Mazagon Dock Shipbuilders Limited — Investor Meet, 06-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Mazagon Dock Shipbuilders reported FY25 revenue of Rs. 11,432 Cr with PAT at Rs. 2,325 Cr; Q4 revenue was Rs. 3,174 Cr and PAT Rs. 406 Cr. EBITDA margin stood at 28.24% YoY but dipped to 13.74% in Q4 due to Rs. 532 Cr provisions on two contracts. The order book is ~Rs. 32,000 Cr, set to exceed Rs. 1.25 lakh Cr with imminent P-75 and P-75(I) submarine contracts (Rs. 30,000–40,000 Cr each). Management targets 8–10% revenue CAGR and ~15% PBT margins medium term. Capacity expansion aims to handle 10 warships and 11 submarines simultaneously, supported by Rs. 4,000 Cr CAPEX. Export orders include 6 commercial vessels (~Rs. 715 Cr). Outsourcing costs rose due to multiple projects. Large defense orders like 17 Bravo frigates (~Rs. 70,000 Cr) and MCMV (~Rs. 44,000 Cr) offer growth. Collaboration with ThyssenKrupp on P-75(I) will boost indigenous content and export potential. Tone is confident, backed by a strong order book and operational ramp-up despite near-term contract provision impacts.