MAZAGON DOCK SHIPBUILDERS - ONE PAGE COMPANY PROFILE

Mazagaon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock,
MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines,
cargo/passenger ships, and offshore platforms. It manufactures warships and submarines for the Indian Navy. Its shipbuilding segment
has indigenously built 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,
offshore platforms for offshore oil drilling. Both segments have also performed repair and refit activities. MDL had also delivered
cargo ships, passenger ships, supply vessels, multipurpose support vessel, water tankers, tugs, dredgers, fishing trawlers, barges &
border out posts for various customers in India as well as abroad.
₹ (CRORES)

Key Financial Metrics Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y
Total Sales 4474.8 4614.0 4904.8 4047.8 5733.3 7827.2 9466.6
4000
Sales Growth (YoY) 26.78% 3.11% 6.30% -17.47% 41.64% 36.52% 20.94%
3500
Gross Profit 1782.0 2056.8 2452.3 2165.9 3040.2 3381.3 4,367.3
3000
Gross Profit Margins (%) 39.37% 39.82% 44.58% 50.00% 53.51% 53.03% 46.13%
EBITDA Margins (%) 25.24% 17.01% 20.06% 17.59% 17.30% 15.04% 14.91% 2500
EBIT Margins (%) 24.13% 15.89% 18.66% 16.19% 15.83% 13.74% 25.67% 2000
Net Profit Margins (%) 15.11% 9.83% 11.21% 8.33% 11.85% 10.23% 19.11% 1500
EPS (in ₹) 19.6 23.1 20.3 23.8 29.1 53.2 89.7 1000
EPS Growth (%) -90.84% 17.58% -12.26% 17.40% 22.29% 82.91% 96.22% 500
Dividend Per Share (in ₹) 11.0 4.5 10.8 7.2 8.7 16.0 6.86
Dividend Payout Ratio 55.78% 19.33% 53.18% 30.45% 30.02% 30.01% 16% 2020 2021 2021 2022 2023 2023 2024

Financial Ratios Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Volume - 5Y
Price to Earnings Ratio (PE) - - - 23.8x 29.1x 53.2x 42.5x
40m
Price to Book Value (PB) - - - 1.47 1.46 3.20 6.74 35m
Financial Leverage 7.8x 7.3x 7.9x 8.4x 8.8x 6.9x 4.7x 30m
25m
Interest Coverage 49.1x 23.9x 22.2x 59.4x 52.7x 156.7x 259.5x
20m
Return on Assets (%) 2.32% 2.53% 2.00% 1.95% 2.01% 3.71% 6.41% 15m
Return on Equity (%) 18.16% 18.53% 15.83% 16.43% 17.66% 25.68% 33.12% 10m
Return on Capital Employed 29.35% 30.84% 30.76% 21.73% 23.63% 34.38% 40.16% 5m
(%) 0

Top Shareholders (as of April 24) No. of Shares (m) % of Shares held Market Value (₹ m) Shareholding Pattern
President of India 171.091 84.83 ₹ 5,22,170
Invesco India Contra Fund 0.320 0.16 ₹ 978 12.12%
Edelweiss Mid Cap Fund 0.236 0.12 ₹ 720
HDFC Defence Fund 0.156 0.08 ₹ 476
Aditya Birla Sun Life PSU Equity Fund 0.156 0.08 ₹ 476
ITI Small Cap Fund 0.092 0.05 ₹ 281
Invesco India PSU Equity Fund 0.084 0.04 ₹ 255
Canara Robeco Manufacturing Fund 0.078 0.04 ₹ 239
Canara Robeco Mid Cap Fund 0.077 0.04 ₹ 235

Key Management Personnel Designation Renumeration (₹) Capital Structure

Share Price ₹ 3,894.2
Sanjeev Singhal Chief Managing Director (Add. Charge), CFO 8.54 m
Number Of Shares O/s 20.17
Cdr Jasbir Singh Director (Submarine & Heavy Engineering) 7.79 m
Market Capitalization ₹78,542.12
Biju George Director (Shipbuilding) 6.32 m
Less: Cash ₹ 14,209.6
Cdr Vasudev Puranik Director (Corporate Planning & Personnel) 5.41 m Add: Debt ₹ 0.9
Dr. Santosh Kumar Mallick Executive Director (HR) 0.37 m Add: Minority Interest --

Shri Debabrata Shome Executive Director (Finance) 0.37 m Enterprise Value ₹64,333.42

Besides the remuneration indicated above, the Chairman and Managing Director and four Functional Directors are
allowed to use Company's Car for private purposes upto 1000 kms per month, for which charges were collected at
the rates prescribed by Government of India.
Recent Updates
• MDL Commissioned INS Imphal, an 8,400 Tonne Class Vishakhapatnam Class Destroyer for the Indian Navy in December 2023 which is 5 months ahead of the
delivery schedule.
• MDL has signed a contract with European Client for construction and delivery of three units of 7,500 DWT Multi-Purpose Hybrid Power Vessels for a European
Client. Valued approximately USD $42 million and these vessels will be delivered within the next three years.
• Total Order Book as on 31 December, 2023 stood at ₹38,389 Crores.
• MDL is also building P75 Kalari Class submarines for the Indian Navy with an order value of around ₹17,000 Crores and has already delivered 5 Submarines from
2017 to 2022.
• ONGC has signed a contract with MDL for Part Replacement of Pipeline Project worth ₹ 1,145 Crores.
• The company has a world Class Defence Shipyard Infrastructure Constructing Destroyers & Capacity of 11 Submarines & 10 War Ships concurrently.

Disclaimer: This report is made as part of educational assignment and is meant for educational purposes only. Prepared By: Vaibhav Shravgi