WatchTalking point
Profit and cash flow diverged
Reported profit rose 6.8% but operating cash flow fell 239.1% — worth investigating whether the profit is being collected.
Importance 68 / 95 · cash quality
Mazagon Dock Shipbuilders Limited · Research view
Mazagon Dock Shipbuilders Limited
NSE: MAZDOCKBSE: 543237ISIN INE249Z01020Face value ₹5standalone
₹2,069
−1.25% · 2026-10-01 · 52-wk ₹2,065–₹2,889
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Growing, but light on cash
Revenue grew 13.8% but only -1.12× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
StrengthTalking point
Book value compounding
Net worth compounded at 26.8% a year over 4 years (₹3,858 → ₹9,984).
Importance 62 / 95 · financial health
WatchTalking point
Profit lagging revenue
Revenue grew 13.8% but profit grew 6.8%, so the company kept less of each rupee of revenue as profit.
Importance 62 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Industrials › Capital Goods › Industrial Manufacturing › Ship Building & Allied Services.
- Market cap
- ₹83,453 cr
- FY2026 revenue
- ₹12,840 cr
- FY2026 net profit
- ₹2,436 cr
- Net worth
- ₹8,843 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹60.38
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 ship building & allied services.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 13.8% but profit grew 6.8%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +22.3%over 4 years
- Revenue growth
- +12.3%vs last year
- Net profit growth
- +4.8%vs last year
- Change in net profit since FY22
- +315%
Revenue grew 13.8% but EBITDA margin fell 1.6 percentage points to 26.2%, so the company kept less of each rupee of revenue as operating profit.
Revenue compounded at 22.7% a year over 4 years (₹5,733 → ₹13,006).
Revenue growth has slowed for 3 consecutive years, from 36.5% to 13.8%.
Over 4 years profit compounded at 43.3% a year while revenue compounded at 22.7% a year — though FY2023 saw a one-off step-change of 83% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹550 cr, up 21.7% from ₹452 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹731 cr, up 28.7% from ₹568 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
Strength
Q1 FY27 EBITDA margin was 25.8%, up 3.31 percentage points from 22.5% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,757 | — | 585 | — | 21.2% |
| Q3 FY25 | 3,144 | +33.1% | 807 | +28.8% | 25.7% |
| Q4 FY25 | 3,174 | +2.3% | 325 | −50.9% | 10.2% |
| Q1 FY26 | 2,626 | +11.4% | 452 | −35.0% | 17.2% |
| Q2 FY26 | 2,929 | +6.3% | 749 | +28.1% | 25.6% |
| Q3 FY26 | 3,601 | +14.6% | 880 | +9.0% | 24.4% |
| Q4 FY26 | 3,850 | +21.3% | 674 | +107.2% | 17.5% |
| Q1 FY27 | 2,943 | +12.1% | 550 | +21.7% | 18.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹13,323 crTTM
- EBITDA
- ₹3,700 crTTM
- EBIT
- ₹3,602 crTTM
- PBT
- ₹3,533 crTTM
- Net profit
- ₹2,854 crTTM
C. Corporate actions
20 Aug 2026DividendFinal Dividend - Rs. - 4.6200 — ₹4.62/share
13 Feb 2026DividendInterim Dividend - Rs. - 7.5000 — ₹7.50/share
4 Nov 2025DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share
19 Sept 2025DividendFinal Dividend - Rs. - 2.7100 — ₹2.71/share
16 Apr 2025DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
27 Dec 2024Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5
30 Oct 2024DividendInterim Dividend - Rs. - 23.1900 — ₹23.19/share
19 Sept 2024DividendFinal Dividend - Rs. - 12.1100 — ₹12.11/share
20 Nov 2023DividendInterim Dividend - Rs. - 15.3400 — ₹15.34/share
20 Sept 2023DividendFinal Dividend - Rs. - 6.8600 — ₹6.86/share
21 Nov 2022DividendInterim Dividend - Rs. - 9.1000 — ₹9.10/share
19 Sept 2022DividendFinal Dividend - Rs. - 1.6300 — ₹1.63/share
6 Jan 2022DividendInterim Dividend - Rs. - 7.1000 — ₹7.10/share
20 Sept 2021DividendFinal Dividend - Rs. - 1.8300 — ₹1.83/share
22 Feb 2021DividendInterim Dividend - Rs. - 5.4100 — ₹5.41/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 28.8% is well above the ship building and allied services median of 20.6%.
Rule ROE_ABOVE_PEER_MEDIAN
- EBITDA margin now
- 26.5%
- 5-year range
- 15.1–28.2%
- ROE FY2026
- 30.4%
- ROCE FY2026
- 41.3%
ROE declined from 34.0% to 28.8% year on year.
EBITDA margin fell from 27.8% to 26.2% of revenue.
EBITDA margin has ranged from 14.7% to 27.8% over 4 years and sits at 26.2% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 6.8% but operating cash flow fell 239.1% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- -1.33×FY2026
- Free cash flow
- ₹−3,292 cr
- Current ratio
- 1.42×
Revenue grew 13.8% but only -1.12× of reported profit came through as operating cash.
Net worth compounded at 26.8% a year over 4 years (₹3,858 → ₹9,984).
Operating cash flow was only -1.12× reported profit (FY2026).
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 ship building & allied services (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 29.24× earnings — 26% below the ship building and allied services median of 39.54×.
Rule PE_BELOW_PEERS
- P / E
- 29.2×TTM to Jun 26
- P / B
- 8.4×latest book
- P / S
- 6.3×TTM sales
- Earnings yield
- 3.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 32.4× · P/S 5.9× · ROE 28.8%.
Section 09 · The stock
How has the stock performed?
Context
Over 4 years profit compounded at 43.3% a year while the stock returned 23.6% a year — but FY2022 profit (₹611) was well below the through-cycle level (~₹1,937), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −27.2%
- 3-year return
- +88.7%
- 5-year return
- +1549.5%
- From 52-wk high
- −28.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,406
- vs 200-day avg
- Below₹2,437
- RSI (14)
- 19.3oversold
- MACD histogram
- -25.4
- From 52-wk high
- −28.4%
- From 52-wk low
- +0.2%
- 30-day volatility
- 23.7%ann.
- 6-month return
- −8.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 6.8% but operating cash flow fell 239.1% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 68
- WatchGrowing, but light on cashRevenue grew 13.8% but only -1.12× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchProfit lagging revenueRevenue grew 13.8% but profit grew 6.8%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 62
- WatchGrowing, but less profitablyRevenue grew 13.8% but EBITDA margin fell 1.6 percentage points to 26.2%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 61
- ConcernWeak cash conversionOperating cash flow was only -1.12× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 61
- WatchGrowth slowingRevenue growth has slowed for 3 consecutive years, from 36.5% to 13.8%.GROWTH_DECELERATING · conviction 57
- WatchReceivables stretchingReceivable days rose from 34 to 73 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 50
- ConcernReturns decliningROE declined from 34.0% to 28.8% year on year.ROE_DETERIORATED_YOY · conviction 46
- ConcernMargins compressingEBITDA margin fell from 27.8% to 26.2% of revenue.MARGIN_COMPRESSED_YOY · conviction 39
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,733 | 7,827 | 9,467 | 11,432 | 12,840 |
| Total income | 6,167 | 8,541 | 10,605 | 12,601 | 13,982 |
| EBITDA | 868 | 1,511 | 2,550 | 3,229 | 3,402 |
| Profit before tax | 773 | 1,429 | 2,461 | 3,109 | 3,250 |
| Net profit | 586 | 1,073 | 1,845 | 2,325 | 2,436 |
| EPS (₹) | 29.1 | 53.2 | 91.5 | 57.6 | 60.4 |
| Net worth | 3,321 | 4,178 | 5,571 | 7,181 | 8,843 |
| Total debt | 0 | 0 | 0 | 0 | 0 |
| Operating cash flow | −163 | 858 | 684 | 2,078 | −3,235 |
| Free cash flow | −193 | 723 | 788 | 1,336 | −3,292 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 36.5 | 20.9 | 20.8 | 12.3 |
| Profit growth YoY | — | 82.9 | 72.0 | 26.0 | 4.8 |
| Profitability | |||||
| EBITDA margin % | 15.1 | 19.3 | 26.9 | 28.2 | 26.5 |
| Net margin % | 9.5 | 12.6 | 17.4 | 18.5 | 17.4 |
| Return on equity % | 17.7 | 28.6 | 37.9 | 36.5 | 30.4 |
| Return on capital % | 23.9 | 38.3 | 50.6 | 48.8 | 41.3 |
| Leverage & cash | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | -0.28 | 0.80 | 0.37 | 0.89 | -1.33 |
| Current ratio | 1.05 | 1.08 | 1.14 | 1.25 | 1.42 |