Mazagon Dock Shipbuilders Ltd. (MAZDOCK) AI Stock Analysis

• Market Cap: ₹1.04T
• Dividend Yield: 0.47%
• Average Volume (3M): 92.79K
• Price to Earnings (P/E): 44.5
• Beta (1Y): 1.97
• Revenue Growth: 12.22%
• EPS Growth: -9.22%
• Country: IN
• Employees: 2,814
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 18.60
• Shares Outstanding: 403,380,000
• 10 Day Avg. Volume: 55,913
• 30 Day Avg. Volume: 92,786
• PEG Ratio: 1.75
• Price to Book (P/B): 13.10
• Price to Sales (P/S): 9.10
• P/FCF Ratio: 44.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹2,742.00 ▲(9.91% Upside)

Mazagon Dock Shipbuilders Ltd. has a commendable financial performance, which is the most significant factor in its overall score. However, the stock's valuation suggests it may be overvalued, and technical indicators show neutral momentum. These factors contribute to a moderate overall stock score.

Positive Factors

Sustained revenue expansion

Material multi-year revenue growth reflects strong secular demand and successful execution on large defense programs. Sustained higher revenue improves scale economics, supports fixed-cost absorption, and strengthens the company’s ability to invest in capacity and specialized capabilities over the medium term.

Strong operating cash flow and FCF

Reliable operating cash conversion and meaningful free cash flow provide durable internal funding for capex, program financing and debt reduction. This reduces reliance on external financing during multi-year builds and enhances the firm’s resilience to timing mismatches in milestone payments.

Conservative leverage and solid equity base

Low leverage and a strong equity base give the shipyard financial flexibility to absorb project delays, invest in yard upgrades, and pursue long-duration defense contracts. Strong ROE indicates efficient capital use, supporting sustainable investment in capabilities and competitiveness.

Negative Factors

Rising total liabilities

Growing liabilities can heighten refinancing and liquidity risk across long multi-year contracts where receipts are milestone-tied. If liabilities outpace cash conversion or advances, the company may face pressure on working capital and reduced flexibility for strategic investments.

Margin and cash-flow volatility

Fluctuating EBIT margins and variable free-cash-flow growth complicate forecasting and compress buffers available for overruns. For capital- and labor-intensive shipbuilding, persistent margin volatility undermines pricing discipline and can erode returns on long-duration defense programs.

High customer concentration on government contracts

Heavy reliance on a single public-sector customer concentrates revenue and ties performance to government procurement cycles, budgets and regulatory decisions. That structural exposure increases timing, funding and policy risk compared with more diversified commercial shipbuilders.

Mazagon Dock Shipbuilders Ltd. Business Overview & Revenue Model

Company Description

Mazagon Dock Shipbuilders Limited engages in building and repairing of ships, submarines, vessels, and related engineering products in India and internationally. It operates in two segments, Shipbuilding and Submarine. It offers naval ships, such as corvettes, nilgiris, missile boats, Godavari class frigates, patrol vessels, destroyers, and leander class frigates; merchant ships, including trailing suction hopper dredgers, general cargo vessels, multipurpose support vessels, offshore supply vessels, special trade passenger cum cargo vessels, 45 T bollard pull voith tugs, and BOP vessels; and submarines. The company was formerly known as Mazagon Dock Limited. Mazagon Dock Shipbuilders Limited was founded in 1774 and is based in Mumbai, India.

How the Company Makes Money

Mazagon Dock Shipbuilders Ltd. generates revenue primarily through government contracts for defense shipbuilding and repair services. The company’s key revenue streams include the construction of naval vessels for the Indian Navy, which encompasses submarine and surface ship projects. Additionally, MAZDOCK engages in commercial shipbuilding, providing services to private sector clients. The company also benefits from periodic maintenance and repair contracts, which provide a steady income stream. Significant partnerships with the Ministry of Defence and collaborations with other defense and maritime entities further bolster its revenue generation capabilities. Moreover, the company’s strategic initiatives aimed at modernization and technological upgrades enhance its competitiveness in securing new contracts.

Mazagon Dock Shipbuilders Ltd. Financial Statement Overview

Summary

Mazagon Dock Shipbuilders Ltd. shows strong financial performance with robust revenue and profit growth, efficient cost management, and prudent debt management. However, attention is needed on increasing liabilities and variability in certain margins and cash flows.

Income Statement

Mazagon Dock Shipbuilders Ltd. has exhibited robust revenue growth over the years, with a notable increase from 57,176 million to 114,319 million in the latest fiscal year. The gross profit margin has improved, indicating efficient cost management. Net profit margins are strong, reflecting profitable operations. The EBITDA margin is also healthy, showcasing effective earnings before non-cash expenses. However, fluctuations in EBIT margins indicate potential volatility in operating performance.

Balance Sheet

The company maintains a conservative debt position with a low debt-to-equity ratio, reducing financial risk. Its equity ratio is solid, indicating a strong equity base relative to total assets. Return on equity is impressive, showing efficient use of shareholder funds to generate income. Nonetheless, total liabilities have been increasing, which could pose a risk if not managed properly.

Cash Flow

Mazagon Dock Shipbuilders Ltd. demonstrates strong operating cash flows with consistent growth. The operating cash flow to net income ratio is favorable, highlighting effective conversion of earnings to cash. Free cash flow generation is robust, supporting future investments and debt reduction. However, the free cash flow growth rate has shown variability, which could affect long-term cash reserves if not stabilized.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	117.00B	114.32B	94.67B	78.27B	57.18B	40.42B
Gross Profit	39.81B	30.15B	28.33B	22.33B	16.64B	11.70B
EBITDA	28.59B	31.81B	25.17B	14.87B	4.52B	6.69B
Net Income	21.70B	24.14B	19.37B	11.19B	6.11B	5.14B
Balance Sheet
Total Assets	0.00	287.08B	294.49B	294.63B	297.70B	250.50B
Cash, Cash Equivalents and Short-Term Investments	161.50B	161.50B	142.09B	132.86B	114.80B	80.28B
Total Debt	0.00	203.30M	9.30M	60.40M	116.40M	296.60M
Total Liabilities	-79.40B	207.68B	232.05B	247.03B	259.12B	216.18B
Stockholders Equity	79.40B	79.40B	62.43B	47.60B	38.58B	34.32B
Cash Flow
Free Cash Flow	0.00	23.27B	2.43B	7.22B	-2.01B	261.20M
Operating Cash Flow	0.00	31.31B	6.84B	8.58B	-1.63B	682.10M
Investing Cash Flow	0.00	-23.52B	14.20B	5.08B	3.26B	3.48B
Financing Cash Flow	0.00	-7.12B	-4.49B	-2.18B	-1.83B	-1.60B

Mazagon Dock Shipbuilders Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2494.80
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAZDOCK, the sentiment is Neutral. The current price of 2494.8 is above the 20-day moving average (MA) of 2445.22, below the 50-day MA of 2502.91, and below the 200-day MA of 2845.53, indicating a neutral trend. The MACD of -14.84 indicates Negative momentum. The RSI at 61.13 is Neutral, neither overbought nor oversold. The STOCH value of 94.80 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MAZDOCK.

Mazagon Dock Shipbuilders Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BEL	77 Outperform	₹3.28T	55.03	―	0.60%	16.58%	25.45%
MAZDOCK	68 Neutral	₹1.04T	44.47	―	0.47%	12.22%	-9.22%
GRSE	67 Neutral	₹316.82B	45.98	―	0.80%	43.86%	60.18%
LT	66 Neutral	₹5.41T	26.38	―	0.84%	13.33%	21.25%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BEML	63 Neutral	₹149.50B	50.53	―	0.29%	-1.31%	3.61%