āagman

Not investment advice. Data and computed figures, for information only.

Mazagon Dock Shipbuilders Ltd

NSE: MAZDOCKF&O
₹2,105.00
−₹19.40 (−0.91%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹81,079 Cr
CMP
₹2,105.00
52-wk High / Low
₹2,882 / 1,988
P/E
28.4
P/B
8.3
Book Value
₹242.0
Div Yield
0.90%
ROCE
36.0%
ROE
29.2%
Face Value
₹5
D/E
0.05

Price−26.7% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹591
√(22.5 × EPS × book value per share)
ROIC
16.9%
vs 12.3% sector median
Cash flow to profit
−1.03
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+369
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
21.7%
ROE × earnings retention ratio
ROE stability
5.5
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.01DII −0.07
Latest quarter vs the previous one
Cash-accrual divergence
18.6%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 21% vs the 2022 sector median of 17%)
+PE of 28.4x is below the sector median of 43.6x
Watch-outs
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 3.6pp over the last year
−Balance-sheet accruals of 18.6% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,1731,8282,3623,1042,3572,7573,1443,1742,6262,9293,6013,8502,943
Expenses2,0011,6511,8232,5801,7152,2462,3273,0552,3242,2352,7143,3082,496
Operating Profit172177539524642511817119302695887543447
OPM %7.9%9.7%22.8%16.9%27.2%18.5%26.0%3.7%11.5%23.7%24.6%14.1%15.2%
Other Income233251269349271258291287324271262283313
Interest1111155835861044
Depreciation20202023232340292324232329
Profit before tax3834077868498897401,0633705679341,120793686
Net Profit314333627663696585807325452749880674550
EPS (₹)7.798.2515.5416.4317.2614.5020.018.0611.2118.5821.8116.8413.62

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales3,6054,0943,5054,4574,6144,9054,0485,7337,8279,46711,43213,00613,323
Expenses3,3833,8743,3754,3004,3534,6423,8225,2927,0278,0519,33910,73810,752
Operating Profit2222211291572612632264418011,4162,0932,2682,571
OPM %6.2%5.4%3.7%3.5%5.7%5.4%5.6%7.7%10.2%15.0%18.3%17.4%19.3%
Other Income5637617665656175464483966871,1011,1121,1391,129
Interest81617203613111499287468
Depreciation314439526469607576831159799
Profit before tax7469228396507787276047491,4032,4253,0623,2373,533
Net Profit5165965854965324715146111,1191,9372,4142,5782,854
EPS (₹)129.59149.63117.4911.0711.8811.6612.7415.1427.7448.0259.8364.0470.85

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital199199249224224202202202202202202202—
Reserves2,5542,4422,7302,6102,9932,8583,2303,6564,5586,0427,7389,553—
Borrowings830000030126120447—
Other Liabilities28,39716,38616,36616,54017,63317,88321,67925,90424,70923,21920,84417,272—
Total Liabilities31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,474—
Fixed Assets2663685467058108368079651,0248381,4662,062—
CWIP401709885898080876272133252—
Investments299324376429431484519542589679765915—
Other Assets30,62918,16618,32418,15419,52019,54223,73528,17927,80127,87526,44024,245—
Total Assets31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,474—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity—746−1,00349165−9668−1631,5166842,102−2,654
Cash from Investing Activity—560493348417454348326−1501,420−1,2991,166
Cash from Financing Activity—−119−245−608−126−605−160−183−218−448−736−931
Net Cash Flow—1,188−755231356−246257−191,1481,65567−2,419

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—34.030.023.027.024.023.021.033.044.043.036.0
ROE %———————————29.2
EPS (₹)129.59149.63117.4911.0711.8811.6612.7415.1427.7448.0259.8364.04
Book Value (₹)———————————242.0
Face Value (₹)———————————5
P/E———————————28.4
Div Yield %———————————0.90
NPM %12.412.313.79.910.28.611.410.013.118.319.218.2
OPM %6.05.03.73.56.05.06.08.010.015.018.017.0
D/E0.030.000.000.000.000.000.010.000.000.000.000.05
P/B———————————8.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+12.0%
5 years+26.0%
3 years+18.0%
TTM+14.0%
Compounded profit growth
10 years+16.0%
5 years+33.0%
3 years+32.0%
TTM+32.0%
Stock price CAGR
5 years+72.0%
3 years+23.0%
Last year−30.0%
Return on equity
10 years26.0%
5 years29.0%
3 years32.0%
Last year29.0%

Shareholding pattern

As of 31 Mar 2025
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
Promoters84.83%84.83%84.83%84.83%84.83%84.83%81.22%81.22%
FIIs0.70%0.70%2.06%3.29%2.38%2.26%1.73%1.72%
DIIs0.79%0.79%0.97%0.30%0.66%1.69%5.09%5.02%
Government————————
Public13.68%13.68%12.14%11.57%12.12%11.21%11.95%12.04%
No. of shareholders1,06,7111,06,7111,18,3541,64,1513,86,3306,76,9578,08,4558,05,823
Change since Jun 2023 (pp)
Promoters −3.61FIIs +1.02DIIs +4.23Public −1.64

Documents

As of 11 Oct 2026
Announcements
Rumour verification - Regulation 30(11)Closure of Trading WindowAnnouncement under Regulation 30 (LODR)-Investor PresentationAnnouncement under Regulation 30 (LODR)-Change in DirectorateAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Sep 2026PPTJul 2026PPTApr 2026PPTMar 2026PPTFeb 2026PPT

Corporate actions

As of 20 Aug 2026
20 Aug 2026DIVIDENDDividend - Rs 4.62 Per Share—
13 Feb 2026DIVIDENDInterim Dividend - Rs 7.50 Per Share—
4 Nov 2025DIVIDENDInterim Dividend - Rs 6 Per Share—
19 Sep 2025DIVIDENDDividend - Rs 2.71 Per Share—
16 Apr 2025DIVIDENDInterim Dividend - Rs 3 Per Share—
27 Dec 2024SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share10 : 5
30 Oct 2024DIVIDENDInterim Dividend - Rs 23.19 Per Share—
19 Sep 2024DIVIDENDAnnual General Meeting/Dividend - Rs 12.11 Per Share—
20 Nov 2023DIVIDENDInterim Dividend - Rs 15.34 Per Share—
20 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Rs 6.86 Per Share—
21 Nov 2022DIVIDENDInterim Dividend - Rs 9.10 Per Share—
19 Sep 2022DIVIDENDAnnual General Meeting/Dividend - Rs 1.63 Per Share—
6 Jan 2022DIVIDENDInterim Dividend - Rs 7.10 Per Share—
20 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 1.83 Per Share—
22 Feb 2021DIVIDEND Interim Dividend - Rs 5.41 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman