MAZDOCK

Company Profile & Business

Mazagon Dock is a major Indian shipyard and defence shipbuilding PSU under the Ministry of Defence. It builds warships, submarines, offshore platforms, support vessels, cargo & passenger ships, etc. The company also undertakes ship repair, heavy engineering and fabrication of offshore structures. The Government of India holds a majority stake (~80-85%) in the company. Its facilities include yards in Mumbai (Mazagon, Nhava, Alcock) with capacity for building and repairing various classes of vessels. Financials & Valuation In recent years, its operating income / revenues have grown significantly. For FY 2025, consolidated revenue is in the range of ₹9,400–10,000+ crore. Net profit in FY25 rose strongly compared to prior years; the company shows robust growth momentum. The share is trading at a relatively steep valuation: P/E in the range of ~50–60× (based on trailing earnings). Book value per share is much lower than market price, so the stock commands a high price-to-book multiple. The company is relatively low on debt and has good liquidity, reducing financial risk. It also has sizable contingent liabilities. In Q4 FY25, the company’s quarterly profit dropped sharply (by over 50% YoY), leading to investor concern. In Q1 FY26, net profit fell ~35% YoY despite revenue growth of ~11%.