📌 At a Glance
FY25 revenue surged to ₹11,432 Cr, net profit soared past ₹2,414 Cr, and Mazagon Dock’s EPS now sits at ₹59.83. This is the kind of PSU that makes fund managers say,“Maybe we don’t need IT stocks after all.”
But with 56x P/E and 17x book value, the question is:
👉 Is ittoo late to board this ship?
🛠️ About the Company
- Founded:1774 (yes, before your great-grandfather’s grandfather was born)
- HQ:Mumbai Dockyard
- Specialty:Warships, Submarines, Stealth Frigates
- Clients:Indian Navy, Coast Guard, and now global export contracts
This isn’t your average PSU — it’s India’sonly Navratna shipbuildercapable of manufacturingdestroyers, submarines, and corvettesunder one roof.
Mazdock iswhat BHEL thinks it is, but never became.
📊 5-Year Financial Highlights
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | OPM % | ROCE % | Other Income (₹ Cr) | Reserves (₹ Cr) | Borrowings (₹ Cr) |
|---|---|---|---|---|---|---|---|---|
| FY21 | 4,048 | 514 | 12.74 | 6% | 23% | 448 | 3,230 | 30 |
| FY22 | 5,733 | 611 | 15.14 | 8% | 21% | 396 | 3,656 | 12 |
| FY23 | 7,827 | 1,119 | 27.74 | 10% | 33% | 687 | 4,558 | 6 |
| FY24 | 9,467 | 1,937 | 48.02 | 15% | 44% | 1,101 | 6,042 | 1 |
| FY25 | 11,432 | 2,414 | 59.83 | 18% | 43% | 1,121 | 7,738 | 20 |
🚀 FY25 Highlights
- Revenue crossed₹11,000 Crfor the first time ever
- Net profit up24% YoY, touching₹2,414 Cr
- Operating margin at18%, up 300 bps
- ROCE remains best-in-class at43%
- Order book visibility tillFY30thanks to frigates, destroyers & submarines
Mazagon’s balance sheet is cleaner than SEBI’s inbox after Holi.
⚠️ Other Income – Blessing or Bubble?
₹1,121 Cr of FY25 profit came from “Other Income” — that’s46% of net profit.
Breakdown (as per past years):
- Treasury returns on advance payments from MoD
- Short-term investments (GoI bonds, MF, T-bills)
- Interest on milestone-linked cash flows
Not shady — but not core either.
So yes, they earn interest while
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