Defence stock to ‘Buy’: Share price up 21% in 8 sessions - Check target
The counter has been on an uptrend, closing in the green in seven of the last eight sessions, gaining nearly 21% during the period.
- Apr 14, 2026,
- Updated Apr 14, 2026 9:19 AM IST
Mazagon Dock Shipbuilders Ltd shares have been on a run for the past few sessions. The stock closed higher for the sixth straight session on Monday. In Monday's trading session, shares of the defence shipyard rose 1.02% to settle at Rs 2,494.50 apiece on the BSE.
The counter has been on an uptrend, closing in the green in seven of the last eight sessions, gaining nearly 21% during the period.
Adding to this, ICICI Direct, in its latest note, has a ‘Buy’ rating on Mazagon Dock. The brokerage has set a target price of Rs 3,060 per share based on 35x FY28E EPS, implying 22% upside from current levels over a 12-month period.
“Current order backlog to be executed over next 2-2.5 years; new orders to drive growth from FY28E: Company’s revenue growth has moderated to ~11% YoY during 9MFY26 after witnessing strong growth over the last 4 years (~30% CAGR over FY21-25),” the brokerage said. As of December 2025, the company's order book stood at Rs 23,758 crore.
“This is mainly on account of depleting order-book (OB), which has come down gradually over the last 5-6 years,” ICICI Direct added.
ICICI Direct expects the company's top line to surge again post the placement of large contracts like 3 additional submarines and 6 next-generation submarines. “We estimate revenue growth at ~12% CAGR over FY25-28E,” it added.
“Other major contract like next-generation corvettes is also likely to be signed in coming months (MDL’s associate company) - Goa Shipyard is L2 with share of ~Rs 13500 crore),” ICICI Direct added.
Mazagon Dock Shipbuilders Ltd shares have been on a run for the past few sessions. The stock closed higher for the sixth straight session on Monday. In Monday's trading session, shares of the defence shipyard rose 1.02% to settle at Rs 2,494.50 apiece on the BSE.
The counter has been on an uptrend, closing in the green in seven of the last eight sessions, gaining nearly 21% during the period.
Adding to this, ICICI Direct, in its latest note, has a ‘Buy’ rating on Mazagon Dock. The brokerage has set a target price of Rs 3,060 per share based on 35x FY28E EPS, implying 22% upside from current levels over a 12-month period.
“Current order backlog to be executed over next 2-2.5 years; new orders to drive growth from FY28E: Company’s revenue growth has moderated to ~11% YoY during 9MFY26 after witnessing strong growth over the last 4 years (~30% CAGR over FY21-25),” the brokerage said. As of December 2025, the company's order book stood at Rs 23,758 crore.
“This is mainly on account of depleting order-book (OB), which has come down gradually over the last 5-6 years,” ICICI Direct added.
ICICI Direct expects the company's top line to surge again post the placement of large contracts like 3 additional submarines and 6 next-generation submarines. “We estimate revenue growth at ~12% CAGR over FY25-28E,” it added.
“Other major contract like next-generation corvettes is also likely to be signed in coming months (MDL’s associate company) - Goa Shipyard is L2 with share of ~Rs 13500 crore),” ICICI Direct added.