Mazagaon Dock overtakes Britannia, PFC, Tata Power, BPCL in m-cap ranking

The stock price of state-owned shipbuilding company has bounced back 58 per cent from its previous month low of ₹ 2,207 touched on April 7, 2025.

Mazagaon Dock Shipbuilders share price today: Shares of Mazagaon Dock Shipbuilders, a Defence Public Sector Undertaking (DPSU), hit a new high of ₹3,492.45, surging 10 per cent on the BSE in Friday’s intra-day trade amid heavy volumes, in otherwise a weak market. In comparison, the BSE Sensex was down 0.38 per cent at 82,218 as of 11:26 AM.

 

The stock price of the state-owned shipbuilding company has bounced back 58 per cent from its previous month low of ₹2,207 touched on April 7, 2025. In the past six months, it zoomed 75 per cent, as against a 6 per cent rise in the BSE Sensex.

 

 

A sharp rally in the stock price of Mazagaon Dock Shipbuilders has led the company to surpass notable companies from their respective sectors in market capitalisation (market cap) ranking. 

 

Currently, Mazagaon Dock Shipbuilders' market cap stands at ₹1.4 trillion (₹1,40,491 crore), the BSE data shows. Today, the company surpassed state-owned oil marketing company, Bharat Petroleum Corporation (BPCL), Power Finance Corporation (PFC), two-wheeler company - TVS Motor, fast-moving consumer goods (FMCG) companies - Godrej Consumer Products and Britannia Industries, power company, Tata Power, Adani group company – Ambuja Cements, real estate company - Macrotech Developers (Lodha) and Cholamandalam Investment and Finance Company in market cap ranking. 

Mazagaon Dock share price up 38 per cent over government OFS floor price

Share price of Mazagaon Dock Shipbuilders is trading 38 per cent above the government’s offer-for-sale (OFS) floor price of ₹2,525 per share. In April 2025, through the OFS, the government has offloaded 14.56 million equity shares or 4.83 per cent of its 84.83 per cent stake.

Keel laying ceremony of MPV (Y21001) for Navi Merchants

Mazagon Dock Shipbuilders has launched production for the first of a series of Multipurpose Cargo Vessels (MPV) for Navi Merchants, Denmark, on September 24, 2024. In another milestone achievement, the Keel Laying Ceremony of the first ship of the project was held at MDL's South Yard on Apr 2, 2025.

 

As per the contract signed between Mazagon Dock Shipbuilders and Navi Merchant, Mazagon Dock Shipbuilders will design, build and deliver Six Multi-Purpose Vessels. The contract price of each vessel is approximately 14 million USD. The vessel is scheduled for delivery in Apr 2026. 

 

Today’s Keel laying ceremony marks a significant milestone in the construction of the series of vessels by MDL.  

ICICI Securities' view on Mazagon Dock Shipbuilders

Mazagon Dock Shipbuilders is well-positioned to benefit significantly from the already strong order backlog and robust order pipeline. Execution is expected to remain strong, led by increasing indigenisation levels.

 

The order pipeline also remains strong for the company, considering the opportunities from both defence and commercial segments. Contracts like additional three Kalvari class submarines (expected order size ₹ 35000 crore) and six next-generation submarines under P-75I (expected value ₹70,000 crore) have already been cleared by the government and are expected to be placed with the company in the near to medium term. 

 

Following this, other major contracts like next-generation corvettes (expected value ₹36,000 crore), next-generation frigates or P-17B (expected value ₹70,000 crore) and next-generation destroyers or P-18 (expected value ₹ 85000 crore) are also expected to be finalised in the coming years. Though these contracts would be divided between two shipbuilders, the brokerage believes that these three larger projects provide longer-term order inflow visibility for Mazagon Dock Shipbuilders. Moreover, additional opportunities are there in AIP plugs, refit of submarines, ship-repairs, commercial vessels & exports. Overall, analysts at ICICI Securities see Mazagon Dock Shipbuilders as having an order opportunity of ₹2-2.5 trillion in the coming years. 

About Mazagon Dock Shipbuilders

Mazagon Dock Shipbuilders is the only public sector defence shipyard constructing destroyers & submarines. Currently, Mazagon Dock Shipbuilders has a capacity of building 11 Submarines & 10 warships (including destroyers, frigates & other vessels) concurrently.