Mazagon Dock Shipbuilders Limited has informed the Exchange about Transcript
MAZDOCK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Mazagon Dock reported Q2 FY26 standalone revenue of INR 2,929 crore (up 6% YoY) and PAT of INR 715 crore (up 27% YoY), driven by a INR 102 crore LD write-back related to the P17A second ship. H1 FY26 PAT fell 8% YoY to INR 1,135 crore due to INR 1,000 crore of prior onerous contract provisions. The current order book stands at INR 27,415 crore, and management targets an order book exceeding INR 1 lakh crore by FY27. Management guided FY26 revenue at approximately INR 12,500 crore with a 5% growth the following year, and stable EBITDA margins of around 15%, with submarine projects expected to deliver higher margins. Key upcoming opportunities include three additional P75 Scorpene submarines (awaiting sanction), P75I (negotiations ongoing, contract expected by FY26), a Landing Platform Dock order of INR 35,000-40,000 crore (MoU signed with Swan Defense), P17B frigates, MCMV, and next-generation destroyers. The Colombo Dockyard acquisition is nearing completion with an estimated INR 450 crore cash outflow, and the company plans a INR 5,000 crore first-phase greenfield shipyard in Tuticorin for commercial vessels including VLCCs.
Strong Q2 PAT growth, positive LD reversals, and a robust order pipeline (LPD, submarines, frigates) signal visible revenue and margin expansion over the next 2-3 years. The INR 1 lakh crore order book target by FY27 and the Tuticorin commercial shipyard push indicate long-term growth optionality, though delays in P75 sanctioning and execution risks on new platforms remain key watchpoints.