Mazagon Dock - Public Comps and Valuation Multiples

Mazagon Dock Overview

About Mazagon Dock

Mazagon Dock Shipbuilders Ltd is a defense public sector undertaking shipyard under the Ministry of Defence. The company is engaged in building and repairing ships, submarines, various types of vessels, and related engineering products for its customers. The company's activities are the construction of warships, ferries, tugs, dredgers, barges, submarines, merchant ships, etc., with facilities situated in Mumbai and Nhava. It also offers ship designing, ship repairs and refit, tug support, and other related services. The company is organized into two segments: Shipbuilding and Submarine (New Construction and Repairs) and others.

Founded

1934

HQ

Employees

6.0K+

Website

mazagondock.in

Sectors

Defense Systems
DefenseTech
Industry 4.0

Financials

LTM Revenue $1.4B

LTM EBITDA $263M

EV

$11.2B

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Mazagon Dock Financials

As of September 2025, Mazagon Dock reported last 12-month revenue of $1.4B and EBITDA of $263M.

In the same period, Mazagon Dock generated $610M in LTM gross profit and $297M in net income.

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Mazagon Dock P&L

In the most recent fiscal year, Mazagon Dock reported revenue of $1.3B and EBITDA of $362M.

Mazagon Dock expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.4B	XXX	$1.3B	XXX	XXX	XXX
Gross Profit	$610M	XXX	$473M	XXX	XXX	XXX
Gross Margin	43%	XXX	37%	XXX	XXX	XXX
EBITDA	$263M	XXX	$362M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	28%	XXX	XXX	XXX
EBIT	$249M	XXX	$283M	XXX	XXX	XXX
EBIT Margin	18%	XXX	22%	XXX	XXX	XXX
Net Profit	$297M	XXX	$274M	XXX	XXX	XXX
Net Margin	21%	XXX	22%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Mazagon Dock including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.4B. EBITDA for the last twelve months was $263M. In the most recent fiscal year, Mazagon Dock achieved $1.3B in revenue and $362M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.4B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$610M	Analyst estimates available to subscribers	$473M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	43.0% gross margin	Analyst estimates available to subscribers	37.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$263M	Analyst estimates available to subscribers	$362M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.5% EBITDA margin	Analyst estimates available to subscribers	28.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$249M	Analyst estimates available to subscribers	$283M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.6% EBIT margin	Analyst estimates available to subscribers	22.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$297M	Analyst estimates available to subscribers	$274M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	20.9% net profit margin	Analyst estimates available to subscribers	21.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Mazagon Dock

This financial data table provides comprehensive performance metrics for Mazagon Dock, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Mazagon Dock generated $1.4B in revenue over the last twelve months.
The company achieved $263M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $610M.
Net income over the last twelve months reached $297M.

Fiscal Year Performance

In the most recent fiscal year, Mazagon Dock reported $1.3B in total revenue.
Fiscal year EBITDA was $362M.
The company maintained a gross profit margin of 37.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 28.5%.
Net profit margin reached 21.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Mazagon Dock. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Mazagon Dock Stock Performance

Mazagon Dock has current market cap of INR 1.12T (or $12.7B), and EV of INR 985B (or $11.2B).

Market Cap Evolution

Mazagon Dock Stock Data

As of October 30, 2025, Mazagon Dock's stock price is INR 2774 (or $32).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.2B	$12.7B	XXX	XXX	XXX	XXX	$0.74

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Mazagon Dock Valuation Multiples

Mazagon Dock's trades at 9.2x EV/Revenue multiple, and 32.6x EV/EBITDA.

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Mazagon Dock Financial Valuation Multiples

As of October 30, 2025, Mazagon Dock has market cap of $12.7B and EV of $11.2B.

Equity research analysts estimate Mazagon Dock's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Mazagon Dock has a P/E ratio of 42.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$12.7B	XXX	$12.7B	XXX	XXX	XXX
EV (current)	$11.2B	XXX	$11.2B	XXX	XXX	XXX
EV/Revenue	7.9x	XXX	9.2x	XXX	XXX	XXX
EV/EBITDA	42.6x	XXX	32.6x	XXX	XXX	XXX
EV/EBIT	44.9x	XXX	44.7x	XXX	XXX	XXX
EV/Gross Profit	18.3x	XXX	n/a	XXX	XXX	XXX
P/E	42.8x	XXX	48.8x	XXX	XXX	XXX
EV/FCF	286.8x	XXX	87.7x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Mazagon Dock Margins & Growth Rates

Mazagon Dock's last 12 month revenue growth is 12%

Mazagon Dock's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $31K for the same period.

Mazagon Dock's rule of 40 is 41% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Mazagon Dock's rule of X is 50% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Mazagon Dock Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	19%	XXX	28%	XXX	XXX	XXX
EBITDA Growth	19%	XXX	-4%	XXX	XXX	XXX
Rule of 40	41%	XXX	41%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	50%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$31K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	15%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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