Mazagon Dock share price today

Mazagon Dock Shipbuilders Ltd's share price was ₹1,828.10 at the close on 4 November 2026. It has been falling for 17 weeks. That is 23.0% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,705 and ₹2,782, and at that close it sat 11% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Mazagon Dock Shipbuilders Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 12 weeks running.

Over the last 6.1 years the share price moved +2,076% while the NIFTY 500 moved +124%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 21 August 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue fell in the September 2026 quarter, profit fell in the September 2026 quarter and operating margin down 16 points on a year earlier.

1. Revenue fell in the September 2026 quarter

   Revenue was ₹2,446 crore, -16.5% on a year earlier (₹2,929 crore), after 11 quarters of growth.

2. Profit fell in the September 2026 quarter

   Profit was ₹346 crore, -53.8% on a year earlier (₹749 crore), after 4 quarters of growth.

3. Operating margin down 16 points on a year earlier

   8% in the September 2026 quarter, from 24%.

Mazagon Dock paid ₹17.12 a share in regular dividends in the 12 months to 5 November 2026 (3 payments), a yield of 0.94% at the ₹1,828.10 close on 4 November 2026. The last was an interim dividend of ₹5 a share, ex-date 3 November 2026.

Mazagon Dock dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Mazagon Dock Shipbuilders Ltd paid out 28% of its profit as dividends in FY26, and it paid a dividend in each of its last 12 reported years.

From the NSE corporate-actions record, read 5 November 2026.

For July to September 2026 (the quarter ended 30 September 2026), Mazagon Dock reported revenue of ₹2,446 crore, down 16.5% from ₹2,929 crore a year earlier, and a profit of ₹346 crore, down 53.8% from ₹749 crore.

Mazagon Dock results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 28 October 2025, about July to September 2025; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Mazagon Dock closed at ₹1,828.10 on 4 November 2026, down 31.5% from ₹2,670.30 a year earlier (7 November 2025) and up 1,119.7% over five years. Its highest weekly close since October 2020 was ₹3,522.40 on 16 May 2025.

Mazagon Dock share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

324 weekly closes from 16 October 2020 to 4 November 2026.

4 Nov 2026: Mazagon Dock closed at ₹1,828.10, up 7.2% on the week and down 11.4% on the month. 3 Nov 2026: ex-date for an interim dividend of ₹5 a share.

Earlier

• Results for July to September 2026: Revenue down 16.5% and profit down 53.8% on a year earlier.
• 20 Aug 2026: ex-date for a dividend of ₹4.62 a share.
• 13 Feb 2026: ex-date for an interim dividend of ₹7.50 a share.
• 28 Oct 2025: Mazagon Dock held its results call for July to September 2025.
• 27 Dec 2024: Share split: face value cut from ₹10 to ₹5 a share (ex-date).

On the call for July to September 2025, held on 28 October 2025, Mazagon Dock's management spoke about the quarter; the main points are below.

“We anticipate that this year we will have revenue of approximately "12,500 crores" or so, and the coming year also we should have maybe another "5%" growth over that. Beyond that, once the submarine projects kick in, we should have a considerable improvement both in our revenue as well as our profits.”Captain Jagmohan, Chairman and Managing Director, on the call for July to September 2025

Source: the call transcript.

From the call for July to September 2025, 28 October 2025. The July to September 2026 results are out since, so this part may be out of date until we update it.

Mazagon Dock is on 3 of our India lists: 52 week high & low, Small & mid cap stocks and Defence stocks.

Mazagon Dock Shipbuilders Ltd earned ₹346 Cr of net profit in the Sep 2026 quarter, −53.8% on the same quarter a year earlier. Full-year FY26 profit was ₹2,578 Cr. Over 10 years profit has grown 15.8% a year on average. That is 14.1% of the quarter's revenue. The same quarter a year earlier earned ₹749 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹2,578 Cr (+6.8% on the year before).

Why profit moved: revenue changed −16.5% on a year earlier and the margin moved −16.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +21.1% and revenue +7.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Mazagon Dock Shipbuilders Ltd reported ₹2,446 Cr of revenue in the Sep 2026 quarter, −16.5% on the same quarter a year earlier. Over 10 years it has grown 12.3% a year on average. The last full year, FY26, came in at ₹13,006 Cr. The last four reported quarters add to ₹12,840 Cr.

Revenue is everything the company billed its customers in the period.

FY26 revenue was ₹13,006 Cr, +13.8% on the year before.

Recent pace: the last four quarters grew +7.8% on average, against 12.3% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +8.1%, against +10.2% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +5.0%, against −2.4% a year (accelerating).

Mazagon Dock Shipbuilders Ltd's operating margin was 8.0% in the Sep 2026 quarter, 16.0 percentage points lower than the same quarter a year ago. Across 12 years it has been between 3.5% and 18.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −15.6 percentage points on the year while gross margin changed +13.0 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 2% of Mazagon Dock Shipbuilders Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 its operations used ₹2,654 Cr of cash, against ₹2,578 Cr of profit. After ₹812 Cr of spending on assets, free cash was −₹3,466 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

Mazagon Dock Shipbuilders Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹13,006 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹1,523 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Averaged over those years that is 3.9% of FY26 revenue a year.

Spending on assets: ₹1,523 Cr over the last 3 years, against ₹295 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹252 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Mazagon Dock Shipbuilders Ltd's P/E is 30.0×, in the middle of its own history: higher than 50% of past readings. Its usual P/E (the middle reading) is 29.8×, over 6 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +7.0% while the price moved −31.5%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +64.9% a year; about +31.1% a year came from earnings growth and about +33.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Mazagon Dock Shipbuilders Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 26.2%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Mazagon Dock Shipbuilders Ltd earned a ROCE of 36% in FY26. That is up from a low of 21% in FY22. Its return on capital used (ROIC) is 0.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 19.8% net margin and 0.47× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 19.8% net margin × 0.47× asset turnover × 2.82× leverage (assets divided by equity) ≈ 26.2% on equity. The margin does most of the work; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 11.1% − 12.0% = −0.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Mazagon Dock Shipbuilders Ltd has total debt of ₹811 Cr against shareholder equity of ₹10,684 Cr as of Sep 2026, so its debt is 0.08× its equity, which is very little. Year by year, that ratio went from 0.00 in FY22 to 0.04 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Mazagon Dock Shipbuilders Ltd by 4.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 5.1% of the company. Promoters moved −3.6 points over the same period, to 81.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +4.1 points over 8 quarters, to 5.1%; Promoters: −3.6 points over 8 quarters, to 81.2%; Foreign institutions: +0.3 points over 8 quarters, to 1.7%.

Why the owners changed: domestic institutions drove it (+4.1 points), with the other side taken by promoters (−3.6 points). They raised their stake step by step.

For Mazagon Dock Shipbuilders Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

42.8 out of 100, rank 2 of 4 in Ship - Docks/Breaking/Repairs, with 97% of the evidence available.

Mazagon Dock Shipbuilders Ltd scores 42.8 out of 100 against the 4 companies it is compared with in Ship - Docks/Breaking/Repairs, ranking 2. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far.

The four parts add up to the total exactly: 7.3 + 17.8 + 13.9 + 3.8 = 42.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Mazagon Dock ranks 2 of 4 Ship - Docks/Breaking/Repairs companies on the 4-Factor Sector Score, with 42.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Ship - Docks/Breaking/Repairs, all 4 compared on one page.

Mazagon Dock is the largest of 4 Ship - Docks/Breaking/Repairs companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Cochin Shipyard, Garden Reach Shipbuilders & Engineers and Swan Defence and Heavy Industries.

Ship - Docks/Breaking/Repairs companies close in size

1. Mazagon Dock Shipbuilders Ltd ₹68,788 crore
2. Cochin Shipyard Ltd ₹29,312 crore
3. Garden Reach Shipbuilders & Engineers Ltd ₹22,265 crore
4. Swan Defence and Heavy Industries Ltd ₹14,745 crore

All 4 Ship - Docks/Breaking/Repairs companies, largest first

Companies close in size in other industries

150. NTPC Green Energy Ltd ₹69,467 crore · Power - Generation/Distribution
151. SRF Ltd ₹69,230 crore · Chemicals - Flourine
152. Mazagon Dock Shipbuilders Ltd ₹68,788 crore
153. Dixon Technologies (India) Ltd ₹67,288 crore · Consumer Electronics - EMS
154. Steel Authority of India Ltd ₹66,501 crore · Steel

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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