Mazagon Dock Shipbuilders Limited (MAZDOCK) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Mazagon Dock Shipbuilders Limited stock ₹833, price ₹1,839, that is 54.7% below the price, quality 63 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range ₹103.21 – ₹3,721 · fair‑value band ₹588.05 – ₹1,258 · the ₹1,839 price screens above the ₹833.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Mazagon Dock Shipbuilders Limited engages in the building and repairing of ships, submarines, vessels, and related engineering products in India and internationally. The company operates in two segments, Shipbuilding, and Submarine and Heavy Engineering.
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The company offers naval platforms, such as destroyers, conventional submarines, frigates, corvettes, missile boats, offshore patrol vessels, and floating border outposts.
It also provides merchant ships, such as general cargo vessels, multipurpose support vessels, offshore supply vessels, tugs, dredgers, passenger cum cargo vessels, water tankers, barges, trawlers, and windmill towers and pontoons.
In addition, the company offers offshore platforms and jack-up rigs for the oil sector. Further, it offers training ships, next-generation offshore patrol vessels, and fast patrol vessels for coast guard ships.
Additionally, the company provides AI products, including remotely operated vehicles, AI-enabled phased array ultrasonic testing, and AI-enabled computerized radiography. The company was formerly known as Mazagon Dock Limited and changed its name to Mazagon Dock Shipbuilders Limited in May 2015.
Mazagon Dock Shipbuilders Limited was founded in 1774 and is based in Mumbai, India.
Stock analysis
Mazagon Dock Shipbuilders Limited (MAZDOCK) currently trades at ₹1,839, while our model-based Fair Value estimate is ₹833.13, 55% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,605 per share, and 1 of the 17 models we run sit above the ₹1,839 price.
Bear case: the Asset-Based group reads lowest at ₹112.85, and 16 of the 17 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹588.05 (bear) to ₹1,258 (bull), the price of ₹1,839 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mazagon Dock Shipbuilders Limited reported revenue of ₹130B in FY2026 versus ₹57.3B in FY2022, a compound +22.7%/yr. Reported net income was ₹25.8B in FY2026, compounding +43.4%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹742B (≈ $7.9B) Mid · P/E ratio 30.2 · P/S ratio 5.80 · EPS (TTM) ₹60.80 · Dividend yield 1.0% · Net margin 17.8% · Return on equity 23.2% · Return on assets (EBIT) 5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −26% fair-value upside, at −55%, MAZDOCK screens richer than that median.
Fair Value models
Bear₹588.05Fair Value ₹833.13Bull₹1,258
Price ₹1,839 · Downside -54.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹25.07 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.3%
Start year 2021 (pandemic). Over 10 years: +12.2% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+34.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.4%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.33.4% vs 16.5%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 17%
AI conclusion: Progress on new commercial shipyards supports diversification from naval programs, while negative cash flows despite profits indicate limited business durability.
Main risk: Delays in defence procurement or shifts in Ministry of Defence budgets could cut new orders and reduce revenues as well as margins at Mazagon Dock.
Bull case: By securing commercial shipbuilding contracts and export deals while expanding its new yards, Mazagon Dock could broaden its revenue base beyond naval work.
Bear case: Extended procurement delays and a failure to replace completed naval programmes might leave capacity idle and cut revenues for multiple years.
Mazagon Dock is moving ahead with detailed engineering for two large new commercial shipyards while its defense work remains focused on existing naval programs. At the same time, sector observers point to potential margin compression from the current order mix and heavy future capex. Will the broader shipbuilding platform ultimately deliver steadier growth than the defense-heavy base has shown so far?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 240 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−54.7% · Below median
Profitability
Return on equity (12 months)23.2% · Top 25%
Return on assets9.4% · Top 25%
Net margin (12 months)17.8% · Top 25%
Operating margin (12 months)15.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−7.9% · Bottom 25%
Dividend yield (12 months)1.0% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)30.2× · Cheaper than median
P/B7.60× · Priciest 25%
P/S (12 months)5.80× · Pricier than median
EV/EBITDA33.2× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 63
PAST (return on equity)93· sector 40
HEALTH (low debt)100· sector 94
DIVIDEND (yield)21· sector 18
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Mazagon Dock Shipbuilders Limited Fair Value". https://www.fairvalue-calculator.com/stock/MAZDOCK
Frequently asked questions
Is Mazagon Dock Shipbuilders Limited (MAZDOCK) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ₹833.13 versus a price of ₹1,839, about 55% lower (overvalued).
What is the fair value of MAZDOCK?
Our model-based fair value for Mazagon Dock Shipbuilders Limited is ₹833.13 (as of Nov 5, 2026), built from audited fundamentals. The current price: ₹1,839.
What is the quality score of MAZDOCK?
Mazagon Dock Shipbuilders Limited has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Our model-based price target is the fair value of ₹833.13 (as of Nov 5, 2026) from 17 valuation models. Cautious scenario ₹588.05, optimistic scenario ₹1,258. It is a calculation from audited fundamentals, not an analyst target.
What is the Mazagon Dock Shipbuilders Limited stock forecast for 2026?
Our models put fair value at ₹833.13, about 55% lower versus a price of ₹1,839 (overvalued). Cautious scenario ₹588.05, optimistic scenario ₹1,258. The calculation is refreshed regularly with new filings.
What is the revenue of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Mazagon Dock Shipbuilders Limited reported trailing-twelve-month revenue of about ₹128B (latest available figure, as of Nov 5, 2026).
Does Mazagon Dock Shipbuilders Limited pay a dividend?
Mazagon Dock Shipbuilders Limited currently shows a dividend yield of 1.04% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mazagon Dock Shipbuilders Limited it is ₹833.13 per share (as of Nov 5, 2026), against a price of ₹1,839. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Mazagon Dock Shipbuilders Limited stock overvalued or undervalued in 2026?
As of Nov 5, 2026, MAZDOCK trades above its calculated fair value: price ₹1,839, fair value ₹833.13, a gap of about −55% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAZDOCK?
No. The price is what the market pays today (₹1,839); the fair value is what the company's own numbers justify (₹833.13). For Mazagon Dock Shipbuilders Limited the two are ₹1,006 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mazagon Dock Shipbuilders Limited worth?
The market values Mazagon Dock Shipbuilders Limited at about ₹742B (market capitalisation, as of Nov 5, 2026). Per share that is ₹1,839; our models calculate a fair value of ₹833.13 per share.
What do the bullish and bearish scenarios say about MAZDOCK?
Our models span a range for Mazagon Dock Shipbuilders Limited: cautious scenario ₹588.05, base ₹833.13, optimistic ₹1,258 per share (as of Nov 5, 2026, price ₹1,839). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAZDOCK?
Mazagon Dock Shipbuilders Limited trades at a price-to-earnings ratio of 30.2 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹833.13 is built from several models across several years. Other multiples: P/B 7.6, P/S 5.8, EV/EBITDA 33.2.
How solid is the balance sheet of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Balance-sheet figures for Mazagon Dock Shipbuilders Limited (as of Nov 5, 2026): return on equity 23.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is MAZDOCK from its 52-week high?
Mazagon Dock Shipbuilders Limited trades at ₹1,839, about 35% below its 52-week high of ₹2,816 and 8% above the low of ₹1,705 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹833.13 is for.
Which stocks are comparable to Mazagon Dock Shipbuilders Limited?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mazagon Dock Shipbuilders Limited stock attractive at the current price?
The data as of Nov 5, 2026: price ₹1,839, calculated fair value ₹833.13 (−55%), Quality Score 63/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAZDOCK calculated?
We run Mazagon Dock Shipbuilders Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹833.13, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Mazagon Dock Shipbuilders Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The closing price on Nov 5, 2026 was ₹1,839. Our model-based fair value is ₹833.13, about 55% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mazagon Dock Shipbuilders Limited right now?
The price sits above even our optimistic bull case (₹1,258). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹588.05 to ₹1,258) leaves room in how you read the outcome.
Where does the earnings growth of Mazagon Dock Shipbuilders Limited (MAZDOCK) come from?
Earnings per share at Mazagon Dock Shipbuilders Limited grew +17.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +14.4 %, EBIT margin +17.5 %, tax rate +1.4 %, residual (interest, one-offs) −13.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Mazagon Dock Shipbuilders Limited
How large is the market capitalisation of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The market capitalisation of Mazagon Dock Shipbuilders Limited is ₹742B (≈ $7.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The price-to-sales ratio of Mazagon Dock Shipbuilders Limited is 5.80 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Earnings per share at Mazagon Dock Shipbuilders Limited are ₹60.80 (price ÷ EPS = P/E 30.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The dividend yield of Mazagon Dock Shipbuilders Limited is 1.0% (payout 31.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The net margin of Mazagon Dock Shipbuilders Limited is 17.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The return on equity (ROE) of Mazagon Dock Shipbuilders Limited is 23.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
On an EBIT basis the return on assets of Mazagon Dock Shipbuilders Limited is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mazagon Dock Shipbuilders Limited (MAZDOCK)?
The operating margin of Mazagon Dock Shipbuilders Limited is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Revenue at Mazagon Dock Shipbuilders Limited is growing −7.9% versus a year earlier (3y avg +18.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mazagon Dock Shipbuilders Limited (MAZDOCK)?
Earnings per share at Mazagon Dock Shipbuilders Limited are growing −54.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mazagon Dock Shipbuilders Limited (MAZDOCK) generate?
The free cash flow of Mazagon Dock Shipbuilders Limited is −₹24.1B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Mazagon Dock Shipbuilders Limited (MAZDOCK) hold?
Mazagon Dock Shipbuilders Limited holds more cash than debt, ₹126B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026