MAZDOCK

Mazagon Dock Shipbuilders Limited

Navratna defence shipyard — destroyers and conventional submarines for the Indian Navy

Industrials›Capital Goods›Industrial Manufacturing›Ship Building & Allied Services

mazagondock.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2092.00
Market cap
84,388 Cr
Stock P/E
29.5
P/B
8.65
Dividend yield
0.9%
ROE (FY26)
25.9%
ROCE (FY26)
33.2%
Operating margin (FY26)
16.7%
Debt / equity (FY26)
0.05
OCF / EBITDA (FY26)
-127.6%
OCF / EBITDA (3Y)
-2.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Mazagon Dock Shipbuilders (MDL) builds warships and submarines, mainly for the Indian Navy, and also serves the Indian Coast Guard and commercial customers.

Company snapshot

1stBy market cap

Ranked among 3 companies in Ship Building & Allied Services.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

SegmentRevenue shareRevenuePBTAssets
Exempted from segment reporting—0 Cr0 Cr—

What we see

Positives
  • ✓Net margin of 19.8% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,828 Cr2,362 Cr3,104 Cr2,357 Cr2,757 Cr3,144 Cr3,174 Cr2,626 Cr2,929 Cr3,601 Cr3,850 Cr2,943 Cr
Operating expenses (approx.)1,651 Cr1,823 Cr2,580 Cr1,715 Cr2,246 Cr2,327 Cr3,084 Cr2,324 Cr2,235 Cr2,714 Cr3,308 Cr2,496 Cr
EBITDA177 Cr539 Cr524 Cr642 Cr511 Cr817 Cr90 Cr302 Cr695 Cr887 Cr543 Cr447 Cr
OPM %9.7%22.8%16.9%27.2%18.5%26.0%2.8%11.5%23.7%24.6%14.1%15.2%
Other income251 Cr269 Cr349 Cr271 Cr254 Cr286 Cr310 Cr289 Cr271 Cr262 Cr283 Cr313 Cr
Interest1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr1 Cr8 Cr6 Cr10 Cr44 Cr
Depreciation20 Cr20 Cr23 Cr23 Cr23 Cr40 Cr29 Cr23 Cr24 Cr23 Cr23 Cr29 Cr
Profit before tax436 Cr821 Cr885 Cr919 Cr773 Cr1,101 Cr405 Cr600 Cr974 Cr1,162 Cr835 Cr725 Cr
Tax %23.6%23.7%25.1%24.3%24.3%26.7%19.6%24.6%23.0%24.3%19.2%24.1%
Net profit333 Cr627 Cr663 Cr696 Cr585 Cr807 Cr325 Cr452 Cr749 Cr880 Cr674 Cr550 Cr
EPS (₹)₹16.50₹31.08₹32.87₹34.51₹29.01₹20.01₹8.06₹11.21₹18.58₹21.81₹16.84₹13.62

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,519 Cr4,470 Cr4,614 Cr4,978 Cr4,050 Cr5,733 Cr7,827 Cr9,467 Cr11,432 Cr13,006 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,393 Cr4,316 Cr4,353 Cr4,710 Cr3,826 Cr5,299 Cr7,029 Cr8,055 Cr9,372 Cr10,741 CrSign in free for the trailing twelve months
EBITDA126 Cr155 Cr261 Cr268 Cr224 Cr435 Cr798 Cr1,412 Cr2,060 Cr2,266 CrSign in free for the trailing twelve months
OPM %3.6%3.5%5.7%5.4%5.5%7.6%10.2%14.9%18.0%17.4%Sign in free for the trailing twelve months
Other income756 Cr557 Cr591 Cr558 Cr574 Cr410 Cr687 Cr1,101 Cr1,121 Cr1,139 CrSign in free for the trailing twelve months
Interest9 Cr9 Cr9 Cr9 Cr8 Cr7 Cr6 Cr5 Cr4 Cr72 CrSign in free for the trailing twelve months
Depreciation42 Cr52 Cr64 Cr69 Cr60 Cr75 Cr76 Cr83 Cr115 Cr97 CrSign in free for the trailing twelve months
Profit before tax886 Cr753 Cr840 Cr829 Cr664 Cr797 Cr1,476 Cr2,553 Cr3,198 Cr3,393 CrSign in free for the trailing twelve months
Tax %32.5%34.1%36.6%42.4%22.6%23.4%24.2%24.1%24.5%24.0%Sign in free for the trailing twelve months
Net profit598 Cr496 Cr532 Cr477 Cr514 Cr611 Cr1,119 Cr1,937 Cr2,414 Cr2,578 CrSign in free for the trailing twelve months
EPS (₹)————₹25.48₹30.29₹55.48₹96.04₹59.83₹64.04Sign in free for the trailing twelve months
Dividend payout %————30.2%29.5%19.3%23.1%29.5%30.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital249 Cr224 Cr224 Cr202 Cr202 Cr202 Cr202 Cr202 Cr202 Cr202 Cr
Reserves2,741 Cr2,610 Cr2,993 Cr2,867 Cr3,230 Cr3,656 Cr4,558 Cr6,042 Cr7,738 Cr9,553 Cr
Borrowings—————————440 Cr
Other liabilities16,401 Cr16,536 Cr17,631 Cr17,897 Cr21,707 Cr25,912 Cr24,703 Cr23,205 Cr20,768 Cr17,034 Cr
Total liabilities19,391 Cr19,370 Cr20,848 Cr20,966 Cr25,139 Cr29,770 Cr29,463 Cr29,449 Cr28,708 Cr27,458 Cr
Fixed assets (net)544 Cr677 Cr787 Cr831 Cr795 Cr957 Cr1,007 Cr820 Cr1,444 Cr2,049 Cr
CWIP98 Cr85 Cr89 Cr80 Cr80 Cr87 Cr62 Cr68 Cr133 Cr245 Cr
Investments384 Cr429 Cr431 Cr484 Cr519 Cr542 Cr589 Cr679 Cr765 Cr915 Cr
Loans & advances————2 Cr0 Cr0 Cr0 Cr287 Cr0 Cr
Inventories4,029 Cr3,786 Cr3,790 Cr4,623 Cr5,889 Cr7,700 Cr7,357 Cr5,713 Cr4,537 Cr2,617 Cr
Trade receivables812 Cr1,113 Cr1,473 Cr1,459 Cr966 Cr1,005 Cr1,002 Cr1,847 Cr1,067 Cr2,606 Cr
Cash & bank143 Cr374 Cr730 Cr483 Cr740 Cr720 Cr1,868 Cr3,523 Cr5,285 Cr2,731 Cr
Other assets13,382 Cr12,906 Cr13,548 Cr13,006 Cr16,148 Cr18,758 Cr17,578 Cr16,798 Cr15,189 Cr16,295 Cr
Total assets19,391 Cr19,370 Cr20,848 Cr20,966 Cr25,139 Cr29,770 Cr29,463 Cr29,449 Cr28,708 Cr27,458 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-1,003 Cr491 Cr65 Cr-96 Cr68 Cr-163 Cr858 Cr684 Cr2,078 Cr-2,891 Cr
Cash from investing493 Cr348 Cr417 Cr454 Cr348 Cr326 Cr508 Cr1,420 Cr-1,299 Cr1,209 Cr
Cash from financing-245 Cr-608 Cr-126 Cr-605 Cr-160 Cr-183 Cr-218 Cr-448 Cr-712 Cr-738 Cr
Net cash flow-755 Cr231 Cr356 Cr-246 Cr257 Cr-19 Cr1,148 Cr1,655 Cr67 Cr-2,419 Cr
Free cash flow (OCF − Capex)-1,150 Cr311 Cr-104 Cr-197 Cr26 Cr-195 Cr722 Cr684 Cr1,335 Cr-2,955 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %29.9%26.9%26.4%27.3%19.6%20.8%31.1%41.0%40.3%33.2%
ROE %20.0%17.5%16.6%15.5%15.0%15.8%23.5%31.0%30.4%25.9%
Debtor days8491116107876447713473
Inventory days68551254067411391041602410365167
Days payable1583234156961231833365321300288
Cash conversion cycle61227924085-527128416198-48
OCF / EBITDA %-797.4%317.2%25.0%-35.7%30.5%-37.4%107.5%48.4%100.9%-127.6%
OCF / EBITDA % (3 years)——-82.5%67.4%5.0%-20.5%52.4%52.1%84.8%-2.2%
Debt / equity——————0.000.00—0.05
Current ratio1.171.131.111.101.061.051.081.141.251.40
Net debt / EBITDA-1.14-2.41-2.80-1.80-3.31-1.66-2.34-2.50-2.57-1.01