Top Shipbuilding and Defence PSU Stocks Compared: Mazagon Dock vs Cochin Shipyard vs Garden Reach Shipbuilders vs BEML vs Mishra Dhatu Nigam on Price, Valuation, Q2 FY27 Results and Risks

Previous close: Mazagon Dock Rs 1,890.00, Cochin Shipyard Rs 1,202.00, Garden Reach Shipbuilders Rs 2,225.40, BEML Rs 2,112.00, Mishra Dhatu Nigam Rs 396.10.

Shipbuilding and defence PSU stocks compared here means Mazagon Dock, Cochin Shipyard, Garden Reach Shipbuilders, BEML and Mishra Dhatu Nigam on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes two warship and submarine builders, a commercial and naval shipyard, a maker of mining, rail and defence vehicles and a special alloys producer, so each name earns from a different mix of defence and civil work, which is exactly why a side-by-side look helps.

Mazagon Dock, Cochin Shipyard, BEML and Mishra Dhatu Nigam have filed their September 2026 quarter, so their results below are Q2 FY27. Garden Reach Shipbuilders is tracked on price and valuation. Shipbuilding and defence names follow government orders, delivery timelines and defence spending, so a glance at the BSE PSU page and the Sensex page before you read the tables gives useful backdrop.

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Shipbuilding and Defence PSU Stocks Compared: Five State-Run Builders

The shipbuilding and defence PSU stocks compared here are Mazagon Dock, Cochin Shipyard, Garden Reach Shipbuilders, BEML and Mishra Dhatu Nigam. Mazagon Dock is the largest by market capitalisation at Rs 76,162 crore. Previous closes run from Rs 396.10 for Mishra Dhatu Nigam to Rs 2,225.40 for Garden Reach Shipbuilders, which is why a side-by-side look at value rather than price is more useful. This shipbuilding and defence PSU stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
Mazagon Dock	1,890.00	76,162
Cochin Shipyard	1,202.00	31,570
Garden Reach Shipbuilders	2,225.40	25,508
BEML	2,112.00	17,595
Mishra Dhatu Nigam	396.10	7,429

A quick look at the business behind each ticker puts the numbers in context. Mazagon Dock builds warships and submarines for the Indian Navy and also takes commercial orders, while Cochin Shipyard builds and repairs ships and operates a large dry dock in Kerala. Garden Reach Shipbuilders builds warships and other vessels for the Indian Navy and Coast Guard, and BEML makes mining equipment, rail coaches and defence vehicles. To compare shipbuilding and defence PSU stocks properly, line up price to earnings, return on equity and dividend yield before forming a view.

Rounding out the group, Mishra Dhatu Nigam makes special alloys and titanium products for defence, space and energy users. A fair shipbuilding and defence PSU stock comparison looks at what each company actually earns from, not only at the share price. Warship builders, mixed yards and component suppliers belong in separate mental boxes whenever you compare shipbuilding and defence PSU stocks fairly.

Shipbuilding and Defence PSU Stocks Valuation: Multiples, Returns and Payouts

Mazagon Dock trades at the lowest price to earnings ratio in this group at 31.07. Garden Reach Shipbuilders reports the highest return on equity at 28.48%. Mishra Dhatu Nigam has the lowest price to book value at 4.85. These shipbuilding and defence PSU stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this shipbuilding and defence PSU stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)	Debt to equity
Mazagon Dock	31.07	7.28	23.45	0.96	0.08
Cochin Shipyard	50.40	5.20	12.20	0.75	0.28
Garden Reach Shipbuilders	31.86	9.71	28.48	0.80	0.01
BEML	107.73	6.12	5.69	0.81	0.22
Mishra Dhatu Nigam	55.08	4.85	8.58	0.53	0.27

Shipbuilding and defence PSU stocks often trade at premium price to earnings multiples because long order books give clear visibility. Price to book, return on equity and dividend yield help you judge how the market values each company and how much it pays back. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple shipbuilding and defence PSU stock comparison like this one is only as useful as the context behind it, which is why dividend yield is worth checking as well.

In this group, price to earnings runs from 31.07 for Mazagon Dock to 107.73 for BEML. Mazagon Dock offers the highest dividend yield at 0.96%. Industry price to earnings readings differ by sub-sector: Mazagon Dock, Cochin Shipyard, BEML and Mishra Dhatu Nigam at 47.61; Garden Reach Shipbuilders at 52.03. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built shipbuilding and defence PSU stock comparison also notes that milestone timing and order flow can move results between quarters. Run the same shipbuilding and defence PSU stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare shipbuilding and defence PSU stocks, note whether a premium is backed by returns or only by size.

Shipbuilding and Defence PSU Stocks Q2 FY27 Results: Revenue and Profit Check

Four of the five shipbuilding and defence PSU stocks compared have filed Q2 FY27 numbers. BEML posted the fastest revenue growth at 41.5% year on year. Mishra Dhatu Nigam showed the sharpest rise in net profit at 114.8%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. The others are shown on their latest reported quarter, so read each one for what it is. Treat the Q2 FY27 numbers in this shipbuilding and defence PSU stocks compared review as a snapshot of one quarter, not a verdict on any shipbuilder.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
Mazagon Dock	2,697	3,201
Cochin Shipyard	1,332	1,246
BEML	1,198	846.1
Mishra Dhatu Nigam	306.2	218.7	27.8	13.0

Mazagon Dock Results Snapshot

Mazagon Dock’s Q2 FY27 top line stood at Rs 2,697 crore.

Cochin Shipyard Results Snapshot

Cochin Shipyard reported Q2 FY27 revenue of Rs 1,332 crore, compared with Rs 1,246 crore a year earlier, a rise of 6.9%.

Garden Reach Shipbuilders Results Snapshot

Garden Reach Shipbuilders is tracked here on price and valuation. Its quarterly filing on the exchange website carries the revenue and profit detail, so read it before you set the stock against the rest.

BEML Results Snapshot

BEML’s Q2 FY27 top line stood at Rs 1,198 crore, versus Rs 846.1 crore in Q2 FY26, a rise of 41.5%.

Mishra Dhatu Nigam Results Snapshot

Mishra Dhatu Nigam reported Q2 FY27 revenue of Rs 306.2 crore, compared with Rs 218.7 crore a year earlier, a rise of 40.1%. Net profit rose 114.8% to Rs 27.8 crore from Rs 13.0 crore. Operating margin expanded to 21.0% from 20.1% a year ago. Earnings per share for the quarter rose to Rs 1.49 from Rs 0.69.

Shipbuilding and defence results depend on order inflows, delivery timelines, project milestones and input costs, so profit can look different from revenue in a single quarter. That is why a shipbuilding and defence PSU stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, a shipbuilding and defence PSU stocks compared review becomes a map of the sector rather than a price list. When you compare shipbuilding and defence PSU stocks after each result season, track how dividend yield changes from one quarter to the next. A shipbuilding and defence PSU stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

Shipbuilding and Defence PSU Stocks Compared Two at a Time: Three Pairings

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare shipbuilding and defence PSU stocks two at a time.

Mazagon Dock vs Garden Reach Shipbuilders

Mazagon Dock and Garden Reach Shipbuilders both build warships for the Indian Navy, so they are the closest pair on the list. Mazagon Dock is about 3.0 times the size of Garden Reach Shipbuilders by market capitalisation, at Rs 76,162 crore against Rs 25,508 crore. Garden Reach Shipbuilders reports the higher return on equity, at 28.48% against 23.45% for Mazagon Dock. For dividend income, Mazagon Dock offers 0.96% against 0.80% at Garden Reach Shipbuilders. Both depend on naval orders and delivery pace, so read growth next to valuation before you judge either multiple.

Cochin Shipyard vs Mazagon Dock

Cochin Shipyard builds and repairs ships and also takes commercial orders, while Mazagon Dock focuses on warships and submarines. Mazagon Dock is about 2.4 times the size of Cochin Shipyard by market capitalisation, at Rs 76,162 crore against Rs 31,570 crore. On price to earnings, Mazagon Dock carries the lower multiple at 31.07 against 50.40 for Cochin Shipyard. Mazagon Dock reports the higher return on equity, at 23.45% against 12.20% for Cochin Shipyard. A mixed civil and naval yard and a naval specialist are priced differently, so read the business mix before you read the ratio.

BEML vs Mishra Dhatu Nigam

BEML makes mining equipment, rail coaches and defence vehicles, while Mishra Dhatu Nigam makes special alloys and titanium products. On price to earnings, Mishra Dhatu Nigam carries the lower multiple at 55.08 against 107.73 for BEML. Mishra Dhatu Nigam reports the higher return on equity, at 8.58% against 5.69% for BEML. For dividend income, BEML offers 0.81% against 0.53% at Mishra Dhatu Nigam. A vehicle maker and a materials producer earn differently, so read returns and valuation together.

Best Shipbuilding and Defence PSU Stocks for Each Type of Investor

Which of the best shipbuilding and defence PSU stocks is right for you depends on your priorities, so the table below lists the leader on each measure instead of crowning one name. Any shipbuilding and defence PSU stocks compared table can mislead if you stop at one row, because each shipbuilder leads on a different measure.

If you care most about	Start your research with	The number
Lowest price to earnings	Mazagon Dock	31.07
Highest return on equity	Garden Reach Shipbuilders	28.48%
Highest dividend yield	Mazagon Dock	0.96%
Lowest price to book value	Mishra Dhatu Nigam	4.85
Largest by market capitalisation	Mazagon Dock	Rs 76,162 crore
Fastest Q2 FY27 revenue growth	BEML	41.5%
Sharpest Q2 FY27 net profit rise	Mishra Dhatu Nigam	114.8%

No single name tops every row, which is exactly why a shipbuilding and defence PSU stock comparison helps. Scale, returns, payouts and valuation each point to a different company, so decide what matters most to you before you rank the numbers.

What Is Driving Orders for Ships and Defence Equipment Right Now?

Navy projects, coast guard vessels and commercial ship orders keep yards and defence suppliers busy. Long order books give state-owned builders clear visibility on future work. Knowing what moves order flow and delivery milestones helps you compare shipbuilding and defence PSU stocks with the right questions in mind.

Delivery schedules, order inflows and the share of defence work decide margins. Makers of special alloys and heavy vehicles add depth to the group alongside the shipyards. A good shipbuilding and defence PSU stocks compared routine therefore tracks order books, deliveries and margins. The sector backdrop helps every name here, but a shipbuilding and defence PSU stock comparison shows it does not help them equally.

Risks to Weigh When You Compare Shipbuilding and Defence PSU Stocks

Shipbuilding and defence PSU stocks depend on government orders, delivery timelines, input costs and policy shifts. Valuations can run high on order book hopes, so read each filing for order, execution and margin commentary before you compare them. Every shipbuilding and defence PSU stock comparison has blind spots, and for this group the biggest is order flow and delivery milestones. A thoughtful shipbuilding and defence PSU stocks compared review keeps these risks next to the numbers instead of in a footnote.

Because order books, deliveries and margins drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this shipbuilding and defence PSU stocks compared guide a balanced starting point.

How to Compare Shipbuilding and Defence PSU Stocks and Build a Shortlist

Start by deciding whether you want warship builders, a commercial and naval yard or suppliers of vehicles and materials, because each responds to different triggers. Shipyards reward readers who track order books and deliveries, while suppliers reward those who track defence and rail demand. Done step by step, this shipbuilding and defence PSU stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and returns, because premium multiples leave less room for slips and delivery timing can shift results. Spreading your attention across one shipyard and one supplier is a simple way to see both sides of the sector. Keep the shortlist of best shipbuilding and defence PSU stocks short enough that you can actually follow each company’s quarterly results. When you compare shipbuilding and defence PSU stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter shipbuilding and defence PSU stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this shipbuilding and defence PSU stocks compared page after the next set of results to see which numbers have moved.

Check the Univest Screener for live shipbuilding and defence PSU stock data

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Conclusion: Shipbuilding and Defence PSU Stocks Compared at a Glance

This shipbuilding and defence PSU stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Mazagon Dock leads on size and Garden Reach Shipbuilders leads on return on equity, while the others bring their own strengths. Treat the shipbuilding and defence PSU stocks Q2 FY27 results and shipbuilding and defence PSU stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare shipbuilding and defence PSU stocks again next quarter, the same checklist of price to earnings, return on equity and dividend yield will work.

Frequently Asked Questions on Shipbuilding and Defence PSU Stocks Compared

Which are the top shipbuilding and defence PSU stocks compared in this article?

Ans. The shipbuilding and defence PSU stocks compared in this article are Mazagon Dock, Cochin Shipyard, Garden Reach Shipbuilders, BEML and Mishra Dhatu Nigam. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so the group can be read in one sitting before you go deeper into any single company.

Which shipbuilding and defence PSU stock has the highest market capitalisation?

Ans. Among the five names, Mazagon Dock has the highest market capitalisation at Rs 76,162 crore. Cochin Shipyard follows at Rs 31,570 crore. Market value changes with every price move, which means the ranking can shuffle, so look at the latest figure on the exchange.

Which of these shipbuilding and defence PSU stocks has the lowest price to earnings ratio?

Ans. On shipbuilding and defence PSU stocks valuation, Mazagon Dock has the lowest price to earnings ratio among these shipbuilding and defence PSU stocks at 31.07, based on the latest reported earnings. BEML sits at the other end at 107.73. Treat the lowest multiple as a place to start asking questions, because growth and business quality explain why investors pay more or less.

Which shipbuilding and defence PSU stock has the highest return on equity?

Ans. Garden Reach Shipbuilders reports the highest return on equity in this group at 28.48%. In plain terms, return on equity tells you how hard shareholder funds are working. Read it across a few years and alongside debt, since a high ratio built on borrowing carries more risk.

How did shipbuilding and defence PSU stocks perform in Q2 FY27 results?

Ans. Four of the five names have filed Q2 FY27 numbers in our data. BEML recorded the fastest revenue growth at 41.5% year on year. Mishra Dhatu Nigam showed the sharpest net profit rise at 114.8%. For shipbuilding and defence PSU stocks Q2 FY27 results, the others are covered on their latest reported quarter, and each filing on the exchange website carries the full detail.

What are the main risks when you compare shipbuilding and defence PSU stocks?

Ans. Shipbuilding and defence PSU stocks depend on government orders, delivery timelines, input costs and policy shifts. Valuations can run high on order book hopes, so read each filing for order, execution and margin commentary before you compare them. Keep an eye on order books, deliveries and margins.

Which metrics matter most when you compare shipbuilding and defence PSU stocks?

Ans. Order book, deliveries, operating margin and the share of defence work matter most for operating performance. Price to earnings, price to book, return on equity and dividend yield show how the market values each company. Read each company’s filing for these along with the numbers in this article.

Which is the best shipbuilding and defence PSU stock to buy among these five?

Ans. The best shipbuilding and defence PSU stock depends on whether you value warship building, mixed civil and naval work or defence supply, because the five names differ on all three. On the numbers in this article, Mazagon Dock has the largest market capitalisation, the lowest price to earnings and the highest dividend yield; Garden Reach Shipbuilders has the highest return on equity. There is no clear winner across every measure, and nothing here is a recommendation. Let the tables narrow your list, confirm the numbers in the filings, and take advice from a SEBI-registered advisor before acting.