Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Mazagon Dock Shipbuilders Limited
NSE: MAZDOCKIndustrialsAerospace & Defense
- Last close
- ₹1,860.00
- Day change
- −₹62.30 (−3.24%)vs
- Market cap
- ₹81,765 crIndian rupees
- Research updated
- 1 report
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About Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders Limited is one of India's premier public sector shipbuilding companies, recognized for its expertise in constructing a wide range of vessels such as warships and submarines for the Indian Navy and coast guard, as well as merchant ships for commercial customers. The company's primary purpose is to support India’s maritime defense capabilities by producing technologically advanced naval vessels. Located in Mumbai, Mazagon Dock Shipbuilders operates in a strategic position with access to vital maritime routes. Notable for its role in India's defense sector, the company has contributed to allowing India to maintain a significant naval presence in the Indian Ocean region. Its facilities boast modern infrastructure geared toward the production of submarines and other combat vessels, making it a critical partner for defense initiatives. With its operations extending into the commercial vessel segment, Mazagon Dock Shipbuilders also plays a role in boosting India's shipbuilding export capabilities. The firm represents a crucial component of India's maritime industrial complex, contributing to national security as well as economic growth.
- Sector
- Industrials
- Industry
- Aerospace & Defense
- Listing
- NSE: MAZDOCK
- Next results
- Employees
- 2,782
- Headquarters
- Mumbai, India
- ISIN
- INE249Z01020
- Website
- mazagondock.in
Public research · Report of
Business model & financial foundation
Mazagon Dock (NSE: MAZDOCK), Defence and commercial shipbuilding: revenue of ₹13,006 crore in FY26 (+13.8% on FY25), an EBITDA margin of 17.4%, net profit of ₹2,583 crore and net cash of ₹12,653 crore.
- Revenue, FY26 (₹ crore)
- 13,006
- consolidated
- Revenue growth, FY26
- +13.8%
- on FY25
- EBITDA margin, FY26
- 17.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 2,583
- to owners
- Return on equity, FY26
- 28.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -12,653
- Derived broad financial net debt, NOT unrestricted surplus
- Market capitalisation (₹ crore)
- 88,905
- at the close of 13 Oct 2026
Company profile
Government-controlled shipbuilder serving the Indian Navy and Coast Guard, with warship construction, submarine construction and refit, offshore engineering, repair and spares. Cost-to-cost recognition makes execution and contract changes more important than hull delivery counts. The FY26 Colombo acquisition adds commercial shipbuilding and minority interests, while Goa Shipyard contributes associate earnings.
| Item | Value |
|---|---|
| Legal name | Mazagon Dock Shipbuilders Limited |
| Exchange and ticker | NSE: MAZDOCK; BSE: 543237 |
| ISIN | INE249Z01020 |
| CIN | L35100MH1934GOI002079 |
| Sector | Capital Goods |
| Industry | Defence and commercial shipbuilding |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sarda & Pareek LLP (since FY26) |
| Market capitalisation | ₹88,905 crore (13 Oct 2026) |
| Shares outstanding | 40.34 crore shares (FY26) |
| Price | ₹2,027 (close, 13 Oct 2026) |
| 52-week range | ₹1,988 - ₹2,882 (to 13 Oct 2026) |
| Website | https://mazagondock.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| Colombo Dockyard PLC | 51% | Commercial shipbuilding and repairs in Sri Lanka; control established at 41.73% on 19 January 2026. |
| Dockyard General Engineering Services (Pvt) Limited | 100% | Engineering; holding is CDPLC-level, indirect subsidiary of MDL. |
| Dockyard Total Solutions (Private) Limited | 100% | Services; holding is CDPLC-level, indirect subsidiary of MDL. |
| Ceylon Shipping Agency (Pte) Limited | 51% | Shipping agency; holding is CDPLC-level, indirect subsidiary of MDL. |
Goa Shipyard is a 47.21% associate accounted for by equity method, not subsidiary; holding percentages of step-down entities are at CDPLC level.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 81.22% | 81.22% | 81.22% | 81.22% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 1.97% | 1.80% | 1.73% | 1.72% |
| Domestic institutions | 5.66% | 5.37% | 5.09% | 5.01% |
| of which mutual funds | 1.98% | 1.78% | 1.52% | 1.41% |
| Retail | 9.59% | 10.02% | 10.31% | 10.23% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Mazagon Dock is government-controlled naval/commercial shipbuilding and refit. Warship/submarine construction and repairs recognise revenue over time cost-to-cost; spares on customer receipt. Hull delivery is not the revenue driver. June2026 remaining book includes pending work/spares on delivered legacy hulls. Colombo controlled19Jan2026 at41.73%, raised51%25Mar, changes group comparability; Goa is47.21% associate added after tax.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Revenue note product disaggregation (NOT IndAS108 segments) | 12,840 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Cochin Shipyard (COCHINSHIP) | Listed shipbuilding and repair comparator; commercial and defence mix differs. |
| Garden Reach Shipbuilders & Engineers (GRSE) | Closest listed naval vessel procurement and execution comparator. |
| Larsen & Toubro (LT) | |
| Bharat Dynamics (BDL) | Defence procurement and order-cycle proxy, not a shipbuilding margin comparable. |
| Hindustan Aeronautics (HAL) | Defence execution and state customer concentration proxy; different product economics. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,718 | 7,827 | 9,467 | 11,432 | 13,006 |
| Cost of revenue (vendor classification) * | 4,054 | 5,615 | 6,634 | 7,003 | 8,382 |
| Other operating costs (vendor classification) * | 364.7 | 558.6 | 468.3 | 1,448 | 798.0 |
| EBITDA (vendor classification) * | 847.7 | 1,482 | 2,515 | 3,201 | 3,941 |
| Operating EBIT excluding other income | 762.8 | 722.2 | 1,328 | 1,974 | 2,169 |
| Finance costs including customer-advance interest | 13.5 | 6.37 | 5.12 | 24.1 | 71.6 |
| Profit before tax excluding associate share | 749.3 | 1,403 | 2,425 | 3,062 | 3,237 |
| Current plus deferred and prior-year tax | 186.2 | 356.6 | 616.0 | 784.3 | 814.9 |
| Consolidated profit including associate before NCI allocation | 610.8 | 1,119 | 1,937 | 2,414 | 2,578 |
| Diluted EPS as reported, split basis changes in FY25 (₹) | 30.29 | 55.48 | 96.04 | 59.83 | 64.04 |
| Materials plus spares/stock-in-trade | 5,139 | 6,227 | 5,682 | 7,339 | |
| Employee benefit expenses | 792.7 | 896.6 | 978.8 | 982.8 | |
| Other operating expenses including subcontract and provisions | 1,098 | 931.0 | 2,681 | 2,419 | |
| Operating EBITDA excluding other income | 797.8 | 1,412 | 2,089 | 2,266 | |
| Other income | 686.8 | 1,101 | 1,112 | 1,139 | |
| Depreciation and amortisation | 75.6 | 83.1 | 115.2 | 96.7 | |
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of associate net profit after tax | 73.0 | 128.1 | 136.2 | 156.5 | |
| PAT attributable to non-controlling interests | n.a. | n.a. | 0.00 | -4.91 | |
| Profit attributable to owners | 1,119 | 1,937 | 2,414 | 2,583 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 3,858 | 4,760 | 6,243 | 7,940 | 9,984 |
| Funded borrowings plus lease liabilities | 11.6 | 6.04 | 0.93 | 20.3 | 447.4 |
| Cash and cash equivalents only | 720.5 | 1,868 | 3,523 | 5,285 | 2,731 |
| Current plus noncurrent trade receivables | 1,005 | 1,020 | 1,865 | 1,085 | 2,624 |
| Inventories | 7,700 | 7,357 | 5,713 | 4,537 | 2,617 |
| Current plus noncurrent trade payables | 6,168 | 4,481 | 4,484 | 3,756 | 4,531 |
| Net PPE excluding ROU, intangibles and CWIP | 102.1 | 777.6 | 780.3 | 773.9 | 1,388 |
| Capital work in progress | 86.9 | 61.6 | 68.2 | 133.2 | 251.8 |
| Total assets | 29,770 | 29,463 | 29,449 | 28,708 | 27,458 |
| Bank borrowings excluding leases | 0.00 | 0.00 | 0.00 | 440.1 | |
| Current and noncurrent lease liabilities | 6.04 | 0.93 | 20.3 | 7.31 | |
| Other current bank balances including term deposits | 11,418 | 10,686 | 10,864 | 10,365 | |
| Over12month deposits under Mumbai Port Trust lien | 3.40 | 3.40 | 3.40 | 3.40 | |
| Noncurrent strategic equity investments, not liquid cash | 588.6 | 678.8 | 765.0 | 914.8 | |
| Gross cash plus all bank deposits before restrictions | 13,290 | 14,213 | 16,153 | 13,100 | |
| Derived broad financial net debt, NOT unrestricted surplus | -13,284 | -14,212 | -16,133 | -12,653 | |
| Net contract liabilities/customer funding | 19,333 | 17,723 | 15,494 | 10,303 | |
| Gross customer advances on contracts | 33,475 | 32,429 | 23,803 | 18,427 | |
| Identified liquid investments outside bank deposits | n.d. | n.d. | n.d. | ||
| Exact customer-funded portion of bank balances | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 591.4 | 1,516 | 683.8 | 2,102 | -2,654 |
| Free cash flow (vendor definition) * | -201.4 | 1,380 | 673.7 | 1,297 | -2,830 |
| Dividends paid, signed cash flow outflow negative | -180.1 | -216.4 | -447.8 | -712.0 | -774.9 |
| Net PPE and CWIP cash use, positive outflow convention | -37.5 | 110.3 | -93.0 | 804.7 | 176.2 |
| PPE purchase net of adjustments, source signed cashflow | -135.6 | 103.0 | -743.1 | -64.1 | |
| CWIP cashflow, source signed | 25.3 | -10.0 | -61.6 | -112.1 | |
| Capital advance cashflow, source signed | -5.26 | -431.2 | 324.5 | -300.4 | |
| Net capital cash use including capital advances | 115.5 | 338.2 | 480.2 | 476.5 | |
| CFO less net PPE and CWIP cash use, excluding advances | 1,405 | 776.8 | 1,297 | -2,830 | |
| Short-term borrowing cashflow, not confirmed gross repayment | n.a. | -273.8 | |||
| CDPLC existing-shareholder acquisition cashflow only | -43.6 | ||||
| Consolidated cashflow rights issue capital infusion | 189.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual year-end shares, not retrospectively split adjusted | 20.17 | 20.17 | 20.17 | 40.34 | 40.34 |
| EPS comparable on post27Dec2024 split share basis (₹) | 27.74 | 48.02 | 59.83 | 64.04 | |
| Operating EBITDA margin excluding other income (%) | 14.9% | 18.3% | 17.4% | ||
| Closing receivables / annual group revenue x365 (days) | 72 | 35 | 74 | ||
| Cumulative CFO / ownersPAT forFY24-26 (x) | 0.02x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,757 | 3,144 | 3,174 | 2,626 | 2,929 | 3,601 | 3,850 | 2,943 |
| Cost of revenue (vendor classification) * | 1,815 | 1,770 | 2,026 | 1,289 | 2,290 | 2,811 | 1,916 | |
| Other operating costs (vendor classification) * | 200.0 | 314.0 | 751.5 | 785.0 | 173.4 | 283.8 | 291.4 | |
| EBITDA (vendor classification) * | 768.5 | 1,108 | 406.1 | 625.3 | 1,149 | 826.3 | 759.8 | |
| Operating EBIT excluding other income | 487.3 | 777.2 | 90.7 | 278.6 | 671.1 | 863.8 | 355.4 | 417.6 |
| Finance costs | 4.65 | 5.36 | 7.72 | 35.4 | 7.82 | 5.95 | 22.4 | 44.3 |
| Profit before tax, excluding post-tax associate share | 740.5 | 1,063 | 369.8 | 566.9 | 933.9 | 1,120 | 616.4 | 686.5 |
| Total current, deferred and prior-year tax expense | 187.7 | 294.4 | 79.4 | 147.6 | 224.1 | 282.5 | 160.8 | 174.4 |
| Consolidated PAT including associates before NCI allocation | 585.1 | 807.0 | 325.3 | 452.2 | 749.5 | 879.8 | 497.0 | 550.5 |
| Diluted EPS, split-adjusted INR per share | 14.50 | 20.01 | 8.06 | 11.21 | 18.58 | 21.81 | 12.44 | 13.62 |
| Materials consumed plus base/depot spares | 1,707 | 1,324 | 1,436 | 1,095 | 1,700 | 2,082 | 2,462 | 1,546 |
| Employee benefit expenses | 231.3 | 242.3 | 277.8 | 249.8 | 223.3 | 250.6 | 259.0 | 289.1 |
| Other operating costs including subcontract and provisions | 307.9 | 760.2 | 1,341 | 978.6 | 311.2 | 381.9 | 747.0 | 660.8 |
| Operating EBITDA excluding other income | 510.7 | 817.1 | 119.3 | 301.7 | 694.7 | 887.0 | 382.3 | 446.6 |
| Other income (separate from EBITDA) | 257.8 | 290.7 | 286.8 | 323.6 | 270.6 | 261.8 | 283.4 | 313.2 |
| Depreciation and amortisation | 23.4 | 39.9 | 28.6 | 23.1 | 23.5 | 23.2 | 26.9 | 29.0 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Post-tax share of profit of Goa Shipyard associate | 32.3 | 38.8 | 34.9 | 32.9 | 39.6 | 42.7 | 41.4 | 38.4 |
| Profit attributable to non-controlling interests (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.91 | 1.05 |
| Profit attributable to owners | 585.1 | 807.0 | 325.3 | 452.2 | 749.5 | 879.8 | 501.9 | 549.4 |
| Cost of materials consumed | 1,368 | 973.3 | 1,083 | 891.2 | 1,201 | 1,720 | 1,888 | 949.0 |
| Purchase of stock-in-trade / procurement of base and depot spares | 339.0 | 350.7 | 352.7 | 204.3 | 499.3 | 361.2 | 574.1 | 597.2 |
| Sub-contract expenses | 108.0 | 446.3 | 589.8 | 193.6 | 176.8 | 208.6 | 438.3 | 369.4 |
| Other expenses excluding subcontract and provisions | 142.0 | 135.7 | 270.3 | 244.9 | 159.6 | 140.0 | 500.9 | 261.8 |
| Operating provisions (negative is release) | 57.9 | 178.3 | 481.2 | 540.1 | -25.2 | 33.4 | -192.1 | 29.5 |
| Total expenses including depreciation and finance costs | 2,274 | 2,372 | 3,091 | 2,382 | 2,266 | 2,743 | 3,517 | 2,569 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 41.5% | 36.9% | 20.9% | 20.8% | 13.8% |
| EBITDA margin | 10.2% | 14.9% | 18.3% | 17.4% | |
| Net margin | 14.3% | 20.5% | 21.1% | 19.9% | |
| Return on equity | 26.0% | 35.2% | 34.0% | 28.8% | |
| Return on capital employed | 20.8% | 16.7% | 24.1% | 27.8% | 23.6% |
| Return on assets | 3.8% | 6.6% | 8.3% | 9.2% | |
| Net debt (₹ crore) | -13,284 | -14,212 | -16,133 | -12,653 | |
| Net debt / EBITDA | -16.7x | -10.1x | -7.72x | -5.58x | |
| Interest cover | 56.6x | 113.4x | 259.5x | 82.0x | 30.3x |
| Asset turnover | 0.21x | 0.26x | 0.32x | 0.39x | 0.46x |
| Receivable days | 64 | 48 | 72 | 35 | 74 |
| Inventory days (on revenue) | 492 | 343 | 220 | 145 | 73 |
| Payable days (on revenue) | 394 | 209 | 173 | 120 | 127 |
| Cash conversion | 1.35x | 0.35x | 0.87x | -1.03x | |
| Capex intensity | 0.7% | 1.4% | 1.0% | 7.0% | 1.4% |
| Free cash flow (₹ crore) | 553.9 | 1,405 | 590.7 | 1,297 | -2,830 |
| Dividend payout | 19.3% | 23.1% | 29.5% | 30.0% | |
| EPS, diluted (₹) | 30.29 | 55.48 | 96.04 | 59.83 | 64.04 |
| Book value per share (₹) | 191.3 | 236.0 | 309.6 | 196.8 | 247.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Derived broad financial net debt, NOT unrestricted surplus; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported, split basis changes in FY25).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Reports on Mazagon Dock Shipbuilders
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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