Mazagon Dock Shipbuilders Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 3 Jul 2026 | Industrial Manufacturing | Market Cap: ₹1.0L Cr
Current order book stands at around INR 27,000 crores with an outlook exceeding INR 1 lakh crores by FY 2026-27. Revenue for FY 2025-26 is anticipated at approximately INR 12,500 crores with a 5% growth expected next year.
From Mazagon Dock Shipbuilders Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹2,552
Market Cap
₹1.0L Cr
P/E Ratio
36.4
Revenue Rank
Margin Rank
How does Mazagon Dock Shipbuilders Ltd rank in Industrial Manufacturing?
Compare Mazagon Dock Shipbuilders Ltd against every Industrial Manufacturing company this quarter on revenue, margins and earnings-call signals.
Mazagon Dock Shipbuilders Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.9K Cr, net profit ₹674 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →Current order book stands at around INR 27,000 crores with an outlook exceeding INR 1 lakh crores by FY 2026-27.
- →Expected revenue for FY 25-26 is approximately INR 12,500 crores, with a 5% growth projected for the following year.
- →Anticipate significant revenue and profit improvement once submarine projects (P75, P75I) commence.
- →Commercial shipbuilding is targeted as a new growth area, including setting up a large shipyard in Tuticorin with an investment of about INR 5,000 crores over 4-5 years.
- →Short-term commercial orders anticipated from petroleum PSUs like ONGC and Shipping Corporation of India, around INR 1,000 crores.
- →Post-acquisition of Colombo Dockyard, expect revenue ramp-up from INR 1,000 crores to INR 1,500 crores in about a year.
- →Diversification in offshore, commercial, and defense projects to reduce customer concentration risk and drive growth.
📈 Profitability & Margins
Rank 3- →Revenue for FY 2025-26 is anticipated at approximately INR 12,500 crores with a 5% growth expected next year.
- →Stable EBITDA margins are expected around 12-15% depending on project stages; margins can be higher (up to 25-30%) as projects near completion.
- →Profitability improves significantly post signing and execution of submarine contracts like P75 and P75I due to higher operational efficiencies.
- →The company foresees notable revenue and profit growth once major submarine projects commence.
- →Earnings per share (EPS) for H1 FY26 stood at INR 17.73 standalone and INR 18.58 consolidated, with expectations for further growth as order execution progresses.
- →The expansion into commercial shipbuilding and new greenfield shipyard investments (INR 5,000 crores) is expected to drive long-term growth.
- →Provisions related to onerous contracts have impacted recent profits but are not expected to repeat, supporting future profitability.
🏗️ Capital Expenditure Plans
Yes- →Mazagon Dock plans a major greenfield shipyard in Tuticorin, Tamil Nadu, with a capacity of 1 to 1.5 million tons and land requirement of 1,000-1,100 acres.
- →Total capex for Tuticorin shipyard estimated between INR 15,000 to INR 18,000 crores, to be done in phases; first phase of around INR 5,000 crores expected in 3-4 years.
- →Ongoing capex of INR 500 crores for the current financial year, mainly for a floating dock at Nhava Sheva yard, expected to complete by year-end.
- →Additional INR 1,000 crores planned for Nhava Sheva yard and South Yard Annex infrastructure improvements over 2-3 years.
- →Another INR 1,000 crores will be invested towards infrastructure for the 75I submarine projects.
- →The total capex over the next 5 years, including the greenfield shipyard, is approximately INR 5,000 crores (excluding the Tuticorin mega project).
- →Acquisition of Colombo Shipyard is underway with expected shareholding around 51%-75%, with a potential outflow of INR 450 crores if fully acquired.
💰 Fundraising & Capital Structure
No information📋 Order Book & Pipeline
Yes- →Current order book is around INR 27,000 crores.
- →Outlook for FY '26 and FY '27: Expected order book in excess of INR 1 lakh crores.
- →Major potential order pipeline includes:
- → - Landing Platform Dock (LPD) valued around INR 35,000 to 40,000 crores.
- → - Mine Counter Measure Vessel (MCMV) around INR 40,000 crores.
- → - 17 Bravo frigates estimated INR 50,000 to 60,000 crores.
- → - Next-generation destroyer project (15 Charlie) valued at INR 70,000 to 80,000 crores.
- →Ongoing orders include around INR 7,000 crores from ONGC.
- →Expect follow-on orders for P75 submarines, P75I, and others as part of the defense order pipeline.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Mazagon Dock Shipbuilders Ltd Q2 FY26 results?
Current order book stands at around INR 27,000 crores with an outlook exceeding INR 1 lakh crores by FY 2026-27. Revenue for FY 2025-26 is anticipated at approximately INR 12,500 crores with a 5% growth expected next year.
What is Mazagon Dock Shipbuilders Ltd share price analysis?
Mazagon Dock Shipbuilders Ltd currently shows a below-average growth signal. The stock trades at a P/E of 36.4 with a market cap of ₹104,072 Cr. Investors should review the full earnings analysis for detailed insights.
Is Mazagon Dock Shipbuilders Ltd planning capital expenditure?
Mazagon Dock plans a major greenfield shipyard in Tuticorin, Tamil Nadu, with a capacity of 1 to 1.5 million tons and land requirement of 1,000-1,100 acres.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.