Mazagon Dock Share Price: 23.4% CAGR in 3 Years as the Submarine Builder Takes On Cochin Shipyard and Bharat Dynamics

Mazagon Dock previous close Rs 1,878. 3-year CAGR 23.4%. Up 1.9x since 9 Nov 2023. ROE 23.45%. Market cap Rs 75,755 crore.

The Mazagon Dock share price has almost doubled in three years, which is a strong result for a company that builds some of the most complex vessels in the country. Mazagon Dock Shipbuilders, the Mumbai-based public sector yard, builds destroyers, frigates and submarines for the Indian Navy.

This article compares that run with Cochin Shipyard and Bharat Dynamics, two other listed names in the naval and defence manufacturing space. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

Click Here – Get Free Investment Predictions

How Much Has the Mazagon Dock Share Price Returned in 3 Years?

The Mazagon Dock stock closed at Rs 998.23 on 9 November 2023 and at Rs 1,878.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.88 lakh, which is a CAGR of 23.4%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Mazagon Dock can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Mazagon Dock share price has also followed the theme of indigenous defence manufacturing, where long naval programmes for warships and submarines widened the order book of Indian shipyards.

Mazagon Dock vs Cochin Shipyard and Bharat Dynamics: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Cochin Shipyard	Rs 518.80	Rs 1,290.00	2.5x	35.5%
Bharat Dynamics	Rs 526.05	Rs 1,109.65	2.1x	28.2%
Mazagon Dock Shipbuilders	Rs 998.23	Rs 1,878.00	1.9x	23.4%

The Mazagon Dock stock ranks third of the three at 23.4%. The companies ahead are Cochin Shipyard (35.5%) and Bharat Dynamics (28.2%). Cochin Shipyard leads the group, followed by Bharat Dynamics and then Mazagon Dock. Mazagon Dock is the largest of the three by market cap and carries the highest ROE, so its yearly return came on the biggest base of capital in the group.

Look at the Mazagon Dock share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Mazagon Dock Shipbuilders	Rs 75,755 crore	30.91	47.55	23.45%	0.08
Bharat Dynamics	Rs 40,670 crore	78.08	51.77	9.91%	0.00
Cochin Shipyard	Rs 33,911 crore	49.86	47.55	12.20%	0.28

By market cap, Mazagon Dock Shipbuilders is the largest of the group at Rs 75,755 crore, which gives it the scale advantage over Cochin Shipyard, Bharat Dynamics. On earnings, Mazagon Dock shares trade at a P/E of 30.91 against an industry P/E of 47.55, a discount of about 35% to the sector, which leaves room if earnings keep growing. Peer multiples are Cochin Shipyard at 49.86 and Bharat Dynamics at 78.08.

Return on equity is 23.45% for the Mazagon Dock stock, which ranks first among the three, and debt to equity stands at 0.08. Trailing EPS is Rs 60.76. Shipyards are valued on the size and quality of their order books, so the P/E should be read together with return on equity and the pace at which orders turn into deliveries.

What Is Driving the Mazagon Dock Stock?

Mazagon Dock builds destroyers, frigates and conventional submarines for the Indian Navy, and it also takes on ship repair and refit work. Naval programmes run over many years, which gives the company a long runway of revenue visibility.

The yard has a large order book across surface ships and submarines, and execution on these programmes decides how quickly revenue is recognised. Advance payments on large contracts also help working capital, which is one reason its balance sheet carries very little debt.

Followers of the Mazagon Dock share price usually track fresh naval orders, delivery milestones on current programmes, margins on long contracts and progress on submarine projects.

How the Established Players Stack Up

Cochin Shipyard is a Kochi-based public sector yard that builds commercial ships and naval vessels, including an aircraft carrier, and also runs a large ship repair business. It compounded at 35.5% a year, on a market cap of Rs 33,911 crore and an ROE of 12.20%.

Bharat Dynamics is a Hyderabad-based public sector maker of guided missiles, torpedoes and related weapon systems for the armed forces. It compounded at 28.2% a year, on a market cap of Rs 40,670 crore and an ROE of 9.91%.

What Should Investors Track Next?

Three things are worth watching on the Mazagon Dock share price. First, the size and timing of the next naval orders. Second, the pace of deliveries on warship and submarine programmes. Third, margins as large contracts move through execution.

At a P/E of 31, the valuation sits well below the industry P/E of 48. Order timing can still shift from quarter to quarter, so size any position with that in mind.

Check the Univest Screener for live fundamentals of defence stocks

How to Compare Defence Shipbuilding Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Mazagon Dock stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Mazagon Dock share price, the same four checks give a more complete picture than price alone.

Download the Univest iOS App or Univest Android App to track the Mazagon Dock share price and compare defence stocks live.

A Naval Yard With the Highest ROE in the Group

The Mazagon Dock share price compounded at 23.4% a year over three years, behind Cochin Shipyard at 35.5% and Bharat Dynamics at 28.2%. Its ROE of 23.45% is the highest of the three, and its debt to equity of 0.08 is very low.

Cochin Shipyard brings a mix of commercial and naval work, while Bharat Dynamics brings a missile focus. The choice depends on which part of the defence chain you want to follow.

Frequently Asked Questions

What is the Mazagon Dock share price today?

Ans. Mazagon Dock Shipbuilders closed at Rs 1,878 on 9 November 2026, according to NSE data. It has a market cap of Rs 75,755 crore and a P/E of 30.91. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Mazagon Dock stock?

Ans. Mazagon Dock Shipbuilders delivered a price CAGR of 23.4% over three years, moving from Rs 998.23 on 9 November 2023 to Rs 1,878.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Mazagon Dock better than Cochin Shipyard?

Ans. Cochin Shipyard delivered a higher three-year CAGR at 35.5% than Mazagon Dock at 23.4%. Mazagon Dock is the larger company by market cap at Rs 75,755 crore against Rs 33,911 crore, with a higher ROE at 23.45% against 12.20% and a lower P/E of 30.91 against 49.86. The better choice depends on your view of each business.

What does Mazagon Dock Shipbuilders do?

Ans. Mazagon Dock Shipbuilders is a Mumbai-based public sector shipyard that builds warships and submarines for the Indian Navy and takes up ship repair work.

Is the Mazagon Dock stock debt free?

Ans. The debt to equity ratio of the Mazagon Dock stock is 0.08 and its return on equity is 23.45%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Mazagon Dock expensive compared with the industry?

Ans. Mazagon Dock trades at a P/E of 30.91 against an industry P/E of 47.55. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which defence shipbuilding stock gave the highest return in 3 years?

Ans. Among the companies compared here, Cochin Shipyard delivered the highest three-year CAGR at 35.5%, followed by Bharat Dynamics at 28.2%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.