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India's state-owned shipyard building warships and submarines for the Indian Navy, plus commercial vessels.
India's state-owned shipyard building warships and submarines for the Indian Navy, plus commercial vessels.
Earns as work progresses on multi-year Navy contracts, so its order book of already-awarded destroyers, frigates and submarines sets revenue for years ahead. The Indian government owns most of the company, and it is one of the few Indian yards able to build submarines, building French-designed Scorpene boats under licence.
In one line: India's state defence shipbuilder, akin to HII/Electric Boat.
Moat: wide (regulatory licence, installed base, scale). One of only a few Indian yards licensed and capable of building naval submarines and destroyers.
Headquarters: Mumbai, India · Founded: 1934 · Employees: 5,770
Size Mazagon Dock Shipbuilders (MAZDOCK.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $7.87B, the 146th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,840 on 6 Nov 2026.
Performance Over six months the shares fell 31.4%, against -11.8% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 8.2% over the last twelve months (peer median +10.0%); the operating margin is 15.3% (peer median 12.0%).
Valuation It trades at 30.5× forward earnings against a peer median of 16.1× (2nd most expensive of 20).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹128B | ₹130B | ₹114B | ₹94.7B | ₹78.3B |
| Revenue growth | — | +14% | +21% | +21% | — |
| Gross profit | ₹34.3B | ₹34.8B | ₹32.6B | ₹16.5B | ₹10.2B |
| EBITDA | ₹20.8B | ₹28.5B | ₹27.0B | ₹14.6B | ₹8.53B |
| Net income | ₹24.5B | ₹25.8B | ₹24.1B | ₹19.4B | ₹11.2B |
| Free cash flow | n/a | -₹21.7B | ₹23.3B | ₹12.7B | ₹13.5B |
| Capital expenditure | n/a | ₹4.77B | ₹8.05B | ₹4.41B | ₹1.41B |
| Total debt | ₹8.11B | ₹4.47B | ₹203M | ₹9.30M | ₹60.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mazagon Dock Shipbuilders MAZDOCK.NS | $7.87B | -31% | +8% | 15% | 30.5× | n/a |
| Garden Reach Shipbuilders & Engineers GRSE.NS | $2.60B | -31% | +40% | 10% | 26.5× | n/a |
| Cochin Shipyard COCHINSHIP.NS | $3.40B | -33% | -1% | 13% | 34.3× | n/a |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| TKMS AG & Co. KGaA TKMS.DE | $5.57B | +8% | +15% | 5% | 39.8× | n/a |
| Fincantieri FCT.MI | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAZDOCK.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -6.6% | 9th lowest of 21 |
| 6-month return | -31.4% | -11.8% | 7th lowest of 21 |
| Distance from 52-week high | -35.4% | -30.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +8.2% | +10.0% | 10th lowest of 21 |
| Operating margin | 15.3% | 12.0% | 8th highest of 21 |
| Forward P/E | 30.5× | 16.1× | 2nd most expensive of 20 |
| EV / EBITDA | 30.7× | 11.8× | most expensive of 16 |
| Net debt / EBITDA | -5.2× | 1.3× | 2nd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |