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DefenceShipbuilding & SubmarinesPlatform Integration
Mazagon Dock
Only Indian yard building conventional submarines (Scorpène/P-75I candidate) + destroyers. 36% ROCE, huge advance-funded balance sheet. P-75I is the trigger event.
Order book · P-75I (~₹70K Cr) decision pending; 3 add-on Scorpènes signed
Hold
₹2,346
Mkt cap ₹94.6K Cr
P/E
36.6x
P/B
9.7x
ROCE
36.0%
ROE
29.2%
Div yield
0.74%
52W high
₹3,061
52W low
₹2,057
Promoter
81.2%
Score bridge (derived from real data)
Fundamental
81
Valuation
66
Technical
28
Moat (curated)
88
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹2,057now ₹2,346₹3,061
29/100
Technical rating D
Price · 2 years · SMA 50/200 · as of 2026-07-20
DownMACD Bearish50 < 200
RSI-14
RSI-14
38
vs SMA-50
-4.4%
vs SMA-200
-6.9%
1Y return
-20.5%
Ann. vol
34%
Max DD 1Y
-31%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Shipbuilding & Submarines
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Mazagon Dock ◄ | ₹94.6K Cr | 36.6x | 17% | 36.0% | 18.4% | 32.1% | 0.05x | 68 |
| Cochin Shipyard | ₹37.0K Cr | 51.6x | 16% | 16.0% | 28.5% | 33.0% | 0.28x | 59 |
| Garden Reach Shipbuilders | ₹29.4K Cr | 39.2x | 11% | 43.0% | 39.8% | 48.6% | 0.01x | 69 |
| Krishna Defence | ₹1.9K Cr | 47.2x | 22% | 30.7% | 56.4% | 101.7% | 0.01x | 76 |
Financial statements
Source: Screener.inSales 3Y CAGR
18.4%
PAT 3Y CAGR
32.1%
OPM (latest)
17.0%
PAT margin
19.8%
D / E
0.05x
CFO / PAT
-1.12x
EV / EBITDA
42.0x
FCF yield
-1.8%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 36.5% | 21.0% | 20.8% | 13.8% |
| PAT growth YoY % | — | 83.1% | 73.1% | 24.6% | 6.8% |
| OPM % | 8% | 10% | 15% | 18% | 17% |
| PAT margin % | 10.7% | 14.3% | 20.5% | 21.1% | 19.8% |
| ROE % (PAT / net worth) | 15.8% | 23.5% | 31.0% | 30.4% | 26.4% |
| D / E (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 |
| Asset turnover (x) | 0.19 | 0.27 | 0.32 | 0.40 | 0.47 |
| CFO / PAT (x) | 2.48 | 0.61 | 1.07 | -1.20 | — |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 5,733 | 7,827 | 9,467 | 11,432 | 13,006 |
| Operating profit | 441 | 801 | 1,416 | 2,066 | 2,266 |
| OPM % | 8% | 10% | 15% | 18% | 17% |
| Net profit | 611 | 1,119 | 1,937 | 2,414 | 2,578 |
| EPS ₹ | 15.14 | 27.74 | 48.02 | 59.83 | 64.04 |
Quarterly · ₹ Cr
| Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|
| Sales | 3,174 | 2,626 | 2,929 | 3,601 |
| OPM % | 4% | 11% | 24% | 25% |
| PAT | 325 | 452 | 749 | 880 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 202 | 202 | 202 | 202 | 202 |
| Reserves | 3,656 | 4,558 | 6,042 | 7,738 | 9,553 |
| Borrowings | 12 | 6 | 1 | 20 | 447 |
| Total assets | 29,773 | 29,476 | 29,463 | 28,804 | 27,458 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Operating | 1,516 | 684 | 2,078 | -2,891 |
| Investing | -150 | 1,420 | -1,299 | 1,209 |
| Financing | -218 | -448 | -712 | -738 |
Shareholding
Promoters
81.2%
FII
1.7%
DII
5.1%
Public
11.9%
Mkt cap
₹94.6K Cr
P/E
36.6x
52W range
₹2,057–3,061