Subscribe to Mazagon Dock Shipbuilders: Hem Securities

Hem Securities has come out with its report on Mazagon Dock Shipbuilders. The research firm has recommended to ''Subscribe'' the ipo in its research report as on September 26, 2020

Broker Research

September 29, 2020 / 07:23 IST

26 Aug, 2025 12:21

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Hem Securities IPO report on Mazagon Dock Shipbuilders

Company is a defence public sector undertaking shipyard under the Department of Defence Production, MoD with a maximum shipbuilding and submarine capacity of 40,000 DWT engaged in the construction and repair of warships and submarines for the MoD for use by the Indian Navy and other vessels for commercial clients. Company is a wholly owned GoI company, conferred with the 'Mini-ratna-I' status in 2006, by the DPE. Company is India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy. Company is also one of the initial shipyards to manufacture Corvettes (Veer and Khukri Class) in India. Company have in the past constructed two SSK submarines, modernized and refitted four SSK submarines. Company has enhanced its capability of handling construction of conventional submarines. Company have also entered into a technology transfer agreement with Naval Group, France for Scorpene submarines which are currently manufactured by company. Company have delivered two of the Scorpene submarines, INS Kalvari and INS Khanderi to the MoD.

Valuation and Outlook

Along with stable business of company we find the valuation reasonable at which company is bringing the issue Hence, we recommend “Subscribe” the issue for listing gains as well as long term horizon.

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