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Mazagon Dock Shipbuilders Q2 FY27 Share Price & Earnings Call Analysis

₹1,762.70+1.73% today
Market cap
₹71,104 Cr
P/E
24.88
ROE
29.17%
PEG
0.78
Price to sales
5.34
Debt to equity
0.05
52W high / low
₹2,830 / ₹1,733
Sales growth (5Y)
26.30%
EBITDA margin
19.30%
Net profit margin
19.80%
Promoter holding
81.22%
Sales (last year)
₹13,323 Cr

Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms. [1]

Guidance scorecard · Q2 FY27 call

What Mazagon Dock Shipbuilders Ltd's management guided
and where it ranks in Industrial Manufacturing

#42of 56 in
Industrial Manufacturing
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ2 FY26 call

10–20%
  • Current order book stands at around INR 27,000 crores with an outlook exceeding INR 1 lakh crores by FY 2026-27.
  • Expected revenue for FY 25-26 is approximately INR 12,500 crores, with a 5% growth projected for the following year.
  • Anticipate significant revenue and profit improvement once submarine projects (P75, P75I) commence.
  • Commercial shipbuilding is targeted as a new growth area, including setting up a large shipyard in Tuticorin with an investment of about INR 5,000 crores over 4-5 years.
  • Short-term commercial orders anticipated from petroleum PSUs like ONGC and Shipping Corporation of India, around INR 1,000 crores.

2 more points from Mazagon Dock Shipbuilders Ltd's call on revenue

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Full Q2 FY26 analysis

MarginsQ2 FY26 call

Flat

See what Mazagon Dock Shipbuilders Ltd said on margins — free account, 30 seconds.

Full Q2 FY26 analysis

CapexQ2 FY26 call

Planned
  • Mazagon Dock plans a major greenfield shipyard in Tuticorin, Tamil Nadu, with a capacity of 1 to 1.5 million tons and land requirement of 1,000-1,100 acres.
  • Total capex for Tuticorin shipyard estimated between INR 15,000 to INR 18,000 crores, to be done in phases; first phase of around INR 5,000 crores expected in 3-4 years.
  • Ongoing capex of INR 500 crores for the current financial year, mainly for a floating dock at Nhava Sheva yard, expected to complete by year-end.
  • Additional INR 1,000 crores planned for Nhava Sheva yard and South Yard Annex infrastructure improvements over 2-3 years.
  • Another INR 1,000 crores will be invested towards infrastructure for the 75I submarine projects.

2 more points from Mazagon Dock Shipbuilders Ltd's call on capex

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Full Q2 FY26 analysis

FundraisingQ2 FY26 call

See what Mazagon Dock Shipbuilders Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY26 analysis

Order bookQ2 FY26 call

Rising
  • Current order book is around INR 27,000 crores.
  • Outlook for FY '26 and FY '27: Expected order book in excess of INR 1 lakh crores.
  • Ongoing orders include around INR 7,000 crores from ONGC.
  • Expect follow-on orders for P75 submarines, P75I, and others as part of the defense order pipeline.
Full Q2 FY26 analysis
Full Industrial Manufacturing ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Manufacturing
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Mazagon Dock Shipbuilders Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Manufacturing companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 0–2%₹1,207 Cr111.0
240%+Up 0–2%₹549 Cr33.8
340%+Flat₹8,076 Cr94.4
440%+Flat₹3,732 Cr81.2
540%+Flat₹2,580 Cr61.2
640%+Flat₹743 Cr43.6

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Mazagon Dock Shipbuilders Ltd announcements

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Financials of Mazagon Dock Shipbuilders Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Mazagon Dock Shipbuilders Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +84.83%84.83%84.83%84.83%84.83%84.83%81.22%81.22%81.22%81.22%81.22%81.22%
FIIs +3.32%2.38%2.44%1.45%1.55%2.26%2.57%1.97%1.80%1.73%1.72%1.73%
DIIs +0.43%0.66%0.83%1.00%1.46%1.69%5.21%5.65%5.37%5.09%5.02%5.09%
Public +11.42%12.12%11.89%12.72%12.16%11.21%11.00%11.15%11.61%11.95%12.04%11.95%
No. of Shareholders3,45,3283,86,3304,77,4786,72,4046,89,6056,76,9577,19,7437,41,6807,62,6528,08,4558,05,8237,97,262

Financials of Mazagon Dock Shipbuilders Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,8282,3623,1042,3572,7573,1443,1742,6262,9293,6013,8502,9432,446
Expenses +1,6511,8232,5801,7152,2462,3273,0552,3242,2352,7143,3082,4962,247
Operating Profit177539524642511817119302695887543447199
OPM %10%23%17%27%19%26%3.8%11%24%25%14%15%8%
Other Income +251269349271258291287324271262283293251
Interest11115583596102421
Depreciation20202323234029232423232930
Profit before tax4077868498897401,0633705679341,120793686399
Tax %25%25%26%25%25%28%21%26%24%25%20%25%25%
Net Profit +333627663696585807325452749880674550346
EPS in Rs8.2515.5416.4317.2614.5020.018.0611.2118.5821.8116.8413.628.53

Financials of Mazagon Dock Shipbuilders Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,6054,0943,5054,4574,6144,9054,0485,7337,8279,46711,43213,00612,840
Expenses +3,3833,8743,3754,3004,3534,6423,8225,2927,0278,0519,33910,73810,765
Operating Profit2222211291572612632264418011,4162,0932,2682,076
OPM %6%5%3.7%3.5%6%5%6%8%10%15%18%17%16%
Other Income +5637617665656175464483966871,1011,1121,1391,089
Interest81617203613111499287461
Depreciation3144395264696075768311597105
Profit before tax7469228396507787276047491,4032,4253,0623,2372,999
Tax %34%39%37%39%40%48%25%25%25%25%26%25%
Net Profit +5165965854965324715146111,1191,9372,4142,5782,451
EPS in Rs10.3611.9611.7511.0711.8811.6612.7415.1427.7448.0259.8364.0460.80
Dividend Payout %19%17%34%49%19%46%28%29%29%29%29%28%

Financials of Mazagon Dock Shipbuilders Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital199199249224224202202202202202202202202
Reserves2,5542,4422,7302,6102,9932,8583,2303,6564,5586,0427,7389,55310,257
Borrowings +830000030126120447811
Other Liabilities +28,39716,38616,36616,54017,63317,88321,67925,90424,70923,21920,84417,27213,872
Total Liabilities31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,47425,142
Fixed Assets +2663685467058108368079651,0248381,4662,0622,004
CWIP401709885898080876272133252323
Investments299324376429431484519542589679765915957
Other Assets +30,62918,16618,32418,15419,52019,54223,73528,17927,80127,87526,44024,24521,858
Total Assets31,23319,02819,34519,37420,85020,94325,14029,77329,47629,46328,80427,47425,142

Financials of Mazagon Dock Shipbuilders Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +746-1,00349165-9668-1631,5166842,102-2,654
Cash from Investing Activity +560493348417454348326-1501,420-1,2991,166
Cash from Financing Activity +-119-245-608-126-605-160-183-218-448-736-931
Net Cash Flow1,188-755231356-246257-191,1481,65567-2,419
Free Cash Flow615-1,149311-110-19626-2031,4013471,298-2,828
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit479%-507%507%146%43%99%32%228%96%145%-74%

Financials of Mazagon Dock Shipbuilders Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days76827891117107876447713473
Inventory Days3,2396227825595336881,1421,044605411298131
Days Payable1241601743534107041,234836366321240224
Cash Conversion Cycle3,19154468529724091-427228516292-20
Working Capital Days-576-575-608-431-444-311-607-645-528-426-356-187
ROCE %34%30%23%27%24%23%21%33%44%43%36%

Guidance history

How Mazagon Dock Shipbuilders Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY26 call →10–20%FlatPlanned—Rising
Q4 FY25 call →0–10%Up 2%+Planned—Rising
Q2 FY25 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

5out of 100

Momentum score · price trend

5 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−36.5%15%
Last 6 months−35.5%4%
Last 3 months−24.0%9%

The price is 50% below its all-time high of ₹3,522.4 (16 May 2025). Stocks more than 20% below their peak have their score halved, so 10 became 5.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mazagon Dock Shipbuilders Ltd: 0.4 × 15 + 0.4 × 4 + 0.2 × 9 = 10, halved to 5 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Mazagon Dock Shipbuilders Ltd's management said in earlier quarters

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