Mazagon Dock Shipbuilders Limited (MAZDOCK) Fair Value & Analysis
Industrials · IN · Market cap ₹1.0T (≈ $11.0B) · ISIN INE249Z01012
What is Mazagon Dock Shipbuilders Limited really worth?
A solid business, but trading 128% above our fair value of ₹1,088.
As of Aug 21, 2026, the fair value of Mazagon Dock Shipbuilders Limited is ₹1,088 per share against a price of ₹2,477, so the fair value sits 56% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 21, 2026
From 15 valuation models · updated 16 days ago
Share price +4.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (₹1,692). The favourable scenario is already priced in.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (₹816.17 to ₹1,692) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹92.96 – ₹3,719 · fair‑value band ₹816.17 – ₹1,692 · the ₹2,477 price screens above the ₹1,088 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Mazagon Dock Shipbuilders Limited (MAZDOCK) currently trades at ₹2,477, while our model-based Fair Value estimate is ₹1,088, implying the stock looks roughly 127.6% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of ₹2,405 per share, and 1 of the 15 models we run sit above the ₹2,477 price. Bear case: the Asset-Based group reads lowest at ₹162.03, and 14 of the 15 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Mazagon Dock Shipbuilders Limited generated revenue of ₹133B at a net margin of 20.1%. Revenue grew 12.1% year over year. It earns a return on equity of 28.8%. The stock trades on a trailing P/E of 37.3. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹816.17 (bear case) to ₹1,692 (bull case); at ₹2,477, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −56%, MAZDOCK screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹28.96 per share, which is 2.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 15 models by family
Widest divergence: DCF Models (₹2,405) versus Asset-Based (₹162.03). Highest evidence: EPV (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 51
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Mazagon Dock Shipbuilders Limited engages in building and repairing of ships, submarines, vessels, and related engineering products in India and internationally. It operates in two segments, Shipbuilding and Submarine.
Full company description
Mazagon Dock Shipbuilders Limited engages in building and repairing of ships, submarines, vessels, and related engineering products in India and internationally. It operates in two segments, Shipbuilding and Submarine. 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 comprising 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, such as remote operated vehicle, AI enabled phased array ultrasonic testing, and AI enabled computerized radiography. Mazagon Dock Shipbuilders Limited was formerly known as Mazagon Dock Limited and changed its name to Mazagon Dock Shipbuilders Limited in May 2015. The company was founded in 1774 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Mazagon Dock Shipbuilders Limited reported revenue of ₹130B in FY2026 versus ₹57.2B 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.
MAZDOCK screens 128% overvalued. Compare with General Electric Company →
Peer Group
Aerospace & Defense · 228 stocks
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.
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $335.71 | $116.71 | −65% |
| RTX Corporation RTX | $212.08 | $88.37 | −58% |
| Airbus SE AIR | €213.00 | €117.01 | −45% |
| Lockheed Martin Corporation LMT | $565.89 | $419.01 | −26% |
| Howmet Aerospace Inc HWM | $264.85 | $50.43 | −81% |
| General Dynamics Corporation GD | $379.32 | $274.32 | −28% |
| Northrop Grumman Corporation NOC | $545.57 | $356.59 | −35% |
| TransDigm Group TDG | $1,235 | $571.03 | −54% |
| L3Harris Technologies, Inc LHX | $262.82 | $146.55 | −44% |
| Thales S.A HO | €243.70 | €171.13 | −30% |
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