Mazagon Dock Shipbuilders Ltd. (currently trading at ₹2,124.00) is a premier public sector shipyard under the Ministry of Defence, specializing in the construction of warships, submarines, and offshore platforms. With over 800 vessels built since inception, the company plays a strategic role in India’s naval modernization and maritime infrastructure. It is a Navratna PSU with strong execution capabilities and a robust order book from the Indian Navy and Coast Guard.
Mazagon Dock Shipbuilders Ltd. – FY22–FY25 Snapshot
Sales – ₹5,733 Cr → ₹7,210 Cr → ₹9,820 Cr → ₹11,432 Cr Strong topline growth driven by defense contracts and export orders
Net Profit – ₹610 Cr → ₹1,120 Cr → ₹1,780 Cr → ₹2,325 Cr Margin expansion from scale, efficiency, and high-value projects
Operating Performance – Strong → Strong → Strong → Strong Consistent execution across shipbuilding and submarine segments
Dividend Yield (%) – 1.85% → 2.10% → 2.35% → 2.50% Healthy payouts supported by strong cash flows
Equity Capital – ₹203.40 Cr (constant) No dilution; stable capital structure
Total Debt – ₹0 Cr (debt-free) Fully equity-financed operations
Fixed Assets – ₹1,980 Cr → ₹2,050 Cr → ₹2,120 Cr → ₹2,200 Cr Capex focused on dry dock upgrades and automation
Institutional Interest & Ownership Trends
Promoter holding stands at 84.83% via the Government of India. FIIs and DIIs have steadily increased exposure due to defense capex visibility and strong return metrics. Delivery volumes reflect long-term institutional positioning aligned with India’s naval modernization theme.
Business Growth Verdict
Mazagon Dock is scaling efficiently across warship and submarine programs Margins remain robust due to high-value defense contracts Debt-free structure enhances financial flexibility Capex supports long-term execution and strategic capacity
Management Con Call
Management reiterated strong visibility in the order book, including stealth frigates, destroyers, and offshore patrol vessels. Production activity commenced for the first Fast Patrol Vessel (FPV) and second Next Generation Offshore Patrol Vessel (NGOPV) for the Indian Coast Guard. Export orders from Denmark and other global clients are gaining traction. FY26 outlook includes double-digit revenue growth and sustained margin profile, supported by automation and dry dock expansion.
Final Investment Verdict
Mazagon Dock Shipbuilders Ltd. offers a high-quality defense infrastructure play with strong financials, strategic relevance, and execution depth. Its debt-free status, robust order book, and consistent profitability make it suitable for accumulation by investors seeking exposure to India’s defense and maritime growth. The company’s alignment with national security priorities and global shipbuilding standards ensures long-term value creation.
Mazagon Dock Shipbuilders Ltd. – FY22–FY25 Snapshot
Sales – ₹5,733 Cr → ₹7,210 Cr → ₹9,820 Cr → ₹11,432 Cr Strong topline growth driven by defense contracts and export orders
Net Profit – ₹610 Cr → ₹1,120 Cr → ₹1,780 Cr → ₹2,325 Cr Margin expansion from scale, efficiency, and high-value projects
Operating Performance – Strong → Strong → Strong → Strong Consistent execution across shipbuilding and submarine segments
Dividend Yield (%) – 1.85% → 2.10% → 2.35% → 2.50% Healthy payouts supported by strong cash flows
Equity Capital – ₹203.40 Cr (constant) No dilution; stable capital structure
Total Debt – ₹0 Cr (debt-free) Fully equity-financed operations
Fixed Assets – ₹1,980 Cr → ₹2,050 Cr → ₹2,120 Cr → ₹2,200 Cr Capex focused on dry dock upgrades and automation
Institutional Interest & Ownership Trends
Promoter holding stands at 84.83% via the Government of India. FIIs and DIIs have steadily increased exposure due to defense capex visibility and strong return metrics. Delivery volumes reflect long-term institutional positioning aligned with India’s naval modernization theme.
Business Growth Verdict
Mazagon Dock is scaling efficiently across warship and submarine programs Margins remain robust due to high-value defense contracts Debt-free structure enhances financial flexibility Capex supports long-term execution and strategic capacity
Management Con Call
Management reiterated strong visibility in the order book, including stealth frigates, destroyers, and offshore patrol vessels. Production activity commenced for the first Fast Patrol Vessel (FPV) and second Next Generation Offshore Patrol Vessel (NGOPV) for the Indian Coast Guard. Export orders from Denmark and other global clients are gaining traction. FY26 outlook includes double-digit revenue growth and sustained margin profile, supported by automation and dry dock expansion.
Final Investment Verdict
Mazagon Dock Shipbuilders Ltd. offers a high-quality defense infrastructure play with strong financials, strategic relevance, and execution depth. Its debt-free status, robust order book, and consistent profitability make it suitable for accumulation by investors seeking exposure to India’s defense and maritime growth. The company’s alignment with national security priorities and global shipbuilding standards ensures long-term value creation.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.