Mazagon Dock Shipbuilders (MAZDOCK) Q4 24/25 earnings summary

Executive summary

• Achieved record revenue from operations of ₹11,431.88 crore and profit after tax of ₹2,324.88 crore for FY25, with robust year-over-year growth and an unmodified audit opinion from statutory auditors.

• Delivered key naval projects, including tri-commissioning of INS Nilgiri, INS Surat, and INS Vaghsheer, and completed all 4 P15B Destroyers ahead of schedule.

• Conferred 'Navratna' status, becoming the first government-owned shipyard and third Defence PSU to achieve this distinction.

• Appointment of Shri Lalatendu Acharya as Company Secretary and Compliance Officer effective 1 June 2025.

Financial highlights

• FY25 consolidated revenue from operations was ₹11,43,188 lakhs, up from ₹9,46,658 lakhs in FY24, with EBITDA at ₹3,228.80 crore and profit after tax at ₹2,324.88 crore.

• Q4 FY25 revenue at ₹3,174 crore, with consolidated profit of ₹406 crore and EPS of ₹8.11.

• Basic and diluted EPS (consolidated) for FY25 was ₹59.83, up from ₹48.02 in FY24.

• Cash and cash equivalents at year-end stood at ₹5,28,539 lakhs (consolidated).

• Provisions of ₹532 crore made for potential losses on two contracts due to cost escalations.

Outlook and guidance

• Maintains a robust order book of ₹32,260 crore as of March 31, 2025, with potential to exceed ₹1.25 lakh crore if major submarine contracts are signed soon.

• Revenue growth expected at 8-10% annually, with PBT margin guidance of 15% over the medium term.

• Capacity expansion and digital transformation initiatives expected to enhance profitability.

• Final dividend, if approved, will be paid within 30 days of the AGM.