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ICICI Securities Report
Mazagon Dock Shipbuilders Ltd. has reported robust Q1 FY25 performance. Key points:
Ebitda margin increased to highest level of 27.2% (16.9% in Q4 FY24) aided by lower provisions and deliveries of ships earlier than expected.
It won contract worth Rs 46.8 billion from ONGC and an export contract for construction of three multi-purpose hybrid powered vessels (order value: $ 43 million).
Q1 order inflow stood at greater then Rs 25 billion, and
Mazagon Dock Shipbuilders has planned capex of Rs 40-50 billion over the next three-four years.
We estimate deliveries in FY25/26E are likely to be ahead of schedule as well, and hence, we have increased our earning per share by 51%/73% for FY25/26E, respectively.
Maintain 'Sell' with discounted cash flow -based revised target price of Rs 1,165 (earlier Rs 900).
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