MAZDOCK
Large CapMazagon Dock Shipbuilders Limited
Services
Mazagon Dock Shipbuilders Limited (MDL) is a Government of India undertaking under the Ministry of Defence. It is India's only shipyard to have built Destroyers and conventional Submarines for the Indian Navy. MDL has delivered 808 vessels since 1960, including 33 Warships and 8 Submarines. It holds Navratna status and has a capacity to build 11 Submarines & 10 War Ships concurrently.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +21% YoY · PAT +107% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,850 Cr | +21.3% | +6.9% |
| EBITDA | ₹543 Cr | +356.3% | -38.8% |
| Operating margin | 14.0% | +1000 bps | -1100 bps |
| PAT | ₹674 Cr | +107.4% | -23.4% |
| PAT margin | 17.5% | +727 bps | -693 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
MDL reported robust FY26 performance with Revenue from Operations up 13.8% YoY to INR 13,006 Cr and PAT up 6.8% YoY to INR 2,578 Cr. Q4 FY26 revenue grew 21.3% YoY to INR 3,850 Cr, while Q4 PAT surged 107.4% YoY but declined 23.4% QoQ. FY26 Operating Margin was 16%.
MDL continues to demonstrate strong execution with key deliveries and a healthy order book. Consistent profitability, zero debt, and strategic acquisitions like Colombo Dockyard PLC support the long-term thesis. However, operating margin saw a slight dip YoY.
Order Book by Project Type (as of 31st March 2026)
Latest issuer-disclosed distribution across 10 reported categories.
Indigenous Naval Shipbuilding
MDL is India's only shipyard to have built Destroyers and conventional Submarines, reinforcing 'Aatmanirbhar Defence'.
Healthy Order Book
Total Order Book of INR 20,535 Cr as of 31st March 2026, providing revenue visibility.
Strategic Acquisition
Acquired 51% controlling stake in Colombo Dockyard PLC for INR 236.95 Cr, expanding maritime presence.
Green Technology Vessels
Signed contract for one 3000 DWT Methanol Dual Fuel Diesel Electric Platform Supply Vessel, first of its kind in India.
Government Support for Defence
Reinforcing India’s commitment to Aatmanirbhar Defence and blue-water Maritime Strength.
Maritime India Vision 2030 & Amrit Kaal Vision 2047
New Methanol Powered Vessel project contributes to these visions to transform India's maritime sector into a Global leader.
Indigenization Push
Aatmanirbhar Submarine Ecosystem Conclave 2026 and engagement with MSMEs to accelerate indigenisation.
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.
Shipbuilding is a project-based business with long execution cycles, making YoY comparisons essential for annual performance. However, QoQ comparisons are useful to track sequential project milestones, delivery schedules, and short-term operational momentum.
Revenue from Operations (FY)
FY 2025-26: INR 13,006 Cr (up 13.8% YoY from FY 2024-25: INR 11,432 Cr)
Profit After Tax (FY)
FY 2025-26: INR 2,578 Cr (up 6.8% YoY from FY 2024-25: INR 2,414 Cr)
Operating Margin (FY)
FY 2025-26: 16% (vs FY 2024-25: 17%)
Order Book (as of 31st March 2026)
Total Order Book: INR 20,535 Cr, including pending work/spares of delivered vessels.
Commitment to Indigenization
MDL remains committed to strengthening collaboration across the defence industrial ecosystem to accelerate indigenisation of critical submarine systems and technologies.
Strategic Partnerships
Signed Teaming Agreement with Swan Defence and Heavy Industries for Landing Platform Docks and MoU with Naval Group, France for Scorpene submarines.
Green Initiatives
Building India's first Methanol Dual Fuel Diesel Electric Platform Supply Vessel, a step towards Net Zero Carbon Footprint.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Total Order Book of INR 20,535 Cr as of 31st March 2026. | Timely execution and delivery of ongoing projects, especially P17A Frigates and new NGOPVs. |
| New Order Wins | No new major orders disclosed in Q4/FY26 beyond the SCI PSV and MPV keel layings. | Securing new large defence contracts, particularly for future submarine programs or naval vessels. |
| Colombo Dockyard PLC Integration | MDL secured 51% controlling stake in Colombo Dockyard PLC for INR 236.95 Cr. | Successful integration and operational synergies from the acquisition of Sri Lanka's largest shipyard. |
| Operating Margins | FY26 Operating Margin at 16%, a slight dip from 17% in FY25. | Stabilization or improvement in operating margins amidst project mix changes and input costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +2.3% / mo
Technical chart
MAZDOCKdaily · 6M-0.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 44.
- SMA20 falling (~7.9% over last month) — short-term momentum negative.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 17/20 to the score.
- Growth contributes 19/25 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -5.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 90th percentile within Services. Main check: cash conversion is weak at 52/100.
High Trust Lite: Promoter holding is 81.2%. Key concern: Operating cash flow is negative at ₹-2891 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 90th pctile, median 66 · Large: 63rd pctile, median 74
79 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 81.2%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸Operating cash flow is negative at ₹-2891 Cr.
- ▸ROCE trend is -5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 23%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 37.30
- P/B
- 9.87
- EV/EBITDA
- 40.97
- Market Cap
- 96367.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 36.00%
- ROA
- 9.39%
- Dividend Y
- 0.72%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 31.47×
- Altman Z
- 4.63
- Book Value
- 242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -2891.00 Cr
- EPS TTM
- 64.04
Shareholding
- Promoter Hold
- 81.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — 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.