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Mazagon Dock Shipbuilders Limited (MAZDOCK)

₹2,092.00 -0.62% last close, 16 Oct

📊 NSE: MAZDOCK 🏢 Ship Building & Allied Services 📢 Latest filing: 02 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mazagon Dock's revenue was ₹2,943 Cr (+12.1% year on year, -23.6% on the previous quarter), and net profit ₹550 Cr (+21.7% year on year); the operating margin was 15.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹2,943	+12.1%	-23.6%
Operating profit	₹447	+48.0%	-17.8%
Net profit	₹550	+21.7%	-18.3%
EPS (₹)	13.62	+21.5%	-19.1%
Operating margin	15.2%	—	—

Full quarterly financials → Results calendar →

MAZDOCK delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 33.7% of the MAZDOCK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 34.74%. That is close to its usual level. In MAZDOCK futures, open interest rose 0.40% while the futures price fell 0.46%: short buildup (new short positions).

33.7%Delivery, 16 Oct

34.74%Own 20-session average

0.5×Volume vs its average

+0.40%Futures open interest

₹2,092.00NSE close · -0.62%

Delivery in the last 5 sessions: 22.3% · 27.4% · 27.9% · 26.8% · 33.7%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Mazagon Dock Clarifies Thoothukudi Project Exit; Prioritizes Dighi and Dugarajapatnam Clusters

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 02 Oct 2026, 12:53 PM

Mazagon Dock Shipbuilders Limited (MDL) has issued a clarification regarding media reports about dropping its Thoothukudi shipyard project. The company stated that it is not pursuing the Thoothukudi project because the joint venture between the Tamil Nadu Government entity and V.O. Chidambaranar Port Authority selected another anchor shipyard. Instead, MDL is focusing its greenfield development on two other clusters—Dighi in Maharashtra and Dugarajapatnam in Andhra Pradesh—under the Maritime Amrit Kaal Vision (MAKV) 2047. No financial impact or capex values were disclosed in the filing.

Clarified news reports on not proceeding with the greenfield shipyard project at Thoothukudi, Tamil Nadu.
Tamil Nadu State JV and V.O. Chidambaranar Port Authority selected another shipyard as the Anchor Shipyard.
MDL is selected as Anchor Shipyard for 2 Greenfield Shipbuilding Industrial Clusters: Dighi (Maharashtra) and Dugarajapatnam (Andhra Pradesh).
Projects are being developed under the Maritime Amrit Kaal Vision (MAKV) 2047 initiative.

💡 Monitor formal project approvals, land allocations, and capex announcements regarding the Dighi and Dugarajapatnam clusters in upcoming quarters.

Mazagon Dock Issues Corporate Presentation Highlighting Q1 Revenue of ₹2,942.7 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Sep 2026, 02:16 PM

Mazagon Dock Shipbuilders Limited submitted its corporate presentation ahead of analyst and institutional investor meetings scheduled from September 24 to September 30, 2026. The presentation highlights the company's historical performance, including contract and operating revenue of ₹2,942.7 Cr and net profit of ₹550.5 Cr for Q1 FY27 (June 2026). The company outlined strategic updates including its 51% controlling stake acquisition in Colombo Dockyard PLC and 47.21% associate holding in Goa Shipyard Ltd. Additionally, it reaffirmed operational initiatives including capex for a submarine launch facility and greenfield shipyard expansions under exploration.

Q1 contract and operating revenue reported at ₹2,942.7 Cr with net profit at ₹550.5 Cr
Holds a 51% controlling stake in Colombo Dockyard PLC and a 47.21% associate stake in Goa Shipyard Ltd
Delivered 809 vessels historically, including 34 warships and 8 submarines since 1960
Consolidated shareholders' funds stood at ₹9,984 Cr (INR 99,840 Mn) as of March 31, 2026
Exploration of greenfield shipyard expansion underway in Maharashtra and Andhra Pradesh

💡 Track incoming institutional feedback and announcements regarding new P75 submarine contracts or greenfield capex execution timelines.

Mazagon Dock Extends Tenure of Director (Operations) Biju George Until February 2029

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Sep 2026, 11:57 AM

The Ministry of Defence has approved the extension of Shri Biju George's tenure as Director (Operations) at Mazagon Dock Shipbuilders Limited. The extension takes effect from 27 October 2026 and continues until his superannuation on 28 February 2029, or until further orders. This development ensures operational continuity for Mazagon Dock, which reported a TTM revenue of Rs 13,323 Cr and holds critical defense contracts like the P17A Frigate and P75 Submarines.

Extension effective date: 27 October 2026
Superannuation date: 28 February 2029
Director DIN: 09343562 (Shri Biju George, Director - Operations)
Approval granted vide Ministry of Defence letter dated 22 September 2026

💡 Track ongoing execution timelines for key defense programs including the P17A Frigates and negotiation milestones for upcoming P75 submarine contracts.

Mazagon Dock Signs MoU as Anchor Shipyard for 1.2M GT Cluster in Andhra Pradesh

🔵 WATCH ⭐ 6/10

EXPANSION 📅 18 Sep 2026, 04:39 PM

Mazagon Dock Shipbuilders Limited (MDL) has signed an MoU with National Shipbuilding & Heavy Industries Park Andhra Pradesh (NSHIPAP). Under the agreement, MDL will participate as the Anchor Shipyard in a proposed Greenfield Shipbuilding Industrial Cluster at Dugarajapatnam, Andhra Pradesh. The proposed shipyard targets an annual shipbuilding capacity of at least 1.2 million Gross Tonnage (GT). Financial outlays, capex commitments, and binding terms were not disclosed in the filing.

Signed MoU with National Shipbuilding & Heavy Industries Park Andhra Pradesh (NSHIPAP)
Proposed role as Anchor Shipyard in a Greenfield cluster at Dugarajapatnam, AP
Targets an annual shipbuilding capacity of at least 1.2 million Gross Tonnage (GT)
Capex quantum, commercial terms, and execution timeline not disclosed

💡 Monitor subsequent definitive agreements and disclosures regarding capital expenditure commitments, equity participation, and implementation milestones for the Dugarajapatnam cluster.

Mazagon Dock Signs MoU for 1.2M GT Greenfield Shipbuilding Cluster at Dighi

🔵 WATCH ⭐ 7/10

EXPANSION 📅 16 Sep 2026, 06:50 PM

Mazagon Dock Shipbuilders Limited (MDL) has signed an MoU with National Shipbuilding & Heavy Industries Park Maharashtra Limited (NSHIPML) to act as the Anchor Shipyard in a proposed greenfield cluster at Dighi, Maharashtra. The planned world-class shipyard envisages an annual commercial shipbuilding capacity of at least 1.2 million Gross Tonnage (GT). This marks MDL's strategic expansion beyond defence warships and submarines into large-scale commercial shipbuilding aligned with Maritime Amrit Kaal Vision 2047. Total capital outlay, funding structure, and definitive timelines have not been disclosed at this MoU stage.

Signs MoU with NSHIPML to serve as Anchor Shipyard at Dighi, Maharashtra
Envisages an annual shipbuilding capacity of at least 1.2 million Gross Tonnage (GT)
Targets expansion into large commercial vessel construction, diversifying from naval platforms
Project capex and definitive investment commitments remain not disclosed

💡 Track the transition from this preliminary MoU into definitive agreements, specifically watching for capex outlay disclosures, MDL's equity commitment, and ground-breaking timelines.

Mazagon Dock Appoints Sarda & Pareek LLP as Statutory Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 02:19 PM

Mazagon Dock Shipbuilders has received a directive from the Comptroller and Auditor General (C&AG) of India appointing M/s. Sarda & Pareek LLP as Statutory Auditors for FY 2026-27. The appointment is dated September 7, 2026, conforming to standard statutory processes for public sector undertakings. Sarda & Pareek LLP was established in 1983 and operates with 12 partners across Mumbai, Bharuch, and Indore. This is a routine administrative change mandated by C&AG and carries no direct operational or financial impact.

Appointment dated 07 September 2026 pursuant to C&AG letter
M/s. Sarda & Pareek LLP appointed as Statutory Auditors for FY 2026-27
Audit firm established in 1983 with 12 partners and 3 office locations (Mumbai, Bharuch, Indore)

💡 Track the upcoming quarterly financial results; ensure the transition of statutory auditors proceeds without audit qualification or reporting delays.

Mazagon Dock Appoints K M Ravi Kumar as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Sep 2026, 06:25 PM

Mazagon Dock Shipbuilders Limited has appointed Shri K.M. Ravi Kumar as a Non-Official (Independent) Director on its Board, effective September 07, 2026. The appointment is for a tenure of 3 years or until further orders, whichever is earlier. Mr. Ravi Kumar is a mechanical engineer with 38 years of experience in structural fabrication and manufacturing. This is a routine board-level corporate governance addition with no direct financial impact.

Appointment of Shri K.M. Ravi Kumar as Non-Official (Independent) Director effective September 07, 2026
Appointed for a tenure of 3 years or until further orders
Brings 38 years of entrepreneurial experience in structural fabrication and mild steel manufacturing

💡 Track standard corporate governance compliance and committee compositions in subsequent annual or quarterly filings.

Mazagon Dock Wins ₹118 Cr AI Infrasecure Project Order from MSETCL

🟢 POSITIVE ⭐ 5/10

OTHER 📅 04 Sep 2026, 07:38 PM

Mazagon Dock Shipbuilders Ltd has received a purchase order valued at ₹117.99 Cr (inclusive of 18% GST) from Maharashtra State Electricity Transmission Co. Ltd. (MSETCL). The contract encompasses the supply, installation, and commissioning of an AI-based Comprehensive Infrasecure Project across 5 substations. The project has an execution timeframe of 24 months. While the order represents approximately 0.89% of MAZDOCK's TTM revenue of ₹13,323 Cr, it reflects diversification into AI-driven infrastructure security solutions.

Total contract value of ₹117,99,71,564.90 including 18% GST
Scope entails AI-based Comprehensive Infrasecure Project for 05 Substations
Execution timeline fixed at 24 months from award
Awarded by domestic utility Maharashtra State Electricity Transmission Co. Ltd. (MSETCL)

💡 Track execution progress and revenue recognition milestones across the 24-month implementation period in subsequent quarterly disclosures.

Mazagon Dock AGM Approves Rs 4.62/Share Final Dividend and All Resolutions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 05:48 PM

Mazagon Dock Shipbuilders Limited announced the voting results and Scrutinizer's Report for its 93rd Annual General Meeting held on August 27, 2026. All six ordinary resolutions were approved by shareholders with overwhelming majorities, ranging between 97.91% and 99.99% in favour. Approved items included the adoption of FY26 financial statements, declaration of a final dividend of Rs 4.62 per equity share (92.4% on face value of Rs 5), and director appointments.

Shareholders approved a final dividend of Rs 4.62 per equity share with 99.74% votes in favour
All 6 resolutions passed with requisite majority during the 93rd AGM held on August 27, 2026
Appointment of Shri Dinesh Mahur as Government Nominee Director approved with 97.91% votes in favour
Re-appointment of Shri Biju George as Director approved with 98.16% votes in favour

💡 Track the corporate dividend payout schedule and upcoming quarterly operational performance updates on defense deliveries.

Mazagon Dock Holds 93rd AGM; Considers ₹4.62/Share Final Dividend for FY26

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 04:08 PM

Mazagon Dock Shipbuilders Limited conducted its 93rd Annual General Meeting (AGM) on August 27, 2026, with 114 members attending via video conferencing. Key resolutions considered include the adoption of FY26 financial statements and declaration of a final dividend of ₹4.62 per equity share (face value ₹5 each). The representative of the President of India represented 81.22% of the paid-up capital. The company addressed secretarial audit observations regarding board composition vacancies, noting that appointments are under process with the Ministry of Defence.

Held 93rd AGM on August 27, 2026, with 114 members attending through VC
Considered declaration of final dividend of ₹4.62 per share (92.4% on ₹5 face value) for FY26
President of India represented 81.22% of the company's total paid-up capital
Appointed Shri Dinesh Mahur as Government Nominee Director

💡 Track the formal submission of voting results and scrutinizer's report, as well as the final dividend payout timeline.

Mazagon Dock Appoints K.M. Ravi Kumar as Independent Director for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 24 Aug 2026, 04:25 PM

The Ministry of Defence has appointed Shri K.M. Ravi Kumar as a Non-Official (Independent) Director on the Board of Mazagon Dock Shipbuilders Limited for a term of 3 years. The appointment was communicated via MoD letter dated 21 August 2026. The effective start date will take place upon allotment/activation of his Director Identification Number (DIN), which is currently in process.

Ministry of Defence issued appointment letter dated 21 August 2026.
Appointment of Shri K.M. Ravi Kumar as Non-Official (Independent) Director is for a tenure of 3 years.
Effective date is pending allotment and activation of Director Identification Number (DIN).

💡 Watch for subsequent filings confirming the effective date and profile details once DIN activation is completed.

MAZDOCK Board Responds to NSE Fine Over Independent Director Vacancies

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Aug 2026, 12:46 PM

Mazagon Dock Shipbuilders (MAZDOCK) has addressed a non-compliance notice from the National Stock Exchange (NSE) regarding the insufficient number of Independent Directors on its Board. The company, a Government of India undertaking, clarified that the power to appoint directors rests solely with the President of India through the Ministry of Defence. The Board reviewed the matter on July 30, 2026, and has directed further follow-up with the Ministry, following a previous request sent on April 4, 2026. This regulatory friction is typical for PSUs and does not impact the company's core shipbuilding operations.

NSE issued a non-compliance notice regarding SEBI LODR regulations on May 27, 2026.
The Board formally reviewed the notice and fine during its meeting on July 30, 2026.
The company last communicated with the Ministry of Defence regarding these appointments on April 4, 2026.
MAZDOCK maintains a high promoter holding of 81.22%, with the President of India holding appointment authority.

💡 Watch for official notifications regarding the appointment of Independent Directors to resolve the regulatory non-compliance and ensure full board strength.

Aug 20 set as Record Date for Final Dividend of FY 2025-26

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 11 Aug 2026, 04:38 PM

Mazagon Dock Shipbuilders Limited has fixed August 20, 2026, as the record date to determine shareholder eligibility for the final dividend of FY 2025-26. The dividend is subject to approval at the company's 93rd Annual General Meeting (AGM) scheduled for August 27, 2026. Once approved, the dividend will be paid within 30 days of the AGM conclusion. This follows a fiscal year where the company reported a TTM PAT of ₹2,755.41 crore.

Record date for final dividend eligibility is August 20, 2026
93rd Annual General Meeting (AGM) scheduled for August 27, 2026
Dividend payment to be completed within 30 days of AGM approval
Company reported TTM revenue of ₹13,006 crore and PAT of ₹2,755 crore

💡 Investors should note the record date of August 20, 2026; shares must be held in the demat account by this date to qualify for the dividend. Monitor the AGM results on August 27 for the final confirmation of the payout amount.

Mazagon Dock sets Aug 20 as Record Date for Final Dividend; 93rd AGM on Aug 27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 05:43 PM

Mazagon Dock Shipbuilders Limited has announced its 93rd Annual General Meeting (AGM) for August 27, 2026. The company has fixed August 20, 2026, as the record date for determining eligibility for the final dividend for FY 2025-26. Remote e-voting will be available from August 24 to August 26, 2026. The final dividend, if approved, will be paid to eligible shareholders on or before September 26, 2026.

93rd Annual General Meeting scheduled for August 27, 2026, at 11:00 a.m. IST.
Record date for Final Dividend eligibility is fixed as August 20, 2026.
Dividend payment to be completed on or before September 26, 2026.
Remote e-voting period starts August 24, 2026 (9:00 a.m.) and ends August 26, 2026 (5:00 p.m.).
Cut-off date for determining voting eligibility at the AGM is August 20, 2026.

💡 Investors should ensure their bank account and KYC details are updated with Depository Participants before the August 20 record date to ensure seamless dividend credit. Review the Annual Report for management commentary on the P75 submarine contract status.

₹4.62 Final Dividend: Mazagon Dock Schedules 93rd AGM for August 27, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 04 Aug 2026, 10:59 PM

Mazagon Dock Shipbuilders Limited has scheduled its 93rd Annual General Meeting (AGM) for August 27, 2026. The key agenda includes the declaration of a final dividend of ₹4.62 per equity share (92.4% of face value) for FY26. The company has fixed August 20, 2026, as the record date for determining dividend eligibility. Additionally, the meeting will seek approval for the appointment of Shri Dinesh Mahur as a Government Nominee Director.

Final dividend of ₹4.62 per equity share of ₹5 face value proposed for FY26.
Record date for dividend eligibility and e-voting fixed as August 20, 2026.
93rd AGM to be held via Video Conferencing on August 27, 2026, at 11:00 a.m. IST.
Ratification of Shri Dinesh Mahur's appointment as Government Nominee Director effective from April 30, 2026.
Proposed remuneration of ₹2,50,000 for Cost Auditors for the financial year 2026-27.

💡 Investors should note the record date of August 20, 2026, to be eligible for the final dividend. The AGM may provide qualitative updates on the P75 submarine contract negotiations mentioned in the company's growth strategy.

View All MAZDOCK Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew 6% YoY to INR 2,929 Cr in Q2 FY26. Segmental growth is driven by Shipbuilding (P17A Frigates) and Submarine/Heavy Engineering (P75 Submarines), with the order book standing at INR 27,415 Cr.

Geographic Revenue Split

100% domestic revenue contribution, primarily from the Indian Navy, Indian Coast Guard, and ONGC (INR 4,800 Cr order).

Profitability Margins

Operating margin improved significantly to 23% in Q2 FY26 from 18% in Q2 FY25. PAT margin for Q2 FY26 was approximately 24.4% (INR 715 Cr on INR 2,929 Cr revenue).

EBITDA Margin

EBITDA margin stood at 23% in Q2 FY26, a 500 bps increase from 18% in Q2 FY25. EBITDA grew 25% YoY to INR 971 Cr.

Capital Expenditure

Planned expansion includes ramping up a commercial shipyard's revenue capacity by 50%, from INR 1,000 Cr to INR 1,500 Cr within the next 2 years.

Credit Rating & Borrowing

The company maintains a strong liquidity position with minimal borrowings, resulting in negligible interest costs and a high interest coverage ratio.

⚙️ Operational Drivers

Raw Materials

Naval grade steel, specialized propulsion systems, weapon integration components, and electronic sensors. Subcontracting costs represent a significant variable expense, noted as high in Q2 FY26 due to offshore projects.

Import Sources

Sourced from India (SAIL), Japan (Onomichi Shipyard association), Europe, and Scandinavia for high-tech naval components.

Key Suppliers

Key suppliers include SAIL for steel and various specialized global and domestic defense technology vendors. ONGC is a major client for offshore platforms.

Capacity Expansion

Current revenue capacity is approximately INR 12,500 Cr. Expansion plans focus on commercial shipbuilding and repair, targeting a 50% revenue increase in that segment to INR 1,500 Cr.

Raw Material Costs

Raw material and subcontracting costs are managed through conservative booking at project starts. Subcontracting costs spiked in Q2 FY26 due to the complexity of offshore projects.

Manufacturing Efficiency

Internal efficiencies and quality of workmanship have driven margins up from 5% (8-10 years ago) to current levels of 18-23%.

📈 Strategic Growth

Expected Growth Rate

9.34%

Growth Strategy

Growth will be achieved through the execution of the P17A Frigate project (4th ship delivery next year), signing new P75 submarine contracts (negotiations ongoing), and ramping up commercial shipbuilding/repair revenue by 50% through public-private partnerships.

Products & Services

Naval Destroyers, Frigates (P17A), Submarines (P75), Multi-Purpose Vessels (MPV), and Offshore Platforms for the oil and gas sector.

Brand Portfolio

Mazagon Dock Shipbuilders Limited (MDL).

New Products/Services

P75 Submarines (new contract expected by end of FY), Air Independent Propulsion (AIP) systems, and expanded commercial ship repair services.

Market Expansion

Expanding into commercial shipbuilding and repair markets, leveraging associations with Japanese and European shipyards to target a 50% revenue ramp-up.

Market Share & Ranking

Leading shipyard in India for complex naval platforms like destroyers and submarines.

Strategic Alliances

Strategic alliance with Swan Shipyard for joint RFP bids to combine MDL's design expertise with private infrastructure flexibility.

🌍 External Factors

Industry Trends

The industry is shifting toward public-private partnerships and 100% indigenization. The commercial repair segment is growing, with MDL targeting 50% growth in this area.

Competitive Landscape

Key competitors include other defense PSUs and emerging private shipyards, though MDL maintains a lead in high-complexity vessels.

Competitive Moat

Durable moat built on specialized design expertise, weapon integration capabilities, and a long-term relationship with the Indian Navy. These are sustainable due to high entry barriers in defense manufacturing.

Macro Economic Sensitivity

Highly sensitive to the Indian Defense Budget and government indigenization policies (Atmanirbhar Bharat).

Consumer Behavior

N/A (B2G model).

Geopolitical Risks

Geopolitical tensions drive demand for naval modernization, benefiting the order book, but global supply chain disruptions can delay specialized component imports.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Defense Procurement Procedure (DPP), naval technical standards, and the Companies Act 2013.

Taxation Policy Impact

Effective tax rate for FY25 was approximately 25.2% (INR 784.32 Cr tax on INR 3,109.20 Cr PBT).

Legal Contingencies

Secretarial Audit for FY25 confirmed compliance with statutory provisions; no major pending court case values were disclosed in the provided snippets.

⚠️ Risk Analysis

Key Uncertainties

Fixed-price contract margin pressure (potential 5-10% impact if costs escalate), project delivery delays, and order book conversion risks due to client budgetary constraints.