Dismantles end-of-life vessels at ship-breaking yards in Mumbai and Bhavnagar and recovers ferrous and non-ferrous scrap for resale. The Mumbai yard is the active site, with the Bhavnagar yard reporting negligible revenue in FY26. An Industrial Oxygen & Trading segment sits on the books but generated no revenue in the period. Total segment revenue for FY26 was Rs 14.2828 crore against segment EBIT of Rs 17.4378 crore, an EBIT margin of 122.1%, which indicates that non-operating items contribute the bulk of reported segment profit. The cost base is dominated by depreciation at 31.3% of revenue and other operating expenses at 37.9%, with employee cost at 8.3% and no capex incurred in FY26. Despite the small ship-breaking footprint, total assets stand at Rs 155.2767 crore, and recent auditor filings flag that the majority of these assets are capital contributions to partnership firms and onward loans to director-related entities rather than ship-breaking infrastructure. Listed on BSE only as a micro-cap (script code 526931). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ship breaking — Mumbai, Ship breaking — Bhavnagar, Industrial Oxygen & Trading. Cyclical ship-breaking and scrap recovery, with a substantial share of assets parked in partnership firms and related-party loans.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 169 | 54 | 149 | 0 | 3 |
| EBITDA (ex other income) | 3 | 1 | (3) | (1) | (12) |
| margin % | 2.0 | 1.3 | (2.2) | (584.8) | (347.3) |
| Owners' profit | 2 | 0 | 3 | 2 | 0 |
| EPS, as reported (₹) | 2.99 | 6.66 | 5.23 | 2.60 | 0.64 |
| ROE % · ROCE % | 1.3 · 7.6 | 2.9 · 5.4 | 2.2 · 3.4 | 1.1 · 3.9 | 0.3 · 0.4 |
| Debt / equity (x) | 0.03 | 0.16 | 0.10 | 0.11 | 0.03 |
| Cash from operations | (8) | (48) | 2 | (2) | 3 |
| Capex | (1) | (0) | (0) | 0 | 0 |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 2 | 8 | (14) |
| Net profit | 0 | 0 | 0 | 0 | 1 | 2 | 7 | (9) |
| EPS (₹) | 0.38 | 0.80 | 0.69 | 0.74 | 1.11 | 3.64 | 11.06 | 15.17 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Mumbai | 14 | 80.3 |
| (b) Bhavnagar | 3 | 19.7 |
| Total, before eliminations | 18 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD | 94,351 | 33.0 | 9.45 | 27.0 | 25.8 | 27.9 | 26.3 | 25.8 |
| COCHIN SHIPYARD LIMITED | 36,331 | 53.4 | 6.19 | 30.6 | 12.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · 45th AGM notice and FY26 annual report link sent to non-registered shareholders | compliance | minimal | — | — |
| 5 Sept 2026 · Remote e-voting dates announced for 45th AGM | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 45th AGM Notice - Sept 30, 2026 via Video Conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Annual Report FY 2025-26 and 45th AGM Notice submitted | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Q1 FY27 Results: No Operating Revenue, PAT Jumps to 441 Lakhs | results | high | — | — |
| 12 Aug 2026 · Q1 FY27 results: No operational revenue, PAT jumps on other income | results | high | — | — |
| 30 Jul 2026 · Board meeting on Aug 12, 2026 to approve Q1FY27 results | results | low | — | — |
| 13 Jul 2026 · RTA certificate filed under SEBI Reg 74(5) for Jun 2026 quarter | compliance | minimal | — | — |
| 25 Jun 2026 · Trading window closed from July 1, 2026 ahead of Q1 results | compliance | minimal | — | — |
| 15 Jun 2026 · Auditor confirms clean opinion; 'qualified' label was a typographical error | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| 15.3 |
| 12.2 |
| 23.8 |
| LAXMIPATI ENGINEERING WORKS LI | 256 | 7.6 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L ◆ | 62 | 3.3 | 0.42 | 38.4 | 0.3 | (1.3) | (52.8) | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.3 | 26.9 | 3 of 147 | 99% |
| P/B | 0.4 | 3.4 | 3 of 119 | 98% |
| ROCE | (1.3) | 11.2 | 138 of 153 | 10% |
| ROE | 0.3 | 9.2 | 113 of 125 | 10% |
| Debt / Equity | 0.0 | 0.2 | 37 of 125 | 71% |
| Profit growth | (2149.0) | 17.1 | 117 of 117 | 0% |
| Market cap | 62 | 376 | 118 of 149 | 21% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
