Mazagon Dock Shipbuilders Limited

MAZDOCK.NS

Aerospace & Defense · Industrials

Price

₹2485.00

+5.00 (+0.20%)

Market Cap

₹1.00T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 1, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Mixed

Dividends

Weak

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Winston Score History

The full picture

Mazagon Dock Shipbuilders is an Indian government-owned company that builds warships and submarines for the Indian Navy. It is one of India's largest and oldest shipyards, located in Mumbai, and has constructed destroyers, frigates, and submarines including the Scorpene-class submarines under license from France. The company also builds commercial vessels like cargo ships and offshore platforms.

Mazagon Dock earns revenue primarily through long-term defense contracts awarded by the Indian government, making the Ministry of Defence its dominant customer. With a market capitalization around ₹1 trillion, it is one of India's most valuable defense companies. Its moat comes from being one of very few Indian shipyards with the capability and security clearance to build advanced naval vessels, creating high barriers to entry. Growth depends on India's expanding defense budget and new submarine and warship programs, though heavy reliance on government orders and potential project delays remain key risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+108.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

81.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹142.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Mazagon Dock Shipbuilders Limited is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 403.4M (2022) → 403.4M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.1%

Thin — 24.1% gross margin

Profit after running costs

Operating Margin

14.2%

Healthy — 14.2% operating margin

Return on the money invested

ROCE

24.8%

Exceptional — 24.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.9%

Fast-growing sales (+13.9% YoY)

Profit growth

EPS YoY

+31.7%

Earnings growing fast (+31.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

36.30x

Comfortably covers interest (36.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

35.1x

Pricey — P/E 35.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

0.37%

Small dividend — 0.37% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-61.2%

Dividend cut (-61.2% YoY) — warning sign

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