Mazagon Dock Shipbuilders Ltd (MAZDOCK) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+0.64%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 1.7%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 30.4%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,823.85

200-Day DMA ● Overlay

₹1,691.55

14-Day RSI ● Overlay

54.2 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹83,258 Cr

Large cap

Stock P/E (TTM) Valuation

33.0x

Price / EPS

Book Value (₹) Assets

₹219.0

P/B: 9.4x

ROE (%) Quality

30.4%

Net Profit / Equity

ROCE (%) Efficiency

41.3%

EBIT / Capital

Dividend Yield Yield

0.88%

Face Value: ₹10

Debt / Equity Solvency

0.00x

Low Debt

EPS (TTM) Per Share

₹62.55

Trailing 12M

OPM (%) Spread

18.0%

EBITDA Margin

Free Cash Flow Cash

-₹2,930 Cr

CFO - Capex

About Mazagon Dock Shipbuilders Ltd

Mazagon Dock Shipbuilders Ltd (MAZDOCK) is a leading Indian enterprise operating in the Defense & Aerospace sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 13% × Turnover: 0.85x × Leverage: 1x = ROE: 30.4%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Company has a stellar track record of return on equity (ROE of 30.4%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 9.4x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹12,985 Cr

Latest PAT

₹2,526 Cr

EPS (TTM)

₹62.55

OPM %

18.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,173 Cr	₹1,828 Cr	₹2,362 Cr	₹3,104 Cr	₹2,357 Cr	₹2,757 Cr	₹3,144 Cr	₹3,174 Cr	₹2,626 Cr	₹2,929 Cr	₹3,601 Cr	₹3,850 Cr	₹2,943 Cr
Operating Profit (EBITDA)	₹172.00 Cr	₹177.00 Cr	₹539.00 Cr	₹524.00 Cr	₹642.00 Cr	₹511.00 Cr	₹817.00 Cr	₹119.00 Cr	₹302.00 Cr	₹695.00 Cr	₹887.00 Cr	₹543.00 Cr	₹447.00 Cr
OPM %	8.0%	10.0%	23.0%	17.0%	27.0%	19.0%	26.0%	3.8%	11.0%	24.0%	25.0%	14.0%	15.0%
Interest Expense	₹1.00 Cr	₹1.00 Cr	₹1.00 Cr	₹1.00 Cr	₹1.00 Cr	₹5.00 Cr	₹5.00 Cr	₹8.00 Cr	₹35.00 Cr	₹8.00 Cr	₹6.00 Cr	₹10.00 Cr	₹44.00 Cr
Depreciation	₹20.00 Cr	₹20.00 Cr	₹20.00 Cr	₹23.00 Cr	₹23.00 Cr	₹23.00 Cr	₹40.00 Cr	₹29.00 Cr	₹23.00 Cr	₹24.00 Cr	₹23.00 Cr	₹23.00 Cr	₹29.00 Cr
Profit before Tax (PBT)	₹383.00 Cr	₹407.00 Cr	₹786.00 Cr	₹849.00 Cr	₹889.00 Cr	₹740.00 Cr	₹1,063 Cr	₹370.00 Cr	₹567.00 Cr	₹934.00 Cr	₹1,120 Cr	₹793.00 Cr	₹686.00 Cr
Net Profit (PAT)	₹314.00 Cr	₹333.00 Cr	₹627.00 Cr	₹663.00 Cr	₹696.00 Cr	₹585.00 Cr	₹807.00 Cr	₹325.00 Cr	₹452.00 Cr	₹749.00 Cr	₹880.00 Cr	₹674.00 Cr	₹550.00 Cr
EPS in ₹	₹7.79	₹8.25	₹15.54	₹16.43	₹17.26	₹14.50	₹20.01	₹8.06	₹11.21	₹18.58	₹21.81	₹16.84	₹13.62

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹3,605 Cr	₹4,094 Cr	₹3,505 Cr	₹4,457 Cr	₹4,614 Cr	₹4,905 Cr	₹4,048 Cr	₹5,733 Cr	₹7,827 Cr	₹9,467 Cr	₹11,432 Cr	₹13,006 Cr	₹13,323 Cr
Expenses	₹3,383 Cr	₹3,874 Cr	₹3,375 Cr	₹4,300 Cr	₹4,353 Cr	₹4,642 Cr	₹3,822 Cr	₹5,292 Cr	₹7,027 Cr	₹8,051 Cr	₹9,339 Cr	₹10,738 Cr	₹10,752 Cr
Operating Profit	₹222.00 Cr	₹221.00 Cr	₹129.00 Cr	₹157.00 Cr	₹261.00 Cr	₹263.00 Cr	₹226.00 Cr	₹441.00 Cr	₹801.00 Cr	₹1,416 Cr	₹2,093 Cr	₹2,268 Cr	₹2,571 Cr
OPM %	6%	5%	3.7%	3.5%	6%	5%	6%	8%	10%	15%	18%	17%	19%
Interest	₹8.00 Cr	₹16.00 Cr	₹17.00 Cr	₹20.00 Cr	₹36.00 Cr	₹13.00 Cr	₹11.00 Cr	₹14.00 Cr	₹9.00 Cr	₹9.00 Cr	₹28.00 Cr	₹74.00 Cr	₹68.00 Cr
Depreciation	₹31.00 Cr	₹44.00 Cr	₹39.00 Cr	₹52.00 Cr	₹64.00 Cr	₹69.00 Cr	₹60.00 Cr	₹75.00 Cr	₹76.00 Cr	₹83.00 Cr	₹115.00 Cr	₹97.00 Cr	₹99.00 Cr
Profit before Tax	₹746.00 Cr	₹922.00 Cr	₹839.00 Cr	₹650.00 Cr	₹778.00 Cr	₹727.00 Cr	₹604.00 Cr	₹749.00 Cr	₹1,403 Cr	₹2,425 Cr	₹3,062 Cr	₹3,237 Cr	₹3,533 Cr
Net Profit	₹516.00 Cr	₹596.00 Cr	₹585.00 Cr	₹496.00 Cr	₹532.00 Cr	₹471.00 Cr	₹514.00 Cr	₹611.00 Cr	₹1,119 Cr	₹1,937 Cr	₹2,414 Cr	₹2,578 Cr	₹2,854 Cr
EPS in Rs	129.59	149.63	117.49	11.07	11.88	11.66	12.74	15.14	27.74	48.02	59.83	64.04	70.85

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹199.00 Cr	₹199.00 Cr	₹249.00 Cr	₹224.00 Cr	₹224.00 Cr	₹202.00 Cr	₹202.00 Cr	₹202.00 Cr	₹202.00 Cr	₹202.00 Cr	₹202.00 Cr	₹202.00 Cr
Reserves & Surplus	₹2,554 Cr	₹2,442 Cr	₹2,730 Cr	₹2,610 Cr	₹2,993 Cr	₹2,858 Cr	₹3,230 Cr	₹3,656 Cr	₹4,558 Cr	₹6,042 Cr	₹7,738 Cr	₹9,553 Cr
Borrowings (Debt)	₹83.00 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹30.00 Cr	₹12.00 Cr	₹6.00 Cr	₹1.00 Cr	₹20.00 Cr	₹447.00 Cr
Total Liabilities	₹31,233 Cr	₹19,028 Cr	₹19,345 Cr	₹19,374 Cr	₹20,850 Cr	₹20,943 Cr	₹25,140 Cr	₹29,773 Cr	₹29,476 Cr	₹29,463 Cr	₹28,804 Cr	₹27,474 Cr
Fixed Assets	₹266.00 Cr	₹368.00 Cr	₹546.00 Cr	₹705.00 Cr	₹810.00 Cr	₹836.00 Cr	₹807.00 Cr	₹965.00 Cr	₹1,024 Cr	₹838.00 Cr	₹1,466 Cr	₹2,062 Cr
Total Assets	₹31,233 Cr	₹19,028 Cr	₹19,345 Cr	₹19,374 Cr	₹20,850 Cr	₹20,943 Cr	₹25,140 Cr	₹29,773 Cr	₹29,476 Cr	₹29,463 Cr	₹28,804 Cr	₹27,474 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹0 Cr	₹746.00 Cr	-₹1,003 Cr	₹491.00 Cr	₹65.00 Cr	-₹96.00 Cr	₹68.00 Cr	-₹163.00 Cr	₹1,516 Cr	₹684.00 Cr	₹2,102 Cr	-₹2,654 Cr
Cash from Investing (CFI)	₹0 Cr	₹560.00 Cr	₹493.00 Cr	₹348.00 Cr	₹417.00 Cr	₹454.00 Cr	₹348.00 Cr	₹326.00 Cr	-₹150.00 Cr	₹1,420 Cr	-₹1,299 Cr	₹1,166 Cr
Cash from Financing (CFF)	₹0 Cr	-₹119.00 Cr	-₹245.00 Cr	-₹608.00 Cr	-₹126.00 Cr	-₹605.00 Cr	-₹160.00 Cr	-₹183.00 Cr	-₹218.00 Cr	-₹448.00 Cr	-₹736.00 Cr	-₹931.00 Cr
Free Cash Flow (FCF)	₹0 Cr	₹615.00 Cr	-₹1,149 Cr	₹311.00 Cr	-₹110.00 Cr	-₹196.00 Cr	₹26.00 Cr	-₹203.00 Cr	₹1,401 Cr	₹347.00 Cr	₹1,298 Cr	-₹2,828 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	76	82	78	91	117	107	87	64	47	71	34	73
Inventory Days	3239	622	782	559	533	688	1142	1044	605	411	298	131
Cash Conversion Cycle (Days)	3191	544	685	297	240	91	-4	272	285	162	92	-20
ROCE %	0%	34%	30%	23%	27%	24%	23%	21%	33%	44%	43%	36%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹955.31 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,890.00

DCF Fair Value

₹955.31

Graham Number

₹555.17

Margin of Safety

-59%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹955.31

Premium / Overvalued (Margin: -59%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹930	₹921	₹913	₹905
10%	₹947	₹938	₹930	₹921
12%	₹964	₹955	₹947	₹938
14%	₹981	₹972	₹964	₹955

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹955	Fairly Valued
Benjamin Graham Number	₹555	Market Priced
Historical Sector P/E	₹1,376	Premium
EV / EBITDA Multiplier	₹1,985	In-Line
Free Cash Flow Yield Model	₹1,852	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 9/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

9 / 9 Pass

Altman Z-Score

5.58 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.00x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Managing working capital

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 18.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

81.22%

FIIs (Foreign)

1.72%

DIIs (Domestic)

5.02%

Government

0.15%

Public / Retail

12.04%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	84.83%	84.83%	84.83%	84.83%	84.83%	84.83%	84.83%	81.22%	81.22%	81.22%	81.22%	81.22%
+ FIIs (Foreign Portfolio)	3.69%	3.32%	2.38%	2.44%	1.45%	1.55%	2.26%	2.57%	1.97%	1.80%	1.73%	1.72%
+ DIIs (Mutual Funds / Insurance)	0.39%	0.43%	0.66%	0.83%	1.00%	1.46%	1.69%	5.21%	5.65%	5.37%	5.09%	5.02%
+ Public (Retail & HNIs)	11.10%	11.42%	12.12%	11.89%	12.72%	12.16%	11.21%	11.00%	11.15%	11.61%	11.95%	12.04%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Defense & Aerospace.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

MAZDOCK Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

MAZDOCK Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

MAZDOCK Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹2,419.20

Accelerated market share capture in Defense & Aerospace, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹2,116.80

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 33x P/E.

🐻 Bear Case (15%) -12.0%

₹1,663.20

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Defense & Aerospace)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:45 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Mazagon Dock Shipbuilders Ltd (MAZDOCK)	Target Stock	₹1,890.00	+0.64%	33.0x	30.4%	41.3%	0.00	₹83,258 Cr
Hindustan Aeronautics Ltd (HAL)	Aircraft, Fighter Jets & Helicopters	₹4,949.00	-1.00%	33.0x	24.0%	32.0%	0.00	₹3.08 Lakh Cr
Bharat Electronics Ltd (BEL)	Defense Radars & Weapon Systems	₹399.00	+1.13%	45.7x	27.8%	37.0%	0.00	₹2.80 Lakh Cr
Bharat Dynamics Ltd (BDL)	Guided Missile Systems & Torpedoes	₹1,100.00	-0.87%	76.9x	10.2%	13.9%	0.00	₹40,029 Cr
Cochin Shipyard Ltd (COCHINSHIP)	Aircraft Carriers & Vessel Ship Repair	₹1,202.00	-6.82%	57.3x	11.2%	14.5%	0.27	₹33,858 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:45:09 IST	✓ Live Sync
Financial Statements (10Y)	Mazagon Dock Shipbuilders Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Mazagon Dock Shipbuilders Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Mazagon Dock Shipbuilders Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Defense & Aerospace)

Metric Explainer

Stock DNA Methodology

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