Mazagon Dock Shipbuilders Limited — Investor Meet, 03-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Mazagon Dock Shipbuilders reported Q2FY26 standalone revenue up 6% to INR 2,929 Cr, with PAT rising 27% to INR 715 Cr. Half-year PAT was INR 1,135 Cr, impacted by earlier provisions. Management anticipates FY26 revenue of INR 12,500 Cr and 5% growth next year, with margins of 12-15% for new projects. The current order book of INR 27,415 Cr is expected to exceed INR 1 lakh Cr by FY27, driven by new submarine, LPD (INR 35-40K Cr), and frigates orders. Colombo Dockyard acquisition is nearing completion, and a greenfield shipyard in Tuticorin (Phase 1 capex INR 5,000 Cr) aims to diversify into commercial shipbuilding. The outlook is positive, with robust order pipeline and strategic expansion.