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Last Updated: April 2, 2026, 3:19 am
Author: Getaka|Social: XLinkedIn

Mazagon Dock Shipbuilders Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,394.71Fairly Valued by 3.31%vs CMP ₹2,318.00

P/E (40.7) × ROE (36.5%) × BV (₹200.00) × DY (0.75%)

₹1,147.85Overvalued by 50.48%vs CMP ₹2,318.00
MoS: -101.9% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹3,146.9123%Under (+35.8%)
Graham NumberEarnings₹506.3717%Over (-78.2%)
Earnings PowerEarnings₹371.0211%Over (-84%)
DCFCash Flow₹1,398.1211%Over (-39.7%)
Net Asset ValueAssets₹200.397%Over (-91.4%)
EV/EBITDAEnterprise₹540.589%Over (-76.7%)
Earnings YieldEarnings₹569.807%Over (-75.4%)
ROCE CapitalReturns₹283.129%Over (-87.8%)
Revenue MultipleRevenue₹283.386%Over (-87.8%)
Consensus (9 models)₹1,147.85100%Overvalued
Key Drivers: EPS CAGR 31.4% lifts DCF — verify sustainability. | Wide model spread (₹200–₹3,147) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 31.4%

*Investments are subject to market risks

Investment Snapshot

72
Mazagon Dock Shipbuilders Ltd scores 72/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 48.8% ExcellentROE 36.5% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 3.68% MF buyingPromoter holding at 81.2% Stable
Earnings Quality65/100 · Strong
OPM expanding (9% → 17%) Improving
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +9% YoY GrowingProfit (4Q): -13% YoY Declining
Industry Rank85/100 · Strong
P/E 40.7 vs industry 32.0 In-lineROCE 48.8% vs industry 19.5% Above peersROE 36.5% vs industry 24.9% Above peers3Y sales CAGR: 26% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:19 am

Market Cap 93,512 Cr.
Current Price 2,318
Intrinsic Value₹1,147.85
High / Low 3,778/2,057
Stock P/E40.7
Book Value 200
Dividend Yield0.75 %
ROCE48.8 %
ROE36.5 %
Face Value 5.00
PEG Ratio1.30

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Mazagon Dock Shipbuilders Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mazagon Dock Shipbuilders Ltd 93,512 Cr. 2,318 3,778/2,05740.7 2000.75 %48.8 %36.5 % 5.00
Cochin Shipyard Ltd 35,216 Cr. 1,339 2,547/1,18749.5 2190.73 %20.4 %15.8 % 5.00
Swan Defence and Heavy Industries Ltd 8,348 Cr. 1,585 2,518/95.0 46.50.00 %5.76 %46.3 % 10.0
Hariyana Ship Breakers Ltd 58.9 Cr. 95.5 149/82.25.77 2430.00 %3.20 %1.10 % 10.0
Industry Average45,692.00 Cr1,334.3831.99177.130.37%19.54%24.93%7.50

All Competitor Stocks of Mazagon Dock Shipbuilders Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,8162,0792,1731,8282,3623,1042,3572,7573,1443,1742,6262,9293,601
Expenses 1,5201,8682,0011,6511,8232,5801,7152,2462,3273,0842,3242,2352,714
Operating Profit 29621117217753952464251181790302695887
OPM % 16%10%8%10%23%17%27%19%26%3%11%24%25%
Other Income 176232233261269376271269291346324276262
Interest 12111115513586
Depreciation 18202020202323234029232423
Profit before tax 4524213834167868768897511,0634065679391,120
Tax % 25%24%25%25%25%25%25%25%28%20%26%24%25%
Net Profit 337318287313592654666564768327419715837
EPS in Rs 8.367.887.117.7614.6616.2216.5113.9719.048.1110.3917.7320.75

Last Updated: March 3, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

MetricMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,3313,6194,1273,5304,4754,6144,9054,0485,7337,8279,46711,43212,330
Expenses 2,2223,4053,9103,4034,3254,3534,6423,8225,2917,0278,0519,36610,357
Operating Profit 1092142171261492612632264428011,4162,0661,973
OPM % 5%6%5%4%3%6%5%6%8%10%15%18%16%
Other Income 5475637607656126646004744207131,1381,1691,208
Interest 20441436361115991050
Depreciation 153144395064696075768311598
Profit before tax 6397469298486978257586307731,4292,4613,1093,032
Tax % 35%34%39%37%37%37%46%24%24%25%25%25%
Net Profit 4134925685334405174084805861,0731,8452,3252,299
EPS in Rs 103.70123.52142.83107.139.8211.5410.1311.8914.5426.5945.7557.6356.98
Dividend Payout % 24%20%18%37%56%19%53%30%30%30%30%30%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)15.45%-6.16%-17.45%17.50%-21.08%17.65%22.08%83.11%71.95%26.02%
Change in YoY Net Profit Growth (%)0.00%-21.61%-11.29%34.95%-38.58%38.73%4.44%61.02%-11.16%-45.93%

Mazagon Dock Shipbuilders Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:18%
3 Years:26%
TTM:21%
Compounded Profit Growth
10 Years:17%
5 Years:41%
3 Years:57%
TTM:-7%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:140%
1 Year:14%
Return on Equity
10 Years:27%
5 Years:31%
3 Years:35%
Last Year:36%

Last Updated: Unknown

Balance Sheet

Last Updated: February 1, 2026, 1:03 am

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 199199199249224224202202202202202202202
Reserves 1,6152,2612,1242,3602,1982,5682,3802,7173,1203,9765,3696,9797,882
Borrowings 8179-0-0-0-0-03012617202
Other Liabilities 23,64828,40116,38416,36316,50217,63317,88321,67925,90424,70923,20320,84417,040
Total Liabilities 25,54430,94018,70718,97118,92520,42520,46524,62829,23728,89328,79128,04525,125
Fixed Assets 1262663685466468108368079651,0248381,4661,444
CWIP 78401709885898080876272133210
Investments 6666666666666
Other Assets 25,33430,62918,16418,32118,18719,52019,54223,73528,17927,80127,87526,44023,466
Total Assets 25,54430,94018,70718,97118,92520,42520,46524,62829,23728,89328,79128,04525,125

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 288-1,00944265-9668-1631,5166842,078
Cash from Investing Activity + 516494392417454348326-1503,115-1,299
Cash from Financing Activity + -120-240-603-126-605-160-183-218-448-712
Net Cash Flow 683-755231356-246257-191,1483,35067
Free Cash Flow 123-1,156304-110-19726-2001,4073471,599
CFO/OP 275%-524%501%146%43%99%32%228%96%146%

Free Cash Flow

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow28.00135.00217.00126.00149.00261.00263.00196.00430.00795.00-16.00-18.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 62768177901171078764477134
Inventory Days 5,3153,2395866875145416881,1421,044605411373
Days Payable 4331241511533244167041,234836366318301
Cash Conversion Cycle 4,9443,19051661128024191-4272285164106
Working Capital Days -735-573-571-604-428-445-311-607-645-528-425-356
ROCE %37%38%35%28%33%30%28%25%38%51%49%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 84.83%84.83%84.83%84.83%84.83%84.83%84.83%84.83%84.83%81.22%81.22%81.22%
FIIs 3.29%3.29%3.69%3.32%2.38%2.44%1.45%1.55%2.26%2.57%1.97%1.80%
DIIs 0.30%0.56%0.39%0.43%0.66%0.83%1.00%1.46%1.69%5.21%5.65%5.37%
Public 11.57%11.31%11.10%11.42%12.12%11.89%12.72%12.16%11.21%11.00%11.15%11.61%
No. of Shareholders 1,64,1512,02,8723,08,3723,45,3283,86,3304,77,4786,72,4046,89,6056,76,9577,19,7437,41,6807,62,652

Shareholding Pattern Chart

No. of Shareholders

Mazagon Dock Shipbuilders Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Defence Fund 895,064 2.95 230.29614,7462026-02-23 00:13:5045.6%
Nippon India Multi Asset Allocation Fund 146,360 0.3 37.66120,0002026-01-26 03:36:5521.97%
ITI Small Cap Fund 113,999 1.1 29.33118,4622026-02-23 00:13:50-3.77%
Tata Arbitrage Fund 111,200 0.14 28.61117,4002026-02-23 00:13:50-5.28%
Invesco India PSU Equity Fund 85,246 1.47 21.9349,5682025-12-08 01:10:0371.98%
ITI Mid Cap Fund 56,071 1.11 14.4350,6062026-01-26 03:36:5510.8%
Mirae Asset Arbitrage Fund 55,000 0.39 14.1554,9502026-01-26 03:36:550.09%
Nippon India Vision Large & Mid Cap Fund 50,000 0.19 12.86163,2502026-01-26 03:36:55-69.37%
UTI Arbitrage Fund 37,400 0.09 9.6277,2002026-02-23 00:13:50-51.55%
Baroda BNP Paribas Manufacturing Fund 27,000 0.77 6.95N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.0010.0010.0010.0010.00
Basic EPS (Rs.) 59.8396.0455.4830.2925.48
Diluted EPS (Rs.) 59.8396.0455.4830.2925.48
Cash EPS (Rs.) 59.3193.8155.6131.6125.44
Book Value[Excl.RevalReserv]/Share (Rs.) 196.83309.56236.01191.27170.15
Book Value[Incl.RevalReserv]/Share (Rs.) 196.83309.56236.01191.27170.15
Revenue From Operations / Share (Rs.) 283.40469.36388.08284.26200.69
PBDIT / Share (Rs.) 78.86124.6073.6141.8939.56
PBIT / Share (Rs.) 76.01120.4869.8638.2036.61
PBT / Share (Rs.) 75.90120.2269.5537.1529.94
Net Profit / Share (Rs.) 56.4689.6951.8727.9222.48
NP After MI And SOA / Share (Rs.) 59.8396.0455.4830.2925.48
PBDIT Margin (%) 27.8226.5418.9614.7319.71
PBIT Margin (%) 26.8225.6618.0013.4318.23
PBT Margin (%) 26.7825.6117.9213.0614.91
Net Profit Margin (%) 19.9219.1013.369.8211.20
NP After MI And SOA Margin (%) 21.1120.4614.2910.6512.69
Return on Networth / Equity (%) 30.3931.0223.5015.8314.97
Return on Capital Employeed (%) 34.5035.6526.4616.7916.95
Return On Assets (%) 8.406.573.792.052.04
Asset Turnover Ratio (%) 0.390.320.260.210.17
Current Ratio (X) 1.251.141.081.051.06
Quick Ratio (X) 1.020.880.770.740.77
Inventory Turnover Ratio (X) 2.231.450.000.000.35
Dividend Payout Ratio (NP) (%) 29.4923.1119.3329.4830.21
Dividend Payout Ratio (CP) (%) 28.1522.1618.1126.2827.07
Earning Retention Ratio (%) 70.5176.8980.6770.5269.79
Cash Earning Retention Ratio (%) 71.8577.8481.8973.7272.93
Interest Coverage Ratio (X) 723.01490.84233.07118.0195.45
Interest Coverage Ratio (Post Tax) (X) 518.58354.30165.2281.6070.33
Enterprise Value (Cr.) 90477.8423322.8692.69-6647.98-3739.98
EV / Net Operating Revenue (X) 7.912.460.01-1.16-0.92
EV / EBITDA (X) 28.449.280.06-7.87-4.69
MarketCap / Net Operating Revenue (X) 9.333.961.710.841.06
Retention Ratios (%) 70.5076.8880.6670.5169.78
Price / BV (X) 13.436.012.811.251.25
Price / Net Operating Revenue (X) 9.333.961.710.841.06
EarningsYield 0.020.050.080.120.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mazagon Dock Shipbuilders Ltd. is a Public Limited Listed company incorporated on 26/02/1934 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L35100MH1934GOI002079 and registration number is 002079. Currently Company is involved in the business activities of Demolition & site preparation, Electrical, plumbing & other Specialized construction Activities. Company's Total Operating Revenue is Rs. 11431.88 Cr. and Equity Capital is Rs. 201.69 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Ship - Docks/Breaking/RepairsDockyard Road, Mumbai Maharashtra 400010Contact not found
Management
NamePosition Held
Capt.(Retd.) JagmohanChairman & Managing Director
Mr. Ruchir AgrawalDirector - Finance & CFO
Mr. Biju GeorgeDirector
Mr. Vasudev PuranikDirector
Mr. S B JamgaonkarDirector
Mr. Dattaprasad KholkarIndependent Director
Mr. Chandu Sambasiva RaoIndependent Director
Dr. Vivek Atul BhuskuteIndependent Director
Mrs. Veni ThaparIndependent Director
Mr. Kedar Nath GuptaIndependent Director
Mr. Rajeev PrakashGovernment Nominee Director

FAQ

What is the intrinsic value of Mazagon Dock Shipbuilders Ltd and is it undervalued?

As of 14 April 2026, Mazagon Dock Shipbuilders Ltd's intrinsic value is ₹1147.85, which is 50.48% lower than the current market price of ₹2,318.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (36.5 %), book value (₹200), dividend yield (0.75 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mazagon Dock Shipbuilders Ltd?

Mazagon Dock Shipbuilders Ltd is trading at ₹2,318.00 as of 14 April 2026, with a FY2026-2027 high of ₹3,778 and low of ₹2,057. The stock is currently near its 52-week low. Market cap stands at ₹93,512 Cr..

How does Mazagon Dock Shipbuilders Ltd's P/E ratio compare to its industry?

Mazagon Dock Shipbuilders Ltd has a P/E ratio of 40.7, which is above the industry average of 31.99. The premium over industry average may reflect growth expectations or speculative interest.

Is Mazagon Dock Shipbuilders Ltd financially healthy?

Key indicators for Mazagon Dock Shipbuilders Ltd: ROCE of 48.8 % indicates efficient capital utilization; ROE of 36.5 % shows strong shareholder returns. Dividend yield is 0.75 %.

Is Mazagon Dock Shipbuilders Ltd profitable and how is the profit trend?

Mazagon Dock Shipbuilders Ltd reported a net profit of ₹2,325 Cr in Mar 2025 on revenue of ₹11,432 Cr. Compared to ₹586 Cr in Mar 2022, the net profit shows an improving trend.

Does Mazagon Dock Shipbuilders Ltd pay dividends?

Mazagon Dock Shipbuilders Ltd has a dividend yield of 0.75 % at the current price of ₹2,318.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Mazagon Dock Shipbuilders Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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