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Mazagon Dock Shipbuilders Q2 FY27 results: net profit down 53.8% to ₹346.40 crore, revenue down 16.5%
Mazagon Dock Shipbuilders Limited reported lower consolidated profit in Q2 FY27, with revenue of ₹2,446 crore and net profit of ₹346.40 crore. EBITDA fell to ₹199.17 crore and the margin narrowed to 8.1%, while basic EPS declined to ₹8.53.
Key points
- Consolidated Q2 FY27 revenue was ₹2,446 crore, down 16.5% from ₹2,929 crore in Q2 FY26.
- EBITDA was ₹199.17 crore, down 71.3%, and the margin declined 15.6 percentage points to 8.1%.
- Net profit was ₹346.40 crore, down 53.8%, while basic EPS fell to ₹8.53.
- For H1 FY27, revenue was ₹5,388.79 crore and net profit was ₹896.86 crore, against ₹5,554.83 crore and ₹1,201.63 crore in H1 FY26.
- The board approved an interim dividend of ₹5 per equity share, with 3 November 2026 as the record date.
How did Mazagon Dock Shipbuilders perform in Q2 FY27?
Mazagon Dock Shipbuilders reported consolidated revenue of ₹2,446 crore in Q2 FY27, down 16.5% from ₹2,929 crore in Q2 FY26. EBITDA fell to ₹199.17 crore from ₹694.66 crore, while the margin declined from 23.7% to 8.1%. Net profit was ₹346.40 crore, down from ₹749.48 crore, and basic EPS declined to ₹8.53 from ₹18.58.
Against Q1 FY27, revenue fell to ₹2,446 crore from ₹2,943 crore, EBITDA declined to ₹199.17 crore from ₹446.58 crore, and the margin narrowed to 8.1% from 15.2%. Net profit fell to ₹346.40 crore from ₹550.46 crore, while basic EPS declined to ₹8.53 from ₹13.62. On the standalone basis, revenue was ₹2,228.08 crore and profit was ₹340.2 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,446 | 2,943 | 2,929 | −16.5% | −16.9% |
| Other income | 250.97 | 313.18 | 270.63 | −7.3% | −19.9% |
| Total expenses | 2,298 | 2,569 | 2,266 | +1.4% | −10.6% |
| EBITDA | 199.17 | 446.58 | 694.66 | −71.3% | −55.4% |
| EBITDA margin | 8.1% | 15.2% | 23.7% | −15.6 pp | −7.1 pp |
| Profit before tax | 399.45 | 686.45 | 933.94 | −57.2% | −41.8% |
| Tax | 101.54 | 174.41 | 224.07 | −54.7% | −41.8% |
| Net profit | 346.40 | 550.46 | 749.48 | −53.8% | −37.1% |
| EPS (₹) | 8.53 | 13.62 | 18.58 | −54.1% | −37.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mazagon Dock Shipbuilders' costs and profit?
Against Q2 FY26, cost of materials fell by ₹551.54 crore to ₹649.18 crore, while total expenses rose by ₹31.68 crore to ₹2,298 crore. Employee cost increased by ₹28.56 crore to ₹251.90 crore, finance costs rose by ₹13.03 crore to ₹20.85 crore, depreciation increased by ₹6.31 crore to ₹29.84 crore, and other expenses rose by ₹582.19 crore to ₹893.40 crore.
Other income declined by ₹19.66 crore to ₹250.97 crore from ₹270.63 crore, while tax expense fell by ₹122.53 crore to ₹101.54 crore. There was no exceptional item. The figures show lower revenue and higher other expenses alongside lower material costs; the filing does not state a reason for the change in other expenses.
The company’s consolidated filing also showed a decline in profit before tax and after exceptional items. PBT fell by ₹534.49 crore to ₹399.45 crore from ₹933.94 crore in Q2 FY26, and by ₹287 crore to ₹399.45 crore from ₹686.45 crore in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 649.18 | 1,201 | −551.54 | −45.9% |
| Employee cost | 251.90 | 223.34 | +28.56 | +12.8% |
| Finance costs | 20.85 | 7.82 | +13.03 | +166.6% |
| Depreciation | 29.84 | 23.53 | +6.31 | +26.8% |
| Other expenses | 893.40 | 311.21 | +582.19 | +187.1% |
| Total expenses | 2,298 | 2,266 | +31.68 | +1.4% |
| Other income | 250.97 | 270.63 | −19.66 | −7.3% |
| Tax | 101.54 | 224.07 | −122.53 | −54.7% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹5,388.79 crore, down from ₹5,554.83 crore in H1 FY26. Total income fell to ₹5,932.73 crore from ₹6,149.04 crore, while PBT declined to ₹1,085.90 crore from ₹1,500.79 crore.
H1 FY27 net profit was ₹896.86 crore, down from ₹1,201.63 crore, and basic EPS declined to ₹22.15 from ₹29.79. Revenue was down 3.0%, total income 3.5%, PBT 27.6%, net profit 25.4% and EPS 25.6% from the corresponding first-half figures.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,389 | 5,555 | −3.0% |
| Profit before tax | 1,086 | 1,501 | −27.6% |
| Net profit | 896.86 | 1,202 | −25.4% |
| EPS (₹) | 22.15 | 29.79 | −25.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹25,141.98 crore at 30 September 2026, against ₹27,457.75 crore at 31 March 2026. Total equity rose to ₹10,683.82 crore from ₹9,984.01 crore, while borrowings increased to ₹803.52 crore from ₹440.06 crore. Cash and cash equivalents declined to ₹683.24 crore from ₹2,731.42 crore.
Inventories rose to ₹2,906.1 crore from ₹2,616.89 crore, trade receivables fell to ₹997.28 crore from ₹2,605.69 crore, and trade payables declined to ₹3,769.81 crore from ₹4,512.62 crore. In H1 FY27, net cash used in operating activities was ₹1,948.47 crore, against ₹3,287.84 crore in H1 FY26.
Investing cash flow was negative ₹388.63 crore in H1 FY27, compared with ₹2,551.02 crore in H1 FY26. Financing cash flow was ₹130.72 crore, compared with negative ₹230.42 crore, while capital expenditure was ₹23.09 crore against ₹24.71 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 25,142 | 27,458 |
| Total equity | 10,684 | 9,984 |
| Borrowings | 803.52 | 440.06 |
| Cash and equivalents | 683.24 | 2,731 |
| Inventories | 2,906 | 2,617 |
| Trade receivables | 997.28 | 2,606 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −1,948 | −3,288 |
| Cash from investing | −388.63 | 2,551 |
| Cash from financing | 130.72 | −230.42 |
| Capital expenditure | 23.09 | 24.71 |
Source: Company's results filing (XBRL).
How has Mazagon Dock Shipbuilders done over the last 8 quarters?
Revenue rose from ₹3,143.62 crore in Q3 FY25 to ₹3,850.39 crore in Q4 FY26, then declined to ₹2,446.09 crore in Q2 FY27. Profit after tax bottomed at ₹325.29 crore in Q4 FY25, recovered to ₹879.78 crore in Q3 FY26, and fell to ₹346.40 crore in Q2 FY27.
The EBITDA margin reached 26.0% in Q3 FY25, fell to 2.8% in Q4 FY25, and stood at 8.1% in Q2 FY27 after reaching 24.6% in Q3 FY26. The latest quarter therefore showed lower revenue, profit and margin than the preceding quarter.
What else did the company announce?
The board approved an interim dividend of ₹5 per equity share for FY 2026-27. The record date was set at 3 November 2026, and payment is to be completed on or before 26 November 2026.
The board also approved an increase in authorised share capital from ₹323.72 crore, comprising 64,74,40,000 equity shares of ₹5 each, to ₹900 crore, comprising 180,00,00,000 equity shares of ₹5 each. The change is subject to DIPAM consent through the Administrative Ministry and approval by the company’s members.
The board approved additional credit facilities of ₹1,250 crore with State Bank of India, Mumbai, for issuing a standby letter of credit in favour of State Bank of India, Sri Lanka, for Colombo Dockyard PLC. The filing states that Colombo Dockyard PLC will bear the issuance charges, taxes and directly attributable costs with a markup of 10%.
What did Mazagon Dock Shipbuilders' management say?
Management’s investor presentation said the company had an order book of ₹16,443 crore at 30 September 2026. It also highlighted delivery of four Nilgiri-class frigates, all four destroyers and six Scorpene submarines, and capacity to build 11 submarines and 10 war ships concurrently.
Management said the company had signed an MoU to act as anchor shipyard for the proposed greenfield shipbuilding cluster at Dugarajapatnam in Andhra Pradesh. The proposal envisages an investment of ~₹15,000 crore and capacity of 1.2 million GT per annum, but no implementation timetable or spending schedule was provided.
Management also said an MoU had been signed to participate as an anchor shipyard in the proposed Greenfield Shipbuilding Industrial Cluster at Dighi, Maharashtra. The presentation did not provide earnings, margin or order-book conversion guidance. It also identified lower H1 FY27 revenue and profitability as a risk.
How did Mazagon Dock Shipbuilders shares react?
After the filing appeared, the stock moved down 10.7% within five minutes, 8.5% within 15 minutes and 7.8% within 30 minutes. On the reaction day, it closed 6.5% below the previous close. By the next day’s close, the decline from the pre-results close was 7.6%, and by the fifth day’s close it was 4.9%.
The Industrial Manufacturing industry median moved up 1.7% on the reaction day, 1.5% by the next day’s close and 1.9% by the fifth day’s close. Mazagon Dock Shipbuilders underperformed that median by 8.2 percentage points on the reaction day, 9.1 percentage points by the next day’s close and 6.7 percentage points by the fifth day’s close.
Earlier results-day moves were mixed: the stock rose 2.4% on 30 July 2026 and 4.0% on 5 November 2024, while it fell 4.4% on 30 April 2026, 1.3% on 27 October 2025 and 7.9% on 29 May 2025.
| After the filing | Stock | Industrial Manufacturing median |
|---|---|---|
| 5 minutes | −10.7% | |
| 15 minutes | −8.5% | |
| 30 minutes | −7.8% | |
| Reaction day | −6.5% | +1.7% |
| Next day | −7.6% | +1.5% |
| 5 days | −4.9% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +2.4% |
| 30 April 2026 | −4.4% |
| 5 February 2026 | +0.2% |
| 27 October 2025 | −1.3% |
| 28 July 2025 | −2.7% |
| 29 May 2025 | −7.9% |
| 7 February 2025 | +1.9% |
| 5 November 2024 | +4.0% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Mazagon Dock Shipbuilders' revenue in Q2 FY27?
Revenue from operations was ₹2,446 crore, down 16.5% from ₹2,929 crore in Q2 FY26 (consolidated).
Did Mazagon Dock Shipbuilders make a profit in Q2 FY27?
Yes. Net profit was ₹346.40 crore, against a net profit of ₹749.48 crore in Q2 FY26.
What was Mazagon Dock Shipbuilders' EPS in Q2 FY27?
Basic earnings per share were ₹8.53, against ₹18.58 in Q2 FY26.
How did Mazagon Dock Shipbuilders shares react to the Q2 FY27 results?
On the reaction day the stock moved −6.5% from the previous close; the median Industrial Manufacturing stock moved +1.7%.
When did Mazagon Dock Shipbuilders announce its Q2 FY27 results?
On 27 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Period Ended On 30 September 2026 And Declaration Of Interim Dividend For The FY 2026-27. (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for The Board At Its Meeting Held On 27 October 2026, Has Inter Alia, Approved The Financial Results, Interim Dividend And Increase In Authorised Capital (BSE, 27 October 2026) · PDF
- The investor presentation (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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