AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Mazagon Dock Shipbuilders will hold analyst and institutional investor meetings from 24-30 September 2026.
Source: Bse
Mazagon Dock Shipbuilders Limited (MAZDOCK)
Large CapIndustrials stocks · Large cap · NSE
Mazagon Dock Shipbuilders Ltd. (MDL) is a 'Navratna' PSU under the GoI, specializing in building destroyers and conventional submarines. It has delivered 809 vessels, including 34 warships and 8 submarines since 1960. MDL holds a 51% stake in Colombo Dockyard PLC and a 47.21% associate stake in Goa Shipyard Ltd, diversifying into oil & gas and green vessels.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -13.6% / mo · MACD + · near 52W low
Stock trend: 24
Sector RS: 45
Sector 3M: -7.5% vs Nifty 500 -5.8%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MAZDOCKD candles · FIT view-25.6%TODAY · PROVISIONALLatest price ₹1995.80 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.7%
RSI
32
MACD hist
7.93
52W pos
2%
2026-10-21O ₹2052.00H ₹2059.70L ₹1982.20C ₹1995.80Vol 4.3L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAZDOCKNifty India ManufacturingNifty 500
- MAZDOCK
- -12.6%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -7.0 pp
Chart stats
19 Oct 2026- From 52W high
- -30.0%
- 52W range position
- 7%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹114 Cr
- 20D price channel
- ₹1,987.7 - ₹2,278
₹2,929.7
₹1,987.7 - ₹2,929.7
₹55
Latest completed session
20-session average
29.8% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED64
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +12.1% · PAT +21.7% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 70/100Rev +12% YoY · PAT +22% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,943 Cr | +12.1% | -23.6% |
| EBITDA | ₹447 Cr | +48.0% | -17.7% |
| Operating margin | 15.0% | +400 bps | +100 bps |
| PAT | ₹550 Cr | +21.7% | -18.4% |
| PAT margin | 18.7% | +148 bps | +118 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.00
- P/B
- 8.78
- EV/EBITDA
- 32.26
- Market Cap
- 85694.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 36.00%
- ROA
- 10.39%
- Dividend Y
- 0.85%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 37.81×
- Altman Z
- 4.31
- Book Value
- 242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- -2654.00 Cr
- EPS TTM
- 70.85
Shareholding
- Promoter Hold
- 81.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 13.0k+13.8% vs prev
Net Profit
₹ CrLatest: 2,854+10.7% vs prev
Return on Equity
%Latest: 29.3-9.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~15.6% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 4 Downtrend
1M return
-10.0%
3M return
-12.6%
6M return
-24.1%
1Y return
-26.2%
RS 1D
0
RS 20D
-8
Sector rank
#5
Industry rank
-
Stage evidence
- Price is 14.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 76.95-0.89%
RS vs Nifty 50077
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 64 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation7/30
Growth21/25
Quality18/20
Balance Sheet11/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
64
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
64/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 28.3%.
- Quality contributes 18/20 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
30.0
PB
8.8
EV/EBITDA
32.3
ROE
29.2%
ROCE
36.0%
FCF Yield
—
Debt/Equity
0.1
MoS
+28.3%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
64
Previous: 63 (+1)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+28.3%
Previous: +26.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
63
63
63
61
61
61
61
61
61
61
63
63
Factor attribution
Valuation
7+1
was 6
Modelled fair value
Graham Number
₹621.11
-221.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹2,784.41
+28.3% MoS
PEG
0.92
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MBEL
Small
M & B Engineering Limited
Defence Electronics
match 90
69
14.5
19.4%
+57%
UNDERVALUED
COCHINSHIP
Mid
Cochin Shipyard Limited
Shipbuilding
match 87
31
48.5
12.5%
-334%
OVERVALUED
GRSE
Small
Garden Reach Shipbuilders & Engineers Limited
Shipbuilding
match 85
65
30.4
31.6%
+24%
UNDERVALUED
MTARTECH
Micro
Mtar Technologies Limited
Defence / Aerospace
match 82
32
175.0
12.4%
-321%
WATCHLIST
KAUSHALYA
Small
Kaushalya Infrastructure Development Corporation Limited
Defence / Aerospace
match 82
14
—
0.4%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T08:14:39.485Z
Management commentary snapshot
Q1FY27 revenue from operations grew to INR 29,427 Mn, with PAT at INR 5,505 Mn. EBITDA margin expanded to 26% and PAT margin to 19%, reflecting strong execution and profitability. Trade receivables significantly increased to INR 26,057 Mn by Mar'26.
MDL's thesis remains intact due to robust financial performance, a strong order book, and strategic capacity expansion. Increased indigenization and diversification into oil & gas and green vessels are positive, but the sharp rise in trade receivables warrants close monitoring.
Growth engines
Naval Modernization & Defence Orders
Only Indian Shipyard capable of building Destroyers and Conventional Submarines; delivered all 6 Scorpene submarines.
Strategic Acquisitions & Partnerships
Acquired 51% controlling stake in Colombo Dockyard PLC; 47.21% associate stake in Goa Shipyard Ltd.
Diversification into Oil & Gas
Successfully secured three orders from ONGC in the Oil & Gas sector, reinforcing diversification beyond defence shipbuilding.
Green Vessels & R&D
Developing Fuel Cell Electric Vessels and Lithium Ion Batteries for submarines; first Methanol-Fuelled PSV contract from SCI.
Capacity and execution
Warship & Submarine Capacity Expansion
Warship capacity increased from 8 to 10; submarine capacity increased from 6 to 11.
South Yard Annex Development
15-acre MbPA land under development to nearly double shipbuilding and refit capacity.
Floating Dry Dock
12,000T Floating Dry Dock under construction; target completion Jul’26.
Nhava Greenfield Shipyard
37-acre greenfield shipyard under development for larger ships/offshore platforms.
Tailwinds
Government's Make in India Initiative
Indian Navy announced an indigenization plan up to 2030; 1,024 items submitted to MoD Positive Indigenisation List.
Sagarmala Project
Inland waterways traffic to shoot up 15x over the next 20 years, bringing additional ship repair business.
Financial Assistance to Shipbuilders
Policy approved by cabinet to grant assistance to both state-owned & private shipbuilders on each ship built.
Maritime Amrit Kaal Vision 2047
Greenfield shipyard expansion being explored; India’s first Methanol-Fuelled PSV contract supports green maritime transition.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison (Q1FY27 vs Q1FY26) is relevant for assessing sequential momentum and project execution. YoY comparison (FY26 vs FY25) is crucial for understanding annual growth trends and the impact of long-term projects.
Sector KPIs management disclosed
Order Book
Total Order Book as on June 30, 2026: INR 1,82,180 Mn.
Revenue from Operations
Q1FY27: INR 29,427 Mn (vs Q1FY26: 26,256 Mn). FY26: INR 1,30,063 Mn (CAGR 41.68% FY22-FY26).
EBITDA Margin
Q1FY27: 26% (vs Q1FY26: 24%). FY26: 26% (vs FY25: 28%).
PAT Margin
Q1FY27: 19% (vs Q1FY26: 17%). FY26: 20% (vs FY25: 21%).
Management forward view
Future Bid Investment
₹1,006.0 mn FY26 investment in concept & design for future bids, vs ₹357.2 mn in prior year.
Strategic Pipeline
Teaming Agreement with SDHI for LPDs; MoU with Brazilian Navy for Scorpene sustainment; exploring Southeast Asia opportunities.
Export Revival & Marketing
Reviving exports to Latin America, Africa, South East Asia, Middle East and Scandinavian regions; establishing international marketing team.
Focus on Ship Repair
Increased impetus on ship repair activities to increase client base, generate more revenues and reduce dependency on MoD.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | INR 1,82,180 Mn as of June 30, 2026. | Monitor timely execution of current orders and new order inflows to maintain revenue visibility. |
| Trade Receivables | INR 26,057 Mn as of 31-Mar-26. | Watch for collection efficiency and any further increase in receivables, which could impact working capital. |
| Capacity Ramp-up | 12,000T Floating Dry Dock target completion Jul’26; South Yard Annex development. | Track commissioning and utilization of new capacities, especially the floating dry dock and South Yard Annex. |
| Indigenization Progress | Indigenous content increased from 42% (P15) to 75% (P17A) by FY2026. | Monitor further progress in indigenization and its impact on cost efficiencies and strategic autonomy. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 79th percentile within Industrials. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
82 docs text-extracted · 24 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Industrials: 79th pctile, median 68 · Large: 62nd pctile, median 73
Evidence depth
Financial-only
82 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 81.2%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸Operating cash flow is negative at ₹-2654 Cr.
- ▸ROCE trend is -5%.
- ▸OPM spread across recent quarters is 22.2%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mazagon Dock Shipbuilders Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 7 Sep - Shri K.M. Ravi Kumar appointed Independent Director effective 7 September 2026 for three years.
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - Mazagon Dock appoints M/s. Sarda & Pareek LLP as statutory auditors for FY 2026-27 from 7 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 18 Sep - MDL signed MoU to be anchor shipyard in proposed Dugarajapatnam Greenfield cluster, targeting 1.2 million GT capacity.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 16 Sep - MDL signed MoU to become anchor shipyard at Dighi greenfield cluster, targeting 1.2 million GT annual capacity.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 4 Sep - Mazagon Dock wins ₹117.99 crore MSETCL AI-based infrasecure project for 5 substations, to be executed in 24 months.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Mazagon Dock Shipbuilders Limited has informed about Copy of Newspaper Publication w.r.t. 93rd Annual General Meeting scheduled to be held on Thursday, 27 August 2026.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Jul - INS Mahendragiri commissioned into Indian Navy on 11 July 2026; MDL built fourth Nilgiri-class frigate.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Dividend Updates 30 Apr - Board recommended final dividend of Rs. 4.62 per share for FY2026.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.