Mazagon Dock Shipbuilders Limited has informed the Exchange about Transcript
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Mazagon Dock has uploaded the transcript of its Q4FY25 earnings call held on May 30, 2025. For FY25, the company reported its highest-ever revenue of Rs. 11,432 crore, up around 2% YoY, with PBT of Rs. 3,109 crore and PAT of Rs. 2,324.88 crore. EBITDA margin stood at 28.24% vs 26.93% last year, but Q4 EBITDA margin dropped sharply to 13.74% from 35.1% in Q3 due to a Rs. 532 crore provision for likely losses on the Coast Guard Fast Patrol Vessel and Denmark export contracts. Management guided to a medium-term revenue growth of 8-10% and a PBT margin of around 15% (calling the recent 26% level unsustainable). Cash on books is Rs. 11,000-12,000 crore with no immediate debt plans.
Investors should note that while headline FY25 numbers look strong, Q4 was dragged by one-time contract loss provisions and management has reset margin expectations to a more realistic ~15% PBT. Positive near-term catalysts include imminent signing of the P-75 additional submarines (Rs. 30,000-40,000 crore) and P-75(I) contracts, which could more than triple the order book to around Rs. 1.25 lakh crore, alongside upcoming RFPs for 17 Bravo frigates (Rs. 70,000 crore) and MCMV (Rs. 44,000 crore).