Mazagon Dock Shipbuilders (MAZDOCK) Q4 25/26 earnings summary

Executive summary

• Delivered 808 vessels since 1960, including 33 warships and 8 submarines; all 6 Kalvari-class submarines delivered between 2017-2025.

• Tri-commissioning of three frontline combatants on 15th January 2025; awarded Navratna status.

• Only Indian shipyard to build destroyers, conventional submarines, and corvettes; consistent profitability for over 20 years.

• Audited consolidated and standalone financial results for the year ended March 31, 2026, were approved, with unmodified audit opinions issued by the statutory auditors.

• Acquisition of a 51% stake in Colombo Dockyard PLC (CDPLC), making it a subsidiary, was completed during the year.

Financial highlights

• Standalone FY 2025-26 revenue from operations: ₹12,840 Cr, up from ₹11,432 Cr in FY 2024-25.

• Consolidated FY 2025-26 revenue: ₹14,146 Cr; EBITDA: ₹3,405 Cr; PAT: ₹3,062 Cr; operating margin: 25%.

• Q4 FY 2025-26 standalone revenue: ₹3,684 Cr; EBITDA: ₹1,149 Cr; PAT: ₹837 Cr.

• Net worth as of Q4 FY 2025-26: ₹8,843 Cr (standalone); ₹9,984 Cr (consolidated).

• Basic and diluted EPS (consolidated) for FY26 was ₹64.04, up from ₹59.83 in FY25.

Outlook and guidance

• Healthy order book with major projects including destroyers, stealth frigates, and submarines; strong pipeline for future deliveries.

• Strategic focus on indigenisation, green technology, and international expansion.

• The company will announce the date of the Annual General Meeting and dividend payment schedule in due course.