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Model Note · MAZAGON DOCK SHIPBUIL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAZAGON DOCK SHIPBUIL LTD Discounted cash flow · base FY26
MAZAGON DOCK SHIPBUIL LTD
Value per share, this model₹1,028
CMP 2026-09-10₹2,339.00
Difference(56.1)%
Growth the CMP implies39.3%/yr
This note states the assumptions and the arithmetic of one model of MAZAGON DOCK SHIPBUIL LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
14% a year
FY26 13.8% · 5-yr CAGR 26.3%
EBITDA margin
17.4%
FY26 17.4% · 5-yr average 13.6%
Depreciation · capex, % of revenue
0.7% · 0.5%, fading to 1.2× depreciation
FY26 0.7% · 0.5%
Working capital, % of added revenue · tax
5.5% · 25.2%
20 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2,291) · ₹0 · ₹0 cr
FY26 net debt ₹(2,291) cr
Shares
40.34 crore
40.34 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
13,006
14,827
16,903
19,269
21,967
25,043
growth %
13.8
14.0
14.0
14.0
14.0
14.0
EBITDA
2,266
2,580
2,941
3,353
3,822
4,357
Depreciation
(97)
(104)
(118)
(135)
(154)
(175)
NOPAT
1,622
1,852
2,111
2,407
2,744
3,128
less capex
(64)
(74)
(99)
(129)
(166)
(210)
less working-capital build
—
(100)
(114)
(130)
(148)
(169)
Free cash flow to firm
—
1,782
2,017
2,283
2,584
2,924
Present value
1,691
1,724
1,758
1,793
1,828
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · MAZAGON DOCK SHIPBUIL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
8,795
PV of the terminal value (78% of EV)
30,367
Enterprise value
39,162
less net debt
2,291
less non-controlling interest
0
add non-operating investments
0
Equity value
41,453
÷ 40.34 crore shares
₹1,028
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,060
1,135
1,225
1,335
1,473
10.5%
981
1,044
1,117
1,206
1,314
11.0%
914
966
1,028
1,100
1,187
11.5%
856
900
952
1,012
1,083
12.0%
805
843
887
938
997
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
