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Dolat Capital Report
With healthy order backlog of Rs 486 billion (~10 times trailing twelve months sales), Mazagon Dock Shipbuilders Ltd.'s topline should see a significant uptick in FY23E/FY24E as P17A project's (stealth frigate) sales expected to ramp up in addition to peak execution of P15B project (destroyer).
Post second wave of pandemic, Mazagon Dock Shipbuilders's operations have normalised now and FY22E revenues are expected to be ~Rs 50 billion.
Conversion of P75i submarine order (worth ~Rs 430 billion) would further provide impetus to growth visibility.
Its ordering process has started and awarding is expected to conclude in CY23.
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