Mazagon Dock vs Cochin Shipyard: Which has better upside potential?

India's shipbuilding industry remained in the shadows until 2020 when the government ramped up efforts to promote self-reliance in defence products. It was then that a large share of the defence budget was allocated to modernisation and the Indian Navy. The key beneficiary of this move was India's largest warship builder, Mazagon Dock Shipbuilders. The company launched its IPO in October 2020, with the stock listing at a 50% premium from the issue price of Rs 145. But that was just the start. Mazagon Dock stock became a multi-bagger, rallying 1,950% between August 1, 2022 and July 5, 2024, before…