Shares of Mazagon Dock Shipbuilders declined by 2.01% to Rs 2,729.10 in Friday's session on the NSE. Mazagon Dock Shipbuilders has demonstrated significant financial growth over the past few years. Here's an overview of their consolidated financial performance:
Consolidated Yearly Data:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 4,047.82 Crore | Rs 5,733.28 Crore | Rs 7,827.18 Crore | Rs 9,466.58 Crore | Rs 11,431.88 Crore |
| Net Profit | Rs 453.47 Crore | Rs 563.11 Crore | Rs 1,046.07 Crore | Rs 1,808.88 Crore | Rs 2,277.34 Crore |
| EPS | Rs 25.48 | Rs 30.29 | Rs 55.48 | Rs 96.04 | Rs 59.83 |
| BVPS | Rs 170.15 | Rs 191.27 | Rs 236.02 | Rs 309.56 | Rs 196.83 |
| ROE | 14.97 | 15.83 | 23.50 | 31.02 | 30.39 |
| Debt to Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
The company's revenue increased significantly from Rs 4,047.82 Crore in 2021 to Rs 11,431.88 Crore in 2025. Net profit also saw a substantial rise from Rs 453.47 Crore in 2021 to Rs 2,277.34 Crore in 2025.
Standalone Yearly Income Statement:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 11,431 Crore | Rs 9,466 Crore | Rs 7,827 Crore | Rs 5,733 Crore | Rs 4,047 Crore |
| Other Income | Rs 1,168 Crore | Rs 1,138 Crore | Rs 713 Crore | Rs 433 Crore | Rs 600 Crore |
| Total Income | Rs 12,600 Crore | Rs 10,604 Crore | Rs 8,540 Crore | Rs 6,166 Crore | Rs 4,648 Crore |
| Total Expenditure | Rs 9,487 Crore | Rs 8,138 Crore | Rs 7,104 Crore | Rs 5,387 Crore | Rs 4,009 Crore |
| EBIT | Rs 3,113 Crore | Rs 2,466 Crore | Rs 1,435 Crore | Rs 779 Crore | Rs 638 Crore |
| Interest | Rs 4 Crore | Rs 5 Crore | Rs 6 Crore | Rs 7 Crore | Rs 8 Crore |
| Tax | Rs 784 Crore | Rs 615 Crore | Rs 356 Crore | Rs 186 Crore | Rs 150 Crore |
| Net Profit | Rs 2,324 Crore | Rs 1,845 Crore | Rs 1,072 Crore | Rs 586 Crore | Rs 479 Crore |
The standalone yearly income statement shows consistent growth in sales, from Rs 4,047 Crore in March 2021 to Rs 11,431 Crore in March 2025. The net profit also increased substantially over the same period.
Consolidated Quarterly Data:
| Heading | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 2,357.02 Crore | Rs 2,756.83 Crore | Rs 3,143.62 Crore | Rs 3,174.41 Crore | Rs 2,625.59 Crore |
| Net Profit | Rs 665.94 Crore | Rs 552.76 Crore | Rs 768.22 Crore | Rs 290.42 Crore | Rs 419.28 Crore |
| EPS | 34.51 | 29.01 | 20.01 | 8.06 | 11.21 |
The consolidated quarterly revenue increased from Rs 2,357.02 Crore in June 2024 to Rs 3,174.41 Crore in March 2025, before slightly decreasing to Rs 2,625.59 Crore in June 2025. The net profit showed fluctuations across the quarters, with a high of Rs 768.22 Crore in December 2024 and a low of Rs 290.42 Crore in March 2025.
Standalone Quarterly Income Statement:
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | |
|---|---|---|---|---|---|
| Sales | Rs 2,357 Crore | Rs 2,756 Crore | Rs 3,143 Crore | Rs 3,174 Crore | Rs 2,625 Crore |
| Other Income | Rs 271 Crore | Rs 265 Crore | Rs 286 Crore | Rs 346 Crore | Rs 289 Crore |
| Total Income | Rs 2,628 Crore | Rs 3,022 Crore | Rs 3,430 Crore | Rs 3,520 Crore | Rs 2,914 Crore |
| Total Expenditure | Rs 1,738 Crore | Rs 2,269 Crore | Rs 2,366 Crore | Rs 3,113 Crore | Rs 2,346 Crore |
| EBIT | Rs 889 Crore | Rs 752 Crore | Rs 1,063 Crore | Rs 407 Crore | Rs 567 Crore |
| Interest | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore |
| Tax | Rs 222 Crore | Rs 187 Crore | Rs 294 Crore | Rs 79 Crore | Rs 147 Crore |
| Net Profit | Rs 665 Crore | Rs 563 Crore | Rs 768 Crore | Rs 326 Crore | Rs 419 Crore |
The standalone quarterly income statement reveals fluctuating sales and net profit figures. Sales peaked at Rs 3,174 Crore in March 2025, while net profit reached its highest at Rs 768 Crore in December 2024.
Cash Flow:
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 68 Crore | Rs -162 Crore | Rs 857 Crore | Rs 683 Crore | Rs 2,078 Crore |
| Investing Activities | Rs 348 Crore | Rs 326 Crore | Rs 508 Crore | Rs 1,419 Crore | Rs -1,299 Crore |
| Financing Activities | Rs -159 Crore | Rs -183 Crore | Rs -217 Crore | Rs -448 Crore | Rs -712 Crore |
| Others | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore |
| Net Cash Flow | Rs 256 Crore | Rs -19 Crore | Rs 1,147 Crore | Rs 1,655 Crore | Rs 66 Crore |
The cash flow statement indicates a positive net cash flow in most years, with a significant increase in cash flow from operating activities in March 2025.
Balance Sheet:
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Share Capital | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore |
| Reserves & Surplus | Rs 2,717 Crore | Rs 3,119 Crore | Rs 3,975 Crore | Rs 5,368 Crore | Rs 6,979 Crore |
| Current Liabilities | Rs 20,782 Crore | Rs 25,183 Crore | Rs 24,139 Crore | Rs 22,634 Crore | Rs 19,823 Crore |
| Other Liabilities | Rs 924 Crore | Rs 728 Crore | Rs 563 Crore | Rs 570 Crore | Rs 944 Crore |
| Total Liabilities | Rs 24,625 Crore | Rs 29,233 Crore | Rs 28,880 Crore | Rs 28,776 Crore | Rs 27,948 Crore |
| Fixed Assets | Rs 887 Crore | Rs 1,051 Crore | Rs 1,085 Crore | Rs 909 Crore | Rs 1,598 Crore |
| Current Assets | Rs 22,084 Crore | Rs 26,529 Crore | Rs 26,085 Crore | Rs 25,788 Crore | Rs 24,713 Crore |
| Other Assets | Rs 1,654 Crore | Rs 1,652 Crore | Rs 1,709 Crore | Rs 2,078 Crore | Rs 1,635 Crore |
| Total Assets | Rs 24,625 Crore | Rs 29,233 Crore | Rs 28,880 Crore | Rs 28,776 Crore | Rs 27,948 Crore |
| Contingent Liabilities | Rs 22,480 Crore | Rs 1,719 Crore | Rs 27,382 Crore | Rs 37,337 Crore | Rs 0 Crore |
The balance sheet shows a steady increase in reserves and surplus, indicating strong financial health. Total assets and liabilities have also seen considerable growth over the years.
Financial Ratios:
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 23.78 | 29.08 | 53.19 | 91.50 | 57.63 |
| Diluted Eps (Rs.) | 23.78 | 29.08 | 53.19 | 91.50 | 57.63 |
| Book Value [Excl. Reval Reserve]/Share (Rs.) | 144.73 | 164.68 | 207.13 | 276.20 | 178.02 |
| Dividend/Share (Rs.) | 7.24 | 8.73 | 15.96 | 27.45 | 17.31 |
| Face Value | 10 | 10 | 10 | 10 | 5 |
| Gross Profit Margin (%) | 20.35 | 15.14 | 19.30 | 26.93 | 28.24 |
| Operating Margin (%) | 18.88 | 13.84 | 18.34 | 26.05 | 27.23 |
| Net Profit Margin (%) | 11.84 | 10.22 | 13.70 | 19.49 | 20.33 |
| Return on Networth / Equity (%) | 16.42 | 17.65 | 25.67 | 33.12 | 32.37 |
| ROCE (%) | 19.89 | 19.60 | 30.28 | 40.16 | 38.31 |
| Return On Assets (%) | 1.94 | 2.00 | 3.71 | 6.41 | 8.31 |
| Current Ratio (X) | 1.06 | 1.05 | 1.08 | 1.14 | 1.25 |
| Quick Ratio (X) | 0.78 | 0.75 | 0.78 | 0.89 | 1.02 |
| Debt to Equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratios (X) | 91.44 | 121.28 | 237.25 | 497.97 | 733.82 |
| Asset Turnover Ratio (%) | 16.43 | 0.21 | 0.27 | 0.33 | 0.40 |
| Inventory Turnover Ratio (X) | 0.69 | 0.00 | 0.00 | 0.00 | 0.88 |
| 3 Yr CAGR Sales (%) | -4.19 | 11.05 | 26.33 | 52.93 | 41.21 |
| 3 Yr CAGR Net Profit (%) | 4.42 | 6.26 | 62.05 | 96.17 | 99.10 |
| P/E (x) | 4.46 | 4.12 | 6.23 | 10.19 | 45.88 |
| P/B (x) | 1.47 | 1.45 | 3.20 | 6.74 | 14.85 |
| EV/EBITDA (x) | -4.54 | -7.66 | 0.06 | 9.15 | 28.02 |
| P/S (x) | 1.06 | 0.84 | 1.71 | 3.96 | 9.33 |
The financial ratios indicate strong profitability and efficiency. The P/E ratio as of March 2025 stood at 45.88.
Corporate Actions:
Mazagon Dock Shipbuilders announced the publication of unaudited financial results (standalone & consolidated) for the quarter ended on 30 June 2025, in English and Marathi newspapers on 30 July 2025. The board approved these results on 28 July 2025.
Additionally, the company's board of directors approved the proposal for the acquisition of a controlling stake in Colombo Dockyard PLC on 27 June 2025, with an investment not exceeding USD 52.96 million.
Dividends and Stock Splits:
The company has announced multiple dividends. An interim dividend of Rs 3.00 per share (60%) was announced on April 8, 2025, with an effective date of April 16, 2025. A stock split was announced on October 22, 2024, with the old face value of Rs 10 being split into a new face value of Rs 5. The ex-split date was December 27, 2024.
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