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 strong execution of major naval projects, including early delivery of destroyers, stealth frigates, and submarines.

• Celebrated 250 years of shipbuilding, marked by tri-commissioning of three frontline combatants and delivery of key vessels.

• Audited standalone and consolidated financial results for FY25 were approved with an unmodified audit opinion.

• Appointment of Shri Lalatendu Acharya as Company Secretary and Compliance Officer effective 1 June 2025.

Financial highlights

• Revenue from operations rose to ₹11,431.88 crore in FY25 from ₹9,466.58 crore in FY24; consolidated profit for the year was ₹2,41,351 lakhs, and EPS reached ₹59.83.

• EBITDA increased to ₹3,228.80 crore, with operating margin improving to 17% year-over-year.

• FY25 EBITDA margin improved to 28.24% from 26.93% last year; operating profit at ₹1,940.43 crore (16.97% margin).

• Cash and cash equivalents at year-end stood at ₹5,28,539 lakhs (consolidated), with cash on books around ₹11,000-12,000 crore, including ₹6,000 crore as margin money.

• Zero debt and consistent profitability for over 20 years.

Outlook and guidance

• Order book stands at ₹32,260 crore as of March 31, 2025, with potential to exceed ₹1.25 lakh crore if major submarine contracts are signed soon.

• Revenue growth expected at 8-10% annually, with PBT margin guidance of 15% over the medium term.

• Capacity expansion and digital transformation initiatives expected to enhance profitability.

• Revenue recognition from new projects expected to begin in FY28.

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