Sell Mazagon Dock Shipbuilders; target of Rs 1165: ICICI Securities

sell

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

ICICI Securities research report on Mazagon Dock Shipbuilders

Mazagon Dock Shipbuilders (MDL) has reported robust Q1FY25 performance. Key points: 1) EBITDA margin increased to highest level of 27.2% (16.9% in Q4FY24) aided by lower provisions and deliveries of ships earlier than expected. 2) It won contract worth INR 46.8bn from ONGC and an export contract for construction of three multi-purpose hybrid powered vessels (order value: USD 43mn). 3) Q1 order inflow stood at >INR 25bn, and 4) MDL has planned capex of INR 40-50bn over the next 3-4 years.

Outlook

We estimate deliveries in FY25/26E are likely to be ahead of schedule as well, and hence, we have increased our EPS by 51%/73% for FY25/26E, respectively. Maintain SELL with DCF-based revised TP of INR 1,165 (earlier INR 900).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Mazagon Dock Shipbuilders - 160824 - isc