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Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders (MAZDOCK) investor relations material
Mazagon Dock Shipbuilders Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary28 Oct, 2025
Executive summary
Q2 FY26 revenue from operations rose to ₹3,026 crore, up 12% year-over-year, with total income reaching ₹3,205 crore; consolidated PAT for Q2 was ₹749 crore, up 30% year-over-year.
Standalone PAT for Q2 was ₹751 crore, a 30% increase year-over-year; H1 FY26 standalone revenue was ₹5,659 crore, up 9% year-over-year, but PAT declined 8% due to ₹1,000 crore provisions for onerous contracts.
Celebrated 250 years with a legacy of 807 vessels delivered since 1960, including 32 warships and 8 submarines; tri-commissioning of three frontline combatants marked a historic milestone.
Consistent profitability for over 20 years, zero debt, and regular dividends highlight financial stability.
Board approved unaudited financial results for Q2 and H1 FY26 and declared an interim dividend of ₹6 per share.
Financial highlights
Standalone Q2 FY26 revenue: ₹3,026 crore, up 12% year-over-year; EBITDA: ₹971 crore, up 55% year-over-year; operating margin improved to 32% from 23%.
Consolidated Q2 FY26 revenue: ₹3,015 crore, up 12% year-over-year; EBITDA: ₹965 crore, up 54% year-over-year; PAT: ₹749 crore, up 30% year-over-year.
Standalone Q2 FY26 PAT: ₹751 crore; consolidated PAT: ₹749 crore; standalone EPS: ₹17.73; consolidated EPS: ₹18.58.
Net worth at quarter-end: standalone ₹8,083 crore; consolidated ₹8,910 crore, up 22% year-over-year.
Negative operating cash flow this quarter due to utilization of Navy flexi account funds and timing of payments.
Outlook and guidance
Order book stands at ₹27,415 crore as of September 30, 2025, with major projects including destroyers, stealth frigates, submarines, and offshore vessels.
FY26 revenue guidance is approximately ₹12,500 crore, with 5% growth expected in FY27; margins expected to remain around 15% for operationally efficient shipyards.
Order book expected to exceed ₹100,000 crore by FY27, driven by large defense and commercial projects.
Execution of new submarine contracts (P75 and P75I) anticipated to commence immediately or within six months of signing.
Strategic focus on indigenization, infrastructure expansion, and new project wins to drive future growth.
Analyze H1 FY25 operating cash flow decline
What caused large H1 FY25 other liabilities outflow?
How does dividend align with H1 FY25 cash position?
Diversification strategy beyond Navy?
Colombo Dockyard acquisition plans?
Tuticorin greenfield shipyard vision?
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Latest summaries
- TimeTickerHeadlineOpen
- 6 FebJ
Strong growth, digital innovation, and margin expansion drive robust multi-year financial outlook. - 6 Feb004020
Operating profit rose on cost savings and high-value sales, with major US expansion underway. - 6 FebJOUT
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Next Mazagon Dock Shipbuilders earnings date
Q3 25/2613 Feb, 2026
Mazagon Dock Shipbuilders
Next Mazagon Dock Shipbuilders earnings date
Q3 25/2613 Feb, 2026
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