Capital Goods · NSE/BSE: MAZDOCK
Mazagon Dock Shipbuilders Limited
Ship Building & Allied Services
Market Cap ₹1.00L Cr
Verdict: High
Quality Scores
Multi-Bagger
89/100
Compounder Quality
90/100
Management Credibility
88/100
Governance
92/100
Cash Flow Quality
75/100
AI Summary
Mazagon Dock Shipbuilders Limited (MDL) is a premier Indian defense PSU with 'Navratna' status, dominating the niche market of destroyers and conventional submarines for the Indian Navy. The company has demonstrated explosive growth over the last 10 years, with revenue CAGR of 12% and profit CAGR of 16%, accelerating significantly in the last five years to 26% and 34% respectively. MDL maintains a nearly debt-free balance sheet with a massive cash pile, though much of this is tied to customer advances for defense contracts. The business operates with high entry barriers due to specialized…
Top Opportunities
- Navratna status provides greater financial autonomy
- Robust ROCE exceeding 35% in recent years
- Increasing Operating Profit Margins (4% to 17% trend)
Top Risks
- Extremely high Contingent Liabilities (37,852 Cr)
- Highly volatile CFO/FCF year-to-year
- Massive customer concentration risk (MoD dependent)
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