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🚢 Mazagon Dock Shipbuilders: Q3FY25 & 9MFY25 Analysis

Lesson 97/97 | Study Time: 10 Min

Course: Quarterly Result Updates & Analysis

🚢 Mazagon Dock Shipbuilders: Q3FY25 & 9MFY25 Analysis

🔍 1. Key Insights & Highlights:

📈 Record Revenue: ₹3,144 crore in Q3FY25 🆙 34.3% YoY (₹2,362 crore in Q3FY24).
💥 Profit Surge: Consolidated PAT hit ₹807 crore 💹 +28.7% YoY (₹627 crore in Q3FY24).
🇮🇳 Historic Event: Tri-commissioning of 🇮🇳 INS Surat, INS Nilgiri & INS Vaghsheer on 🗓️ Jan 15, 2025.
🏆 Navratna Status: Awarded by the Department of Public Enterprises – boosting operational flexibility.
💸 Zero Debt: Maintains a debt-free balance sheet, showcasing financial prudence.

📑 2. Order Book Analysis (as of Dec 31, 2024):

📦 Total Order Book: ₹34,787 crore 🏗️.
🔹 Key Projects:

⚓ P15B Destroyers: ₹4,301 crore delivered; ₹26,803 crore pending.
🛳️ P17A Frigates: ₹14,518 crore still in the pipeline.
🐋 P75 Submarines: ₹2,838 crore left to execute.
🌊 ONGC Offshore Vessels: ₹5,955 crore in progress.

📊 3. Consolidated Revenue Growth:

📆 Period	💰 Revenue (₹ Cr)	📈 Growth YoY (%)
Q3FY25	₹3,144	🆙 34.3%
9MFY25	₹8,257	🆙 29.6%

📢 Key Driver: Timely delivery & execution of high-value defense projects. 🚀

💹 4. Profit Margins Comparison:

📆 Period	⚙️ Operating Margin	💸 PAT Margin
Q3FY24	22%	26.5%
Q3FY25	🆙 25%	🆙 27.5%
9MFY24	13%	18%
9MFY25	🆙 23%	🆙 25%

📈 Margin Boost: Cost efficiencies & higher revenue realization from strategic defense projects.

🏦 5. Consolidated Profit Growth:

📆 Period	💵 Profit (₹ Cr)	📈 Growth YoY (%)
Q3FY25	₹807	🆙 28.7%
9MFY25	₹2,088	🆙 63.9%

💡 Key Insight: Profits fueled by higher execution and operational excellence.

⚖️ 6. Financial Ratios (at CMP ₹2,082):

📊 Profitability:

🔹 ROCE: ~28%
🔹 ROE: ~26%

💪 Solvency:

⚖️ Debt/Equity: 0.00 (Debt-Free)

💧 Liquidity:

💲 Current Ratio: 2.5x (Strong liquidity position)

📉 Valuation:

🧮 EPS (TTM): ₹65.77
📊 P/E: ~32x (Valuation reflects growth prospects)

🛠️ 7. Outlook & Budget Impact:

🟢 Near-Term:

Continued growth expected from ongoing defense projects.
Enhanced production from the new facilities, like the Nhava Yard Concrete Batching Plant.

🔵 Long-Term:

Government's 'Make-in-India' push & defense modernization plans provide strong tailwinds.
🛳️ International defense orders are likely to rise post Modi-Trump defense discussions.

🏛️ Union Budget 2025 Impact:

🚀 Higher defense allocations support long-term growth.
📡 Naval modernization will continue to favor Mazagon Dock.

🎯 Conclusion:

📌 Mazagon Dock stands strong with:

🚢 Robust Order Book: ₹34,787 crore.
📈 Record Revenue & Profit: All-time high quarterly performance.
💪 Debt-Free & Efficient: Margins & returns improving consistently.

🏆 Future Outlook:

Short-Term: Order execution, new vessel deliveries.
Long-Term: Growth aligned with India's defense & manufacturing ambitions.

📊 Investment Consideration: At CMP ₹2,082, valuations are reasonable considering growth potential & zero-debt status.

⚓ Anchoring India's Naval Supremacy! 🇮🇳 💥🚀🛳️

Conclusion:

Mazagon Dock Shipbuilders continues to exhibit strong financial and operational performance with an expanding order book, improved profitability, and strategic growth initiatives aligned with India's defense ambitions. The stock’s current valuation appears reasonable given its growth trajectory and zero-debt status.

📢 Disclaimer & Disclosure Statement

Important Investor Advisory Notice

This research analysis is for informational purposes only and should not be considered as financial, investment, or legal advice. The information provided herein is based on publicly available financial reports, market data, and our analysis. Investors are advised to exercise caution and discretion before making any investment decisions.

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Piyush Patel

Product Designer

4.75

Profile

Class Sessions

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📢 5 STEPS TOWARDS WEALTH 🚀 The Indian Stock Market Way

🚢 Mazagon Dock Shipbuilders: Q3FY25 & 9MFY25 Analysis

🚢 Mazagon Dock Shipbuilders: Q3FY25 & 9MFY25 Analysis

🔍 1. Key Insights & Highlights:

📈 Record Revenue: ₹3,144 crore in Q3FY25 🆙 34.3% YoY (₹2,362 crore in Q3FY24).

💥 Profit Surge: Consolidated PAT hit ₹807 crore 💹 +28.7% YoY (₹627 crore in Q3FY24).

🇮🇳 Historic Event: Tri-commissioning of 🇮🇳 INS Surat, INS Nilgiri & INS Vaghsheer on 🗓️ Jan 15, 2025.

🏆 Navratna Status: Awarded by the Department of Public Enterprises – boosting operational flexibility.

💸 Zero Debt: Maintains a debt-free balance sheet, showcasing financial prudence.

📑 2. Order Book Analysis (as of Dec 31, 2024):

📦 Total Order Book: ₹34,787 crore 🏗️.

🔹 Key Projects:

⚓ P15B Destroyers: ₹4,301 crore delivered; ₹26,803 crore pending.

🛳️ P17A Frigates: ₹14,518 crore still in the pipeline.

🐋 P75 Submarines: ₹2,838 crore left to execute.

🌊 ONGC Offshore Vessels: ₹5,955 crore in progress.

📊 3. Consolidated Revenue Growth:

📆 Period

💰 Revenue (₹ Cr)

📈 Growth YoY (%)

Q3FY25

₹3,144

🆙 34.3%

9MFY25

₹8,257

🆙 29.6%

📢 Key Driver: Timely delivery & execution of high-value defense projects. 🚀

💹 4. Profit Margins Comparison:

📆 Period

⚙️ Operating Margin

💸 PAT Margin

Q3FY24

22%

26.5%

Q3FY25

🆙 25%

🆙 27.5%

9MFY24

13%

18%

9MFY25

🆙 23%

🆙 25%

📈 Margin Boost: Cost efficiencies & higher revenue realization from strategic defense projects.

🏦 5. Consolidated Profit Growth:

📆 Period

💵 Profit (₹ Cr)

📈 Growth YoY (%)

Q3FY25

₹807

🆙 28.7%

9MFY25

₹2,088

🆙 63.9%

💡 Key Insight: Profits fueled by higher execution and operational excellence.

⚖️ 6. Financial Ratios (at CMP ₹2,082):

📊 Profitability:

🔹 ROCE: ~28%

🔹 ROE: ~26%

💪 Solvency:

⚖️ Debt/Equity: 0.00 (Debt-Free)

💧 Liquidity:

💲 Current Ratio: 2.5x (Strong liquidity position)

📉 Valuation:

🧮 EPS (TTM): ₹65.77

📊 P/E: ~32x (Valuation reflects growth prospects)

🛠️ 7. Outlook & Budget Impact:

🟢 Near-Term:

Continued growth expected from ongoing defense projects.

Enhanced production from the new facilities, like the Nhava Yard Concrete Batching Plant.

🔵 Long-Term:

Government's 'Make-in-India' push & defense modernization plans provide strong tailwinds.

🛳️ International defense orders are likely to rise post Modi-Trump defense discussions.

🏛️ Union Budget 2025 Impact:

🚀 Higher defense allocations support long-term growth.

📡 Naval modernization will continue to favor Mazagon Dock.

🎯 Conclusion:

📌 Mazagon Dock stands strong with:

🚢 Robust Order Book: ₹34,787 crore.

📈 Record Revenue & Profit: All-time high quarterly performance.