Mazagon Dock Shipbuilders Limited (MAZDOCK)

Capital Goods · Industrial Manufacturing · NSE · Updated 1 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹2,381.8 ↓ 14.05% (1Y)

🎯 Key Takeaways

Mazagon Dock Shipbuilders Limited is navigating a strategic inflection point marked by government-backed defense contracting and leadership continuity under state oversight. The company operates in a capital-intensive industrial manufacturing sector with cyclical revenue tied to defense procurement cycles, currently experiencing margin volatility amid fluctuating order execution and cost management pressures.
Revenue grew 14% QoQ to ₹3,144 in Q3FY25.
⚠️ Overreliance on defense contracts makes the company vulnerable to government budget cycles and procurement delays.

Market Cap

₹1.00 L Cr

P/E Ratio

36.4

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About MAZDOCK 📊 Interactive Charts

📖 The Story

Mazagon Dock Shipbuilders Limited is navigating a strategic inflection point marked by government-backed defense contracting and leadership continuity under state oversight. The company operates in a capital-intensive industrial manufacturing sector with cyclical revenue tied to defense procurement cycles, currently experiencing margin volatility amid fluctuating order execution and cost management pressures.

📰 What's Happening

In Q1 FY26, the Board approved unaudited consolidated financial results showing revenue growth and improved profitability, with consolidated profit and EPS reflecting operational momentum. The appointment of Shri Dinesh Mahur as Government Nominee Part-Time Official Director on 30 April 2026 underscores continued Ministry of Defence engagement, ensuring stable governance alignment. This leadership transition, while carrying no financial dilution or yield impact, reinforces institutional confidence in long-term defense sector positioning. Additionally, promoter holdings remain concentrated, with the Ministry of Defence retaining 32.76% stake as of March 2026, signaling sustained strategic interest in the company's defense-focused shipbuilding operations.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	2,079	2,173	1,828	2,362	3,104	2,357	2,757	3,144
Operating Profit	422	404	428	808	873	913	765	1,104
OPM %	10.1%	7.9%	9.7%	22.8%	16.9%	27.3%	18.5%	26.0%
Net Profit	326	314	333	627	663	696	585	807
EPS	₹16.17	₹15.59	₹16.50	₹31.08	₹32.87	₹34.51	₹29.01	₹20.01

Financial performance reveals mixed operational trends: revenue grew from ₹2,079 crore in Q4 FY23 to ₹3,144 crore in Q3 FY25, but profitability metrics show compression. Operating profit margin declined from 26.0% in Q3 FY25 to 16.9% in Q4 FY24, while net profit per share peaked early in the cycle. EPS declined from ₹34.51 in Q1 FY25 to ₹20.01 in Q3 FY25, indicating margin pressure despite revenue expansion. This suggests rising input costs or execution challenges in order delivery, which management has not yet fully addressed through public cost-control initiatives.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance in the reviewed filings beyond operational approvals and governance updates. There is no disclosed revenue target, margin improvement roadmap, or capital allocation framework in the latest board meeting minutes or regulatory disclosures. The absence of structured outlook raises concerns about visibility into execution of defense order pipelines and cost management strategies.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Industrial Manufacturing

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Mazagon Dock Shipbuilders Limited	1.00 L Cr	36.4	—	—	—
Cochin Shipyard Limited	41,948	52.5	—	—	—
Aditya Infotech Limited	29,029	146.0	—	—	—
Honeywell Automation India Limited	25,618	50.7	—	—	—
Kaynes Technology India Limited	21,933	80.1	—	—	—
Syrma SGS Technology Limited	19,539	129.2	—	—	—
Jyoti CNC Automation Limited	16,087	52.2	—	—	—
LMW Limited	15,556	128.8	—	—	—
Tega Industries Limited	11,910	56.2	—	—	—
Jupiter Wagons Limited	11,759	29.9	—	—	—

🔗 Peer Stock Analyses

COCHINSHIP CPPLUS HONAUT KAYNES SYRMA

⚠️ Risk Factors

1. Overreliance on defense contracts makes the company vulnerable to government budget cycles and procurement delays. 2. Margin compression in recent quarters suggests execution risks in order delivery and cost inflation, with no clear remediation plan disclosed. 3. Governance changes, while stable, are heavily influenced by the Ministry of Defence, creating potential regulatory or policy sensitivity. 4. Low share float and high promoter holding may limit liquidity and increase price volatility during market stress.

📋 Recent Filings

🧠 Analyst's Read

Mazagon Dock remains a strategically important defense infrastructure player with strong government backing, but its financial trajectory is constrained by execution volatility and limited transparency on future profitability drivers. Investors should monitor order inflow visibility, margin recovery pace, and any shift in capital allocation strategy in upcoming filings.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on MAZDOCK

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when MAZDOCK files new disclosures

Track MAZDOCK filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track MAZDOCK — Free

Free account · 2 AI queries/day