Mazagon Dock Shipbuilders (MAZDOCK) Q4 24/25 earnings summary

Executive summary

• Achieved record revenue from operations of ₹11,431.88 crore and profit after tax of ₹2,324.88 crore for FY25, with robust year-over-year growth and an unmodified audit opinion from statutory auditors.

• Delivered major naval projects ahead of schedule, including destroyers, stealth frigates, and submarines, reinforcing leadership in indigenous defense manufacturing.

• Celebrated 250 years of shipbuilding excellence, with landmark events such as the tri-commissioning of three frontline combatants and the delivery of key vessels.

• Significant capacity expansion underway, targeting the ability to construct 10 major warships and 11 submarines simultaneously.

• Diversification efforts include commercial and offshore contracts, with export potential and technology partnerships in progress.

Financial highlights

• FY25 operating profit reached ₹1,940.43 crore (16.97% margin), EBITDA increased to ₹3,228.80 crore, and PAT reached ₹2,324.88 crore, all highest on record.

• Revenue from operations rose to ₹11,431.88 crore in FY25 from ₹9,466.58 crore in FY24.

• Q4 FY25 revenue was ₹3,174 crore with profit of ₹406 crore and EPS of ₹8.11.

• Basic and diluted EPS (consolidated) for FY25 was ₹59.83, up from ₹48.02 in FY24.

• Cash and cash equivalents at year-end stood at ₹5,28,539 lakhs (consolidated), with zero debt maintained.

Outlook and guidance

• Revenue growth expected at 8-10% annually, with potential to rise to 10-15% as new projects ramp up.

• PBT margin guidance set at 15%, reflecting industry norms, though actuals may exceed this during peak project delivery phases.

• Major submarine contracts (P-75 and P-75I) expected to be signed soon, potentially boosting order book and future profitability.

• Healthy order book of ₹32,260 crore as of March 31, 2025, with multiple large defense and export contracts secured.

• Ongoing focus on indigenization, technological innovation, and expanding export footprint.