Mazagon Dock Share Price Target 2026, 2027, 2028, 2029, 2030
- Market Cap
- ₹96,691 Cr
- Book Value
- ₹241.8
- Stock P/E
- 33.8
- Dividend Yield
- 0.72%
- ROE
- 29.2%
- ROCE
- 36.0%
- PEG Ratio
- 1.01
- EV/EBITDA
- 22.7
Fundamentals from Screener.in, as of 5 Aug 2026. Live price via Yahoo Finance.
Mazagon Dock share price today
Mazagon Dock Shipbuilders (NSE: MAZDOCK) is the only yard in India that has built conventional submarines — six Scorpenes delivered, more contracted, and the follow-on P-75I programme in its pipeline — alongside guided-missile destroyers and frigates for the Navy. When your customer is sovereign, your competitor set is one government decision wide, and your specialisation takes decades to replicate, the business reads less like manufacturing and more like an annuity with steel.
The numbers: 36% ROCE, net cash, 33.5% five-year profit CAGR — at 33.8× earnings and a PEG of about 1. Among defence names that have all re-rated, this remains the most reasonably priced against its growth.
A sovereign order book, and its fine print
Warship economics work on milestones: advances fund working capital (hence the net-cash balance sheet), and margins surprise positively when projects close ahead of provisioning. The submarine line is the crown — P-75I (six more boats with air-independent propulsion) would extend visibility into the 2030s, and export conversations (Scorpene-family boats for friendly navies) add upside nobody needs to assume.
The fine print: order timing is political, execution slips are normal in shipbuilding everywhere, margins are lumpy by accounting design, and the government’s 81% holding means float is thin — moves get exaggerated both ways.
The numbers
From our research universe snapshot (5 Aug 2026):
| Metric | Value |
|---|---|
| Market cap | ₹96,691 Cr |
| P/E (TTM) | 33.8 |
| EV/EBITDA | 22.7 |
| Operating margin | 19.3% |
| ROE / ROCE | 29.2% / 36.0% |
| Debt to equity | 0.05 (net cash) |
| Sales CAGR (5y) | 26.3% |
| Profit CAGR (5y) | 33.5% |
| Promoter (GoI) holding | 81.2% |
| EPS (TTM) | ₹70.6 |
Mazagon Dock share price target 2026 to 2030
EPS base ₹70.6 (TTM). Bear: P-75I slips years and margin normalisation bites — 8% growth, multiple compresses to 22×. Base: steady destroyer/frigate execution plus submarine continuity — 16% growth at 28×. Bull: P-75I signs, exports open — 24% growth at 35×.
| Year | Bear (22×, +8%) | Base (28×, +16%) | Bull (35×, +24%) |
|---|---|---|---|
| 2026 | ₹1,680 | ₹2,295 | ₹3,065 |
| 2027 | ₹1,810 | ₹2,660 | ₹3,800 |
| 2028 | ₹1,955 | ₹3,085 | ₹4,710 |
| 2029 | ₹2,115 | ₹3,580 | ₹5,845 |
| 2030 | ₹2,285 | ₹4,150 | ₹7,245 |
From ₹2,389, the base case is ≈ +74% over four and a half years. The bear case is slightly negative — order-timing risk is real and the stock has already re-rated once. PEG ~1 keeps this the best value among the defence trio we track; the entry range below manages the lumpiness.
Reasons to own Mazagon Dock (at the right price)
- India’s only submarine yard — a literal monopoly in the hardest naval discipline.
- Net cash with 36% ROCE — customer advances fund the business.
- P-75I pipeline extends visibility a decade; exports are free optionality.
- PEG ≈ 1 — the defence re-rating priced others further ahead of their growth.
- Naval spending is the most protected line in India’s defence budget — seas, not slogans, drive it.
The risks: order-timing politics, execution slippage inherent to shipbuilding, margin lumpiness by accounting, and thin float amplifying volatility.
Should you buy at the current price?
The live buy range below is for members — sized for this stock’s swings.
FAQ
What is the Mazagon Dock share price target for 2030? Base case ≈ ₹4,150 (28× on 16% compounded growth), bear ≈ ₹2,285, bull ≈ ₹7,245. Arithmetic above.
Why is Mazagon Dock net cash? Warship contracts pay milestone advances — the Navy effectively funds construction, leaving the yard with cash rather than debt.
What is P-75I and why does it matter? The next six-submarine programme with air-independent propulsion. Winning it would lock in a decade-plus of submarine work for the only yard qualified to execute it.
When are Mazagon Dock’s next results? Track the exact date on our results calendar.
This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.