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🚢 Mazagon Dock Q4 & FY25 Results:

Lesson 149/151 | Study Time: 10 Min

Course: Quarterly Result Updates & Analysis

🚢 Mazagon Dock Q4 & FY25 Results: Order Book, Margins, Valuations & Outlook

Mazagon Dock Shipbuilders Ltd. (MDL) has delivered a resilient performance in Q4 and FY25, reinforcing its position as a monopoly player in India’s defence shipbuilding space. From multi-decade profit consistency to a robust order book, here's everything investors need to know.

🔨 Order Book Update (as on 31st March 2025)

Project Type	Client	Value (₹ Cr)	Pending Delivery (Nos)	Order Balance (₹ Cr)
P17A Frigates	MoD	28,769	3	13,493
P15B Destroyers	MoD	27,120	3	13,493
Kalvari Submarines	MoD	2,849	21	2,829
ONGC Projects (PRPP, DSF II)	ONGC	6,524	3	5,409
Hybrid Vessels (Export)	Europe	~710 Cr (USD 85 Mn)	6	710 (approx)
Total Order Book	—	—	—	₹32,260 Cr

⏳ Delivery timeline: Stealth frigates and destroyers expected to be completed over FY26–FY28, export orders underway.

📊 Consolidated Income Statement (₹ in Lakhs)

Metric	Q4 FY25	FY25	YoY Growth
Revenue from Operations	3,17,441	11,43,188	+21%
Total Income	3,48,392	12,55,311	+19%
EBITDA	42,653	1,70,920	+26%
PAT	32,529	2,41,351	+25%
EPS (₹)	8.06	59.83	+24%
EBITDA Margin	~13.4%	~13.8%	Expanded by +80 bps
Profit Margin	10.5%	19.3%	Expanded by +180 bps
PE Ratio (CMP ₹3439)	—	57.5x	⚠️ Premium Valuation
Interest Coverage Ratio	—	25.4x	✅ Very Healthy

📊 Balance Sheet & Key Ratios (FY25 Consolidated)

Metric	Value	Ratio/Status
Net Worth	₹7,93,988 lakh	Strong
Cash & Equivalents	₹5,28,539 lakh	Highly Liquid
Trade Receivables	₹2,08,820 lakh	~25% of assets
Debt-to-Equity	0.00x	✅ Debt-Free
Current Ratio	2.15x	✅ Sound Liquidity
PBV (Price to Book)	2.1x	Reasonable

💰 Cash Flow Summary (FY25 Consolidated)

Metric	Value (₹ lakh)	Commentary
CFO	₹2,07,805	Strong Operating Cash
CFI	₹(1,29,910)	Capex + FDs
CFF	₹(71,204)	Dividend payout of ₹20.65/share
Net Cash Flow	₹6,691	Slightly positive
Free Cash Flow (Est.)	~₹1,35,000	Strong reinvestment potential

📈 Performance Snapshot (Standalone)

Indicator	FY25	FY24
Revenue	₹11,432 Cr	₹9,467 Cr
EBITDA	₹3,229 Cr	₹2,550 Cr
PAT	₹2,325 Cr	₹1,845 Cr
EPS	₹57.63	₹45.75

🧠 Strategic & Operational Highlights

🇮🇳 Navratna Status awarded in FY25
🛥 Delivered 3 front-line warships on a single day: INS Surat, INS Nilgiri & INS Vaghsheer
🌊 Capacity to build 11 submarines & 10 warships simultaneously
🌍 Export orders secured from Europe — ₹710+ Cr in hybrid vessels
💡 Launched Hydrogen Fuel Cell Boat & Solar-Electric Boat – focus on sustainability

🧾 Dividend History (Declared Basis)

FY	Dividend per Share (₹)	Total Dividend (₹ Cr)
2024–25	₹20.65	₹832.98
2023–24	₹13.72	₹553.64
2022–23	₹7.98	₹321.90

📌 Outlook: What Should Investors Expect?

📆 Short-Term

Healthy execution pipeline across P17A and P15B warships
Strong visibility in export contracts, MRO, and ONGC EPC projects

🔮 Long-Term

Leadership in India’s defence shipbuilding under Make in India
High ROE, consistent profitability, and zero debt = strong fundamentals
New land acquisition + infra expansion = potential capacity boost

📄 Disclosure:

This analysis is for educational purposes only. It is based on publicly available financial reports and investor presentations. Investors are advised to conduct their own due diligence before making any investment decisions.

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Piyush Patel

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