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    Mazagon Dock Shipbuilders Limited

    India's premier defence shipyard building destroyers, submarines and frigates for the Indian Navy.

    Capital Goods
    Industrials
    View MAZDOCK earnings calls
    ₹2,342.8
    -5.29% from avg

    Overview

    Price

    ₹2,342.8

    Market Cap

    ₹94.0k Cr

    Sector

    Capital Goods

    Industrials

    Rank

    3

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital202202202202202202202202
    Reserves2.9k3.2k3.7k4.6k6.0k7.7k8.7k9.6k
    Borrowings0301261202447
    Other Liabilities17.9k21.7k25.9k24.7k23.2k20.8k17.0k17.3k
    Total Liabilities20.9k25.1k29.8k29.5k29.5k28.8k26.0k27.5k
    AssetsFixed Assets8368079651.0k8381.5k1.4k2.1k
    CWIP8080876272133210245
    Investments484519542589679765833915
    Other Assets19.5k23.7k28.2k27.8k27.9k26.4k23.5k24.2k
    Total Assets20.9k25.1k29.8k29.5k29.5k28.8k26.0k27.5k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating65-9668-1631.5k6842.1k-2.9k
    Cash from Investing417454348326-1501.4k-1.3k1.2k
    Cash from Financing-126-605-160-183-218-448-712-738
    SummaryCapital Expenditure
    Free Cash Flow-110-19626-2031.4k3471.6k-3.4k
    FCF Margin

    Valuation

    Assumptions

    Current — MAZDOCK
    Price
    ₹2,343
    EPS (TTM)
    ₹68.44
    PE (TTM)
    34.2
    Profit growth
    35.0%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (33.2×) and current (34.2×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹2,343
    vs
    Fair value · 15% return
    ₹4,863
    108%Undervalued

    At 35% growth and a 33× exit, ₹2343 only delivers your return if you pay ₹4,863. The price is currently baking in 18% growth.

    EPS grows 35%/yr for 5 years, then fades to 6% over 2, exits at 33×.

    YearGrowthEPS (₹)
    FY2735.0%92.39
    FY2835.0%124.73
    FY2935.0%168.39
    FY3035.0%227.32
    FY3135.0%306.89
    FY3220.5% ·fade369.80
    FY336.0% ·fade391.99

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

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