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 $261M

EV

$9.5B

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Mazagon Dock Financials

As of November 2025, Mazagon Dock reported last 12-month revenue of $1.4B and EBITDA of $261M.

In the same period, Mazagon Dock generated $584M in LTM gross profit and $294M in net income.

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Mazagon Dock P&L

In the most recent fiscal year, Mazagon Dock reported revenue of $1.2B and EBITDA of $352M.

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	$1.2B	XXX	XXX	XXX
Gross Profit	$584M	XXX	$460M	XXX	XXX	XXX
Gross Margin	42%	XXX	37%	XXX	XXX	XXX
EBITDA	$261M	XXX	$352M	XXX	XXX	XXX
EBITDA Margin	19%	XXX	28%	XXX	XXX	XXX
EBIT	$248M	XXX	$275M	XXX	XXX	XXX
EBIT Margin	18%	XXX	22%	XXX	XXX	XXX
Net Profit	$294M	XXX	$267M	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 $261M. In the most recent fiscal year, Mazagon Dock achieved $1.2B in revenue and $352M 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	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$584M	Analyst estimates available to subscribers	$460M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	41.6% 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)	$261M	Analyst estimates available to subscribers	$352M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.6% 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)	$248M	Analyst estimates available to subscribers	$275M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.7% 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)	$294M	Analyst estimates available to subscribers	$267M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	21.0% 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 $261M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $584M.
Net income over the last twelve months reached $294M.

Fiscal Year Performance

In the most recent fiscal year, Mazagon Dock reported $1.2B in total revenue.
Fiscal year EBITDA was $352M.
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 992B (or $11.0B), and EV of INR 858B (or $9.5B).

Market Cap Evolution

Mazagon Dock Stock Data

As of December 15, 2025, Mazagon Dock's stock price is INR 2459 (or $27).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$9.5B	$11.0B	XXX	XXX	XXX	XXX	$0.73

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Mazagon Dock Valuation Multiples

Mazagon Dock's trades at 8.0x EV/Revenue multiple, and 28.4x EV/EBITDA.

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Mazagon Dock Financial Valuation Multiples

As of December 15, 2025, Mazagon Dock has market cap of $11.0B and EV of $9.5B.

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 37.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.0B	XXX	$11.0B	XXX	XXX	XXX
EV (current)	$9.5B	XXX	$9.5B	XXX	XXX	XXX
EV/Revenue	6.7x	XXX	8.0x	XXX	XXX	XXX
EV/EBITDA	36.3x	XXX	28.4x	XXX	XXX	XXX
EV/EBIT	38.2x	XXX	38.9x	XXX	XXX	XXX
EV/Gross Profit	16.2x	XXX	n/a	XXX	XXX	XXX
P/E	37.2x	XXX	43.2x	XXX	XXX	XXX
EV/FCF	1159.7x	XXX	76.4x	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 40% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Mazagon Dock's rule of X is 48% (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	18%	XXX	-4%	XXX	XXX	XXX
Rule of 40	40%	XXX	40%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	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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