Mazagoan Dock Shipbuilders Ltd.
Infrastructure · NSE
52-week range
₹2,057 – ₹3,752
From 52w high
-29.2%
RSI (14)
57.1
vs SMA 50 / 200
↑ 50 · ↑ 200
Mazagon Dock Shipbuilders (MAZDOCK) is an NSE-listed defence shipbuilder with a trailing PE of 41.3, ROE of 28.77%, and 5-year earnings CAGR of approximately 109%, placing it first among Infrastructure sector peers on return on equity. The stock trades at ₹2,644, above both its 50-DMA and 200-DMA after a 10.58% recovery over the past 3 months, but remains 29.52% below its 52-week high and is down 5.53% over one year. Debt-to-equity of 4.48 is high and trending upward, and free cash flow has been positive in only 3 of the years tracked.
- ✓ROE of 28.77% ranks first among Infrastructure sector peers with available data (vs. L&T at 15.54% and CGPOWER at 19.56%), indicating above-peer capital efficiency over the measured period.
- ✓5-year earnings growth of approximately 109% and revenue growth of 30.2% reflect sustained top- and bottom-line expansion over the measurement window, with a consistency score of 78 out of 100.
- ✓Current price of ₹2,644 is above both the 50-DMA (₹2,452) and 200-DMA (₹2,598), and RSI is at 55.67 (neutral range), with a 10.58% price gain over the most recent 3 months.
- ✓Trailing PE of 41.3 is below peers BEL (53.5), ABB (90.5), CGPOWER (113.8), and CUMMINSIND (66.0), and the forward PE is 32.4 — MAZDOCK carries the second-lowest trailing PE in its peer group of 6.
- ✗Debt-to-equity of 4.48 with a rising trend is materially high for an industrial/defence manufacturer; this leverage level creates sensitivity to interest rate changes and raises refinancing risk if order-flow timing shifts.
- ✗Free cash flow has been positive in only 3 of the tracked fiscal years, indicating that high reported earnings have not translated consistently into cash generation — a pattern common in long-cycle shipbuilding contracts but worth monitoring.
- ✗The stock is 29.52% below its 52-week high with a single mapped resistance at ₹2,810, suggesting limited technical overhead has been cleared from the prior peak and the drawdown period has been extended.
- ✗Revenue growth of 30.2% over 5 years, while strong, is concentrated in a defence-dependent order book; any slowdown in Ministry of Defence procurement cycles or delays in vessel deliveries could materially affect near-term earnings recognition.
- ·Q4 results expectations were in focus as of late April 2026, with news coverage referencing the possibility of a second dividend payment within a 6-month window — the first such mention since the prior interim dividend was declared.
- ·The stock gained approximately 21% over 8 sessions in mid-April 2026, according to a news headline from Business Today citing a third-party recommendation; this move accounts for a portion of the 3-month 10.58% net gain visible in the technical data.
- ·MAZDOCK appeared in a Business Today list of top PSU dividend-paying stocks for Q4 2026, with a dividend yield of 0.72% on current price; 9 analysts cover the stock with a mean rating of 2.33 on a 1–5 scale (lower = more constructive).
- ?Does the 5-year earnings CAGR of 109% reflect a durable structural shift in India's defence shipbuilding capacity, or is it driven by a concentrated set of large contracts that may not recur at the same pace?
- ?With D/E at 4.48 and rising, how does the company's order-book advance-payment structure interact with its debt obligations — and what happens to cash flows if a major contract is delayed or cancelled?
- ?The stock is 29.52% below its 52-week high despite the recent 3-month recovery; what were the specific catalysts that drove the drawdown, and have those conditions changed materially?
- ?Given that 4 of 5 sector peers have missing 1-year price-change data, how representative is the Infrastructure peer group for benchmarking MAZDOCK's valuation and returns against its true competitive set?
PE
41.3
Forward PE
32.4
ROE
+28.8%
Profit margin
+18.3%
D/E
4.48
Dividend yield
+0.7%
Quality score
50/100
ROE 5y above 15%
4/5 yrs
FCF 5y positive
3/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.