# Ship - Docks/Breaking/Repairs — company-by-company sector analysis

> Ship - Docks/Breaking/Repairs: Mazagon Dock Shipbuilders Ltd owns the largest revenue base; Swan Defence and Heavy Industries Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Ship - Docks/Breaking/Repairs has outperformed NIFTY 500 by 62.6% over 52 weeks and 4.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 4 beat the sector itself. Mazagon Dock Shipbuilders Ltd leads with revenue of ₹13,006 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Ship - Docks/Breaking/Repairs sector outperforming NIFTY 500?

Ship - Docks/Breaking/Repairs has outperformed NIFTY 500 by 62.6% over 52 weeks and 4.1% over 13 weeks. 2 of 4 covered companies beat NIFTY on Mansfield relative strength, while 0 of 4 beat the sector itself.

### Which Ship - Docks/Breaking/Repairs company is largest by revenue?

Mazagon Dock Shipbuilders Ltd leads with revenue of ₹13,006 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Ship - Docks/Breaking/Repairs company is growing fastest?

Swan Defence and Heavy Industries Ltd has the fastest current revenue growth at 100%, across 4 of 4 comparable companies.

### Which Ship - Docks/Breaking/Repairs company has the strongest 4-Factor Sector Score?

Garden Reach Shipbuilders & Engineers Ltd ranks first at 78.3/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Ship - Docks/Breaking/Repairs company has the least gross debt?

Garden Reach Shipbuilders & Engineers Ltd has the lowest comparable gross debt at ₹37 crore. Swan Defence and Heavy Industries Ltd has the highest at ₹2,788 crore.

### Which Ship - Docks/Breaking/Repairs company has the lowest comparable PEG?

Garden Reach Shipbuilders & Engineers Ltd has the lowest comparable Guarded PEG at 0.93, among 3 of 4 companies that pass the metric’s comparability rules.

### How much history does this Ship - Docks/Breaking/Repairs comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Ship - Docks/Breaking/Repairs has outperformed NIFTY 500 by 62.6% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.1%. 2 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Garden Reach Shipbuilders & Engineers Ltd is the strongest against the sector itself at -15.7%.

13-week sector return versus NIFTY 500: -4.1%
52-week sector return versus NIFTY 500: 63%
Stocks leading NIFTY: 2/4
Stocks leading sector: 0/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹1.7 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 78/100 — Favorable setup; evidence 97%
   - Growth & earnings 35.0/35 | Capital efficiency 22.0/25 | Valuation 12.4/20 | Relative strength 8.9/20
   - Exact sum: 35 + 22 + 12.4 + 8.9 = 78.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 53/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 20.5/35 | Capital efficiency 20.4/25 | Valuation 6.5/20 | Relative strength 6.0/20
   - Exact sum: 20.5 + 20.4 + 6.5 + 6 = 53.4
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Swan Defence and Heavy Industries Ltd (SWANDEF): 37/100 — Mixed-negative evidence; evidence 63%
   - Growth & earnings 18.4/35 | Capital efficiency 0.6/25 | Valuation 10.0/20 | Relative strength 8.0/20
   - Exact sum: 18.4 + 0.6 + 10 + 8 = 37
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Cochin Shipyard Ltd (COCHINSHIP): 36/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 11.5/35 | Capital efficiency 16.3/25 | Valuation 5.0/20 | Relative strength 3.0/20
   - Exact sum: 11.5 + 16.3 + 5 + 3 = 35.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

## Revenue Scale & Growth Durability

What the numbers say: Mazagon Dock Shipbuilders Ltd is the scale leader at ₹13,006 crore, 85.7% ahead of Garden Reach Shipbuilders & Engineers Ltd. Swan Defence and Heavy Industries Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 3928.6% from a ₹282 crore base, with 18 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Mazagon Dock Shipbuilders Ltd is the scale benchmark; Swan Defence and Heavy Industries Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Mazagon Dock Shipbuilders Ltd's growth falls below Swan Defence and Heavy Industries Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Mazagon Dock Shipbuilders Ltd · ₹13,006 crore | 85.7% versus #2 · Garden Reach Shipbuilders & Engineers Ltd | 8/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Mazagon Dock Shipbuilders Ltd (MAZDOCK): ₹13.0K Cr
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): ₹7.0K Cr
3. Cochin Shipyard Ltd (COCHINSHIP): ₹5.0K Cr
4. Swan Defence and Heavy Industries Ltd (SWANDEF): ₹282 Cr

### Revenue growth — fastest growers
1. Swan Defence and Heavy Industries Ltd (SWANDEF): 100%
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 38%
3. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 14%
4. Cochin Shipyard Ltd (COCHINSHIP): 4.2%

### 20-quarter Revenue history
- MAZDOCK: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.9K Cr
- COCHINSHIP: Jun 2021 ₹329 Cr | Sep 2021 ₹696 Cr | Dec 2021 ₹953 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹441 Cr | Sep 2022 ₹683 Cr | Dec 2022 ₹642 Cr | Mar 2023 ₹600 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹771 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- GRSE: Jun 2021 ₹304 Cr | Sep 2021 ₹422 Cr | Dec 2021 ₹487 Cr | Mar 2022 ₹542 Cr | Jun 2022 ₹580 Cr | Sep 2022 ₹682 Cr | Dec 2022 ₹699 Cr | Mar 2023 ₹601 Cr | Jun 2023 ₹756 Cr | Sep 2023 ₹898 Cr | Dec 2023 ₹923 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.1K Cr
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹236 Cr

### 20-quarter Revenue growth history
- MAZDOCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 8.4% | Dec 2022 17% | Mar 2023 49% | Jun 2023 -2.6% | Sep 2023 7.4% | Dec 2023 30% | Mar 2024 49% | Jun 2024 8.5% | Sep 2024 51% | Dec 2024 33% | Mar 2025 2.3% | Jun 2025 11% | Sep 2025 6.2% | Dec 2025 15% | Mar 2026 21%
- COCHINSHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 -1.9% | Dec 2022 -33% | Mar 2023 -51% | Jun 2023 7.9% | Sep 2023 48% | Dec 2023 64% | Mar 2024 114% | Jun 2024 62% | Sep 2024 13% | Dec 2024 8.7% | Mar 2025 37% | Jun 2025 39% | Sep 2025 -2.1% | Dec 2025 18% | Mar 2026 -16%
- GRSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 91% | Sep 2022 62% | Dec 2022 44% | Mar 2023 11% | Jun 2023 30% | Sep 2023 32% | Dec 2023 32% | Mar 2024 69% | Jun 2024 34% | Sep 2024 28% | Dec 2024 38% | Mar 2025 62% | Jun 2025 30% | Sep 2025 45% | Dec 2025 49% | Mar 2026 29%
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -100% | Mar 2023 -100% | Jun 2023 -75% | Sep 2023 -100% | Dec 2023 — | Mar 2024 — | Jun 2024 -100% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3,900% | Dec 2025 500% | Mar 2026 4,620%

## Operating Economics & Margin Trend

What the numbers say: Cochin Shipyard Ltd leads opm at 21%; Swan Defence and Heavy Industries Ltd leads margin change at +86 percentage points.

Investor read: Cochin Shipyard Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Cochin Shipyard Ltd · 21% | 23.5% versus #2 · Garden Reach Shipbuilders & Engineers Ltd | 2/8 recent comparable periods | 4/4 companies · 67 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Cochin Shipyard Ltd (COCHINSHIP): 21%
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 17%
3. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 14%
4. Swan Defence and Heavy Industries Ltd (SWANDEF): -106%

### Margin change — fastest expanders
1. Swan Defence and Heavy Industries Ltd (SWANDEF): +86.0 pp
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): +10.0 pp
3. Cochin Shipyard Ltd (COCHINSHIP): +6.0 pp
4. Garden Reach Shipbuilders & Engineers Ltd (GRSE): +4.0 pp

### 20-quarter OPM history
- MAZDOCK: Jun 2021 5.8% | Sep 2021 5.4% | Dec 2021 13% | Mar 2022 5.5% | Jun 2022 7.8% | Sep 2022 6.9% | Dec 2022 16% | Mar 2023 10% | Jun 2023 8.0% | Sep 2023 10% | Dec 2023 23% | Mar 2024 17% | Jun 2024 27% | Sep 2024 19% | Dec 2024 26% | Mar 2025 4.0% | Jun 2025 11% | Sep 2025 24% | Dec 2025 25% | Mar 2026 14%
- COCHINSHIP: Jun 2021 6.4% | Sep 2021 24% | Dec 2021 15% | Mar 2022 24% | Jun 2022 7.2% | Sep 2022 20% | Dec 2022 23% | Mar 2023 -11% | Jun 2023 17% | Sep 2023 19% | Dec 2023 29% | Mar 2024 22% | Jun 2024 23% | Sep 2024 17% | Dec 2024 21% | Mar 2025 15% | Jun 2025 23% | Sep 2025 7.0% | Dec 2025 14% | Mar 2026 21%
- GRSE: Jun 2021 0.6% | Sep 2021 13% | Dec 2021 11% | Mar 2022 6.0% | Jun 2022 5.8% | Sep 2022 7.1% | Dec 2022 7.0% | Mar 2023 3.0% | Jun 2023 6.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 9.0% | Jun 2024 6.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 13% | Jun 2025 9.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 17%
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 -515% | Mar 2022 -475% | Jun 2022 -868% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -192% | Jun 2025 — | Sep 2025 -19% | Dec 2025 -341% | Mar 2026 -106%

### 20-quarter Margin change history
- MAZDOCK: Jun 2021 +1.6 pp | Sep 2021 −1.2 pp | Dec 2021 +6.7 pp | Mar 2022 +1.7 pp | Jun 2022 +2.0 pp | Sep 2022 +1.5 pp | Dec 2022 +3.0 pp | Mar 2023 +4.5 pp | Jun 2023 +0.2 pp | Sep 2023 +3.1 pp | Dec 2023 +7.0 pp | Mar 2024 +7.0 pp | Jun 2024 +19.0 pp | Sep 2024 +9.0 pp | Dec 2024 +3.0 pp | Mar 2025 −13.0 pp | Jun 2025 −16.0 pp | Sep 2025 +5.0 pp | Dec 2025 −1.0 pp | Mar 2026 +10.0 pp
- COCHINSHIP: Jun 2021 +1.4 pp | Sep 2021 +4.6 pp | Dec 2021 −27.4 pp | Mar 2022 +0.6 pp | Jun 2022 +0.8 pp | Sep 2022 −3.8 pp | Dec 2022 +8.2 pp | Mar 2023 −35.4 pp | Jun 2023 +9.9 pp | Sep 2023 −0.8 pp | Dec 2023 +6.0 pp | Mar 2024 +33.0 pp | Jun 2024 +6.0 pp | Sep 2024 −2.0 pp | Dec 2024 −8.0 pp | Mar 2025 −7.0 pp | Jun 2025 0.0 pp | Sep 2025 −10.0 pp | Dec 2025 −7.0 pp | Mar 2026 +6.0 pp
- GRSE: Jun 2021 +37.4 pp | Sep 2021 +0.7 pp | Dec 2021 −1.0 pp | Mar 2022 −3.4 pp | Jun 2022 +5.1 pp | Sep 2022 −5.9 pp | Dec 2022 −3.6 pp | Mar 2023 −3.0 pp | Jun 2023 +0.2 pp | Sep 2023 −2.1 pp | Dec 2023 −2.0 pp | Mar 2024 +6.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 +4.0 pp | Jun 2025 +3.0 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2,855.2 pp | Mar 2023 −2,894.9 pp | Jun 2023 −893.0 pp | Sep 2023 −3,076.2 pp | Dec 2023 −1,172.0 pp | Mar 2024 — | Jun 2024 −327.8 pp | Sep 2024 +738.2 pp | Dec 2024 +1,383.0 pp | Mar 2025 — | Jun 2025 −5,440.7 pp | Sep 2025 +3,531.0 pp | Dec 2025 +2,818.0 pp | Mar 2026 +86.0 pp

## Profit Scale & Acceleration

What the numbers say: Mazagon Dock Shipbuilders Ltd leads with ₹2,755 crore of TTM profit, 268.3% above Garden Reach Shipbuilders & Engineers Ltd. Garden Reach Shipbuilders & Engineers Ltd shows 41.9% growth from a ₹748 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Mazagon Dock Shipbuilders Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Mazagon Dock Shipbuilders Ltd · ₹2,755 crore | 268.3% versus #2 · Garden Reach Shipbuilders & Engineers Ltd | 6/8 recent comparable periods | 4/4 companies · 78 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Mazagon Dock Shipbuilders Ltd (MAZDOCK): ₹2.8K Cr
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): ₹748 Cr
3. Cochin Shipyard Ltd (COCHINSHIP): ₹717 Cr
4. Swan Defence and Heavy Industries Ltd (SWANDEF): ₹-226 Cr

### Profit growth — fastest growers
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 42%
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 14%
3. Cochin Shipyard Ltd (COCHINSHIP): -13%

### 20-quarter Net profit history
- MAZDOCK: Jun 2021 ₹102 Cr | Sep 2021 ₹135 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹159 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹354 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹314 Cr | Sep 2023 ₹333 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹696 Cr | Sep 2024 ₹585 Cr | Dec 2024 ₹807 Cr | Mar 2025 ₹325 Cr | Jun 2025 ₹452 Cr | Sep 2025 ₹749 Cr | Dec 2025 ₹880 Cr | Mar 2026 ₹674 Cr
- COCHINSHIP: Jun 2021 ₹29 Cr | Sep 2021 ₹131 Cr | Dec 2021 ₹129 Cr | Mar 2022 ₹275 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹259 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹177 Cr | Mar 2025 ₹287 Cr | Jun 2025 ₹188 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹276 Cr
- GRSE: Jun 2021 ₹21 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹112 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹303 Cr
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 ₹-525 Cr | Mar 2022 ₹-515 Cr | Jun 2022 ₹-537 Cr | Sep 2022 ₹-527 Cr | Dec 2022 ₹-538 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-25 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-39 Cr | Jun 2024 ₹-51 Cr | Sep 2024 ₹-53 Cr | Dec 2024 ₹-53 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹-31 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-142 Cr

### 20-quarter Profit growth history
- MAZDOCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 121% | Sep 2022 59% | Dec 2022 65% | Mar 2023 105% | Jun 2023 40% | Sep 2023 56% | Dec 2023 77% | Mar 2024 103% | Jun 2024 122% | Sep 2024 76% | Dec 2024 29% | Mar 2025 -51% | Jun 2025 -35% | Sep 2025 28% | Dec 2025 9.1% | Mar 2026 107%
- COCHINSHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 -14% | Dec 2022 -15% | Mar 2023 -86% | Jun 2023 136% | Sep 2023 61% | Dec 2023 122% | Mar 2024 564% | Jun 2024 76% | Sep 2024 3.9% | Dec 2024 -27% | Mar 2025 11% | Jun 2025 8.1% | Sep 2025 -43% | Dec 2025 -18% | Mar 2026 -3.8%
- GRSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 138% | Sep 2022 0.0% | Dec 2022 1.6% | Mar 2023 17% | Jun 2023 54% | Sep 2023 37% | Dec 2023 38% | Mar 2024 104% | Jun 2024 13% | Sep 2024 21% | Dec 2024 11% | Mar 2025 118% | Jun 2025 38% | Sep 2025 57% | Dec 2025 74% | Mar 2026 24%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Mazagon Dock Shipbuilders Ltd has the clearest covered balance-sheet capacity with ₹12,649 crore net cash and gross debt of ₹447 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Garden Reach Shipbuilders & Engineers Ltd · ₹37 crore | 91.7% versus #2 · Mazagon Dock Shipbuilders Ltd | 8/8 recent comparable periods | 4/4 companies · 72 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): ₹37 Cr
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): ₹447 Cr
3. Cochin Shipyard Ltd (COCHINSHIP): ₹1.7K Cr
4. Swan Defence and Heavy Industries Ltd (SWANDEF): ₹2.8K Cr

### Net debt — lowest net debt
1. Mazagon Dock Shipbuilders Ltd (MAZDOCK): ₹-12.6K Cr
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): ₹-3.4K Cr
3. Cochin Shipyard Ltd (COCHINSHIP): ₹-734 Cr
4. Swan Defence and Heavy Industries Ltd (SWANDEF): ₹2.5K Cr

### 20-quarter Gross debt history
- MAZDOCK: Jun 2021 — | Sep 2021 ₹27 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹36 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹447 Cr
- COCHINSHIP: Jun 2021 ₹517 Cr | Sep 2021 ₹538 Cr | Dec 2021 ₹538 Cr | Mar 2022 ₹554 Cr | Jun 2022 ₹551 Cr | Sep 2022 ₹554 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹587 Cr | Jun 2023 ₹587 Cr | Sep 2023 ₹606 Cr | Dec 2023 ₹606 Cr | Mar 2024 ₹502 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹501 Cr | Dec 2024 ₹501 Cr | Mar 2025 ₹560 Cr | Jun 2025 ₹560 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.7K Cr
- GRSE: Jun 2021 — | Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹312 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹37 Cr
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹15.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr

### 20-quarter Net debt history
- MAZDOCK: Jun 2021 — | Sep 2021 ₹-9.8K Cr | Dec 2021 ₹-9.8K Cr | Mar 2022 ₹-11.5K Cr | Jun 2022 ₹-11.5K Cr | Sep 2022 ₹-11.9K Cr | Dec 2022 ₹-11.9K Cr | Mar 2023 ₹-13.3K Cr | Jun 2023 ₹-13.3K Cr | Sep 2023 ₹-13.8K Cr | Dec 2023 ₹-13.8K Cr | Mar 2024 ₹-14.2K Cr | Jun 2024 ₹-14.2K Cr | Sep 2024 ₹-13.6K Cr | Dec 2024 ₹-13.6K Cr | Mar 2025 ₹-16.1K Cr | Jun 2025 ₹-16.1K Cr | Sep 2025 ₹-13.0K Cr | Dec 2025 ₹-13.0K Cr | Mar 2026 ₹-12.6K Cr
- COCHINSHIP: Jun 2021 ₹-1.7K Cr | Sep 2021 ₹-1.8K Cr | Dec 2021 ₹-1.8K Cr | Mar 2022 ₹-997 Cr | Jun 2022 ₹-2.7K Cr | Sep 2022 ₹-2.3K Cr | Dec 2022 ₹-2.3K Cr | Mar 2023 ₹-894 Cr | Jun 2023 ₹-4.2K Cr | Sep 2023 ₹-3.0K Cr | Dec 2023 ₹-3.0K Cr | Mar 2024 ₹-112 Cr | Jun 2024 ₹-3.4K Cr | Sep 2024 ₹-2.6K Cr | Dec 2024 ₹-2.6K Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹-2.6K Cr | Sep 2025 ₹-1.5K Cr | Dec 2025 ₹-1.5K Cr | Mar 2026 ₹-734 Cr
- GRSE: Jun 2021 — | Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.3K Cr | Jun 2022 ₹-2.7K Cr | Sep 2022 ₹-3.9K Cr | Dec 2022 ₹-3.9K Cr | Mar 2023 ₹-3.8K Cr | Jun 2023 ₹-4.2K Cr | Sep 2023 ₹-4.4K Cr | Dec 2023 ₹-4.4K Cr | Mar 2024 ₹-3.3K Cr | Jun 2024 ₹-3.7K Cr | Sep 2024 ₹-3.5K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-3.6K Cr | Jun 2025 ₹-3.7K Cr | Sep 2025 ₹-3.1K Cr | Dec 2025 ₹-3.1K Cr | Mar 2026 ₹-3.4K Cr
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹15.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.5K Cr

## Return On Capital Employed

What the numbers say: Garden Reach Shipbuilders & Engineers Ltd leads ROCE at 43%, 7 percentage points above Mazagon Dock Shipbuilders Ltd. Garden Reach Shipbuilders & Engineers Ltd has the strongest latest improvement at +9.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Garden Reach Shipbuilders & Engineers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Garden Reach Shipbuilders & Engineers Ltd · 43% | 19.4% versus #2 · Mazagon Dock Shipbuilders Ltd | 8/8 recent comparable periods | 4/4 companies · 57 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 43%
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 36%
3. Cochin Shipyard Ltd (COCHINSHIP): 16%
4. Swan Defence and Heavy Industries Ltd (SWANDEF): -7.6%

### ROCE change — fastest improvers
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): +9.7 pp
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): −1.9 pp
3. Cochin Shipyard Ltd (COCHINSHIP): −5.2 pp
4. Swan Defence and Heavy Industries Ltd (SWANDEF): −6.7 pp

### 20-quarter ROCE history
- MAZDOCK: Jun 2021 — | Sep 2021 4.9% | Dec 2021 — | Mar 2022 8.2% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 13% | Dec 2023 36% | Mar 2024 20% | Jun 2024 48% | Sep 2024 27% | Dec 2024 51% | Mar 2025 22% | Jun 2025 36% | Sep 2025 17% | Dec 2025 33% | Mar 2026 20%
- COCHINSHIP: Jun 2021 — | Sep 2021 17% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 5.4% | Jun 2023 — | Sep 2023 7.2% | Dec 2023 16% | Mar 2024 15% | Jun 2024 23% | Sep 2024 16% | Dec 2024 20% | Mar 2025 16% | Jun 2025 20% | Sep 2025 14% | Dec 2025 17% | Mar 2026 10%
- GRSE: Jun 2021 — | Sep 2021 8.0% | Dec 2021 — | Mar 2022 7.7% | Jun 2022 — | Sep 2022 8.6% | Dec 2022 — | Mar 2023 7.4% | Jun 2023 — | Sep 2023 7.5% | Dec 2023 26% | Mar 2024 11% | Jun 2024 30% | Sep 2024 12% | Dec 2024 30% | Mar 2025 17% | Jun 2025 38% | Sep 2025 21% | Dec 2025 42% | Mar 2026 27%
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 1.0% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -3.9% | Jun 2023 — | Sep 2023 -3.1% | Dec 2023 — | Mar 2024 -4.5% | Jun 2024 -4.9% | Sep 2024 -5.7% | Dec 2024 -6.7% | Mar 2025 -6.4% | Jun 2025 -6.2% | Sep 2025 -5.5% | Dec 2025 -3.8% | Mar 2026 -13%

### 20-quarter ROCE change history
- MAZDOCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 — | Mar 2023 +5.4 pp | Jun 2023 — | Sep 2023 +2.8 pp | Dec 2023 — | Mar 2024 +5.9 pp | Jun 2024 — | Sep 2024 +13.9 pp | Dec 2024 +15.1 pp | Mar 2025 +2.5 pp | Jun 2025 −12.8 pp | Sep 2025 −9.5 pp | Dec 2025 −17.7 pp | Mar 2026 −1.9 pp
- COCHINSHIP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 — | Mar 2023 −8.3 pp | Jun 2023 — | Sep 2023 −5.8 pp | Dec 2023 — | Mar 2024 +9.9 pp | Jun 2024 — | Sep 2024 +9.0 pp | Dec 2024 +4.5 pp | Mar 2025 +0.3 pp | Jun 2025 −2.7 pp | Sep 2025 −2.4 pp | Dec 2025 −2.9 pp | Mar 2026 −5.2 pp
- GRSE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 — | Mar 2023 −0.3 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +3.8 pp | Jun 2024 — | Sep 2024 +4.2 pp | Dec 2024 +3.5 pp | Mar 2025 +6.0 pp | Jun 2025 +8.0 pp | Sep 2025 +9.5 pp | Dec 2025 +12.5 pp | Mar 2026 +9.7 pp
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −4.9 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 −2.6 pp | Dec 2024 — | Mar 2025 −1.9 pp | Jun 2025 −1.3 pp | Sep 2025 +0.2 pp | Dec 2025 +2.9 pp | Mar 2026 −6.7 pp

## Valuation Against Growth & Quality

What the numbers say: Garden Reach Shipbuilders & Engineers Ltd has the lowest comparable Guarded PEG at 0.93×, 56.7% below Mazagon Dock Shipbuilders Ltd. Only 3 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Garden Reach Shipbuilders & Engineers Ltd · 0.93× | 56.7% versus #2 · Mazagon Dock Shipbuilders Ltd | 0/8 recent comparable periods | 3/4 companies · 26 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 0.9
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 2.2
3. Cochin Shipyard Ltd (COCHINSHIP): 8.2

### P/E — lowest P/E
1. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 35.8
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 39.3
3. Cochin Shipyard Ltd (COCHINSHIP): 51.1

### 20-quarter Guarded PEG history
- MAZDOCK: Jun 2021 — | Sep 2021 0.2 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 — | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- COCHINSHIP: Jun 2021 — | Sep 2021 1.5 | Dec 2021 0.2 | Mar 2022 0.5 | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.9 | Jun 2025 8.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GRSE: Jun 2021 — | Sep 2021 0.3 | Dec 2021 0.3 | Mar 2022 — | Jun 2022 0.8 | Sep 2022 1.4 | Dec 2022 2.8 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 1.0 | Dec 2023 1.4 | Mar 2024 — | Jun 2024 1.2 | Sep 2024 2.5 | Dec 2024 1.3 | Mar 2025 1.6 | Jun 2025 1.4 | Sep 2025 0.9 | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- MAZDOCK: Jun 2021 8.2 | Sep 2021 8.0 | Dec 2021 8.6 | Mar 2022 7.0 | Jun 2022 8.0 | Sep 2022 13.6 | Dec 2022 19.7 | Mar 2023 14.1 | Jun 2023 22.5 | Sep 2023 36.6 | Dec 2023 34.6 | Mar 2024 23.5 | Jun 2024 44.6 | Sep 2024 36.5 | Dec 2024 36.4 | Mar 2025 38.8 | Jun 2025 53.0 | Sep 2025 52.6 | Dec 2025 43.9 | Mar 2026 36.2
- COCHINSHIP: Jun 2021 8.8 | Sep 2021 8.1 | Dec 2021 7.7 | Mar 2022 7.7 | Jun 2022 7.2 | Sep 2022 10.0 | Dec 2022 12.5 | Mar 2023 11.5 | Jun 2023 28.3 | Sep 2023 44.7 | Dec 2023 45.9 | Mar 2024 43.9 | Jun 2024 74.4 | Sep 2024 52.9 | Dec 2024 46.7 | Mar 2025 46.4 | Jun 2025 65.0 | Sep 2025 58.6 | Dec 2025 57.2 | Mar 2026 45.5
- GRSE: Jun 2021 14.2 | Sep 2021 11.2 | Dec 2021 12.8 | Mar 2022 12.7 | Jun 2022 13.5 | Sep 2022 18.2 | Dec 2022 25.4 | Mar 2023 23.7 | Jun 2023 28.9 | Sep 2023 37.8 | Dec 2023 36.2 | Mar 2024 29.1 | Jun 2024 67.3 | Sep 2024 52.9 | Dec 2024 50.5 | Mar 2025 48.9 | Jun 2025 65.9 | Sep 2025 53.4 | Dec 2025 46.4 | Mar 2026 34.4
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Garden Reach Shipbuilders & Engineers Ltd leads ev/ebitda at 21×; Cochin Shipyard Ltd leads p/bv at 6.24×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Garden Reach Shipbuilders & Engineers Ltd · 21× | 11% versus #2 · Mazagon Dock Shipbuilders Ltd | 0/8 recent comparable periods | 3/4 companies · 52 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 21.0
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 23.6
3. Cochin Shipyard Ltd (COCHINSHIP): 26.8

### P/BV — lowest P/BV
1. Cochin Shipyard Ltd (COCHINSHIP): 6.2
2. Mazagon Dock Shipbuilders Ltd (MAZDOCK): 9.5
3. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 11.2
4. Swan Defence and Heavy Industries Ltd (SWANDEF): 183.9

### 20-quarter EV/EBITDA history
- MAZDOCK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.7 | Mar 2023 1.5 | Jun 2023 9.2 | Sep 2023 19.6 | Dec 2023 18.7 | Mar 2024 11.5 | Jun 2024 29.1 | Sep 2024 23.3 | Dec 2024 23.8 | Mar 2025 25.4 | Jun 2025 35.6 | Sep 2025 33.7 | Dec 2025 28.8 | Mar 2026 23.6
- COCHINSHIP: Jun 2021 3.6 | Sep 2021 3.5 | Dec 2021 3.1 | Mar 2022 2.7 | Jun 2022 2.8 | Sep 2022 3.8 | Dec 2022 5.2 | Mar 2023 4.2 | Jun 2023 10.4 | Sep 2023 18.9 | Dec 2023 23.9 | Mar 2024 24.4 | Jun 2024 45.9 | Sep 2024 32.9 | Dec 2024 29.2 | Mar 2025 28.4 | Jun 2025 39.8 | Sep 2025 35.9 | Dec 2025 34.9 | Mar 2026 26.8
- GRSE: Jun 2021 — | Sep 2021 — | Dec 2021 2.7 | Mar 2022 2.7 | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 5.6 | Mar 2023 8.0 | Jun 2023 11.5 | Sep 2023 14.3 | Dec 2023 13.8 | Mar 2024 10.1 | Jun 2024 37.5 | Sep 2024 28.9 | Dec 2024 28.2 | Mar 2025 27.2 | Jun 2025 41.1 | Sep 2025 32.3 | Dec 2025 28.6 | Mar 2026 21.0

### 20-quarter P/BV history
- MAZDOCK: Jun 2021 1.5 | Sep 2021 1.5 | Dec 2021 1.5 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 2.3 | Dec 2022 3.7 | Mar 2023 3.5 | Jun 2023 6.5 | Sep 2023 9.3 | Dec 2023 8.5 | Mar 2024 6.9 | Jun 2024 18.1 | Sep 2024 13.6 | Dec 2024 12.8 | Mar 2025 14.6 | Jun 2025 20.5 | Sep 2025 14.4 | Dec 2025 11.5 | Mar 2026 9.8
- COCHINSHIP: Jun 2021 1.4 | Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 1.3 | Dec 2022 1.6 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 3.2 | Dec 2023 3.8 | Mar 2024 4.9 | Jun 2024 13.2 | Sep 2024 9.1 | Dec 2024 7.7 | Mar 2025 7.0 | Jun 2025 10.8 | Sep 2025 8.8 | Dec 2025 7.6 | Mar 2026 5.8
- GRSE: Jun 2021 2.3 | Sep 2021 1.9 | Dec 2021 2.1 | Mar 2022 2.2 | Jun 2022 2.3 | Sep 2022 2.9 | Dec 2022 4.1 | Mar 2023 4.2 | Jun 2023 5.2 | Sep 2023 6.8 | Dec 2023 6.4 | Mar 2024 5.6 | Jun 2024 17.0 | Sep 2024 11.6 | Dec 2024 10.5 | Mar 2025 10.5 | Jun 2025 20.8 | Sep 2025 14.4 | Dec 2025 12.4 | Mar 2026 10.3
- SWANDEF: Jun 2021 — | Sep 2021 — | Dec 2021 0.0 | Mar 2022 0.0 | Jun 2022 0.0 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 6.7 | Mar 2024 6.9 | Jun 2024 6.9 | Sep 2024 8.9 | Dec 2024 8.9 | Mar 2025 1.3 | Jun 2025 2.1 | Sep 2025 11.3 | Dec 2025 16.6 | Mar 2026 120.5

## Market action

Swan Defence and Heavy Industries Ltd has the strongest one-year price move in Ship - Docks/Breaking/Repairs at +698.2%. It also leads on Mansfield relative strength against NIFTY at +69.1%. 2 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Swan Defence and Heavy Industries Ltd (SWANDEF): 698%
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): -2.0%
3. Mazagon Dock Shipbuilders Ltd (MAZDOCK): -23%
4. Cochin Shipyard Ltd (COCHINSHIP): -25%

### Strongest relative strength versus NIFTY 500
1. Swan Defence and Heavy Industries Ltd (SWANDEF): 69%
2. Garden Reach Shipbuilders & Engineers Ltd (GRSE): 0.7%
3. Mazagon Dock Shipbuilders Ltd (MAZDOCK): -9.5%
4. Cochin Shipyard Ltd (COCHINSHIP): -12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Mazagon Dock Shipbuilders Ltd (MAZDOCK) — market value ₹92.5K Cr; latest fundamentals Mar 2026
- Cochin Shipyard Ltd (COCHINSHIP) — market value ₹36.6K Cr; latest fundamentals Mar 2026
- Garden Reach Shipbuilders & Engineers Ltd (GRSE) — market value ₹29.4K Cr; latest fundamentals Mar 2026
- Swan Defence and Heavy Industries Ltd (SWANDEF) — market value ₹12.8K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 0. Withheld: 0. Graded companies: 4.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Ship - Docks/Breaking/Repairs index?

The Nifty Ship - Docks/Breaking/Repairs index tracks India's listed Ship - Docks/Breaking/Repairs companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Ship - Docks/Breaking/Repairs sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Ship - Docks/Breaking/Repairs stocks in India?

Ranked by this page's four-factor score, Garden Reach Shipbuilders & Engineers Ltd places first among 4 listed Ship - Docks/Breaking/Repairs companies, followed by Mazagon Dock Shipbuilders Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Ship - Docks/Breaking/Repairs stocks are listed in India?

This comparison covers 4 listed Ship - Docks/Breaking/Repairs companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Ship - Docks/Breaking/Repairs company is the biggest?

Mazagon Dock Shipbuilders Ltd is the largest, with trailing-twelve-month revenue of ₹13,006 crore, ahead of Garden Reach Shipbuilders & Engineers Ltd at ₹7,002 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Ship - Docks/Breaking/Repairs company is growing fastest?

Swan Defence and Heavy Industries Ltd has the fastest revenue growth at 100% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Ship - Docks/Breaking/Repairs company has the best profit margins?

Cochin Shipyard Ltd has the highest operating margin at 21%, from 4 of 4 comparable companies. Swan Defence and Heavy Industries Ltd shows the biggest recent improvement, at +86 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Ship - Docks/Breaking/Repairs company makes the most profit?

Mazagon Dock Shipbuilders Ltd earns the most, at ₹2,755 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Garden Reach Shipbuilders & Engineers Ltd has the fastest profit growth at 41.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Ship - Docks/Breaking/Repairs company earns the highest return on capital?

Garden Reach Shipbuilders & Engineers Ltd leads on return on capital employed at 43%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Ship - Docks/Breaking/Repairs stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Garden Reach Shipbuilders & Engineers Ltd screens cheapest at 0.93×. Only 3 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Ship - Docks/Breaking/Repairs company has the strongest balance sheet?

Garden Reach Shipbuilders & Engineers Ltd carries the lowest comparable gross debt at ₹37 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Ship - Docks/Breaking/Repairs sector beating the market?

Ship - Docks/Breaking/Repairs has outperformed NIFTY 500 by 62.6% over the last 52 weeks and 4.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Ship - Docks/Breaking/Repairs stock has the strongest price momentum?

Swan Defence and Heavy Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Ship - Docks/Breaking/Repairs company scores highest for research priority?

Garden Reach Shipbuilders & Engineers Ltd scores 78.3 out of 100 with 97% evidence confidence, from 35 points on growth and earnings, 22 on capital efficiency, 12.4 on valuation and 8.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Ship - Docks/Breaking/Repairs companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Ship - Docks/Breaking/Repairs sector?

The 4 Ship - Docks/Breaking/Repairs companies on this page carry ₹1,71,340 crore of combined market value. Mazagon Dock Shipbuilders Ltd is the largest at ₹92,527 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Ship - Docks/Breaking/Repairs sector performing?

2 of the 4 covered Ship - Docks/Breaking/Repairs companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 62.6% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/ship-docks-breaking-repairs