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Geojit's IPO report on Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders Ltd (MDSL), incorporated in 1934, is a 'Mini-ratna-I' public sector undertaking under the Department of Defence Production, (MoD). Headquartered in Mumbai, the core capabilities includes construction & repair of warships, submarines for Indian Navy and other vessels for commercial clients. With a capacity of 40,000 Dead Weight Tonnage (DWT), MDSL is India's only shipyard to have built destroyers and conventional submarines for the Indian Navy and is also first shipyard to manufacture Corvettes (Veer and Khukri Class) in India. Since 1960, MDSL built 795 vessels including 25 warships, destroyers, missile boats & 3 submarines.
Valuation and Outlook
At the upper price band of Rs.145, MDSL is available at a P/E of 6.1x which is significant discount to its peers. Considering strong technological & execution capabilities, healthy order book and attractive dividend yield, we assign a subscribe rating for this IPO.
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