Mazagon Dock Shipbuilders builds warships and submarines for the Indian Navy from its yard in Mumbai. The order book at end-December 2025 was ₹23,758 cr, anchored by Project 15B destroyers, Project 17A stealth frigates (INS Taragiri and INS Mahendragiri were commissioned into the Navy in 2026) and Project 75 Kalvari Scorpene-class submarines. The Indian Navy currently accounts for 80–90% of work, with the company diversifying into commercial vessels — it signed a contract with Shipping Corporation of India in March 2026 to build a 3,000 DWT methanol dual-fuel platform supply vessel (~₹325 cr), and is planning a greenfield commercial shipyard at Tuticorin (₹5,000 cr phase-1 capex, ₹15,000–18,000 cr total). In early 2026 it also acquired a 51% controlling stake in Colombo Dockyard PLC in Sri Lanka. FY26 revenue from operations was ₹12,840 cr (up 12% YoY) on an EBITDA margin of 26.2%; materials at 43.8% of revenue are the biggest cost line, followed by other operating expenses at 18.6% and employees at 7.6%. Management has guided margins of 12–15% on new project bookings versus the higher recent print, and is targeting an order book in excess of ₹1 lakh crore by FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence shipbuilding (warships and submarines), Commercial shipbuilding (diversification), Colombo Dockyard PLC (Sri Lanka). Cyclical, asset-heavy defence shipbuilder with multi-year project cycles and currently low debt.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,733 | 7,827 | 9,467 | 11,432 | 13,006 |
| EBITDA (ex other income) | 421 | 798 | 1,412 | 2,060 | 2,266 |
| margin % | 7.3 | 10.2 | 14.9 | 18.0 | 17.4 |
| Owners' profit | 611 | 0 | 1,937 | 2,414 | 2,583 |
| EPS, as reported (₹) | 30.29 | 55.48 | 96.04 | 59.83 | 64.04 |
| ROE % · ROCE % | 15.8 · 16.5 | 23.5 · 26.5 | 31.0 · 35.7 | 30.4 · 34.5 | 25.8 · 28.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | (163) | 858 | 684 | 2,078 | (2,891) |
| Capex | (32) | (136) | (103) | (743) | (64) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,757 | 3,144 | 3,174 | 2,626 | 2,929 | 3,601 | 3,850 | 2,943 |
| Profit before tax | 740 | 1,063 | 370 | 567 | 934 | 1,120 | 793 | 686 |
| Net profit | 585 | 807 | 325 | 452 | 749 | 880 | 674 | 550 |
| EPS (₹) | 29.01 | 20.01 | 8.06 | 11.21 | 18.58 | 21.81 | 16.84 | 13.62 |
| 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 | 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) |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Sarda and Pareek LLP appointed as statutory auditor | management changes | medium | — | — |
| 7 Sept 2026 · Appointment of Independent Director on the Board | management changes | medium | — | — |
| 4 Sept 2026 · Mazagon Dock wins Rs 118 crore AI infra security order from MSETCL | business updates | high | — | — |
| 28 Aug 2026 · 93rd AGM: All 6 Resolutions Passed, Final Dividend of Rs 4.62 Approved | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Mazagon Dock 93rd AGM: final dividend of Rs 4.62 per share declared | board shareholder meetings | low | — | — |
| 24 Aug 2026 · MoD appoints Shri K.M. Ravi Kumar as Independent Director | management changes | medium | — | — |
| 12 Aug 2026 · Board update on NSE fine for missing independent directors | regulatory legal | high | — | — |
| 11 Aug 2026 · Mazagon Dock fixes 20 Aug 2026 as record date for FY26 final dividend | corporate actions | medium | — | — |
| 5 Aug 2026 · Letter to shareholders for accessing 93rd AGM notice and FY26 Annual Report | compliance | minimal | — | — |
| 5 Aug 2026 · 93rd AGM Notice Published; Final Dividend Record Date 20 August 2026 | compliance | minimal | — | — |
| 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 |
| (52.8) |
| — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.0 | 26.9 | 85 of 147 | 43% |
| P/B | 9.4 | 3.4 | 98 of 119 | 18% |
| ROCE | 27.9 | 11.2 | 13 of 153 | 92% |
| ROE | 25.8 | 9.2 | 7 of 125 | 95% |
| Debt / Equity | 0.0 | 0.2 | 40 of 125 | 69% |
| EBITDA margin | 25.8 | 12.6 | 16 of 117 | 87% |
| Revenue growth | 12.1 | 19.5 | 74 of 122 | 40% |
| Profit growth | 21.7 | 17.1 | 57 of 117 | 52% |
| Market cap | 94351 | 376 | 1 of 149 | 100% |
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| 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 |
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