MarketFriction

Mazagon Dock Shipbuilders Ltd

NSE MAZDOCK · BSE 543237 · Ship Building & Allied Services
₹2,064.00 -2.32%
NSE close2026-10-01
52 week range2,057.40 - 2,929.70
Market cap₹84,189 Cr.
P/E29.5
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty India Defence No price band Delivery 40.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,8282,3623,1042,3572,7573,1443,1742,6262,9293,6013,8502,943
Expenses1,6511,8232,5801,7152,2462,3273,0552,3242,2352,7143,3082,496
Operating Profit177539524642511817119302695887543447
OPM %10%23%17%27%19%26%3.8%11%24%25%14%15%
Other Income251269349271258291287324271262283313
Interest111155835861044
Depreciation202023232340292324232329
Profit before tax4077868498897401,0633705679341,120793686
Tax %25%25%26%25%25%28%21%26%24%25%20%25%
Net Profit333627663696585807325452749880674550
EPS in Rs8.2515.5416.4317.2614.5020.018.0611.2118.5821.8116.8413.62
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,0943,5054,4574,6144,9054,0485,7337,8279,46711,43213,00613,323
Expenses3,8743,3754,3004,3534,6423,8225,2927,0278,0519,33910,73810,752
Operating Profit2211291572612632264418011,4162,0932,2682,571
OPM %5%3.7%3.5%6%5%6%8%10%15%18%17%19%
Other Income7617665656175464483966871,1011,1121,1391,129
Interest1617203613111499287468
Depreciation4439526469607576831159799
Profit before tax9228396507787276047491,4032,4253,0623,2373,533
Tax %39%37%39%40%48%25%25%25%25%26%25%
Net Profit5965854965324715146111,1191,9372,4142,5782,854
EPS in Rs149.63117.4911.0711.8811.6612.7415.1427.7448.0259.8364.0470.85
Dividend Payout %17%34%49%19%46%28%29%29%29%29%28%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth12%26%18%14%
Compounded Profit Growth16%33%32%32%
Stock Price CAGR%75%24%-24%
Return on Equity26%29%32%29%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital199199249224224202202202202202202202
Reserves2,5542,4422,7302,6102,9932,8583,2303,6564,5586,0427,7389,553
Borrowings830000030126120447
Other Liabilities28,39716,38616,36616,54017,63317,88321,67925,90424,70923,21920,84417,272
Total Liabilities31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,474
Fixed Assets2663685467058108368079651,0248381,4662,062
CWIP401709885898080876272133252
Investments299324376429431484519542589679765915
Other Assets30,62918,16618,32418,15419,52019,54223,73528,17927,80127,87526,44024,245
Total Assets31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,474
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity746-1,00349165-9668-1631,5166842,102-2,654
Cash from Investing Activity560493348417454348326-1501,420-1,2991,166
Cash from Financing Activity-119-245-608-126-605-160-183-218-448-736-931
Net Cash Flow1,188-755231356-246257-191,1481,65567-2,419
Free Cash Flow615-1,149311-110-19626-2031,4013471,298-2,828
CFO/OP479%-507%507%146%43%99%32%228%96%145%-74%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days76827891117107876447713473
Inventory Days3,2396227825595336881,1421,044605411298131
Days Payable1241601743534107041,234836366321240224
Cash Conversion Cycle3,19154468529724091-427228516292-20
Working Capital Days-576-575-608-431-444-311-607-645-528-426-356-187
ROCE %34%30%23%27%24%23%21%33%44%43%36%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters84.83%84.83%84.83%84.83%84.83%84.83%84.83%81.22%81.22%81.22%81.22%81.22%
FIIs3.69%3.32%2.38%2.44%1.45%1.55%2.26%2.57%1.97%1.80%1.73%1.72%
DIIs0.39%0.43%0.66%0.83%1.00%1.46%1.69%5.21%5.65%5.37%5.09%5.02%
Public11.10%11.42%12.12%11.89%12.72%12.16%11.21%11.00%11.15%11.61%11.95%12.04%
No. of Shareholders3,08,3723,45,3283,86,3304,77,4786,72,4046,89,6056,76,9577,19,7437,41,6807,62,6528,08,4558,05,823

Fundamentals

Market Cap₹ 84,189 Cr.
Current Price₹ 2,087
Stock P/E29.5
Book Value₹ 242
ROCE36.0 %
ROE29.2 %
Dividend Yield0.87 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)14%
Compounded Profit Growth (TTM)32%
Consolidated figures.
Valuation
Market capRs 83,258 Cr
Enterprise valueRs 70,609 Cr
P/E (TTM)29.13x
Price to book8.54x
Price to sales6.25x
EV / EBITDA19.08x
EV / EBIT19.61x
EV / sales5.30x
Earnings yield3.43%
Dividend yield0.88%
P/E, 3-year average28.71x
P/B, 3-year average8.33x
P/E, 5-year average19.21x
P/B, 5-year average5.40x
Profitability
Operating margin (excl. other income)17.44%
Operating margin (incl. other income)26.20%
EBITDA margin27.77%
Pre-tax margin26.52%
Net profit margin21.45%
Net margin, latest quarter18.67%
ROE29.20%
ROCE36.46%
ROA9.18%
ROE, 3-year average32.81%
ROCE, 3-year average41.39%
ROA, 3-year average8.01%
ROE, 5-year average28.23%
ROCE, 5-year average35.54%
ROA, 5-year average6.01%
Tax rate25.18%
Other income / net worth11.68%
Growth
Sales growth (latest year)13.77%
Profit growth (latest year)7.03%
Sales CAGR, 3 years18.44%
Sales CAGR, 5 years26.30%
Profit CAGR, 3 years32.16%
Profit CAGR, 5 years38.12%
Sales growth QoQ-23.57%
Profit growth QoQ-19.11%
Sales growth YoY (latest quarter)12.08%
Profit growth YoY (latest quarter)21.51%
Per share
EPS (TTM)Rs 70.85
EPS (latest year)Rs 64.04
EPS (latest quarter)Rs 13.62
EPS, 3-year averageRs 73.30
EPS, 5-year averageRs 61.14
Book value per shareRs 241.83
Sales per shareRs 330.29
Cash flow per shareRs -65.79
Free cash flow per shareRs -70.11
Dividend per share (latest year)Rs 18.12
Dividend per share, 3-year averageRs 20.94
Dividend per share, 5-year averageRs 17.50
Dividends
Dividend payout28.29%
Dividend payout, 3-year average28.58%
Dividend payout, 5-year average28.67%
Efficiency
Asset turnover0.47x
Fixed asset turnover6.31x
Inventory turnover3.21x
Inventory days114 days
Debtor days73 days
Debtors turnover4.99x
Creditor days224 days
Cash conversion cycle-20 days
Working capital days-187 days
Leverage
Total debtRs 447 Cr
Cash and bankRs 13,096 Cr
Net debtRs -12,649 Cr
Debt to equity0.05x
Net debt / EBITDA-3.42x
Interest coverage52.87x
Current ratio (filing 2026-03-31)1.40x
Quick ratio (filing 2026-03-31)1.24x
Trade payables (filing 2026-03-31)Rs 4,513 Cr
Owners' fund to total sources35.51%
Debt to assets1.63%
Cash flow
Cash from Operating Activity (latest year)Rs -2,654 Cr
Cash from Investing Activity (latest year)Rs 1,166 Cr
Cash from Financing Activity (latest year)Rs -931 Cr
Net Cash Flow (latest year)Rs -2,419 Cr
Free cash flow (latest year)Rs -2,828 Cr
FCFE (approx.: FCF + change in debt)Rs -2,401 Cr
Cash from ops / profit, 5 years0.17x
Statement figures
Net sales (TTM)Rs 13,323 Cr
Net sales (latest year)Rs 13,006 Cr
Sales (latest quarter)Rs 2,943 Cr
Operating profit excl. other income (latest year)Rs 2,268 Cr
Operating profit (latest quarter)Rs 447 Cr
Other income (TTM)Rs 1,129 Cr
EBITDA (TTM)Rs 3,700 Cr
PBDT (TTM)Rs 3,632 Cr
Profit before tax (TTM)Rs 3,533 Cr
Tax (latest year)Rs 815 Cr
Net profit (TTM)Rs 2,858 Cr
Net profit (latest year)Rs 2,583 Cr
Net profit (latest quarter)Rs 549 Cr
Depreciation (TTM)Rs 99 Cr
Depreciation (latest quarter)Rs 29 Cr
Interest (TTM)Rs 68 Cr
Cost of goods sold (latest year)Rs 8,456 Cr
Total expenditure (latest year)Rs 10,738 Cr
Total income (latest year)Rs 14,146 Cr
Share capitalRs 202 Cr
ReservesRs 9,553 Cr
Shareholders' fundsRs 9,755 Cr
Total assetsRs 27,474 Cr
Net blockRs 2,062 Cr
Capital work in progressRs 252 Cr
InvestmentsRs 915 Cr
ReceivablesRs 2,606 Cr
InventoryRs 2,633 Cr
Other liabilitiesRs 17,272 Cr
Shares outstanding (crore)40.34
Ownership
Promoter holding81.22% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 29.1 is at the 44th percentile of its own 6.1-year range (median 33.3, low 7.2, high 58.1).
P/B 8.53 is at the 51th percentile (median 8.33).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMAZDOCKNifty 50Difference
1 week-6.3%-2.8% -3.5 pts
1 month-16.9%-6.8% -10.1 pts
3 months-18.9%-7.6% -11.2 pts
6 months-0.1%+0.4% -0.5 pts
1 year-29.4%-9.9% -19.5 pts
2 years-4.4%-13.6% +9.2 pts
3 years+88.3%+14.2% +74.1 pts
5 years+1545.7%+27.9% +1517.8 pts
117 mutual fund schemes hold about ₹1,569 Cr. Over three months 107 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Defence Fund3.62%416 +46%
Motilal Oswal Nifty India Defence Index Fund4.68%259 +20%
ICICI Pru Nifty Next 50 Index Fund0.74%75 +18%
Tata Arbitrage Fund0.28%70 +514%
Aditya Birla SL Nifty India Defence Index Fund4.67%65 +20%
UTI Nifty Next 50 Index Fund0.74%56 +18%
Kotak Arbitrage Fund(M0.07%51 +230%
SBI Arbitrage Fund0.09%43 +824%
Edelweiss Balanced Advantage Fund(Q0.29%39 +19%
Nippon India Multi Asset Allocation Fund0.20%36 +9%
ITI Small Cap Fund0.77%28 +14%
Altiva Hybrid Long-Short Fund0.26%24 -37%
HDFC Arbitrage Fund(M0.08%20 +100%
HDFC NIFTY Next 50 Index Fund0.74%20 +18%
Bank of India Flexi Cap Fund0.63%19 +8%
Aditya Birla SL Arbitrage Fund0.07%18 +1576%
Invesco India PSU Equity Fund1.27%18 +25%
Axis Quant Fund2.16%18 -14%
SBI Nifty Next 50 Index Fund0.74%18 +18%
Edelweiss Flexi Cap Fund0.46%17 +14%
Axis Nifty India Defence Index Fund4.69%16 +20%
ITI Mid Cap Fund0.90%14 +15%
Edelweiss Business Cycle Fund0.88%13 +24%
Mahindra Manulife Business Cycle Fund0.91%12 +20%
Bandhan Arbitrage Fund(M0.15%12 +3597%

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was 2% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 19% of total assets in 2026
explainReceivables outrunning sales Receivables grew 144% vs sales +14% in 2026
lookAuditor change Auditor change 2026-09-08: Mazagon Dock Shipbuilders Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-04-08Payal PrakashOthersell1,000Rs 0.24 CrMarket Sale
2025-04-07The President of India acting throPromotersother14,563,465Rs 3677.78 CrOthers
2025-01-01Payal PrakashOtherbuy1,000Rs 0.22 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,943 Cr +12.1% vs Jun 2025. Net profit ₹550 Cr +21.7%.

Activity

Compare
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Hariyana Ship Breakers Ltd583.398.42 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-08-20Dividend - Rs 4.62 Per Share
2026-02-13Interim Dividend - Rs 7.50 Per Share
2025-11-04Interim Dividend - Rs 6 Per Share
2025-09-19Dividend - Rs 2.71 Per Share
2025-04-16Interim Dividend - Rs 3 Per Share
2024-12-27Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2024-10-30Interim Dividend - Rs 23.19 Per Share
2024-09-19Annual General Meeting/Dividend - Rs 12.11 Per Share
2023-11-20Interim Dividend - Rs 15.34 Per Share
2023-09-20Annual General Meeting/Dividend - Rs 6.86 Per Share
2022-11-21Interim Dividend - Rs 9.10 Per Share
2022-09-19Annual General Meeting/Dividend - Rs 1.63 Per Share
2022-01-06Interim Dividend - Rs 7.10 Per Share
2021-09-20 Annual General Meeting/Dividend - Rs 1.83 Per Share
2021-02-22 Interim Dividend - Rs 5.41 Per Share
DateTypeWhat it says
2026-10-02Rumour Verification - RegulaMazagon Dock Shipbuilders Limited has clarified the Exchange about the news item appearing in www.hindubusinessline.com regarding Thoothukudi Shipyard...
2026-09-28UpdatesBoard comments on fine levied by the Exchange.
2026-09-23Investor PresentationInvestor Presentation
2026-09-23Director changeChange in Director(s) of the company.
2026-09-21Concall / analyst meetSchedule of Investors meet
2026-09-18UpdatesSigning of MoU with National Shipbuilding & Heavy Industries Park Andhra Pradesh (NSHIPAP).
2026-09-16UpdatesSigning of MoU with National Shipbuilding & Heavy Industries Park Maharashtra Limited (NSHIPML) .
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-07AppointmentAppointment of Mr K M Ravikumar as Non- Executive Independent Director of the company w.e.f. September 07, 2026.
2026-09-04Order winReceipt of an Order from MSETCL for Al based comprehensive Infrasecure Project
2026-08-28Shareholder meetingVoting results.
2026-08-27Shareholder meetingProceedings of Annual General Meeting held on August 27, 2026
2026-08-24General UpdatesAppointment of Part-time Non-official (Independent) Director.
2026-08-12UpdatesBoard comments on fine levied by the Exchange.
2026-08-11Record DateRecord date for the purpose of Dividend is 20-Aug-2026.
2026-08-05General UpdatesWeb-link letter dispatched to the Members, for accessing the Annual Report and Notice of the 93rd AGM for the FY 2025-26.
2026-08-04Shareholder meetingNotice of the 93rd Annual General Meeting to be held on August 27, 2026.
2026-07-30General UpdatesThe Corporate Investors Presentation on Companys Performance for the quarter ended on 30 June 2026.
2026-07-30Board meeting outcomeMazagon Dock Shipbuilders Limited has submitted to the Exchange, the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended on ...
2026-07-11Press ReleaseA press release dated July 11, 2026, titled "A New Sentinel for the Seas: INS Mahendragiri Commissioned into the Indian Navy".
2026-07-03Change in ManagementChanges in Senior Management of the company due to Internal Promotions
2026-06-15Change in ManagementChange in Senior Management of the company due to Internal Promotion.
2026-06-08Disclosure under SEBI TakeovMazagon Dock Shipbuilders Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of In...
2026-05-26Disclosure under SEBI TakeovMazagon Dock Shipbuilders Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of In...
2026-05-12UpdatesBoard comments on fine levied by the Exchange.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.69
Max pain (expiry 2026-10-27)2,150
Largest call open interest at2,500
Largest put open interest at2,100
Implied volatility, at the money32.6%
Underlying at snapshot2,064.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30986
2026-09-292
2026-09-285,850
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Mazagon Dock Shipbuilders Ltd?

Mazagon Dock Shipbuilders Ltd (MAZDOCK) has a market capitalisation of Rs 84,189 Cr. at the 2026-10-01 close.

What is the P/E ratio of Mazagon Dock Shipbuilders Ltd?

Mazagon Dock Shipbuilders Ltd trades at a P/E of 29.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Mazagon Dock Shipbuilders Ltd's latest quarterly results?

In the Jun 2026 quarter, Mazagon Dock Shipbuilders Ltd sales was Rs 2,943 Cr (+12.1% vs Jun 2025) and net profit was Rs 550 Cr.

What is the 52-week high and low of Mazagon Dock Shipbuilders Ltd?

The 52-week high is Rs 2,929.70 and the 52-week low is Rs 2,057.40.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03