Login
Products
Login
Home
Alerts
Search
Watchlist
Products

Mazagon Dock Shipbuilders Ltd

MAZDOCK
NSE
2,733.20
1.32%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
Guidance Tracker
Alert
Watchlist
Note

Mazagon Dock Shipbuilders Ltd

MAZDOCK
NSE
2,733.20
1.32%
30 Apr '26, 4:00 PM
Company Overview
Guidance Tracker
Add Alert
Add to Watchlist
Edit Note
6M
Price
Charts
Documents

Quick Ratios

Edit Ratios
Mkt Cap
Market Capitalization
1,10,252Cr
Close
Close Price
2,733.20
Industry
Industry
Ship - Docks/Breaking/Repairs
PE
Price To Earnings
39.94
PS
Price To Sales
8.48
Revenue
Revenue
13,006Cr
Rev Gr TTM
Revenue Growth TTM
13.77%
PAT Gr TTM
PAT Growth TTM
14.13%
Peer Comparison
How does MAZDOCK stack up?
Compare up to 10 companies side by side across valuation, profitability, and growth.
MAZDOCK
VS

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
RevenueCr
2,1731,8282,3623,1042,3572,7573,1443,1742,6262,9293,6013,850
Growth YoY
Revenue Growth YoY%
-2.67.430.149.38.550.833.12.311.46.314.621.3
Expenses
ExpensesCr
2,0011,6511,8232,5801,7152,2462,3273,0552,3242,2352,7143,308
Operating Profit
Operating ProfitCr
172177539524642511817119302695887543
OPM
OPM%
7.99.722.816.927.318.526.03.811.523.724.614.1
Other Income
Other IncomeCr
233251269349271258291287324271262283
Interest Expense
Interest ExpenseCr
11111558358610
Depreciation
DepreciationCr
202020232323402923242323
PBT
PBTCr
3834077868498897401,0633705679341,120793
Tax
TaxCr
9710319522222318829479148224283161
PAT
PATCr
287304592627666553768290419710837633
Growth YoY
PAT Growth YoY%
32.155.875.4111.2132.381.929.9-53.7-37.028.49.0117.9
NPM
NPM%
13.216.625.020.228.320.124.49.216.024.223.316.4
EPS
EPS
7.88.315.516.417.314.520.08.111.218.621.816.8

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
3,6194,1423,5194,4704,6144,9054,0485,7337,8279,46711,43213,006
Growth
Revenue Growth%
14.4-15.027.03.26.3-17.541.636.520.920.813.8
Expenses
ExpensesCr
3,4053,9283,3934,3164,3534,6463,8245,2997,0298,0559,37210,580
Operating Profit
Operating ProfitCr
2142141261552612592244357981,4122,0602,426
OPM
OPM%
5.95.23.63.55.75.35.57.610.214.918.018.6
Other Income
Other IncomeCr
5637367665656175464483966871,1011,1211,139
Interest Expense
Interest ExpenseCr
0020173698765459
Depreciation
DepreciationCr
3132425264696075768311593
PBT
PBTCr
7469508316507787276047491,4032,4253,0623,414
Tax
TaxCr
254320288257308350150186357616784815
PAT
PATCr
4926305433944703774535631,0461,8092,2772,599
Growth
PAT Growth%
28.2-13.9-27.519.5-19.820.224.285.872.925.914.1
NPM
NPM%
13.615.215.48.810.27.711.29.813.419.119.920.0
EPS
EPS
246.8333.524.020.623.821.112.715.127.748.059.868.4

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
199199249224224202202202202202202202
Reserves
ReservesCr
2,5542,9672,7412,6102,9932,8583,2303,6564,5586,0427,7389,553
Current Liabilities
Current LiabilitiesCr
28,22830,37614,96715,11716,22416,46020,78925,18424,14022,63419,82315,856
Non Current Liabilities
Non Current LiabilitiesCr
2532461,4341,4191,4071,4229177295635719451,618
Total Liabilities
Total LiabilitiesCr
31,23333,78819,39119,37020,84820,94125,13929,77029,46329,44928,70827,458
Current Assets
Current AssetsCr
30,16132,56517,48917,04418,07818,07222,08426,52926,08525,78824,71422,255
Non Current Assets
Non Current AssetsCr
1,0731,2241,9022,3272,7702,8693,0543,2413,3783,6613,9945,203
Total Assets
Total AssetsCr
31,23333,78819,39119,37020,84820,94125,13929,77029,46329,44928,70827,458

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
2,071746-1,00349165-9668-1631,5166842,078
Investing Cash Flow
Investing Cash FlowCr
434560493348417454348326-1501,420-1,299
Financing Cash Flow
Financing Cash FlowCr
-129-119-245-608-126-605-160-183-218-449-712
Net Cash Flow
Net Cash FlowCr
2,3761,188-755231356-246257-191,1481,65567
Free Cash Flow
Free Cash FlowCr
1,950644-1,220298-106-20526-1931,3817881,660
CFO To PAT
CFO To PAT%
421.2118.4-184.7124.713.9-25.315.0-28.9144.937.891.3
CFO To EBITDA
CFO To EBITDA%
968.6349.3-797.4317.225.0-36.930.5-37.4190.048.4100.9

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
0000004,2884,83213,37937,5321,06,627
Price To Earnings
Price To Earnings
0.00.00.00.00.00.08.37.912.019.444.2
Price To Sales
Price To Sales
0.00.00.00.00.00.01.10.81.74.09.3
Price To Book
Price To Book
0.00.00.00.00.00.01.31.32.86.013.4
EV To EBITDA
EV To EBITDA
-35.3-40.8-66.5-46.5-28.6-22.4-16.6-15.30.116.543.9
Profitability Ratios
Profitability Ratios
GPM
GPM%
42.335.839.239.844.650.053.553.043.246.360.4
OPM
OPM%
5.95.23.63.55.75.35.57.610.214.918.0
NPM
NPM%
13.615.215.48.810.27.711.29.813.419.119.9
ROCE
ROCE%
26.329.328.423.625.324.117.719.629.638.938.5
ROE
ROE%
17.919.918.113.914.612.313.214.622.029.028.7
ROA
ROA%
1.61.92.82.02.31.81.81.93.56.17.9
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** **Mazagon Dock Shipbuilders Limited (MDL)** is India’s premier defense public sector shipyard under the Ministry of Defence, recognized as the nation’s “Shipbuilders to the Nation.” Headquartered in Mumbai, with operations in Nhava (Navi Mumbai), MDL plays a pivotal role in India’s naval modernization, self-reliance, and maritime industrial growth. With a legacy dating back to 1934, MDL has evolved into a full-spectrum maritime solutions provider, combining public-sector credibility with private-sector efficiency through its unique public-private partnership model. In 2024, MDL achieved the prestigious **Navratna status**, becoming the only third Defence Public Sector Undertaking (PSU) and the first government-owned shipyard to do so. This milestone underscores its financial health, operational autonomy, and strategic importance to India’s national security and defense export ambitions. --- ### **Core Business Segments** MDL operates through two primary divisions: - **Shipbuilding Division**: Constructs and repairs commercial and naval vessels, including destroyers, frigates, offshore patrol vessels (OPVs), and commercial ships. - **Submarine & Heavy Engineering Division**: Specializes in the design, construction, repair, and refit of diesel-electric submarines, offshore platforms, and heavy engineering products. The company has delivered **over 805 vessels** since nationalization in 1960, including warships, submarines, commercial vessels, support crafts, and floating border outposts for domestic and international clients. --- ### **Key Strengths & Competitive Advantages** #### **1. Unique Capabilities** - Only defense shipyard in India to build **both destroyers and conventional submarines**. - Only Indian shipyard with **two independent submarine assembly and launch lines**. - Pioneer in building the **Veer and Khukri-class corvettes**, the first-of-class vessels for the Indian Navy. #### **2. Strategic Infrastructure** - ISO 9001:2015-certified facilities across multiple locations: Mazdock, Nhava Yard, South Yard Annexe, and Shore Integration Facility. - World-class infrastructure enabling **simultaneous construction of 10 warships and 11 submarines**. - Key assets include: - 300-ton Goliath Crane (138m span) - Module Workshop with 50-ton cranes - 27,000 sq.m wet basin - Shore Integration Facilities (SIF) for system simulation - Virtual Reality (VR) and Augmented Reality (AR) labs #### **3. Technological Advancement & Innovation** - **Industry 4.0 Integration**: Utilizing AI, digital twin, PLM/PDM systems, and automated inspection tools. - **AI-Driven R&D**: In collaboration with IITs and startups, MDL has deployed: - AI-enabled weld inspection via computed radiography - Robotic ultrasonic testing (UT) for welds - AI-powered Remotely Operated Vehicles (ROVs) for underwater inspections - Predictive maintenance systems and energy management tools - **VR/AR for Design Validation**: Uses virtual and augmented reality to reduce physical rework, accelerate design approvals by **2–3 years**, and enhance construction accuracy. #### **4. Make in India & Indigenization** - Established a dedicated **'Make in India' department** to boost local content. - Indigenized critical components: main batteries, air-conditioning plants, NBC filters, sonar domes, flame dampers, and remote-controlled valves. - Developing indigenous systems including: - **Midget Submarine** (fully designed in-house) - **Lithium-ion battery systems** (50 Ah cell, 100 kWh prototype for submarines) - **Fuel Cell Electric Vessel (FCEV)** with zero CO₂ emissions - **Hybrid and solar-powered boats** (launched 24-passenger prototype in 2023) --- ### **Operational & Project Highlights (As of Aug–Nov 2025)** | **Project Type** | **Key Projects in Execution** | |------------------|-------------------------------| | **Warships** | - **Project 15B (Visakhapatnam-class)**: 4 stealth destroyers (1 delivered) <br> - **Project 17A (Nilgiri-class)**: 4 stealth frigates underway <br> - **Next Generation OPVs**, Fast Patrol Vessels, Training Ships | | **Submarines** | - **Project 75 (Scorpene)**: 6 submarines (5 delivered by 2022) <br> - **Vaghsheer-class** (6th Scorpene): advanced stealth, sensor integration, and weapon systems <br> - Bidding for **Project P75(I)** (6 Air-Independent Propulsion submarines) | | **Heavy Engineering** | - Offshore platforms and pipelines for **ONGC** (₹7,000 crore order) <br> - Multi-Purpose Vessels using digitalized workflows | | **Exports** | - **6 Hybrid Multi-Purpose Vessels** to Denmark (~₹715 crore) <br> - Export orders for valves, inspection services, and MRO <br> - Pursuing order for **4 hybrid MPPVs (7,500 DWT)** from Navi Merchants | | **Defense Repair & MRO** | - **INS Shankush** Medium Refit & Life Certification <br> - **Scorpene Submarine MRO for Malaysian Navy** <br> - **MI-17 Helicopter MRO** for Nepalese Army <br> - **US Navy Voyage Repairs** via Master Repair Agreement | --- ### **Strategic Expansion & Growth Initiatives** #### **1. International Expansion** - Signed a **definitive agreement to acquire 51% stake in Colombo Dockyard PLC (Sri Lanka)** for **USD 52.96 million (₹452 crore)** — MDL’s first international acquisition. - Strategic partnership with **Russia’s Zvezda Shipbuilding Complex** for long-term export opportunities. - Actively marketing vessels (OPVs, corvettes, floating docks) to **Africa, Latin America, Southeast Asia, and Middle East**. #### **2. Global Export Push** - Export portfolio includes: - New build vessels (civilian & military) - Warship/submarine refits and repairs - Pressure hull sections for Scorpene-class submarines - AI-based inspection tools, autonomous drones, eco-boats - Leveraging **EXIM Bank Lines of Credit (G2G)** and **sovereign-guaranteed B2B deals**. - Engaging Indian embassies and agencies to secure contracts at **DefExpo, Aero India**. #### **3. Greenfield Expansion at Nhava** - Developing a **37-acre greenfield shipyard** in phases to support large vessels and submarines. - Investing in: - **12,000-ton Floating Dry Dock** (under construction) - New **submarine launch facility, blasting & painting chamber** - **Shiplift, wet basin, workshops, ship repair center** - Acquired **15 additional acres** from Mumbai Port Authority (MPA) for expanded infrastructure. #### **4. Skill & R&D Development** - Establishing a **Skill Development Hub and Apprentice Training School** at Gavhan, Navi Mumbai. - Collaborates with **IITs (Bombay, Madras, Hyderabad, Indore), IISc Bangalore, and startups** via **iDEX**. - Secured **two patents** in FY 2023–24 for shaft alignment and propulsion modeling. - R&D spend of **₹96.52 crore** in 2023, with focus on autonomous systems and sustainable marine tech.