Mazagon Dock carried out a stock split, which effectively reduces the value of Rs 10 per share to Rs 10 per share to Rs 10 per share.
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We have revised the forecast of PAT margin for our revenue growth, Ebitda margin and FY25, FY26 and FY27, 25.6%, 23.5%and 23.3%; 26.8%, 25.1%, and 23.8%; And 24.7%, 25.5%, and 23.2%, respectively, to reflect the management guidance of Mazagon Dock Shipbuilders Limited.
According to the management, margin is not expected to leave as the existing order book is being executed on the basis of enrollment, which has a better margin. Other expenses and provisions have increased due to the provisions of additional inventory from ships with expired warranty.
While the components are still in good size and can be used in future projects, the provisions will be reversed on use. The company has estimated 12–15% PBT margin in three years.
Given the current rate of execution, important booking revenue and a healthy order pipeline, we believe that the firm will probably be higher than its expectations.
The company is trading in a 1-year P/E ratio of 20.6X. Given the timely implementation of platforms, strong revenue visibility in three years, and a growing order book, we are buying our ratings. We give importance to Mazagon Dock on 25x Dec’26 EPS, which is less than a large order book and great execution visibility, less than its three -year average P/E.
Revenue/Ebitda/PAT 33.1%/51.5%/28.8%YOy increased to 31.4 billion/8.2 billion/8 billion from Rs 28.5 billion/5.6 billion/6.7 billion from our estimate. For overall revenue in Q3 FY25. The liquidity damage of Rs.1.4 billion was adjusted to *other income *.
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