Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹1,10,252Cr
Ship - Docks/Breaking/Repairs
Rev Gr TTM
Revenue Growth TTM
13.77%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

MAZDOCK
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -2.6 | 7.4 | 30.1 | 49.3 | 8.5 | 50.8 | 33.1 | 2.3 | 11.4 | 6.3 | 14.6 | 21.3 |
| 2,001 | 1,651 | 1,823 | 2,580 | 1,715 | 2,246 | 2,327 | 3,055 | 2,324 | 2,235 | 2,714 | 3,308 |
Operating Profit Operating ProfitCr |
| 7.9 | 9.7 | 22.8 | 16.9 | 27.3 | 18.5 | 26.0 | 3.8 | 11.5 | 23.7 | 24.6 | 14.1 |
Other Income Other IncomeCr | 233 | 251 | 269 | 349 | 271 | 258 | 291 | 287 | 324 | 271 | 262 | 283 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 5 | 5 | 8 | 35 | 8 | 6 | 10 |
Depreciation DepreciationCr | 20 | 20 | 20 | 23 | 23 | 23 | 40 | 29 | 23 | 24 | 23 | 23 |
| 383 | 407 | 786 | 849 | 889 | 740 | 1,063 | 370 | 567 | 934 | 1,120 | 793 |
| 97 | 103 | 195 | 222 | 223 | 188 | 294 | 79 | 148 | 224 | 283 | 161 |
|
Growth YoY PAT Growth YoY% | 32.1 | 55.8 | 75.4 | 111.2 | 132.3 | 81.9 | 29.9 | -53.7 | -37.0 | 28.4 | 9.0 | 117.9 |
| 13.2 | 16.6 | 25.0 | 20.2 | 28.3 | 20.1 | 24.4 | 9.2 | 16.0 | 24.2 | 23.3 | 16.4 |
| 7.8 | 8.3 | 15.5 | 16.4 | 17.3 | 14.5 | 20.0 | 8.1 | 11.2 | 18.6 | 21.8 | 16.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | 14.4 | -15.0 | 27.0 | 3.2 | 6.3 | -17.5 | 41.6 | 36.5 | 20.9 | 20.8 | 13.8 |
| 3,405 | 3,928 | 3,393 | 4,316 | 4,353 | 4,646 | 3,824 | 5,299 | 7,029 | 8,055 | 9,372 | 10,580 |
Operating Profit Operating ProfitCr |
| 5.9 | 5.2 | 3.6 | 3.5 | 5.7 | 5.3 | 5.5 | 7.6 | 10.2 | 14.9 | 18.0 | 18.6 |
Other Income Other IncomeCr | 563 | 736 | 766 | 565 | 617 | 546 | 448 | 396 | 687 | 1,101 | 1,121 | 1,139 |
Interest Expense Interest ExpenseCr | 0 | 0 | 20 | 17 | 36 | 9 | 8 | 7 | 6 | 5 | 4 | 59 |
Depreciation DepreciationCr | 31 | 32 | 42 | 52 | 64 | 69 | 60 | 75 | 76 | 83 | 115 | 93 |
| 746 | 950 | 831 | 650 | 778 | 727 | 604 | 749 | 1,403 | 2,425 | 3,062 | 3,414 |
| 254 | 320 | 288 | 257 | 308 | 350 | 150 | 186 | 357 | 616 | 784 | 815 |
|
| | 28.2 | -13.9 | -27.5 | 19.5 | -19.8 | 20.2 | 24.2 | 85.8 | 72.9 | 25.9 | 14.1 |
| 13.6 | 15.2 | 15.4 | 8.8 | 10.2 | 7.7 | 11.2 | 9.8 | 13.4 | 19.1 | 19.9 | 20.0 |
| 246.8 | 333.5 | 24.0 | 20.6 | 23.8 | 21.1 | 12.7 | 15.1 | 27.7 | 48.0 | 59.8 | 68.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 199 | 199 | 249 | 224 | 224 | 202 | 202 | 202 | 202 | 202 | 202 | 202 |
| 2,554 | 2,967 | 2,741 | 2,610 | 2,993 | 2,858 | 3,230 | 3,656 | 4,558 | 6,042 | 7,738 | 9,553 |
Current Liabilities Current LiabilitiesCr | 28,228 | 30,376 | 14,967 | 15,117 | 16,224 | 16,460 | 20,789 | 25,184 | 24,140 | 22,634 | 19,823 | 15,856 |
Non Current Liabilities Non Current LiabilitiesCr | 253 | 246 | 1,434 | 1,419 | 1,407 | 1,422 | 917 | 729 | 563 | 571 | 945 | 1,618 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 30,161 | 32,565 | 17,489 | 17,044 | 18,078 | 18,072 | 22,084 | 26,529 | 26,085 | 25,788 | 24,714 | 22,255 |
Non Current Assets Non Current AssetsCr | 1,073 | 1,224 | 1,902 | 2,327 | 2,770 | 2,869 | 3,054 | 3,241 | 3,378 | 3,661 | 3,994 | 5,203 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 2,071 | 746 | -1,003 | 491 | 65 | -96 | 68 | -163 | 1,516 | 684 | 2,078 |
Investing Cash Flow Investing Cash FlowCr | 434 | 560 | 493 | 348 | 417 | 454 | 348 | 326 | -150 | 1,420 | -1,299 |
Financing Cash Flow Financing Cash FlowCr | -129 | -119 | -245 | -608 | -126 | -605 | -160 | -183 | -218 | -449 | -712 |
|
Free Cash Flow Free Cash FlowCr | 1,950 | 644 | -1,220 | 298 | -106 | -205 | 26 | -193 | 1,381 | 788 | 1,660 |
| 421.2 | 118.4 | -184.7 | 124.7 | 13.9 | -25.3 | 15.0 | -28.9 | 144.9 | 37.8 | 91.3 |
CFO To EBITDA CFO To EBITDA% | 968.6 | 349.3 | -797.4 | 317.2 | 25.0 | -36.9 | 30.5 | -37.4 | 190.0 | 48.4 | 100.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 0 | 0 | 4,288 | 4,832 | 13,379 | 37,532 | 1,06,627 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.3 | 7.9 | 12.0 | 19.4 | 44.2 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | 0.8 | 1.7 | 4.0 | 9.3 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | 1.3 | 2.8 | 6.0 | 13.4 |
| -35.3 | -40.8 | -66.5 | -46.5 | -28.6 | -22.4 | -16.6 | -15.3 | 0.1 | 16.5 | 43.9 |
Profitability Ratios Profitability Ratios |
| 42.3 | 35.8 | 39.2 | 39.8 | 44.6 | 50.0 | 53.5 | 53.0 | 43.2 | 46.3 | 60.4 |
| 5.9 | 5.2 | 3.6 | 3.5 | 5.7 | 5.3 | 5.5 | 7.6 | 10.2 | 14.9 | 18.0 |
| 13.6 | 15.2 | 15.4 | 8.8 | 10.2 | 7.7 | 11.2 | 9.8 | 13.4 | 19.1 | 19.9 |
| 26.3 | 29.3 | 28.4 | 23.6 | 25.3 | 24.1 | 17.7 | 19.6 | 29.6 | 38.9 | 38.5 |
| 17.9 | 19.9 | 18.1 | 13.9 | 14.6 | 12.3 | 13.2 | 14.6 | 22.0 | 29.0 | 28.7 |
| 1.6 | 1.9 | 2.8 | 2.0 | 2.3 | 1.8 | 1.8 | 1.9 | 3.5 | 6.1 | 7.9 |
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.