NSE: MAZDOCK · BSE: 543237
MAZAGON DOCK SHIPBUIL LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD ◆ | 69,914 | 24.5 | 7.00 | 19.9 | 25.8 | 27.9 | 26.3 | 25.8 |
| COCHIN SHIPYARD LIMITED | 29,678 | 43.6 | 5.05 | 25.1 | 12.2 | 15.3 | 12.2 | 23.8 |
| LAXMIPATI ENGINEERING WORKS LI | 229 | 6.8 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L | 54 | 2.8 | 0.36 | 33.4 | 0.3 | (1.3) | (52.8) | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.5 | 26.5 | 66 of 139 | 53% |
| P/B | 7.0 | 3.0 | 95 of 120 | 21% |
| ROCE | 27.9 | 11.2 | 13 of 151 | 92% |
| ROE | 25.8 | 9.5 | 6 of 121 | 96% |
| Debt / Equity | 0.0 | 0.2 | 36 of 121 | 71% |
| 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 | 69914 | 325 | 1 of 150 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper notice for September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 27 Oct 2026 · Mazagon Dock declares Rs 5 interim dividend for FY 2026-27 | corporate actions | high | — | — |
| 27 Oct 2026 · Mazagon Dock reports lower H1 profit and Rs 16,443 crore order book | investor communications | medium | — | — |
| 27 Oct 2026 · Interim dividend of Rs 5 per share; record date 3 November 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · MDL approves Rs 1,250 crore credit line for Colombo Dockyard | credit debt | high | — | — |
| 27 Oct 2026 · Profit falls; Rs5 interim dividend and capital increase approved | results | high | — | — |
| 22 Oct 2026 · Board meeting on 27 Oct to consider Q2 results and interim dividend | results | low | — | — |
| 2 Oct 2026 · MDL not proceeding with Thoothukudi shipyard; confirms Dighi and Dugarajapatnam | business updates | high | — | — |
| 28 Sept 2026 · NSE fine for non-compliance with board composition rules | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 FY27 results period | compliance | minimal | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.