MUMBAI — Mazagon Dock is the best manufacturer in Indian defence and it is running out of things to build. Those two facts sit side by side in the same set of accounts, and the second one is why the shares have gone nowhere for a fortnight while the company posts the highest returns in its sector.
The warship and submarine builder closed Monday, August 24, 2026, at ₹2,540 on the National Stock Exchange, down ₹12 or 0.47 percent. On the BSE it settled at ₹2,538. Turnover was 3.75 lakh shares, the thinnest of any session this month, on a day the Nifty 50 slipped 0.14 percent. The stock has now closed between ₹2,540 and ₹2,587 on each of the last six trading days, a range of less than two percent, which for a company whose order book just fell 11 percent in a single quarter is a strangely quiet response.
That order book is the story. At June 30 it stood at ₹18,218 crore, down from ₹20,535 crore at the end of March. Mazagon did not lose a contract. It delivered against the ones it had, faster than it replaced them.
Mazagon Dock Share Price Today: NSE and BSE Close for August 24, 2026
| Measure | NSE · MAZDOCK | BSE · 543237 |
|---|---|---|
| Closing price | ₹2,540.00 | ₹2,538.00 |
| Previous close | ₹2,552.00 | ₹2,552.50 |
| Change | -₹12.00 (-0.47%) | -₹14.50 (-0.57%) |
| Open | ₹2,552.00 | ₹2,552.50 |
| Day’s high | ₹2,572.60 | ₹2,572.40 |
| Day’s low | ₹2,523.40 | ₹2,522.35 |
| Volume traded | 3.75 lakh shares | – |
| 52-week high · low | ₹3,061.40 · ₹2,057.40 | |
| Market capitalisation | ₹1,02,438 crore | |
| Trailing P/E · Price to book | 35.8 · 10.5 | |
| ROCE · ROE | 36.0% · 29.2% | |
| NSE and BSE closing prices for August 24, 2026. BSE figures are from the exchange’s own quote feed, timestamped 16:00 IST. Valuation ratios and market capitalisation are Screener’s. | ||
Those last two rows are the ones to sit with. A return on capital employed of 36 percent and a return on equity of 29.2 percent are the best numbers in Indian defence, better than Bharat Electronics at 27.4 percent and comfortably ahead of Hindustan Aeronautics at 24 percent. Mazagon also trades on the second-lowest earnings multiple in the group. The market is paying less for the best operator in the sector, and it has a reason.
Mazagon Dock Stock Code on NSE, BSE and Global Data Feeds
| Exchange or provider | Code | Notes |
|---|---|---|
| NSE (National Stock Exchange) | MAZDOCK | Series EQ |
| BSE (Bombay Stock Exchange) | 543237 | Scrip code |
| ISIN | INE249Z01020 | Depository identifier. Face value ₹5 |
| Google Finance | NSE:MAZDOCK · BOM:543237 | The exchange-prefixed format Google requires |
| Yahoo Finance | MAZDOCK.NS · MAZDOCK.BO | Suffix marks the exchange |
| Founded in 1934 and headquartered in Mumbai. The Government of India holds 81.2 percent of the equity, the largest state stake in the sector, leaving under a fifth of the company in public hands. | ||
The Best Conversion Rate in the Sector, and the Problem With That
Mazagon reported its June quarter on July 30. Revenue from operations was ₹2,942.70 crore, up 12.1 percent, standalone net profit ₹509.71 crore, up 21.6 percent, and consolidated profit around ₹550 crore. EBITDA rose to ₹760 crore from ₹625 crore and the margin widened to 15.63 percent from 11.5 percent. Profit grew faster than revenue, which is what operational leverage looks like when a shipyard is running properly.
| Metric | Q1 FY27 | Q1 FY26 |
|---|---|---|
| Revenue from operations | ₹2,942.70 crore | ₹2,625.59 crore |
| Net profit (standalone) | ₹509.71 crore | ₹419.28 crore |
| EBITDA | ₹760 crore | ₹625 crore |
| EBITDA margin | 15.63% | 11.50% |
| Order book at June 30, 2026 | ₹18,218 crore | ₹20,535 crore at March 31 |
| Order book converted in Q1 | About 16.2 percent | |
| Revenue cover | About 1.4 years, down from 1.6 | |
| Results approved by the board on July 30, 2026. Conversion and cover are our own calculations from the disclosed order book and FY26 revenue of ₹13,006 crore. | ||
Sixteen percent of the order book turned into revenue in three months. For comparison, Bharat Dynamics converted 2.2 percent in the same quarter. Mazagon is working through its backlog roughly seven times faster than the missile maker, and that is exactly the problem. At ₹18,218 crore against last year’s ₹13,006 crore of sales, the yard has about one year and five months of visible work left. Every other large defence name in India has more, and BDL has more than ten years.
What Mazagon Delivered, and What It Needs Next
The depletion is visible in the delivery log. Mazagon handed over INS Mahendragiri, the fourth Project 17A stealth frigate, on April 30, and the Navy accepted INS Vagir, the fifth Kalvari class submarine, on April 22. Those are completed programmes leaving the books. Of what remains, ₹7,587 crore is the balance of the P17A frigates, which means a substantial share of the current order book is one programme heading towards its own completion.
The replenishment everyone is waiting for is Project 75I, the next-generation submarine line. Industry expectations put the cumulative contract value of the proposed submarine work above ₹1 lakh crore, which would multiply the current book several times over and settle the question for a decade. Like the QRSAM order sitting with the Cabinet Committee on Security, and like the Tejas engines waiting on an American supplier, it has not been signed.
That is the pattern running through every large defence stock in India this month. The businesses are sound, the demand is real, and the thing that decides the next leg is a government decision with no published date attached. Mazagon simply has the least time to wait.
Mazagon Dock Share Price: A Two Percent Range and Falling Volume
The stock has been unusually still. Over the last six sessions it has closed at ₹2,569.70, ₹2,587, ₹2,563.80, ₹2,570, ₹2,552 and ₹2,540, a span of ₹47 or under two percent, while volume has drained from 12.3 lakh shares on August 18 to 3.75 lakh on Monday.
| Date | Close (₹) | Change | Volume |
|---|---|---|---|
| August 17, 2026 | 2,569.70 | -0.40% | 5.96 lakh |
| August 18, 2026 | 2,587.00 | +0.67% | 12.30 lakh |
| August 19, 2026 | 2,563.80 | -0.90% | 5.13 lakh |
| August 20, 2026 | 2,570.00 | +0.24% | 4.68 lakh |
| August 21, 2026 | 2,552.00 | -0.70% | 4.87 lakh |
| August 24, 2026 | 2,540.00 | -0.47% | 3.75 lakh |
| NSE closing prices and volumes. The 52-week high of ₹3,061.40 is 20.5 percent above Monday’s close. | |||
A stock that stops moving on falling volume is a stock nobody has a fresh opinion about. The June quarter was good and is three weeks old. The next catalyst is a submarine contract whose timing sits with the Ministry of Defence, and until there is news of it, Mazagon is a well-run yard with excellent margins, a shrinking book and no reason for anyone to change their position.
What this piece cannot tell you is when P-75I moves, or whether the ₹1 lakh crore figure attached to it survives contact with a signed contract. Those numbers come from industry expectation, not from a tender document Mazagon has disclosed, and defence procurement in India has a long record of arriving later and smaller than the first estimate. The order book, meanwhile, keeps converting at 16 percent a quarter, which is the good news and the clock at the same time.
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