NSE: MAZDOCK | BSE: 543237

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2343.30 -45.30 (-1.90%)

37.93% Fall from 52W High

603.4K NSE+BSE Volume

NSE 19 Feb, 2026 3:31 PM (IST)

94,524

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High in industry

Beta 1Year

Very High Volatility

Mazagon Dock Shipbuilders Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MAZDOCK, BSE:543237 Mazagon Dock Shipbuilders Ltd.

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Mazagon Dock Shipbuilders Ltd.

09 Feb 2026

2343.30

-1.90%

Mazagon Dock Shipbuilders

Buy: Mazagon Dock Shipbuilders ...

Recommendation

ICICI Direct

Current order backlog to be executed over next 2-2.5 years; new orders to drive growth from FY28E: Company's revenue growth has moderated to ~11% YoY during 9MFY26 (largely in-line with management's guidance) after witnessing strong growth over the last 4 years (~30% CAGR over FY21-25). This is mainly on account of depleting order-book (OB), which has come down gradually over the last 5-6 years (OB stands at Rs 23,758 crore as of Dec-25 vs FY21's end OB of Rs 49700 crore) At 1.9x TTM revenue, current OB mainly consist of contracts like P-17A frigates (~42%...

ICICI Direct upgraded Mazagon Dock Shipbuilders Ltd. to Buy with a price target of 3060.0 on 09 Feb, 2026.

Mazagon Dock Shipbuilders Ltd.

29 Oct 2025

2343.30

-1.90%

Mazagon Dock Shipbuilders

Hold: Mazagon Dock Shipbuilders ...

Recommendation Target

ICICI Direct

Order pipeline remains robust; longer-term growth outlook intact: Order pipeline remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like six nextgeneration submarines under P-75I (expected value ~Rs 70000 crore) and additional three Kalvari class submarines (expected order size Rs 30000 40000 crore) have already been cleared from govt and expected to be concluded in coming months. Following this, other major contracts like next-generation corvettes (expected value ~Rs 36000 crore), nextgeneration frigates or P-17B (expected value ~Rs 70000 crore) & next generation destroyers or P-18 (expected value ~Rs 85000 crore) are also...

Number of FII/FPI investors decreased from 213 to 190 in Dec 2025 qtr

Mazagon Dock Shipbuilders Ltd.

12 Sep 2025

2343.30

-1.90%

MAZAGON DOCK SHIPBUILDERS LIMITED

Hold: Mazagon Dock Shipbuilders ...

Recommendation Target

Geojit BNP Paribas

*over or under performance to benchmark index Mazagon Dock Shipbuilders Ltd (MDL) is a leading Indian shipbuilding company located in Mumbai. MDL is a wholly owned subsidiary of the Ministry of Defence, Government of India...

ICICI Direct upgraded Mazagon Dock Shipbuilders Ltd. to Buy with a price target of 3060.0 on 09 Feb, 2026.

Mazagon Dock Shipbuilders Ltd.

25 Aug 2025

2343.30

-1.90%

Mazagon Dock Shipbuilders

Buy: Mazagon Dock Shipbuilders ...

ICICI Direct

Order pipeline remains robust; longer-term growth outlook intact: Order pipeline also remains strong for the company, considering the opportunities from both defence & commercial segments. Contracts like additional three Kalvari class submarines (expected order size Rs 3000040000 crore) and six next-generation submarines under P-75I (expected value ~Rs 70000 crore) have already been cleared from govt and expected to be placed with the company in near to medium term. Following this, other major contracts like next-generation corvettes (expected value ~Rs 36000 crore), next-generation frigates or P-17B (expected value ~Rs...

Mazagon Dock Shipbui.. has an average target of 3119.33 from 3 brokers.

Mazagon Dock Shipbuilders Ltd.

28 Mar 2025

2343.30

-1.90%

Ship & Submarine Builders to the Nation

Buy: Mazagon Dock Shipbuilders ...

FundsIndia

Acquiring 15 acres for a new facility with a larger dry dock.

Number of FII/FPI investors decreased from 213 to 190 in Dec 2025 qtr

Mazagon Dock Shipbuilders Ltd.

26 Mar 2025

2343.30

-1.90%

MAZAGON DOCK SHIPBUILDERS LIMITED

Sell: Mazagon Dock Shipbuilders ...

Geojit BNP Paribas

ICICI Direct upgraded Mazagon Dock Shipbuilders Ltd. to Buy with a price target of 3060.0 on 09 Feb, 2026.

Mazagon Dock Shipbuilders Ltd.

16 Aug 2024

2343.30

-1.90%

Robust margins aided by before-time deliveries

Sell: Mazagon Dock Shipbuilders ...

ICICI Securities Limited

Mazagon Dock Shipbuilders (MDL) has reported robust Q1FY25 performance. EBITDA margin increased to highest level of 27.2% (16.9% in Q4FY24) aided by lower provisions and deliveries of ships.

Mazagon Dock Shipbuilders Ltd. is trading below all available SMAs

Mazagon Dock Shipbuilders Ltd.

13 Aug 2023

2343.30

-1.90%

Euphoria shrouding reality; co reports better EBITDA margin, higher orderbook

Sell: Mazagon Dock Shipbuilders ...

ICICI Securities Limited

Mazagon Dock Shipbuilders (MDL) has reported Q1FY24 EBITDA of INR 1.7bn (down 1.1% YoY and 18.5% QoQ). Key points: 1) Execution in Q1FY24 comprised mainly of P15B destroyers and P17A stealth frigates; 2) EBITDA margin has improved marginally to 7.9% (vs 7.8% in Q1FY23); and 3) orderbook as of Jun’23 end was marginally up QoQ at INR 39.1bn as the company received one MRLC order of INS Shankush at INR 27.3bn.

Mazagon Dock Shipbuilders Ltd. is trading below all available SMAs

Mazagon Dock Shipbuilders Ltd.

03 Jun 2023

2343.30

-1.90%

Margins improve, but order inflow is still a concern

Sell: Mazagon Dock Shipbuilders ...

ICICI Securities Limited

Mazagon Dock Shipbuilders’ (MDL) Q4FY23 performance was 50% ahead of our estimates mainly on higher-than-expected revenue. Key points: 1) Revenue grew 49% YoY (14.5% QoQ) to Rs20.8bn mainly led by the commissioning of 5th submarine (under P75 programme).

ICICI Direct upgraded Mazagon Dock Shipbuilders Ltd. to Buy with a price target of 3060.0 on 09 Feb, 2026.

VOTE: Is Mazagon Dock Shipbuilders Ltd. worth buying?

823 Votes:

Buy 78.98%

Sell 9.72%

Hold 11.3%

RESEARCH REPORTS

Buy SEE REPORTS >

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Hold SEE REPORTS >

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