Mazagon Dock Shipbuilders Ltd. share price target

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 ~ 99,000 crore) and additional three Kalvari class submarines (expected order size 30,00040,000 crore) have already been cleared from govt and expected to be concluded in coming months. Other major contract like next-generation corvettes is also likely to be signed in coming months (MDL's associate company) - Goa Shipyard is L2 with share of ~ 13500 crore). Moreover, next-generation frigates (P-17B) & next generation destroyers (P-18) with...

Consolidated revenue increased 14.6% YoY to Rs. 3,601cr in Q3FY26, driven by the delivery of P17A frigates Taragiri and an accelerated execution rate. The total order book declined to Rs. 23,758cr in Q3FY26 from Rs. 34,787cr in Q3FY25 and Rs. 27,415cr in Q2FY26. EBITDA rose 8.6% YoY to Rs. 887cr, but EBITDA margin contracted 140bps YoY to 24.6% on account of higher cost of sales. Cost of sales increased 57.2% YoY to Rs. 2,082cr, mainly owing to a 76.8% YoY rise in the cost of materials consumed....

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%...

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...

*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...

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...

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

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 (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’ (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).

Mazagon Dock Shipbuilders’ (MDL) Q3FY23 performance was 70% ahead of estimates mainly due to the delivery of 5th Scorpene class submarine ‘Vagir’ to the India Navy ahead of time (on Dec 20, ’22). Key points: 1) Revenue grew 17% YoY (7% QoQ) to Rs18.2bn on residual revenue recognition from delivery of submarine; 2) operating efficiencies and lower direct cost booked resulted in EBITDA margin rising to 16.3% (Q3FY22: 13%).

Mazagon Dock Shipbuilders’ (MDL) Q2FY23 performance was slightly lower than street estimates. Key points: 1) EBITDA margin contracted to 6.9% (Q1FY23: 7.8%) due to higher cost and lower revenue booking.

Mazagon Dock Shipbuilders’ (MDL) Q1FY23 print was better than our estimates with revenue growth of 83.7% YoY.

Registered Office:Rukmini Towers, 3rd& 4th Floor, # 3/1, Platform Road, Sheshadripuram, Bangalore - 560 020,...