and Entrepreneurship Department, Directorate of Vocational Education and Training, Government of Maharashtra
  • 2019: Awarded the first position at the 16th National Awards for Excellence in Cost Management 2018 for Manufacturing -Public-Large Sector issued by the Institute of Cost Accountants of India.
  • 2020: The company won the 11th PSE Excellence Award in Human Resource Management Category for the year 2019-20. The award was presented virtually during the PSE Conclave & PSE Excellence Award held on 25 Feb '22.
  • 2021: The National Awards for Excellence in Corporate Social Responsibility (CSR) under the category “Best Relief Package Announced for COVID-19” was conferred to the company by World HRD Congress, Mumbai.
  • 2021-22: 11th PSE Excellence Award in Human Resource Management
  • 2021-22: Par Excellence Certificate - NCQC 2021
  • 2021-22: The National Awards for Excellence in Corporate Social Responsibility (CSR) under the category 'Best Relief Package Announced for COVID-19'
  • 2021-22: 15 Quality Circle teams from MDL presented their case studies in Chapter Convention on Quality Concepts (CCQC-2021) held in September 2021 virtually, and the 14 QC teams won Gold (highest) Award and 01 QC team won Silver Award.
  • 2022-23: MDL's in-house magazine 'Jaltarang' was selected as the best magazine by Ashirwad Rajbhasha Sansthan and on September 20, 2022 was awarded first prize by Honorable Governor Shri Bhagat Singh Koshyari at Raj Bhavan.
  • 2022-23: Certificate of Par Excellence award (Prabal QC) won at the 47th ICQCC International Convention on Quality Control Circles.
  • 2022-23: Certificate of Par excellence award (Ganaji-QC and Anurakshak QC) won at the 36 th NCQC (National Convention on Quality concept) - 2022.
  • 2023-24: Mazagon Dock Shipbuilders has been awarded BCC & I Social Leadership award for outstanding contribution in empowering persons with chronic disease by the Bengal Chamber of Commerce & Industry.
  • 2023-24: Mazagon Dock Shipbuildershas been awarded BCC & I Social Leadership award for outstanding contribution in empowering persons with chronic disease by the Bengal Chamber of Commerce & Industry.
  • 2023-24: Certificate of Par Excellence Award (Eagle Eye) at 37th NCQC 2023.
  • 2024-2025: 23 Quality Circle teams from MDL presented their case studies in Chapter Convention on Quality Concepts (CCQC-2024) hosted by M/s Quality Circle Forum of India, Mumbai Chapter held on 28 & 29 September 2024. Out of 21 QC teams won Gold (highest) Award and 02 QC teams won Silver Award.
  • 2024-25: MDL was awarded the Rajbhasha Samman Shield for excellent Hindi work by Rajbhasha Academy Institute on August 30, 2024.
  • 2024-25: Certificate of Excellence for NAVRATNA Status.
  • 2024-25: Best of Best QC Team of the day Award.
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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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