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Swing Capital

Mazagon Dock Shipbuilders Ltd

NSE: MAZDOCK BSE: 543237

Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms. [1]

₹2,440
52W: ₹2057 — ₹3778
PE 40.5 · Book ₹219 · +1014% vs book
Market Cap₹98,425 Cr
Stock P/E40.5Price to Earnings
ROCE41.3%Return on Capital
ROE30.4%Return on Equity
Div. Yield0.71%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 33.4% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 34.3%
  • +Company has been maintaining a healthy dividend payout of 30.0%

Weaknesses

  • −Stock is trading at 10.9 times its book value
  • −Contingent liabilities of Rs.37,852 Cr.
  • −Earnings include an other income of Rs.1,143 Cr.
  • −Debtor days have increased from 59.4 to 72.9 days.

Shareholding Pattern

Promoters81.22%
FIIs1.73%
DIIs5.09%
Public11.95%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters84.83%84.83%84.83%84.83%81.22%▼3.681.22%81.22%81.22%
FIIs2.44%1.45%▼1.01.55%▲0.12.26%▲0.72.57%▲0.31.97%▼0.61.8%▼0.21.73%▼0.1
DIIs0.83%1%▲0.21.46%▲0.51.69%▲0.25.21%▲3.55.65%▲0.45.37%▼0.35.09%▼0.3
Public11.89%12.72%▲0.812.16%▼0.611.21%▼0.911%▼0.211.15%▲0.211.61%▲0.511.95%▲0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,3623,1042,3572,7573,1443,1742,6262,9293,6013,684
Expenses1,8232,5801,7152,2462,3273,0552,3242,2352,7143,308
Operating Profit539524642511817119302695887376
OPM %23%17%27%19%26%4%11%24%25%10%
Net Profit592654666564768327419715837464
EPS ₹14.6616.2216.5113.9719.048.1110.3917.7320.7511.5

AI Insights

Revenue Trend

Mar 2026 revenue at ₹12,840Cr, up 12.3% YoY. OPM at 18%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹245Cr (17% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.09% (+4.53pp change). FIIs: 1.73% (-1.56pp change). Promoters hold 81.22%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 41% (Mar 2026). Working capital days: -183.

Valuation

PE 40.5x with 41.3% ROCE. Price is 1014% above book value of ₹219. Dividend yield: 0.71%.

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