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Mazagon Dock Shipbuilders Ltd.
(MAZDOCK)
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Rating:71Outperform
Price Target:
₹2,608.00
▲(4.54% Upside)
Action:Upgraded
Date:05/02/26
The score is driven primarily by strong growth/profitability and a very conservative balance sheet, partially offset by a major 2026 cash-flow reversal. Technicals remain supportive with an established uptrend, but momentum is stretched. Valuation is the main secondary headwind given the higher P/E and modest dividend yield.
Positive Factors
Revenue scaling & profitability
Sustained multi-year revenue growth and industry-leading net margins indicate the firm can win and execute large, complex contracts. This expanding top line and durable profitability support reinvestment, supplier leverage and long-term earnings power even through multi-year program cycles.
Negative Factors
Sharp cash-flow reversal in 2026
A sudden, large negative swing in operating and free cash flow despite reported earnings highlights working-capital and project cash-timing risks. Such volatility can strain liquidity during peak build phases, require contingent financing, and complicate reliable cash conversion over contract cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue scaling & profitability
Sustained multi-year revenue growth and industry-leading net margins indicate the firm can win and execute large, complex contracts. This expanding top line and durable profitability support reinvestment, supplier leverage and long-term earnings power even through multi-year program cycles.
Read all positive factors
Mazagon Dock Shipbuilders Ltd. (MAZDOCK) vs. iShares MSCI India ETF (INDA)
Market Cap
₹968.92B
Dividend Yield0.47%
Average Volume (3M)92.79K
Price to Earnings (P/E)34.5
Beta (1Y)1.42
Revenue Growth13.77%
EPS Growth14.39%
CountryIN
Employees2,814
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)68.44
Shares Outstanding403,380,000
10 Day Avg. Volume55,913
30 Day Avg. Volume92,786
Financial Highlights & Ratios
PEG Ratio4.59
Price to Book (P/B)8.54
Price to Sales (P/S)6.41
P/FCF Ratio-34.61
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,394.00Price Target Upside-4.04% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)70.29
Revenue Forecast (FY)₹140.53B
Mazagon Dock Shipbuilders Ltd. Business Overview & Revenue Model
Company Description
Established in 1774 and based in Mumbai, India, Mazagon Dock Shipbuilders Limited (formerly Mazagon Dock Limited) is a prominent player in the maritime industry, offering comprehensive shipbuilding and repair services. The company's operations spa...
How the Company Makes Money
MAZDOCK earns most of its revenue by executing shipbuilding contracts—primarily for the Government of India/Indian Navy—under which it designs (where applicable), fabricates, outfits, integrates, tests, and delivers naval platforms such as destroy...
Mazagon Dock Shipbuilders Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
47
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 130.06B | 114.32B | 94.67B | 78.27B | 57.33B |
| Gross Profit | 35.70B | 29.56B | 16.50B | 10.24B | 6.02B |
| EBITDA | 35.62B | 33.23B | 26.45B | 15.60B | 8.81B |
| Net Income | 25.83B | 24.14B | 19.37B | 11.19B | 6.11B |
Balance Sheet | |||||
| Total Assets | 274.58B | 287.08B | 294.49B | 294.63B | 297.70B |
| Cash, Cash Equivalents and Short-Term Investments | 130.96B | 161.50B | 142.09B | 132.86B | 114.80B |
| Total Debt | 4.47B | 203.30M | 9.30M | 60.40M | 116.40M |
| Total Liabilities | 174.74B | 207.68B | 232.05B | 247.03B | 259.12B |
| Stockholders Equity | 97.55B | 79.40B | 62.43B | 47.60B | 38.58B |
Cash Flow | |||||
| Free Cash Flow | -24.07B | 23.27B | 2.43B | 7.22B | -2.01B |
| Operating Cash Flow | -19.31B | 31.31B | 6.84B | 8.58B | -1.63B |
| Investing Cash Flow | 1.78B | -23.52B | 14.20B | 5.08B | 3.26B |
| Financing Cash Flow | -6.66B | -7.12B | -4.49B | -2.18B | -1.83B |
Mazagon Dock Shipbuilders Ltd. Technical Analysis
Negative
2494.80
Price Trends
2483.14
Negative
2445.95
Negative
2534.47
Negative
Market Momentum
-18.28
Positive
38.84
Neutral
13.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAZDOCK, the sentiment is Negative. The current price of 2494.8 is above the 20-day moving average (MA) of 2487.82, above the 50-day MA of 2483.14, and below the 200-day MA of 2534.47, indicating a bearish trend. The MACD of -18.28 indicates Positive momentum. The RSI at 38.84 is Neutral, neither overbought nor oversold. The STOCH value of 13.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MAZDOCK.
Mazagon Dock Shipbuilders Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ₹3.02T | 32.59 | ― | 0.90% | 6.80% | 8.98% | |
71 Outperform | ₹968.92B | 34.48 | ― | 0.47% | 13.77% | 14.39% | |
67 Neutral | ₹3.00T | 49.47 | ― | 0.60% | 16.16% | 13.86% | |
67 Neutral | ₹302.35B | 40.07 | ― | 0.80% | 37.95% | 41.82% | |
56 Neutral | ₹477.41B | 111.40 | ― | 0.33% | -27.00% | -23.51% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹371.34B | 51.06 | ― | 0.59% | 4.19% | -13.39% |
* General Sector Average
IN:MAZDOCK
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Mazagon Dock Shipbuilders Ltd. Corporate Events
Mazagon Dock’s INS Mahendragiri Joins Navy, Showcasing Faster Indigenous Warship Build
Jul 11, 2026
Mazagon Dock Shipbuilders Ltd. has delivered INS Mahendragiri, an advanced Nilgiri-class stealth frigate built under Project 17A, which has now been commissioned into the Indian Navy at Visakhapatnam. The vessel showcases indigenous design by the ...
Mazagon Dock Board Addresses NSE Notice on SEBI Compliance Gap
May 12, 2026
Mazagon Dock Shipbuilders has informed the National Stock Exchange that its board reviewed a notice about non-compliance with SEBI’s Listing Obligations and Disclosure Requirements at a meeting on 30 April 2026. The issue relates to an inade...
Mazagon Dock Shipbuilders Publishes Q4 and FY 2025-26 Investor Presentation
Apr 30, 2026
Mazagon Dock Shipbuilders Ltd. has released a corporate investor presentation detailing its performance for the fourth quarter and full year ended 31 March 2026. The presentation, now available on the company’s website, is intended to update...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.