NSE/MAZDOCK

MAZDOCKMazagon Dock Shipbuilders Ltd

Defence · NSE

₹2,616.4+2.02%

52-wk low52-WEEK RANGE52-wk high

₹2,065.2+26.7% from low ·-30.3% from high₹3,751.2

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

MAZDOCK+10.34% · 1Y

Range high ₹3,775Range low ₹2,057.4Latest ₹2,616.4252 bars · daily-close · NSE bhavcopy + 10Y history

DefenceLargecap

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite100/100

Performance

—

Not enough price history to score.

Valuation

Low

Appears to be fairly valued to cheap vs peers.

· P/E 43.8 vs sector median 60.4 — 27% cheaper

Growth

High

Growing faster than the broader market.

· Revenue YoY +20.8% — strong top-line
· Profit YoY +24.6%

Profitability

High

Showing good signs of profitability & efficiency.

· Net margin 21.1% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(53/100)

Durability

43/100

Mixed quality signals; requires deeper due diligence.

Show 3 drivers

Piotroski F-score2/8 (25pt)
Altman Z" score0.93 (25pt)
Debt/Equity0.00 (100pt)

Valuation

55/100

Fairly priced — not a bargain, not stretched.

Show 4 drivers

P/E vs sector (43.8 / 60.4)73% (97pt)
P/B11.83 (40pt)
Dividend yield0.73% (18pt)
EV/EBITDA46.5 (0pt)

Momentum

62/100

Constructive setup — momentum building, not extended.

Show 4 drivers

DMA-trend alignmentsideways (50pt)
RSI (14)65.7 (89pt)
Price vs 200-DMA-1.2% (50pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)43.81

UNDERVALUED

CheapestP/E 43.8 at 18th %ile of sector — cheaper than 82% of peers.Most expensive

P/B11.83

FAIR

CheapestP/B 11.83 at 55th %ile of sector.Most expensive

EV/EBITDA46.52

OVERVALUED

Monthly seasonality

Avg monthly return over 6 years · historical — not a forecast

Best: Jun +17.36% · Worst: Feb -9.43%

Jan

+1.6%

67% win

Feb

-9.4%

17% win

Mar

-0.4%

17% win

Apr

+17.0%

83% win

May

+10.7%

80% win

Jun

+17.4%

Monthly return distribution

Distribution of 66 monthly returns

Mean

+6.57%

Median

+1.79%

Std dev

16.65%

Best

+54.2%

Worst

-19.1%

% positive

56%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 3

Lean balance sheet (D/E 0.00)
Low leverage means earnings are less sensitive to rate cycles
Consistent top-line growth (25.1% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Strong net margin (21.1%)
High margin indicates pricing power + operating efficiency

WEAKNESSES · 2

Weak financial quality (Piotroski 2/8)
Score ≤3 signals multiple concerning accounting trends
Distress-zone Altman Z″ (0.93)
Historically associated with elevated bankruptcy probability

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+2.0%

+5.9%

+12.4%

+5.5%

-7.9%

+10.9%

+95.1%

+85.6%

10Y

+85.8%

Fundamentals

VALUATION

Market cap

₹1,05,423 Cr

P/E (TTM)

43.8

P/E (fwd)

—

next 12m

P/B

11.83

EV/EBITDA

46.5

Book value

—

per share

PROFITABILITY · QUALITY

ROE

—

ROCE

—

Net margin

21.1%

Op margin

—

Gross margin

—

D/E

0.00

GROWTH · MARKET

Rev YoY

+20.8%

Profit YoY

+24.6%

Div yield

0.73%

Payout

—

52w change

—

Beta

—

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Trading at -27.4% vs sector median P/EP/E 43.8 vs Defence median 60.4 — relative value on earnings
+Revenue growing at +20.8% YoYGrowth-category territory — implies market-share gains or market expansion
+3-year revenue CAGR of 25.1%Sustained multi-year growth — not a one-quarter flash
+3-year profit CAGR of 58.1%Consistently compounding earnings — the Buffett playbook
+Nearly debt-free (D/E 0.00)Low financial risk — funds growth from internal accruals, resilient in downturns

CONS · 0

No material concerns surface from the ratios alone — still layer qualitative research.

Sector-relative context

Defence · 11 peers

P/E (TTM)

This stock

43.81

Sector median

60.36

Rank 2/11 (91th %ile)

ROE

This stock

—

Sector median

14.9%

—

P/B

This stock

11.83

Sector median

11.83

Rank 6/11 (55th %ile)

Quality score · Piotroski F-score

2 / 8

Weak quality — struggles on multiple fronts

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✗Positive operating cash flow· Profits are backed by real cash, not accruals
✗Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

DISTRESS0.93

Z″ = 0.93 — DISTRESS zone. Historical Altman-Z models have associated this range with elevated 2-year bankruptcy probability. Treat as a flag for deeper diligence, not a verdict.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.100	×6.56	0.656
Retained Earnings / Total Assets (B)	0.042	×3.26	0.138
EBIT / Total Assets (C)	0.012	×6.72	0.083
Book Equity / Total Liabilities (D)	0.052	×1.05	0.054

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. Working capital proxied from reported cash + 10% buffer (exact 'current assets − current liabilities' line not ingested). Treat as directional.

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	2,757	3,144	2,939	2,626	3,601
Operating profit	487	777	607	279	864
OPM %	17.7%	24.7%	20.7%	10.6%	24.0%
Interest	5	5

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	5,718	7,584	9,068	11,196
Operating profit	368	727	1,338	2,491
OPM %	6.4%	9.6%	14.8%	22.3%
Interest	13	9	9	10
Depreciation

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
MAZDOCKTHIS Mazagon Dock Shipbuilders Limited	₹2,616.4	-5.4%	1,05,423	43.8	11.83	—	0.00	+20.8%
BEL Bharat Electronics Limited	₹462.75	+54.3%	3,36,177	56.5	15.60	27.6%	0.00	+17.9%
HAL Hindustan Aeronautics Limited	₹4,388.1	+1.8%	2,90,549	32.7	7.83	24.0%	0.00	+10.7%
SOLARINDS Solar Industries India Limited	₹15,089	+21.0%	1,35,518	93.6	26.49	—	0.16	+24.2%
BDL Bharat Dynamics Limited	₹1,380.7	-3.3%	50,076	86.0	11.87	13.8%	0.00	+41.2%
COCHINSHIP Cochin Shipyard Limited	₹1,561.1	+5.0%	40,876	56.2	7.17	12.8%	0.20	+24.2%
GRSE Garden Reach Shipbuilders & Engineers Limited	₹2,712	+55.8%	30,574	44.3	13.31	30.0%	0.01	+41.3%
DATAPATTNS Data Patterns (India) Limited	₹3,494.2	+78.4%	19,992	81.1	12.99	16.0%	0.00	+36.3%
ASTRAMICRO Astra Microwave Products Limited	₹1,093.45	+35.6%	10,269	64.2	8.82	13.7%	0.24	+16.3%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Date	Amount
2026-02-13	₹7.50
2025-11-04	₹6.00
2025-09-19	₹2.71
2025-04-16	₹3.00
2024-10-30	₹11.60
2024-09-19	₹6.05
2023-11-20	₹7.67
2023-09-20	₹3.43
2022-11-21	₹4.55
2022-09-19	₹0.81
2022-01-06	₹3.55
2021-09-20	₹0.92
2021-02-22	₹2.71

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	202	202	202	202
Reserves	1,263	2,166	3,653	5,353
Borrowings	12	6	17	20
Other liabilities	0	0	0	0
Total liabilities	29,770	29,463	29,449	28,708
Fixed assets	1,043	1,069	888	1,577
CWIP	87	62	68	133
Investments	130	121	126	134
Other assets	3	2	2	1
Total assets	29,770	29,463	29,449	28,708

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	-163	1,516	684	2,078
CF Investing	326	-150	3,115	-1,299
CF Financing	-183	-218	-449	-712
Net cash flow	-19	1,148	3,350	67
Free cash flow	-201	1,380	674	1,273

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	22.3%	14.8%	9.6%	6.4%
Net margin %	21.6%	21.4%	14.8%	10.7%
ROE %	51.3%	62.3%	58.4%	41.7%
ROCE %	65.0%	77.9%	73.3%	51.7%
Debt / Equity	0.00	0.00	0.00	0.01
Interest coverage	319.9×	275.3×	156.5×	56.6×
Revenue growth YoY	+23.5%	+19.6%	+32.6%	—
Profit growth YoY	+24.6%	+73.1%	+83.2%	—

MAZDOCKMazagon Dock Shipbuilders Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Quarterly results

Annual P&L

Peer comparison · Defence

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Defence