Mazagon Dock vs Cochin Shipyard vs GRSE: India’s naval shipbuilding space is heating up fast. Reports say the sector has a pipeline worth about Rs 2.35 trillion through 2035, and that is why defence PSU names like Mazagon Dock, Cochin Shipyard and GRSE are getting a lot of attention. As India spends more on ships, submarines and repair work, these three companies can keep getting more business for many years. Experts also say maritime security has become even more important because of West Asia tensions, China’s naval growth, piracy and vessel harassment.
What does each company does?
Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders is the big name for submarines, destroyers, frigates and warships. The company has already delivered 31 warships and 8 submarines, which shows how deeply it is tied to naval work.
Cochin Shipyard
Cochin Shipyard is strong in ship repair and also works on tankers, carriers, bulk carriers, passenger ships, tugs and defence vessels.
GRSE
GRSE builds frigates, corvettes, survey vessels and patrol vessels. This means all three are in the same broad ocean, but each one has its own lane.
Revenue growth
Choice said Mazagon Dock had an order book of Rs 2,05,350 million in FY26 and revenue growth of 20.9% between FY23 and FY25. For Cochin Shipyard, the order book was Rs 1,90,577 million and revenue grew 42.8% in the same period. GRSE had an order book of about Rs 1,53,241 million and revenue growth of 40.8%. That makes Cochin and GRSE look strong on growth, while Mazagon Dock looks very large on order size.
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Stock Price and Targets
On June 25, Mazagon Dock closed at Rs 2,473.05, with a market value of Rs 99,757.89 crore. Its ROE stood at 37.17%.
Cochin Shipyard ended at Rs 1,458.2 with a market cap of Rs 38,362.44 crore and ROE of 12.10%. GRSE closed at Rs 2,725.2 with a market cap of Rs 31,217.71 crore and ROE of 40.60%.
GRSE also showed a dividend yield of 0.51%, while Mazagon Dock and Cochin Shipyard were around 0.7%.
Brokerage view
Choice Broking likes all three, but with different strength points.
- For Mazagon Dock, it said, “We assign a ‘BUY’ rating with a target price of INR 3,100”.
- For Cochin Shipyard, it gave an “ADD” call with a target of Rs 1,550.
- For GRSE, it said, “We assign GRSE a ‘BUY’ rating with a target price of Rs 3,500”.
The brokerage also said India’s naval and shipbuilding sector is entering a high-growth phase.
