Synopsis: Mazagoan shipbuilders rose from Rs.100.58 per share to Rs. 2618 per share in five years, delivering about 2502 percent returns. An investment of Rs. 1 lakh in 2021 would have grown to nearly Rs. 26,00,000 lakhs today.
Listed below is one of the multi-bagger stocks that specialises in constructing vessels including warships, submarines, cargo, passenger ships and offshore platforms. The stock has delivered multi-bagger returns of 2502 percent to the shareholders of the company in just 5 years, thereby delivering fortunes.
With the market capitalization of Rs. 1,05,617 Crores, the shares of Mazagon Dock Shipbuilders Ltd were trading at around Rs. 2618 per share, raising nearly 2 percent from its previous day closing of Rs. 2,565 per share and is trading at a P/E of 44 where as industry P/E stands at 43.
On April 17, 2026, the shares of Mazagon Dock Shipbuilders Ltd traded at Rs. 2618 per share showing a gain of around 2502 percent compared to the price of 100.58 per share on April 16,2021. For example, if someone had invested Rs. 1 lakh in the company’s stock 5 years ago, it would have turned into around Rs. 26,00,000 lakh.
About the company
Mazagon Dock Shipbuilders Limited is a government-owned defence company headquartered in Mumbai, operating under the Ministry of Defence. It specialises in building warships and submarines for the Indian Navy, along with undertaking ship repairs and offshore engineering projects. The company has delivered a wide range of vessels, including destroyers, frigates, and submarines, making it one of India’s key shipbuilding yards.
The company plays an important role in strengthening India’s naval capabilities and supporting defence indigenisation. Its business is largely driven by long-term government contracts, ensuring strong order visibility and stable revenue. With ongoing naval modernisation and rising defence spending, the company continues to remain a critical part of India’s defence manufacturing ecosystem.
Infrastructure & Capabilities
Mazagon Dock Shipbuilders has strong infrastructure across both shipbuilding and submarine divisions. Its facilities include 3 dry docks, 3 wet basins, 3 big slipways, and 6 small slipways, along with production, assembly, and electrical shops. It is equipped with a 300-tonne Goliath crane, shore integration facilities, and machine, fitting, and instrumentation shops.
For submarine construction, the company has dedicated fabrication shops, sub-section assembly and section formation units, cradle assembly for equipment outfitting, a submarine dry dock, and shore integration facilities, enabling end-to-end complex defence manufacturing.
Diverse Maritime Portfolio
Mazagon Dock Shipbuilders has a wide and diversified portfolio across naval, commercial, and oil sector projects. In naval platforms, it builds destroyers, conventional submarines, frigates, corvettes, missile boats, offshore patrol vessels, and fast patrol vessels.
In the commercial segment, it delivers general cargo vessels, multipurpose and offshore support vessels, tugs, dredgers, passenger-cum-cargo ships, tankers, trawlers, pontoons, and containers.
In the oil and offshore sector, the company undertakes offshore platforms, jack-up rigs, and subsea pipeline laying projects, showcasing its strong engineering and fabrication capabilities across industries.
Order book:
As of 31st December 2025, Mazagon Dock Shipbuilders Limited holds a strong order book of Rs. 23,758 crore, largely driven by defence contracts from the Ministry of Defence. The portfolio is dominated by shipbuilding projects like P17A stealth frigates and Coast Guard vessels, many of which are still under execution, ensuring steady revenue visibility.
While key submarine programs like P75 Kalvari are completed, the company continues to benefit from refit, upgrade, and advanced systems like AIP, along with diversification into ONGC projects. Overall, the order mix reflects a balance of ongoing deliveries, high-value defence work, and emerging non-defence opportunities.
Financials:
Year on Year analysis: Revenue from operations has increased from Rs. 3,144 Crores to Rs. 3,601 Crores, up 14.5 percent. Operating profit has increased from Rs. 817 Crores to Rs. 887 Crores, up 8.5 percent and net profit has increased from Rs. 807 Crores to Rs. 880 Crores, up 9 percent.
Quarter on Quarter analysis: Revenue from operations has increased from Rs. 2,929 Crores to Rs. 3601 Crores, up 22 percent. Operating profit has increased from Rs. 695 Crores to Rs. 887 Crores, up 27.6 percent and net profit has increased from Rs. 749 Crores to Rs. 880 Crores, up 17.5 percent.
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