Mazagon Dock Shipbuilders Ltd

Mazagon Dock Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Mazagon Dock Shipbuilders Ltd

₹ 4,007 -1.69%
21 Nov - close price
mazagondock.in BSE: 543237 NSE: MAZDOCK
About

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]

Key Points

Shipbuilding Yard[1]
It primarily manufactures for the defence sector and has built 802 vessels including 28 warships ranging from advanced destroyers to missile boats and 7 submarines. It received orders worth ~Rs. 6,000 crs.+ in 9MFY24.
Frigate Project - MDL is the lead shipyard for building 4 of the Nilgiri Class Stealth Frigates.
Destroyer Project - Executing P15B project
of 4 Destroyers (3 Delivered within Timelines)
Kalvari Class Submarines Project - delivered 5 submarines during 2017 - 2022.
It received the status of Mini-Ratna -I in 2022 by the Dept. of Public Enterprises.

Website BSE NSE
  • Market Cap ₹ 80,809 Cr.
  • Current Price ₹ 4,007
  • High / Low ₹ 5,860 / 1,795
  • Stock P/E 32.6
  • Book Value ₹ 325
  • Dividend Yield 0.69 %
  • ROCE 50.6 %
  • ROE 37.8 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 29.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.9%
  • Company has been maintaining a healthy dividend payout of 30.0%

Cons

  • Stock is trading at 12.3 times its book value
  • Contingent liabilities of Rs.37,139 Cr.
  • Earnings include an other income of Rs.1,181 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Ship Building Industry: Miscellaneous

Part of BSE Capital Goods Nifty LargeMidcap 250 Nifty 200 BSE CPSE BSE Allcap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
1,570 1,552 1,396 2,230 1,702 1,816 2,079 2,173 1,828 2,362 3,104 2,357 2,757
1,485 1,351 1,319 2,057 1,585 1,520 1,868 2,001 1,651 1,823 2,580 1,715 2,246
Operating Profit 85 202 77 174 118 296 211 172 177 539 524 642 511
OPM % 5% 13% 6% 8% 7% 16% 10% 8% 10% 23% 17% 27% 19%
96 121 129 136 169 176 232 233 261 269 376 271 265
Interest 2 2 1 1 1 1 2 1 1 1 1 1 1
Depreciation 17 17 23 18 18 18 20 20 20 20 23 23 23
Profit before tax 162 304 182 290 267 452 421 383 416 786 876 889 751
Tax % 19% 28% 20% 25% 25% 25% 24% 25% 25% 25% 25% 25% 25%
131 218 145 217 200 337 318 287 313 592 654 666 564
EPS in Rs 6.50 10.80 7.19 10.76 9.94 16.72 15.77 14.21 15.52 29.33 32.44 33.02 27.95
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
2,278 2,331 3,619 4,127 3,530 4,475 4,614 4,905 4,048 5,733 7,827 9,467 10,580
2,077 2,222 3,405 3,910 3,403 4,325 4,353 4,642 3,822 5,291 7,027 8,051 8,364
Operating Profit 201 109 214 217 126 149 261 263 226 442 801 1,416 2,216
OPM % 9% 5% 6% 5% 4% 3% 6% 5% 6% 8% 10% 15% 21%
532 547 563 760 765 612 664 600 474 420 713 1,138 1,181
Interest 27 2 0 4 4 14 36 36 11 15 9 9 5
Depreciation 13 15 31 44 39 50 64 69 60 75 76 83 90
Profit before tax 692 639 746 929 848 697 825 758 630 773 1,429 2,461 3,303
Tax % 29% 35% 34% 39% 37% 37% 37% 46% 24% 24% 25% 25%
494 413 492 568 533 440 517 408 480 586 1,073 1,845 2,476
EPS in Rs 248.15 207.19 246.78 285.38 214.25 19.63 23.08 20.25 23.78 29.08 53.19 91.50 122.74
Dividend Payout % 20% 24% 20% 18% 37% 56% 19% 53% 30% 30% 30% 30%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 33%
TTM: 34%
Compounded Profit Growth
10 Years: %
5 Years: 29%
3 Years: 47%
TTM: 97%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 144%
1 Year: 101%
Return on Equity
10 Years: %
5 Years: 26%
3 Years: 30%
Last Year: 38%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 199 199 199 199 249 224 224 202 202 202 202 202 202
Reserves 1,319 1,615 2,261 2,124 2,360 2,198 2,568 2,380 2,717 3,120 3,976 5,369 6,352
82 81 79 0 0 0 0 0 30 12 6 1 36
22,752 23,648 28,401 16,384 16,363 16,502 17,633 17,883 21,679 25,904 24,709 23,219 20,940
Total Liabilities 24,352 25,544 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 27,530
123 126 266 368 546 646 810 836 807 965 1,024 838 1,501
CWIP 38 78 40 170 98 85 89 80 80 87 62 72 99
Investments 6 6 6 6 6 6 6 6 6 6 6 6 6
24,184 25,334 30,629 18,164 18,321 18,187 19,520 19,542 23,735 28,179 27,801 27,875 25,925
Total Assets 24,352 25,544 30,940 18,707 18,971 18,925 20,425 20,465 24,628 29,237 28,893 28,791 27,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
288 -1,009 442 65 -96 68 -163 1,516 684
516 494 392 417 454 348 326 -150 1,420
-120 -240 -603 -126 -605 -160 -183 -218 -448
Net Cash Flow 683 -755 231 356 -246 257 -19 1,148 1,655

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 47 62 76 81 77 90 117 107 87 64 47 71
Inventory Days 5,875 5,315 3,239 586 687 514 541 688 1,142 1,044 605 411
Days Payable 806 433 124 151 153 324 416 704 1,234 836 366 321
Cash Conversion Cycle 5,116 4,944 3,190 516 611 280 241 91 -4 272 285 162
Working Capital Days -617 -735 -573 -571 -604 -428 -445 -311 -606 -645 -528 -426
ROCE % 37% 38% 35% 28% 33% 30% 28% 25% 38% 51%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83% 84.83%
1.82% 2.06% 2.47% 3.05% 3.29% 3.29% 3.29% 3.69% 3.32% 2.38% 2.44% 1.45%
0.95% 0.97% 1.15% 0.76% 0.26% 0.30% 0.56% 0.39% 0.43% 0.66% 0.83% 1.00%
12.40% 12.14% 11.55% 11.35% 11.62% 11.57% 11.31% 11.10% 11.42% 12.12% 11.89% 12.72%
No. of Shareholders 1,16,7391,18,3541,14,6351,19,2481,58,9871,64,1512,02,8723,08,3723,45,3283,86,3304,77,4786,72,404

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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