MAZAGON DOCK SHIPBUIL LTD

Mazagon Dock Shipbuilders builds warships and submarines for the Indian Navy from its yard in Mumbai. The order book at end-December 2025 was ₹23,758 cr, anchored by Project 15B destroyers, Project 17A stealth frigates (INS Taragiri and INS Mahendragiri were commissioned into the Navy in 2026) and Project 75 Kalvari Scorpene-class submarines. The Indian Navy currently accounts for 80–90% of work, with the company diversifying into commercial vessels — it signed a contract with Shipping Corporation of India in March 2026 to build a 3,000 DWT methanol dual-fuel platform supply vessel (~₹325 cr), and is planning a greenfield commercial shipyard at Tuticorin (₹5,000 cr phase-1 capex, ₹15,000–18,000 cr total). In early 2026 it also acquired a 51% controlling stake in Colombo Dockyard PLC in Sri Lanka. FY26 revenue from operations was ₹12,840 cr (up 12% YoY) on an EBITDA margin of 26.2%; materials at 43.8% of revenue are the biggest cost line, followed by other operating expenses at 18.6% and employees at 7.6%. Management has guided margins of 12–15% on new project bookings versus the higher recent print, and is targeting an order book in excess of ₹1 lakh crore by FY27.