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ICICI Securities Report
Mazagon Dock Shipbuilders Ltd. is one of the four strategic defence shipbuilders under the Ministry of Defence.
The company construct/repairs commercial vessels, warships and submarines.
Investment thesis on the company revolves around:
its orderbook at Rs 493.3 billion as of June 2021 end implying a ‘book to bill' ratio of ~12.3 times with eight warships and three submarines to be delivered to Indian Navy / Coast Guard; and
unmatched (domestic) strategic execution capabilities .
Delay in order accruals poses execution as well as working capital risks for Mazagon Dock Shipbuilders.
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