Mazagon Dock Shipbuilders Limited (MDL), formerly known as Mazagon Dock Limited, is a prominent shipyard located in Mazagaon, Mumbai. MDL is renowned for manufacturing a wide array of vessels, including warships and submarines for the Indian Navy, as well as offshore platforms and support vessels for offshore oil drilling. Additionally, the shipyard constructs tankers, cargo bulk carriers, passenger ships, and ferries.
As a public sector undertaking managed by the Ministry of Defence, the Government of India holds an 84.83% stake in MDL. The shipbuilding segment of MDL has indigenously developed an impressive range of vessels, including stealth frigates, destroyers, guided-missile destroyers, corvettes, landing platform docks, missile boats, patrol boats, trailing suction hopper dredgers, cargo ships, cargo-passenger ships, platform supply vessels, Voith tugs, and BOP vessels. In the submarine segment, MDL has built both conventional and stealth submarines. Beyond building new vessels, both segments are actively involved in repair and refit activities, ensuring the longevity and operational readiness of their fleet.
History of Mazagon Dock Limited
Mazagon Dock Shipbuilders Limited (MDL) has a rich history that dates back to the 18th century. Over the years, the ownership of the shipyards changed hands among several entities, including the Peninsular and Oriental Steam Navigation Company and the British-India Steam Navigation Company. In 1934, the shipyard was formally registered as a public company under the name ‘Mazagon Dock Limited.’ The company underwent nationalization in 1960, transitioning into a public sector undertaking managed by the Government of India. Currently, Vice Admiral Narayan Prasad, AVSM, NM, IN (Retd), serves as the Chairman & Managing Director (CMD) of MDL, a position he has held since December 30, 2019.
Mazagon Dock Shipbuilders Q4 Results: Profit Doubles, 50% Revenue Growth, ₹12 Dividend Declared
- Q4 Revenue Growth: Mazagon Dock Shipbuilders Ltd. reported a significant revenue growth of 50% for the March quarter, reaching ₹3,103.6 crore compared to ₹2,078.6 crore in the same period last year.
- Net Profit Increase: The net profit for the quarter more than doubled to ₹663 crore, up from ₹326 crore in the year-ago quarter.
- EBITDA Surge: Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) surged to ₹525 crore from ₹211 crore, with the EBITDA margin expanding by nearly 700 basis points to 17%.
- Dividend Declaration: Mazagon Dock declared a final dividend of ₹12.11 per share, in addition to the interim dividend of ₹15.34 per share announced earlier in FY 2024. This final dividend is subject to shareholder approval at the upcoming annual general meeting (AGM).
- Shareholder Composition: The government holds an 84.8% stake in the company as of the March quarter, while retail shareholders with capital up to ₹2 lakh hold a 9.29% stake.
- Market Reaction: Following the announcement of the Q4 results and the dividend declaration, Mazagon Dock shares jumped by 11%.
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | |
| Promoters + | 84.83% | 84.83% | 84.83% | 84.83% | 84.83% |
| FIIs + | 3.29% | 3.29% | 3.69% | 3.32% | 2.38% |
| DIIs + | 0.30% | 0.56% | 0.39% | 0.43% | 0.66% |
| Public + | 11.57% | 11.31% | 11.10% | 11.42% | 12.12% |
| No. of Shareholders | 1,64,151 | 2,02,872 | 3,08,372 | 3,45,328 | 3,86,330 |
The shareholding pattern of Mazagon Dock Shipbuilders Limited (MDL) has remained relatively stable among promoters, while showing fluctuations among other categories from March 2023 to March 2024. Promoters consistently held an 84.83% stake throughout this period. Foreign Institutional Investors (FIIs) started at 3.29% in March 2023, increased to 3.69% by September 2023, but declined to 2.38% by March 2024. Domestic Institutional Investors (DIIs) saw slight variations, beginning at 0.30% in March 2023, peaking at 0.66% by March 2024. The public shareholding slightly increased from 11.57% in March 2023 to 12.12% by March 2024. Additionally, the number of shareholders significantly grew from 164,151 in March 2023 to 386,330 in March 2024, indicating a rising interest in the company among retail investors.
Below are the trading platforms that you can use to purchase Mazagon Dock Shipbuilders Limited shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| June 2024 | 3,466.80 | 3,014.61 |
| July 2024 | 3,432.14 | 2,984.47 |
| August 2024 | 3,569.42 | 3,103.84 |
| September 2024 | 3,712.20 | 3,228.00 |
| October 2024 | 3,639.41 | 3,164.70 |
| November 2024 | 3,784.99 | 3,291.29 |
| December 2024 | 3,822.84 | 3,324.21 |
In 2024, Mazagon Dock Shipbuilders’ share prices are projected to exhibit considerable fluctuations. In June, the maximum price is expected to reach ₹3,466.80, while the minimum price may fall to ₹3,014.61. By December, the projected maximum price is anticipated to rise to ₹3,822.84, with a minimum price of ₹3,324.21. These variations reflect the dynamic nature of the market and investor sentiment throughout the year.
| When | Maximum Price | Minimum Price |
| January 2025 | 3,861.06 | 2,970.05 |
| February 2025 | 3,900.07 | 3,000.05 |
| March 2025 | 3,981.97 | 3,063.05 |
| April 2025 | 3,942.54 | 3,032.72 |
| May 2025 | 3,827.71 | 2,944.39 |
| June 2025 | 3,999.96 | 3,076.89 |
| July 2025 | 3,921.53 | 3,016.56 |
| August 2025 | 4,042.81 | 3,109.85 |
| September 2025 | 4,091.32 | 3,147.17 |
| October 2025 | 4,197.70 | 3,229.00 |
| November 2025 | 4,302.64 | 3,309.72 |
| December 2025 | 4,496.26 | 3,458.66 |
In 2025, Mazagon Dock Shipbuilders’ share prices are projected to show significant variability each month. In January, the maximum price is expected to be ₹3,861.06, with a minimum of ₹2,970.05. By December, the anticipated maximum price will likely rise to ₹4,496.26, with a minimum of ₹3,458.66.
| When | Maximum Price | Minimum Price |
| January 2026 | 4,631.15 | 3,562.42 |
| February 2026 | 4,515.37 | 3,473.36 |
| March 2026 | 4,605.68 | 3,542.83 |
| April 2026 | 4,699.67 | 3,615.13 |
| May 2026 | 4,653.14 | 3,579.34 |
| June 2026 | 4,769.47 | 3,668.82 |
| July 2026 | 4,675.95 | 3,596.88 |
| August 2026 | 4,820.57 | 3,708.13 |
| September 2026 | 4,916.98 | 3,782.29 |
| October 2026 | 5,044.82 | 3,880.63 |
| November 2026 | 5,170.94 | 3,977.64 |
| December 2026 | 5,300.21 | 4,077.09 |
| When | Maximum Price | Minimum Price |
| January 2027 | 5,353.21 | 4,117.86 |
| February 2027 | 5,490.48 | 4,223.44 |
| March 2027 | 5,704.60 | 4,388.16 |
| April 2027 | 5,592.75 | 4,302.11 |
| May 2027 | 5,429.85 | 4,176.81 |
| June 2027 | 5,674.20 | 4,364.77 |
| July 2027 | 5,562.94 | 4,279.18 |
| August 2027 | 5,734.99 | 4,411.53 |
| September 2027 | 5,935.71 | 4,565.93 |
| October 2027 | 6,090.04 | 4,684.65 |
| November 2027 | 6,242.29 | 4,801.76 |
| December 2027 | 6,398.35 | 4,921.81 |
| When | Maximum Price | Minimum Price |
| January 2028 | 6,526.32 | 5,020.24 |
| February 2028 | 6,693.66 | 5,148.97 |
| March 2028 | 6,954.71 | 5,349.78 |
| April 2028 | 6,818.34 | 5,244.88 |
| May 2028 | 6,619.75 | 5,092.12 |
| June 2028 | 6,917.64 | 5,321.26 |
| July 2028 | 6,782.00 | 5,216.92 |
| August 2028 | 6,991.75 | 5,378.27 |
| September 2028 | 7,236.46 | 5,566.51 |
| October 2028 | 7,424.61 | 5,711.24 |
| November 2028 | 7,610.23 | 5,854.02 |
| December 2028 | 7,800.48 | 6,000.37 |
| When | Maximum Price | Minimum Price |
| January 2029 | 7,956.49 | 6,120.38 |
| February 2029 | 8,160.51 | 6,277.31 |
| March 2029 | 8,478.76 | 6,522.13 |
| April 2029 | 8,312.51 | 6,394.24 |
| May 2029 | 8,070.40 | 6,208.00 |
| June 2029 | 8,433.57 | 6,487.36 |
| July 2029 | 8,268.21 | 6,360.16 |
| August 2029 | 8,523.92 | 6,556.86 |
| September 2029 | 8,822.26 | 6,786.36 |
| October 2029 | 9,051.64 | 6,962.80 |
| November 2029 | 9,277.93 | 7,136.87 |
| December 2029 | 9,509.88 | 7,315.29 |
| When | Maximum Price | Minimum Price |
| January 2030 | 9,700.08 | 7,461.60 |
| February 2030 | 9,948.80 | 7,652.92 |
| March 2030 | 10,336.80 | 7,951.38 |
| April 2030 | 10,134.12 | 7,795.48 |
| May 2030 | 9,838.95 | 7,568.42 |
| June 2030 | 10,281.70 | 7,909.00 |
| July 2030 | 10,080.10 | 7,753.92 |
| August 2030 | 10,391.86 | 7,993.74 |
| September 2030 | 10,755.57 | 8,273.52 |
| October 2030 | 11,035.22 | 8,488.63 |
| November 2030 | 11,311.10 | 8,700.84 |
| December 2030 | 11,593.87 | 8,918.36 |
As we step into 2030, Mazagon Dock Shipbuilders’ share prices are projected to show considerable variation each month. In January, the maximum price is expected to be ₹9,700.08, with a minimum of ₹7,461.60. By December, the anticipated maximum price will likely rise to ₹11,593.87, with a minimum of ₹8,918.36.
Financial Condition of Mazagon Dock: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 4,905 | 4,048 | 5,733 | 7,827 | 9,467 |
| Expenses + | 4,642 | 3,822 | 5,292 | 7,027 | 8,055 |
| Operating Profit | 263 | 226 | 441 | 801 | 1,412 |
| OPM % | 5% | 6% | 8% | 10% | 15% |
| Other Income + | 546 | 448 | 396 | 687 | 1,101 |
| Interest | 13 | 11 | 14 | 9 | 5 |
| Depreciation | 69 | 60 | 75 | 76 | 83 |
| Profit before tax | 727 | 604 | 749 | 1,403 | 2,425 |
| Tax % | 48% | 25% | 25% | 25% | 25% |
| Net Profit + | 471 | 514 | 611 | 1,119 | 1,937 |
| EPS in Rs | 23.33 | 25.48 | 30.29 | 55.48 | 96.04 |
| Dividend Payout % | 46% | 28% | 29% | 29% | 16% |
Mazagon Dock Shipbuilders Limited (MDL) has shown a robust financial performance from March 2020 to March 2024. Over these years, the company’s sales have steadily increased, starting from ₹4,905 crore in March 2020 to ₹9,467 crore in March 2024. This impressive growth in sales has been accompanied by a corresponding rise in expenses, which escalated from ₹4,642 crore in March 2020 to ₹8,055 crore in March 2024.
The company’s operating profit has also seen significant improvement, rising from ₹263 crore in March 2020 to ₹1,412 crore in March 2024. This increase in operating profit is reflected in the Operating Profit Margin (OPM) percentage, which has grown from 5% in March 2020 to 15% in March 2024, indicating better efficiency and cost management over the years.
Other income has contributed positively to the financials, with an increase from ₹546 crore in March 2020 to ₹1,101 crore in March 2024. The interest expenses have decreased over the years, from ₹13 crore in March 2020 to ₹5 crore in March 2024, showcasing effective debt management.
Depreciation costs have remained relatively stable, moving from ₹69 crore in March 2020 to ₹83 crore in March 2024. The profit before tax has seen a remarkable rise from ₹727 crore in March 2020 to ₹2,425 crore in March 2024. With a consistent tax rate of 25% from March 2021 onwards, the net profit has increased from ₹471 crore in March 2020 to ₹1,937 crore in March 2024.
Earnings per share (EPS) have reflected this upward trend, increasing from ₹23.33 in March 2020 to ₹96.04 in March 2024. The dividend payout percentage has varied, starting at 46% in March 2020 and decreasing to 16% in March 2024, indicating a shift in the company’s strategy regarding profit distribution and reinvestment.
FAQS
As of June 3rd, 2024, the current share price of Mazagon Dock Shipbuilders is ₹3,417.
According to market analysts and financial experts, the share price target for Mazagon Dock Shipbuilders for 2025 is estimated to be between ₹2,944.39 to ₹4,496.26.
Mazagon Dock Shipbuilders has the potential to reach a share price target of INR 10,000 sometime in 2030.
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Conclusion
In conclusion, Mazagon Dock Shipbuilders Limited (MDL) has demonstrated exceptional performance in Q4 FY 2024, with revenue growing by 50% to ₹3,103.6 crore and net profit more than doubling to ₹663 crore. The EBITDA increase to ₹525 crore and a final dividend of ₹12.11 per share highlight MDL’s robust financial health and commitment to shareholder value. The market’s positive response, with shares rising 11%, underscores investor confidence in MDL’s strategic direction and long-term growth prospects.
Please note: The article “Mazagon Dock Shipbuilders Limited price target 2024 to 2030′ is not a recommendation. Please use it for educational purposes only and consult a financial advisor before investing in Mazagon Dock Shipbuilders Limited.
What did we learn?
- 1 History of Mazagon Dock Limited
- 2 Mazagon Dock Shipbuilders Q4 Results: Profit Doubles, 50% Revenue Growth, ₹12 Dividend Declared
- 3 Shareholding Patterns
- 4 How to Purchase Mazagon Dock Shipbuilders Limited Shares?
- 5 Mazagon Dock Shipbuilders Limited Share Price Prediction: 2024 to 2030
- 5.1 Mazagon Dock Shipbuilders Limited Share Price Target 2024
- 5.2 Mazagon Dock Shipbuilders Share Price Target 2025
- 5.3 Mazagon Dock Shipbuilders Share Price Prediction 2026
- 5.4 Mazagon Dock Shipbuilders Share Price Target 2027
- 5.5 Mazagon Dock Shipbuilders Share Price Prediction 2028
- 5.6 Mazagon Dock Shipbuilders Share Price Target 2029
- 5.7 Mazagon Dock Shipbuilders Share Price Prediction 2030
- 6 Financial Condition of Mazagon Dock: Last 5 years
- 7 FAQS
- 8 Conclusion
