Mazagon Dock, GRSE, Cochin Shipyard set for 3x order boom by FY27 amid defence windfall: Antique Broking
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India’s state-run defence shipbuilders—Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers (GRSE), and Cochin Shipyard—are poised for an order boom that could more than triple their combined order books over the next two years, according to Antique Stock Broking. The brokerage said a sharp recovery in defence stock prices since April, following a geopolitical flare-up at the India-Pakistan border and the clearance of Rs 54,000 crore worth of defence contracts, has rekindled investor interest after months of price correction. Antique reiterated its ‘buy’ ratings on Mazagon Dock and GRSE, while maintaining a ‘hold’ on Cochin Shipyard, citing limited clarity on the timeline and scale of the proposed second indigenous aircraft carrier (IAC-II). The brokerage said it expects the stocks to trade up to 45 times FY27 core earnings, supported by a strong policy framework, rising indigenisation, and a robust defence capex pipeline....