GOLDMAN SACHS ON SHIPBUILDING

• MAZAGON DOCK ; INITIATE SELL | TP ₹1,855 • GARDEN REACH SHIPBUILDERS ; INITIATE SELL | TP ₹1,515 • Order uncertainty and near-term earnings decline imply further downside. • Mazagon Dock: Low book-to-bill in a long-gestation business; major re-rating triggers appear largely exhausted. • Garden Reach: Earnings decline risk as the key NGC order gets delayed.

S. M. Gold Limited

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