Shares of Mazagon Dock Shipbuilders were trading higher at Rs 3,057, up 2.41% in early trade. The stock is a constituent of the Nifty Midcap 150 index.
Financial Snapshot:
Mazagon Dock Shipbuilders' consolidated financial performance shows the following trends:
Quarterly Results:
| 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 company's revenue for the quarter-ending June 2025 stood at Rs 2,625.59 Crore, compared to Rs 3,174.41 Crore in the quarter-ending March 2025. The net profit for the quarter-ending June 2025 was Rs 419.28 Crore, lower than the Rs 290.42 Crore reported in the quarter-ending March 2025.
Annual Results:
| 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 | 25.48 | 30.29 | 55.48 | 96.04 | 59.83 |
| BVPS | 170.15 | 191.27 | 236.02 | 309.56 | 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 annual revenue for fiscal year 2025 stood at Rs 11,431.88 Crore, up from Rs 9,466.58 Crore in 2024. Net profit for fiscal year 2025 was Rs 2,277.34 Crore, compared to Rs 1,808.88 Crore in 2024. There is no debt reported in the Debt to Equity ratio from 2021 to 2025.
Standalone Income Statement (Annual):
| 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 sales for the year ending March 2025 was Rs 11,431 Crore, which increased from Rs 9,466 Crore in March 2024. The net profit stood at Rs 2,324 Crore in March 2025, compared to Rs 1,845 Crore in March 2024.
Standalone Income Statement (Quarterly):
| Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | |
|---|---|---|---|---|---|
| Sales | Rs 2,625 Crore | Rs 3,174 Crore | Rs 3,143 Crore | Rs 2,756 Crore | Rs 2,357 Crore |
| Other Income | Rs 289 Crore | Rs 346 Crore | Rs 286 Crore | Rs 265 Crore | Rs 271 Crore |
| Total Income | Rs 2,914 Crore | Rs 3,520 Crore | Rs 3,430 Crore | Rs 3,022 Crore | Rs 2,628 Crore |
| Total Expenditure | Rs 2,346 Crore | Rs 3,113 Crore | Rs 2,366 Crore | Rs 2,269 Crore | Rs 1,738 Crore |
| EBIT | Rs 567 Crore | Rs 407 Crore | Rs 1,063 Crore | Rs 752 Crore | Rs 889 Crore |
| Interest | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore | Rs 1 Crore |
| Tax | Rs 147 Crore | Rs 79 Crore | Rs 294 Crore | Rs 187 Crore | Rs 222 Crore |
| Net Profit | Rs 419 Crore | Rs 326 Crore | Rs 768 Crore | Rs 563 Crore | Rs 665 Crore |
The standalone sales for the quarter ending June 2025 was Rs 2,625 Crore, which decreased from Rs 3,174 Crore in March 2025. The net profit stood at Rs 419 Crore in June 2025, compared to Rs 326 Crore in March 2025.
Cash Flow:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 2,078 Crore | Rs 683 Crore | Rs 857 Crore | Rs -162 Crore | Rs 68 Crore |
| Investing Activities | Rs -1,299 Crore | Rs 1,419 Crore | Rs 508 Crore | Rs 326 Crore | Rs 348 Crore |
| Financing Activities | Rs -712 Crore | Rs -448 Crore | Rs -217 Crore | Rs -183 Crore | Rs -159 Crore |
| Others | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore | Rs 0 Crore |
| Net Cash Flow | Rs 66 Crore | Rs 1,655 Crore | Rs 1,147 Crore | Rs -19 Crore | Rs 256 Crore |
The net cash flow for the year ending March 2025 was Rs 66 Crore, compared to Rs 1,655 Crore for the year ending March 2024.
Balance Sheet:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore | Rs 201 Crore |
| Reserves & Surplus | Rs 6,979 Crore | Rs 5,368 Crore | Rs 3,975 Crore | Rs 3,119 Crore | Rs 2,717 Crore |
| Current Liabilities | Rs 19,823 Crore | Rs 22,634 Crore | Rs 24,139 Crore | Rs 25,183 Crore | Rs 20,782 Crore |
| Other Liabilities | Rs 944 Crore | Rs 570 Crore | Rs 563 Crore | Rs 728 Crore | Rs 924 Crore |
| Total Liabilities | Rs 27,948 Crore | Rs 28,776 Crore | Rs 28,880 Crore | Rs 29,233 Crore | Rs 24,625 Crore |
| Fixed Assets | Rs 1,598 Crore | Rs 909 Crore | Rs 1,085 Crore | Rs 1,051 Crore | Rs 887 Crore |
| Current Assets | Rs 24,713 Crore | Rs 25,788 Crore | Rs 26,085 Crore | Rs 26,529 Crore | Rs 22,084 Crore |
| Other Assets | Rs 1,635 Crore | Rs 2,078 Crore | Rs 1,709 Crore | Rs 1,652 Crore | Rs 1,654 Crore |
| Total Assets | Rs 27,948 Crore | Rs 28,776 Crore | Rs 28,880 Crore | Rs 29,233 Crore | Rs 24,625 Crore |
| Contingent Liabilities | Rs 0 Crore | Rs 37,337 Crore | Rs 27,382 Crore | Rs 1,719 Crore | Rs 22,480 Crore |
Total assets for the year ending March 2025 were Rs 27,948 Crore, slightly down from Rs 28,776 Crore in March 2024.
Financial Ratios:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 57.63 | 91.50 | 53.19 | 29.08 | 23.78 |
| Diluted Eps (Rs.) | 57.63 | 91.50 | 53.19 | 29.08 | 23.78 |
| Book Value /Share (Rs.) | 178.02 | 276.20 | 207.13 | 164.68 | 144.73 |
| Dividend/Share (Rs.) | 17.31 | 27.45 | 15.96 | 8.73 | 7.24 |
| Face Value | 5 | 10 | 10 | 10 | 10 |
| Gross Profit Margin (%) | 28.24 | 26.93 | 19.30 | 15.14 | 20.35 |
| Operating Margin (%) | 27.23 | 26.05 | 18.34 | 13.84 | 18.88 |
| Net Profit Margin (%) | 20.33 | 19.49 | 13.70 | 10.22 | 11.84 |
| Return on Networth / Equity (%) | 32.37 | 33.12 | 25.67 | 17.65 | 16.42 |
| ROCE (%) | 38.31 | 40.16 | 30.28 | 19.60 | 19.89 |
| Return On Assets (%) | 8.31 | 6.41 | 3.71 | 2.00 | 1.94 |
| Current Ratio (X) | 1.25 | 1.14 | 1.08 | 1.05 | 1.06 |
| Quick Ratio (X) | 1.02 | 0.89 | 0.78 | 0.75 | 0.78 |
| Debt to Equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratios (X) | 733.82 | 497.97 | 237.25 | 121.28 | 91.44 |
| Asset Turnover Ratio (%) | 0.40 | 0.33 | 0.27 | 0.21 | 16.43 |
| Inventory Turnover Ratio (X) | 0.88 | 0.00 | 0.00 | 0.00 | 0.69 |
| 3 Yr CAGR Sales (%) | 41.21 | 52.93 | 26.33 | 11.05 | -4.19 |
| 3 Yr CAGR Net Profit (%) | 99.10 | 96.17 | 62.05 | 6.26 | 4.42 |
| P/E (x) | 45.88 | 10.19 | 6.23 | 4.12 | 4.46 |
| P/B (x) | 14.85 | 6.74 | 3.20 | 1.45 | 1.47 |
| EV/EBITDA (x) | 28.02 | 9.15 | 0.06 | -7.66 | -4.54 |
| P/S (x) | 9.33 | 3.96 | 1.71 | 0.84 | 1.06 |
The debt to equity ratio has remained at 0.00 from March 2021 to March 2025. The P/E ratio stood at 45.88 as of March 2025.
Corporate Actions:
Mazagon Dock Shipbuilders announced the appointment of M/s. Sarda & Pareek LLP, Chartered Accountants as the Statutory Auditors for the FY 2025-26, following a communication from the office of C&AG. Negotiations with the Indian Navy have commenced regarding the Submarine Project P75(I). Also, newspaper clippings of the Notice for the AGM of the Company were published on August 29, 2025, in the Business Standard (English) and Navarashtra (Marathi).
The company announced a final dividend of Rs 2.71 per share (54.2%) with effective date as September 19, 2025. The company had also announced an interim dividend of Rs 3.00 per share (60%) with effective date as April 16, 2025.
Mazagon Dock Shipbuilders had split its stock, with the old face value of Rs 10 being split to a new face value of Rs 5. The ex-split date was December 27, 2024.
Moneycontrol analysis on September 16, 2025, indicated a very bullish sentiment for the stock.
With the stock currently trading at Rs 3,057, Mazagon Dock Shipbuilders has shown a positive movement in today's session.
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