Mazagon Dock Shipbuilders Limited (MAZDOCK)

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Mazagon Dock Shipbuilders Limited (MAZDOCK) · mywealthgrid

About

Builds warships and merchant vessels for government and commercial clients. Scale: ₹1.04 lakh Cr market cap, quarterly revenue ₹2.7–₹3.9 Cr standalone. Promoter-controlled (81.22%) with deep roots in India's defense shipbuilding sector.

Founded: 1934
Face value: ₹5

Market cap

₹83,262 Cr

P/E

29.2×

P/B

8.5×

Dividend yield

ROE

29.2%

ROCE

32.3%

Debt / equity

0.05

OPM

17.4%

EPS (TTM)

₹70.7

Book value

₹241.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin and EPS volatility: OPM ranged 10.21%–24.63% across recent quarters; EPS fell 42% from ₹21.81 (Dec 2025) to ₹12.64 (Jun 2026). Verify whether structural cost pressures or project-mix issues.
PE of 36.47 with negative 1y return (−7.36%) suggests valuation repricing. Verify whether margin recovery is likely or if market is correctly discounting sustainability risk.
Order cyclicality in shipbuilding. Verify backlog visibility, customer concentration (government vs. commercial), and revenue cliff risk if procurement tenders dry up.

Generated analysis · source review pending

Growth drivers

ROE of 29.2% enables capital reinvestment; verify whether management plans capex to expand yard capacity or if returns flow to shareholders.
D/E of 0.05 leaves significant debt headroom; verify whether company plans to leverage balance sheet for growth investments or bids requiring funding.
Regular dividend stream (5 events in ~10 months) signals cash generation; verify payout ratio and whether sustainable if margins compress toward current 15–16% range.
Quarterly revenue stable at ₹2.7–₹3.9 Cr; verify order book and backlog to assess pipeline visibility and whether utilization can expand beyond current run-rate.

Generated analysis · source review pending

1,473 historical price candles were omitted because the exchange source has not been verified.

₹2,064.0-1.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 32.8% (3-yr avg)
+High return on capital employed of 37.1%
+Profit CAGR of 38.1% over the last 5 years
+Revenue CAGR of 26.3% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 46.2×
+Dividend payout of 29.4% of profit
+High promoter holding of 81.2% with no pledge

Cons

−Trading at 8.5× book value

Research score

Structured signal from quality, growth, valuation and momentum.

65/100

Business quality: 85
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,050	5,733	7,827	9,467	11,432	13,006
COGS	1,882	2,693	4,446	5,082	5,682	7,339
Gross profit	2,168	3,040	3,381	4,385	5,750	5,667
	1,883	2,558	2,511	2,845	3,553	3,245
	284	482	871	1,540	2,196	2,422
OPM %	7%	8.4%	11.1%	16.3%	19.2%	18.6%
Depreciation	60	75	76	83	115	97
Interest	8	7	6	5	4	72
	448	396	687	1,101	1,121	1,139
Profit before tax	664	797	1,476	2,553	3,198	3,393
Tax	150	186	357	616	784	815
Tax %	22.6%	23.4%	24.2%	24.1%	24.5%	24%
	514	611	1,119	1,937	2,414	2,578
PAT margin %	12.7%	10.7%	14.3%	20.5%	21.1%	19.8%
EPS (₹)	25.5	30.3	55.5	96	59.8	64
EPS adjusted (₹)	12.7	15.1	27.7	48	59.8	64
	28.4%	28.8%	28.8%	28.6%	43.3%	33%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	224	202	202	202	202	202	202
Reserves	2,990	3,230	3,656	4,558	6,042	7,738	9,553
Minority interest	—	—	—	—	—	—	229
	—	0	0	0	0	0	440
	17,624	21,707	25,912	24,703	23,205	20,768	17,034
Total equity & liabilities	20,838	25,139	29,770	29,463	29,449	28,708	27,458
	798	807	965	1,024	838	1,466	2,069
CWIP	89	80	87	62	68	133	245
Investments	431	519	542	589	679	765	915
	19,520	23,733	28,176	27,789	27,864	26,344	24,229
Total assets	20,838	25,139	29,770	29,463	29,449	28,708	27,458

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Exempted from segment reporting	0	0	0	0

SegmentFigure

Exempted from Segment Reporting · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.5%	53%	43.2%	46.3%	50.3%	43.6%
EBITDA margin %	5.5%	7.6%	10.2%	14.9%	18%	17.4%
EBIT margin %	4.1%	6.3%	9.2%	14%	17%	16.7%
PAT margin %	12.7%	10.7%	14.3%	20.5%	21.1%	19.8%
Working capital
Receivable days	87	64	47	71	34	73
Inventory days	1,142	1,044	604	410	291	130
Payable days	1,234	836	366	321	240	224
NWC days	-5	272	284	161	85	-21
Leverage
Current ratio	1.06	1.05	1.08	1.14	1.25	1.4
Debt to EBITDA	0	0	0	0	0	0.19
Debt to equity	0	0	0	0	0	0.05
Interest coverage	88.3	107.6	221.2	474.6	696.8	46.2
Asset turnover	0.16	0.19	0.27	0.32	0.4	0.47
Return ratios
Return on assets %	2%	2.1%	3.8%	6.6%	8.4%	9.4%
Return on capital employed %	17%	17.2%	28.4%	40%	39.1%	32.3%
Return on equity %	15%	15.8%	23.5%	31%	30.4%	26.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	84.83%	84.83%	84.83%	84.83%	84.83%	84.83%	84.83%	81.22%	81.22%	81.22%	81.22%	81.22%
	3.69%	3.32%	2.38%	2.44%	1.45%	1.55%	2.26%	2.58%	1.97%	1.8%	1.73%	1.72%
	0.38%	0.43%	0.67%	0.84%	1.01%	1.47%	1.7%	5.21%	5.66%	5.37%	5.09%	5.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	11.1%	11.42%	12.12%	11.89%	12.71%	12.15%	11.21%	10.99%	11.15%	11.61%	11.96%	12.05%
No. of shareholders	—	—	—	—	—	—	—	—	7,41,680	7,62,652	8,08,455	8,05,823

Promoter holding down 3.61 percentage points since Sep 2023.

26 deals · 29 Aug 2022 – 8 Sept 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
8 Sept 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	10,89,984	₹2,307.01	₹251.46 Cr
8 Sept 2023	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	10,89,984	₹2,305.81	₹251.33 Cr
7 Sept 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,61,807	₹2,051.16	₹217.79 Cr
7 Sept 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	10,61,807	₹2,050.63	₹217.74 Cr
16 Jun 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,10,881	₹1,147.30	₹161.87 Cr
16 Jun 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	14,10,881	₹1,147.06	₹161.84 Cr
6 Jun 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,47,362	₹1,034.78	₹149.77 Cr
6 Jun 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	14,47,362	₹1,034.50	₹149.73 Cr
23 Nov 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	12,64,424	₹894.91	₹113.15 Cr
23 Nov 2022	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	12,64,424	₹894.71	₹113.13 Cr

1–10 of 26

1 / 3

Mr. JAGMOHANExecutive Director-Chairperson-MD
Mr. BIJU GEORGEExecutive Director
Mr. VASUDEV RANGANATH PURANIKExecutive Director
Mr. RUCHIR AGRAWALExecutive Director
Mr. SHAILESH BHALACHANDRA JAMGAONKARExecutive Director
Mr. DINESH MAHURNon-Executive - Nominee Director
Mr. KEDAR NATH GUPTANon-Executive - Independent Director
Mr. Ruchir AgrawalChief Financial Officer
Mr. Lalatendu AcharyaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,112.9 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,114.1	+5.1	+0.2%	₹2,114.1	22,487	-28	1,554	225
23 Nov 2026	₹2,108.1	-0.9	-0%	₹2,108.1	1,213	+27	163	225
29 Dec 2026	₹2,110.2	-7.9	-0.4%	₹2,110.2	10	+10	10	225

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 15 fund houses

Held by these funds

0.8%

of the company's equity

All mutual funds

1.41%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

69 schemes · 15 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	10.43 L	258.66	4.68%	0.259%	+26,414
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	3.02 L	75	0.74%	0.075%	+4,819
ETF NIFTY NEXT 50 JUNIOR BEES	Nippon India Mutual Fund	2.68 L	66.5	0.74%	0.066%	+8,642
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.56 L	63.42	4.67%	0.063%	-1,376
Arbitrage FundNEW	SBI Mutual Fund	1.72 L	42.74	0.09%	0.043%	—
Multi Asset Allocation Fund	Nippon India Mutual Fund	1.46 L	36.3	0.2%	0.036%	-0
(LIVE SCHEMES)	ITI Mutual Fund	1.12 L	27.77	0.77%	0.028%	+1,228
Quant Fund	Axis Mutual Fund	1.04 L	25.79	3.12%	0.026%	-0

1–8 of 69

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

14

Final dividend20 Aug 2026 · ex-date₹4.62
Interim dividend13 Feb 2026 · ex-date₹7.5
Interim dividend4 Nov 2025 · ex-date₹6
Final dividend19 Sept 2025 · ex-date₹2.71
Interim dividend16 Apr 2025 · ex-date₹3
Interim dividend30 Oct 2024 · ex-date₹23.19
Final dividend19 Sept 2024 · ex-date₹12.11
Interim dividend20 Nov 2023 · ex-date₹15.34
Final dividend20 Sept 2023 · ex-date₹6.86
Interim dividend21 Nov 2022 · ex-date₹9.1
Final dividend19 Sept 2022 · ex-date₹1.63
Interim dividend6 Jan 2022 · ex-date₹7.1
Final dividend20 Sept 2021 · ex-date₹1.83
Interim dividend22 Feb 2021 · ex-date₹5.41

1

Board meeting to consider results30 Jul 2026

1

Face value ₹10 → ₹527 Dec 2024 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

24 Aug 2026, 4:14 pmCompany Update

Appointment Of Part-Time Non-Official (Independent) Director.

General PDF

Loading announcements…

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.5%	53%	43.2%	46.3%	50.3%	43.6%
EBITDA margin %	5.5%	7.6%	10.2%	14.9%	18%	17.4%
EBIT margin %	4.1%	6.3%	9.2%	14%	17%	16.7%
PAT margin %	12.7%	10.7%	14.3%	20.5%	21.1%	19.8%
Working capital
Receivable days	87	64	47	71	34	73
Inventory days	1,142	1,044	604	410	291	130
Payable days	1,234	836	366	321	240	224
NWC days	-5	272	284	161	85	-21
Leverage
Current ratio	1.06	1.05	1.08	1.14	1.25	1.4
Debt to EBITDA	0	0	0	0	0	0.19
Debt to equity	0	0	0	0	0	0.05
Interest coverage	88.3	107.6	221.2	474.6	696.8	46.2
Asset turnover	0.16	0.19	0.27	0.32	0.4	0.47
Return ratios
Return on assets %	2%	2.1%	3.8%	6.6%	8.4%	9.4%
Return on capital employed %	17%	17.2%	28.4%	40%	39.1%	32.3%
Return on equity %	15%	15.8%	23.5%	31%	30.4%	26.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Mazagon Dock Shipbuilders LimitedMAZDOCKMAZDOCK	₹83,262 Cr	₹83,702 Cr	₹13,323 Cr	₹2,571 Cr	17.4%	₹2,854 Cr	19.8%	32.3%	29.2%	-21
Cochin Shipyard LimitedCOCHINSHIPCOCHINSHIP	₹33,861 Cr	₹34,960 Cr	₹5,047 Cr	₹763 Cr	16.2%	₹680 Cr	14.3%	17.2%	12.5%	250
Swan Defence And Heavy Industries LimitedSWANDEFSWANDEF	₹14,325 Cr	₹17,050 Cr	₹312 Cr	₹-299 Cr	-109.8%	₹-237 Cr	-80.1%	-7.9%	-123.7%	725
Laxmipati Engineering Works LtdLAXMIPATILAXMIPATI	₹249 Cr	—	₹72 Cr	₹13 Cr	17.5%	₹27 Cr	37.6%	—	—	—
Hariyana Ship Breakers LtdHRYNSHPHRYNSHP	₹61 Cr	₹64 Cr	₹169 Cr	₹3 Cr	2%	₹2 Cr	1.1%	4.5%	1.4%	—

46

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,700	₹4.0	13	+12	12
0	0	0	₹0.0	1,760	₹0.0	0	0	0
0	0	0	₹0.0	1,800	₹7.3	164	-5	220
0	0	0	₹0.0	1,840	₹0.0	0	0	0
0	0	0	₹0.0	1,860	₹8.4	1	+1	1
0	0	0	₹0.0	1,880	₹0.0	0	0	0
1	0	0	₹360.0	1,900	₹14.0	229	-68	444
0	0	0	₹0.0	1,920	₹16.2	65	+36	36

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
24 Aug 2026, 4:14 pm	Company Update General	Appointment Of Part-Time Non-Official (Independent) Director.	PDF
11 Aug 2026, 4:56 pm	Corp. Action Record Date	Record Date For Final Dividend For The Financial Year 2025-26.	PDF
3 Aug 2026, 3:57 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Jul 2026, 6:04 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
30 Jul 2026, 6:37 pm	Company Update General	Corporate Investor Presentation For The Quarter Ended On 30 June 2026	PDF
30 Jul 2026, 6:23 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for The Unaudited Financial Results (Standalone & Consolidated) For The Quarter Ended On 30 June 2026.	PDF
24 Jul 2026, 5:01 pm	Board Meeting	Board Meeting Intimation for Approval Of The Unaudited Financial Results For The Quarter Ended On 30 June 2026.	PDF
11 Jul 2026, 2:00 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	68	-163	858	684	2,078	-2,891
	348	326	508	1,420	-1,299	1,209
	-160	-183	-218	-449	-712	-738
Net cash flow	257	-19	1,148	1,655	67	-2,419
Free cash flow	26	-195	722	581	1,335	-2,955
CFO / Operating profit %	30.5%	-37.4%	107.5%	48.4%	100.9%	-127.6%

Mazagon Dock Shipbuilders Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Exempted from Segment Reporting · revenue

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

14

1

1

Announcements

14

1

1

Announcements

3

Annual reports

Investor Presentation and earnings call

46

Segment results

Exempted from Segment Reporting · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Mazagon Dock Shipbuilders Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Exempted from Segment Reporting · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Dividends14

Board meetings1

Stock splits1

Announcements

Dividends14

Board meetings1

Stock splits1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Investor Presentation and earnings call

Option chain46

Profit & loss

Balance sheet

Segment results

Exempted from Segment Reporting · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

14

1

1

14

1

1

3

46