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MAZDOCK · NSE · Ship Building & Allied Services

Mazagon Dock Shipbuilders Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Industrials
fair low confidence No valuation within 120 days; P/E 28.4 vs peers 63.2 (1st of 14); P/B 9.4 vs peers 5.2 (13th of 15).
Statements through FY2026Prices adjusted for corporate actionsNot yet reviewed by the adversarial model

What is Mazagon Dock Shipbuilders's share price today?

Mazagon Dock Shipbuilders last traded at ₹2,027.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.8% on the day, down 29.0% over a year. Its 52-week range is ₹1,990 to ₹2,930. The live price is in the app.

₹2,027.00 +0.8% today
−29.0% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range4% of the way up
Low ₹1,990High ₹2,930

What is Mazagon Dock Shipbuilders's market cap?

Mazagon Dock Shipbuilders's market capitalisation is about ₹81,079 crore: what it would cost to buy every share at today's price. That makes it the 36th largest mid cap company we cover.

₹81,079 Cr Mid Cap36th largest mid cap company
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: MAZDOCK
ISIN
INE249Z01020
Cap bucket
Mid Cap, 36th largest by market cap
Industry (NSE)
Industrials › Capital Goods › Industrial Manufacturing › Ship Building & Allied Services
Listed since
2020
Futures and options
Traded

Is Mazagon Dock Shipbuilders overvalued?

Fair, with low confidence: no valuation within 120 days; P/E 28.4 vs peers 63.2 (1st of 14); P/B 9.4 vs peers 5.2 (13th of 15).

Valuation

Latest price and trailing 12 months
P/E 28.37
vs peers 63.2 · 1st of 14
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 9.42
vs peers 5.2 · 13th of 15
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹81,079 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 0.9%
vs peers 0.2% · 1st of 9
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 1.66
vs peers 4.8 · 4th of 9
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 0.88
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Mazagon Dock Shipbuilders a quality business?

Quality score 64.9, 1st of 16 in its peer set; CAUTION on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 64.9
vs peers 45.1 · 1st of 16
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CAUTION
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 30.4%
vs peers 10.9% · 1st of 15
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 35.9%
vs peers 14.4% · 1st of 15
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 19.8%
vs peers 7.6% · 1st of 15
Profit after everything, as a share of revenue. Learn more →
EPS ₹60.04
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has Mazagon Dock Shipbuilders made money for shareholders?

Mixed: −29.0% over one year and +75.9% a year over five years.

Shareholder returns

1-year return −29.0%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +75.9% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−3.1%
1M
−10.1%
3M
−16.3%
6M
−19.4%
1Y
−29.0%
3Y
+29.0%
5Y
+75.9%

Does Mazagon Dock Shipbuilders pay a dividend?

Yes. Mazagon Dock Shipbuilders's dividend yield is 0.88% at the latest price; the last payout was ₹4.62 a share, ex-dividend 20 Aug 2026.

Dividends

Per share, by ex-dividend date
Dividend yield0.88%
The past 12 months' dividends as a share of today's price.
20 Aug 2026 · Final₹4.62
13 Feb 2026 · Interim 2₹7.50
4 Nov 2025 · Interim 1₹6.00
19 Sep 2025 · Final₹2.71
16 Apr 2025 · Interim 2₹3.00
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Mazagon Dock Shipbuilders growing?

Revenue 3 years 18.4% a year; profit 3 years 32.2% a year; revenue 5 years 18.7% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 18.4% a year
vs peers 12.7% · 6th of 15
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 32.2% a year
vs peers 9.3% · 5th of 13
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 18.7% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 36.1% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 32.2% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 49.8% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -13.8%
vs peers 7.8% · 3rd of 11
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Mazagon Dock Shipbuilders do last quarter?

Mazagon Dock Shipbuilders reported revenue of ₹2,943 Cr, up 13.8% on a year earlier and a net profit of ₹512 Cr, up 6.3% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹2,943 Cr
+13.8% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹512 Cr
+6.3% on a year earlier
What was left for shareholders after every cost and tax.

How does Mazagon Dock Shipbuilders compare with its peers?

Compared with 15 Industrial Manufacturing (the industry, as the basic industry was too small); 1st of 14 on P/E; 1st of 16 on quality score.

Compared with 15 Industrial Manufacturing (the industry, as the basic industry was too small)

15 companies

Mazagon Dock Shipbuilders against its peers

Largest 10 of 15 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Mazagon Dock Shipbuilders Ltd₹81,079 Cr28.49.430.4%35.9%−29.0%
Indo-MIM Ltd₹62,928 Cr——27.6%25.4%+71.6%
Aditya Infotech Ltd₹51,322 Cr102.412.927.8%30.1%+207.2%
Syrma SGS Technology Ltd₹33,165 Cr89.35.012.5%14.6%+107.3%
Cochin Shipyard Ltd₹32,359 Cr47.65.311.2%14.4%−30.1%
Honeywell Automation India Ltd₹28,726 Cr52.15.212.3%16.5%−10.1%
Jyoti CNC Automation Ltd₹22,735 Cr70.76.717.3%21.5%+6.2%
Kaynes Technology India Ltd₹21,941 Cr63.25.17.1%10.6%−52.3%
LMW Ltd₹17,235 Cr98.64.34.7%6.0%+8.8%
Swan Defence and Heavy Industries Ltd₹14,840 Cr—130.4——+321.7%
Lloyds Engineering Works Ltd₹14,645 Cr54.63.410.6%14.5%+54.8%
Peer median—63.25.210.9%14.4%+8.8%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Mazagon Dock Shipbuilders?

Mazagon Dock Shipbuilders is held by promoters 81.2%, foreign institutions 1.7%, domestic institutions 5.0%.

Shareholding pattern

Latest filing, percent of shares
Promoters81.2%
The founders and controlling group.
Foreign institutions1.7%
Overseas funds investing through the FPI route.
Domestic institutions5.0%
Indian insurers, banks, pension and mutual funds together.
Mutual funds1.4%
Indian mutual fund schemes; part of domestic institutions.
Retail and others10.2%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Mazagon Dock Shipbuilders?

12 analysts cover Mazagon Dock Shipbuilders, and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

12 analysts
ConsensusHold
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Mazagon Dock Shipbuilders do and what is it sensitive to?

Mazagon Dock Shipbuilders builds warships, submarines, Coast Guard vessels, export commercial ships, offshore projects, and provides ship repair, refit and submarine lifecycle support. Sensitive to: INR/USD exchange rate.

Business-model card

FY2026 · 47 verified
3Revenue
3Channels
2Regulators
6Reg. dependencies
5Sensitivities
5Costs
3Geographies

Mazagon Dock Shipbuilders builds warships, submarines, Coast Guard vessels, export commercial ships, offshore projects, and provides ship repair, refit and submarine lifecycle support. Revenue is mainly contract revenue from ship construction and offshore projects, recognised over time, plus sales of stock-in-trade and ship repair.

Revenue engine

3 verified
Ship construction contract revenue
Contract revenue line in the revenue-from-operations table; ₹8,30,819 lakh for 31 March 2026 and ₹8,38,543 lakh for 31 March 2025. Interpretation: it is the first and largest line in the table.
Sale of stock-in-trade
Sale of goods line in the revenue table; ₹1,77,459 lakh for 31 March 2026 against ₹1,22,816 lakh for 2025.
Offshore project contracts
Contract revenue line in the revenue table; ₹1,62,774 lakh for 31 March 2026 against ₹1,00,964 lakh for 2025.

Customers & channels

3 verified
Navy (Government of India department) as trade receivable counterparty
Trade receivables are primarily from the Navy, which the filing uses to rate customer credit risk as low.
Advances against orders from customers
Advances received on contracts are a source of working capital; the filing says these advances also mitigate credit risk. Gross advances were ₹18,42,712 lakh at 31 March 2026 against ₹23,80,252 lakh at 31 March 2025.
European client for dry cargo ships
Export commercial shipbuilding customer; the company is currently executing this contract.

Regulators

2 verified
Ministry of Defence (MoD)
Administrative control of the company as a Government Company; the Government of India appoints directors and sets their terms.
Department of Public Enterprises (DPE)
DPE guidelines restrict how surplus funds are invested, which constrains treasury and bank-deposit choices.

Regulatory dependencies

6 verified
Automatic FDI approval for defence niche technology
The draft Defence Production Policy promotes liberalised FDI, including automatic approval up to 74% in niche defence technology. The excerpt says these initiatives give substantial impetus to industry growth. Interpretation: a change to these FDI rules would affect the company's private partners and competition.
Strategic Partnership Model under DPP 2016
Designates select Indian private companies to partner with foreign OEMs. Interpretation: this model can shift defence platform work toward private partners and is a source of competition.
Changes in tax law and retrospective application
The filing lists policy and tax changes, including retrospective application of legal provisions, as a source of unforeseen liabilities and cash-flow instability.
3 more statements
International sanctions on restricted countries or entities
Sanctions can interrupt supply chains and hinder foreign cooperation through technical collaborations, with financial and reputational consequences.
Revenue recognised at agreed contract prices
Where prices are not yet agreed, revenue is estimated; differential revenue is booked when the contract amount is revised. A price revision therefore changes reported revenue after the fact.
Foreign exchange pass-through clauses in contracts
In most contracts, FX gains and losses are passed on or borne by the customer, so the filing states FX sensitivity is nil.

Sensitivities

5 verified
INR/USD exchange rate
The filing's sensitivity table shows a 5% rise in INR/USD adds 1,547 lakh to profit before tax for 31 March 2025 (58 lakh for 2024), and a fall reverses it. Interpretation: the sign follows the table, not an economic judgement.
Fixed-price contract margins
Cost escalation, inflation and FX volatility can reduce margins under fixed-price contracts, especially where imported equipment is involved; rising costs cut margin.
Geopolitical developments and sanctions
Exposure to geopolitical developments, sanctions and supply-chain disruption can affect project timelines and equipment availability.
2 more statements
Customer advances and related finance cost
Interest cost on customer advances rose from 1,967 lakh to 5,273 lakh; the note says this is interest earned on advances and transferred to the customer. Interpretation: higher advance balances raise this pass-through cost.
Siltation and dredging
Natural siltation at the waterfront requires regular dredging, which adds operating cost and can delay vessel movements if not maintained.

Cost inputs

5 verified
Imported critical equipment
A significant portion of critical equipment is imported (65-70%), so exchange rates and international prices drive production costs and margins.
Equipment costs as share of total project cost
Equipment constitutes 50–55% of cost because of limited domestic manufacturing.
Labour cost as share of total cost
Labour costs, though lower than some countries, still contribute 10–15% of total cost.
2 more statements
Barges expenses (other expenses line)
Other expenses line; 43,685 lakh for 31 March 2026 against 13,124 lakh for 2025.
Foreign OEM dependence for critical components
Reliance on foreign OEMs for weapons, sensors and propulsion systems creates supply-chain, cost-volatility and geopolitical risk.

Geographies

3 verified
Export revenue share (0.2%)
Export of goods and services was ₹2759 lakh, which the filing states is 0.21% of revenue from operations.
Export track record
Company states it has constructed 808 ships and exported more than 240 vessels and maritime platforms over the years.
India maritime home market
India's coastline and borders are cited as the strategic maritime setting for the company's defence work.
Each statement is checked word for word against the FY2026 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (30 Jul 2026).

Change log

6 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ3 FY2026 results filed.
  4. Results filedQ2 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsCAUTION on 30 of 30 flags judged; 4 red.
  • Data gapsBusiness quality: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓72 months of month-end prices, adjusted for bonuses and splits○no valuation of ours yet✓business-model card FY2026 · 47 verified

Questions people ask

What is Mazagon Dock Shipbuilders's share price today?

Mazagon Dock Shipbuilders last traded at ₹2,027.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.8% on the day, down 29.0% over a year. Its 52-week range is ₹1,990 to ₹2,930. The live price is in the app.

What is Mazagon Dock Shipbuilders's market cap?

Mazagon Dock Shipbuilders's market capitalisation is about ₹81,079 crore: what it would cost to buy every share at today's price. That makes it the 36th largest mid cap company we cover.

Is Mazagon Dock Shipbuilders Ltd a large cap, mid cap or small cap?

Mazagon Dock Shipbuilders Ltd (MAZDOCK) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Mazagon Dock Shipbuilders Ltd's P/E ratio?

28.37, vs peers 63.2 · 1st of 14. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Mazagon Dock Shipbuilders Ltd overvalued?

Fair, with low confidence: no valuation within 120 days; P/E 28.4 vs peers 63.2 (1st of 14); P/B 9.4 vs peers 5.2 (13th of 15).

How does Mazagon Dock Shipbuilders Ltd make money?

Mazagon Dock Shipbuilders builds warships, submarines, Coast Guard vessels, export commercial ships, offshore projects, and provides ship repair, refit and submarine lifecycle support. Revenue is mainly contract revenue from ship construction and offshore projects, recognised over time, plus sales of stock-in-trade and ship repair.

Who are Mazagon Dock Shipbuilders Ltd's peers?

Compared with 15 Industrial Manufacturing (the industry, as the basic industry was too small): Indo-MIM Ltd, Aditya Infotech Ltd, Syrma SGS Technology Ltd, Cochin Shipyard Ltd, Honeywell Automation India Ltd and 10 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Mazagon Dock Shipbuilders do last quarter?

Mazagon Dock Shipbuilders reported revenue of ₹2,943 Cr, up 13.8% on a year earlier and a net profit of ₹512 Cr, up 6.3% in the Jun 2026 quarter.

Who owns Mazagon Dock Shipbuilders?

Mazagon Dock Shipbuilders is held by promoters 81.2%, foreign institutions 1.7%, domestic institutions 5.0%.

Does Mazagon Dock Shipbuilders pay a dividend?

Yes. Mazagon Dock Shipbuilders's dividend yield is 0.88% at the latest price; the last payout was ₹4.62 a share, ex-dividend 20 Aug 2026.

What do analysts say about Mazagon Dock Shipbuilders?

12 analysts cover Mazagon Dock Shipbuilders, and the consensus is hold. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Mazagon Dock Shipbuilders, and 6,621 other companies, with 212 filters and the full peer tables

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