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Mazagon Dock Shipbuilders Limited (MAZDOCK)

Capital Goods · Industrial Manufacturing · NSE · Updated 16 June 2026

₹2,440.4 ↓ 22.91% (1Y)

🎯 Key Takeaways

Mazagon Dock Shipbuilders Limited is a government-owned defense shipbuilder operating in a cyclical capital goods sector, currently navigating a period of fluctuating profitability and strategic continuity under state oversight. The company exhibits characteristics of a mature defense contractor with recurring project cycles, but recent financials show volatility in margins and earnings, reflecting the irregular nature of defense order execution and delivery timelines.
Revenue grew 14% QoQ to ₹3,144 in Q3FY25.
⚠️ 1) Overreliance on defense contracts makes revenue and margin visibility vulnerable to project delays or defense budget shifts. 2) Margins remain vola

Market Cap

₹1.00 L Cr

P/E Ratio

36.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Mazagon Dock Shipbuilders Limited is a government-owned defense shipbuilder operating in a cyclical capital goods sector, currently navigating a period of fluctuating profitability and strategic continuity under state oversight. The company exhibits characteristics of a mature defense contractor with recurring project cycles, but recent financials show volatility in margins and earnings, reflecting the irregular nature of defense order execution and delivery timelines.

📰 What's Happening

In Q3FY25, the company reported revenue of ₹3,144 crores with operating profit of ₹1,104 crores and an OPM of 26.0%, marking a recovery in margins compared to the prior quarter’s 18.5% but still below the 27.3% seen in Q1FY25. This improvement aligns with management’s narrative of operational stabilization following earlier inefficiencies. The board approved a final dividend of Rs.4.62 per share for FY2025-26, contingent on AGM approval, continuing a pattern of shareholder returns despite earnings volatility. Additionally, on April 30, 2026, the Board appointed Shri Dinesh Mahur as the new Government Nominee Part-Time Official Director, replacing Shri Rajeev Prakash, reflecting ongoing government involvement in leadership but no material financial impact.

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

The company’s quarterly revenue shows a mixed trend, with Q3FY25 revenue up from Q2FY25’s ₹2,757 crores but still below the peak Q1FY25 level of ₹2,357 crores, indicating inconsistent order flow or project ramp-up delays. Operating margins have been volatile, peaking at 27.3% in Q1FY25 before declining to 16.9% in Q4FY24, suggesting margin pressure from cost overruns or under-recovery on contracts. However, the rebound to 26.0% in Q3FY25 signals potential operational improvements, possibly tied to project completions in the defense pipeline. Net profit and EPS also reflect this volatility, with EPS dropping from ₹34.51 in Q1FY25 to ₹20.01 in Q3FY25, highlighting sensitivity to margin fluctuations and tax or financing changes.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on revenue or margin expectations in the latest filings, but the appointment of a new government-nominated director and continued dividend proposals suggest confidence in near-term cash flow stability. The board’s recommendation of a dividend, contingent on AGM approval, indicates that management expects sufficient liquidity to sustain shareholder returns even amid earnings variability. The absence of formal guidance on future performance implies reliance on project execution rather than strategic forecasts.

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 revenue and margin visibility vulnerable to project delays or defense budget shifts. 2) Margins remain volatile due to cost overruns or under-recovery on fixed-price contracts, as seen in the swing from 27.3% to 16.9% OPM. 3) The company’s performance is highly sensitive to government spending cycles and geopolitical priorities, which can delay or cancel orders without recourse. 4) Low trading liquidity and high promoter holding (via government) may lead to price volatility during market stress.

📋 Recent Filings

🧠 Analyst's Read

Mazagon Dock remains a strategically important defense asset with government backing, but its financial performance is inherently lumpy due to project-based execution. Investors should monitor order backlog updates, dividend sustainability, and any signs of margin improvement in upcoming quarters, while remaining cautious of execution risks and sector-specific cyclicality.

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

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.