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MAZDOCK - Mazagon Dock

📊 NSE: MAZDOCK 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 9:42

📢 Recent Corporate Announcements

Mazagon Dock Q3 FY26 PAT Grows 9% to ₹880 Cr; Order Book Robust at ₹23,758 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Mar 2026, 06:00 PM

Mazagon Dock Shipbuilders reported a steady Q3 FY26 with revenue from operations growing 14.5% YoY to ₹3,601 crore. Consolidated Profit After Tax (PAT) increased by 9% YoY to ₹880 crore, supported by strong execution in the shipbuilding segment including the delivery of the third P17A Frigate. The company maintains a robust order book of ₹23,758 crore, providing clear revenue visibility. Mazagon Dock remains debt-free and has declared a total dividend of ₹13.50 per share for FY 2025-26 so far.

Revenue from operations increased 14.5% YoY to ₹3,601 crore in Q3 FY26
Consolidated PAT for the quarter rose to ₹880 crore compared to ₹807 crore in Q3 FY25
Total order book as of December 31, 2025, stands at ₹23,758 crore
Successfully delivered the 3rd P17A Stealth Frigate 'Taragiri' to the Indian Navy in Nov 2025
Maintained a healthy operating margin of 24% for the quarter with zero debt status

💡 Investors should monitor the execution of the remaining ₹9,911 crore P17A Frigate order and potential new submarine contracts. The company's Navratna status and strong cash position support its long-term growth trajectory in the defense indigenization space.

Mazagon Dock to Meet Analysts and Institutional Investors on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 11:26 AM

Mazagon Dock Shipbuilders Limited (MDL) has announced a meeting with analysts and institutional investors scheduled for March 11, 2026, in Mumbai. The event, organized by Antique Stock Broking Limited, will include one-on-one and group interactions. Such meetings are standard practice for management to discuss the company's business outlook and operational progress with large stakeholders. Investors should look for any subsequent investor presentations that may provide updates on the company's significant order book.

Meeting scheduled for Wednesday, March 11, 2026, in Mumbai.
Interaction organized by Antique Stock Broking Limited.
Includes both one-on-one and group meeting formats with institutional investors.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine disclosure. Investors should monitor for any post-meeting transcripts or presentations that might offer insights into the company's execution timelines and new contract wins.

Mazagon Dock: Independent Director Dattaprasad Kholkar Completes 3-Year Tenure

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Feb 2026, 04:02 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has announced the cessation of Shri. Dattaprasad Prabhakar Kholkar as a Non-Official Independent Director. The departure is effective from February 23, 2026, following the successful completion of his three-year term. Mr. Kholkar was originally appointed to the board on February 23, 2023. This is a routine administrative change as per the terms of his appointment and does not signify any internal governance issues.

Shri. Dattaprasad Prabhakar Kholkar ceased his role as Independent Director on February 23, 2026.
The director completed a full tenure of 3 years as per his appointment terms from February 2023.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is a routine board update for the PSU shipbuilder and does not impact daily operations.

💡 No immediate action is required as this is a routine retirement of an independent director. Investors should continue to focus on the company's order book and execution capabilities.

MAZDOCK Declares 2nd Interim Dividend of ₹7.50 Per Share; Sets Record Date for Feb 13

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 07:07 PM

Mazagon Dock Shipbuilders has declared a second interim dividend of ₹7.50 per equity share for the financial year 2025-26. The company has fixed February 13, 2026, as the record date to determine shareholder eligibility for this payout. The dividend payment is scheduled to be completed on or before March 07, 2026. Additionally, the company has provided detailed instructions regarding Tax Deduction at Source (TDS), emphasizing the need for PAN-Aadhaar linking to avoid higher tax rates.

Second interim dividend declared at ₹7.50 per equity share of face value ₹5.00 each.
Record date for determining dividend eligibility is fixed as Friday, February 13, 2026.
Dividend payment to be processed and completed by March 07, 2026.
Standard TDS of 10% applicable for resident shareholders with valid PAN for dividends above ₹10,000.
A higher TDS rate of 20% will apply if PAN is not linked with Aadhaar or is unavailable.

💡 Investors should ensure their PAN and Aadhaar are linked and bank details are updated with their Depository Participant by February 13 to receive the dividend with minimum tax deduction. This consistent dividend payout reflects the company's healthy cash flow and commitment to shareholder returns.

Mazagon Dock Q3 FY26 PAT Rises 9% to ₹880 Cr; Order Book Strong at ₹23,758 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 06:33 PM

Mazagon Dock Shipbuilders (MDL) reported a steady performance for Q3 FY26, with revenue from operations increasing to ₹3,601 crore from ₹3,144 crore in the previous year. Profit After Tax (PAT) grew by 9% year-on-year to ₹880 crore, while maintaining a healthy operating margin of 24%. The company's order book remains robust at ₹23,758 crore, providing strong revenue visibility through major projects like the P17A Stealth Frigates. Additionally, the board declared a second interim dividend of ₹7.5 per share for FY 2025-26.

Revenue from operations grew 14.5% YoY to ₹3,601 crore in Q3 FY26.
Net Profit (PAT) increased to ₹880 crore compared to ₹807 crore in the same period last year.
Total order book stands at ₹23,758 crore as of December 31, 2025, with major contributions from Stealth Frigates.
Declared a second interim dividend of ₹7.5 per equity share for the financial year 2025-26.
Successfully delivered the third Stealth Frigate of P17A Class, 'Taragiri', to the Indian Navy on November 28, 2025.

💡 Investors should focus on the company's strong execution capabilities and its zero-debt status. The healthy order book and consistent dividend payouts make it a solid long-term play in the Indian defense and shipbuilding sector.

Mazagon Dock Declares Rs 7.5 Interim Dividend; Sets Feb 13 as Record Date

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 06:24 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has announced a second interim dividend of Rs. 7.5 per equity share for the financial year 2025-26. The dividend is declared on shares with a face value of Rs. 5 each, representing a 150% payout on the face value. The company has fixed February 13, 2026, as the record date to identify eligible shareholders. The total dividend payment process is expected to be completed by March 07, 2026.

Second interim dividend of Rs. 7.5 per equity share approved for FY 2025-26.
Record date for determining shareholder eligibility is February 13, 2026.
Dividend payment to be finalized on or before March 07, 2026.
The payout is based on a face value of Rs. 5 per equity share.

💡 Investors interested in the dividend must ensure they own the shares before the ex-dividend date, typically one business day prior to the February 13 record date. This payout highlights the company's consistent track record of sharing profits with shareholders.

Mazagon Dock Declares ₹7.5 Interim Dividend; Q3 Net Profit Rises 9% YoY to ₹880 Crore

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 05 Feb 2026, 05:19 PM

Mazagon Dock Shipbuilders has declared a second interim dividend of ₹7.5 per share for FY 2025-26, setting February 13, 2026, as the record date. The company reported a steady Q3 FY26 performance with consolidated revenue rising 14.5% YoY to ₹3,601.1 crore. Net profit for the quarter grew 9% YoY to ₹879.8 crore, while showing a strong sequential (QoQ) growth of 17.4% from the previous quarter. The company continues to maintain healthy margins with an EPS of ₹21.81 for the quarter.

Declared 2nd interim dividend of ₹7.5 per equity share with a record date of February 13, 2026.
Consolidated Revenue from operations increased 14.5% YoY to ₹3,601.1 crore in Q3 FY26.
Net Profit (PAT) rose 9% YoY to ₹879.8 crore compared to ₹807 crore in the same quarter last year.
Strong sequential growth recorded with Revenue up 23% and PAT up 17.4% compared to Q2 FY26.
Total income for the nine-month period ended December 31, 2025, reached ₹10,011.9 crore.

💡 Investors should track the record date of February 13 for dividend eligibility and monitor the company's execution pace as reflected in the strong sequential revenue growth.

Mazagon Dock Q3 Results: Net Profit Rises 9% YoY to ₹880 Cr; Declares ₹7.50 Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 05:14 PM

Mazagon Dock Shipbuilders reported a strong performance for Q3 FY26, with consolidated revenue growing 14.5% YoY to ₹3,601.09 crore. Net profit for the quarter stood at ₹879.78 crore, reflecting a 9% growth compared to the same period last year. The company also announced a second interim dividend of ₹7.50 per share, with a record date of February 13, 2026. Operational performance remained robust with nine-month total income crossing the ₹10,000 crore milestone.

Consolidated Revenue from operations increased 14.5% YoY to ₹3,601.09 crore from ₹3,143.62 crore.
Net Profit grew 9% YoY to ₹879.78 crore, with EPS rising to ₹21.81 from ₹20.01.
Declared a second interim dividend of ₹7.50 per equity share (150% of face value) for FY 2025-26.
Nine-month total income reached ₹10,011.94 crore, up from ₹9,082.25 crore in the previous year.
Profit before tax (PBT) for the quarter stood at ₹1,119.63 crore, showing strong operational margins.

💡 Investors should find the steady growth and consistent dividend payouts encouraging, reflecting strong execution of the naval order book. The stock remains a key play in India's defense indigenization theme, though monitoring material cost escalations is advised.

Mazagon Dock Responds to NSE Fine Over Independent Director Non-Compliance

🔵 WATCH ⭐ 4/10

REGULATORY 📅 03 Feb 2026, 12:32 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has addressed a non-compliance notice and fine issued by the National Stock Exchange (NSE) on November 28, 2025. The issue stems from the company's failure to maintain the required number of Independent Directors as mandated by SEBI (LODR) Regulations. The Board reviewed the matter on January 9, 2026, and has subsequently urged the Ministry of Defence to appoint the necessary directors. This regulatory friction is a recurring theme for Public Sector Undertakings (PSUs) where board appointments are managed by the administrative ministry.

NSE issued a notice for non-compliance with SEBI Listing Regulations on November 28, 2025.
The Board of Directors formally discussed the exchange fine and compliance status on January 9, 2026.
The non-compliance is specifically related to the lack of a sufficient number of Independent Directors.
The company has written to the Ministry of Defence (MoD) to expedite the appointment of new directors.
The disclosure was officially filed with the exchanges on February 3, 2026.

💡 Investors should treat this as a routine governance hurdle typical of PSUs and monitor for the eventual appointment of directors to resolve the compliance issue. It does not impact the company's fundamental business operations or its robust order book.

Mazagon Dock Shipbuilders: Resignation of Independent Director Chandu Sambasiva Rao

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jan 2026, 07:36 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has formally disclosed the resignation of Shri Chandu Sambasiva Rao from the position of Independent Director, effective January 23, 2026. The director cited personal and unavoidable circumstances as the primary reason for his departure. He has explicitly confirmed that there are no other material reasons for his resignation beyond those stated. This update provides additional details required under SEBI (LODR) Regulations regarding board composition changes.

Resignation of Independent Director Shri Chandu Sambasiva Rao effective January 23, 2026
Director cited personal and unavoidable circumstances for leaving the board
Confirmation provided that no other material reasons exist for the resignation
The outgoing director held no other directorships in listed entities at the time of exit

💡 No immediate action is required as this is a routine board transition for personal reasons. Investors should continue to focus on the company's order book and execution in the defense sector.

Mazagon Dock Shipbuilders: Resignation of Independent Director Chandu Sambasiva Rao

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 23 Jan 2026, 09:34 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has announced the resignation of Shri. Chandu Sambasiva Rao from his position as an Independent Director, effective January 23, 2026. The director cited personal and unavoidable circumstances for his departure and confirmed that there are no other material reasons for the resignation. As a Public Sector Undertaking (PSU), such board changes are generally routine and do not typically impact the operational or financial trajectory of the company. The company will need to ensure the board composition remains compliant with SEBI regulations following this vacancy.

Shri. Chandu Sambasiva Rao resigned as Independent Director effective January 23, 2026.
The resignation is attributed to personal and unavoidable circumstances.
The outgoing director confirmed there are no material reasons for his exit other than those stated.
The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 This is a routine management update and should not affect the long-term investment thesis. Investors should focus on the company's strong order book and execution timelines rather than this board change.

MAZDOCK Acquires 41.73% Stake in Colombo Dockyard PLC; Initiates Mandatory Offer

🟢 POSITIVE ⭐ 9/10

M&A 📅 21 Jan 2026, 10:37 AM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has successfully concluded the acquisition of a 41.73% stake in Colombo Dockyard PLC (CDPLC), Sri Lanka. The company acquired 16,49,16,229 shares through the allotment of unsubscribed rights shares as part of a Tripartite Agreement with Onomichi Dockyard. Following this acquisition, MAZDOCK is now proceeding with a Mandatory Offer to acquire additional shares from CDPLC's existing shareholders under Sri Lankan takeover codes. This strategic move marks a significant international expansion for the Indian defense shipbuilder into the regional maritime market.

Acquired 16,49,16,229 fully paid ordinary shares of Colombo Dockyard PLC (CDPLC).
The acquisition represents a 41.73% ownership stake in the Sri Lankan shipbuilding and repair firm.
Shares were acquired via unsubscribed rights shares previously belonging to Onomichi Dockyard Co. Ltd.
MAZDOCK is initiating a Mandatory Offer to further increase its stake from existing shareholders.
The move follows a Tripartite Agreement aimed at strengthening regional shipbuilding capabilities.

💡 This acquisition is a positive step toward geographical diversification and capacity expansion. Investors should monitor the final stake percentage achieved after the mandatory offer and the subsequent integration of CDPLC's financials.

MAZDOCK Clarifies Ongoing Negotiations for $8 Billion P75(I) Submarine Project

🔵 WATCH ⭐ 8/10

REGULATORY 📅 12 Jan 2026, 07:41 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has responded to exchange queries regarding media reports of a potential $8 billion submarine manufacturing deal between India and Germany. The company confirmed that negotiations with the Indian Navy and Ministry of Defence for Project P75(I) are currently ongoing and were previously disclosed in late 2025. While the deal size is significant at approximately $8 billion, the company clarified that no new material developments have occurred since their previous disclosures. This confirmation reinforces MAZDOCK's position as a primary contender for one of India's largest defense contracts.

Clarification provided on the $8 billion (approx. ₹66,000+ crore) P75(I) submarine manufacturing project.
Negotiations with the Indian Navy and Ministry of Defence (MoD) are confirmed to be currently in progress.
The company referenced previous disclosures made on August 25, 2025, and September 10, 2025, regarding these negotiations.
MAZDOCK stated there is no undisclosed material information that could explain recent trading movements.
The project involves high-tech submarine manufacturing, potentially in collaboration with German partners.

💡 Investors should track the formal awarding of the P75(I) contract as it represents a massive addition to the order book. The stock remains a key play in India's indigenization of defense manufacturing, but entry should be timed around concrete contract milestones.

MAZDOCK Senior Management Change: GM Chintamani Latkar Retires Effective Dec 31, 2025

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Dec 2025, 05:58 PM

Mazagon Dock Shipbuilders Limited (MAZDOCK) has announced the retirement of Shri. Chintamani Latkar from his role as General Manager. The retirement was effective as of December 31, 2025, following his attainment of the age of superannuation. This change in Senior Management Personnel is a routine administrative transition for the Public Sector Undertaking. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shri. Chintamani Latkar, General Manager, retired from the company on December 31, 2025.
The retirement is classified as a routine exit due to reaching the age of superannuation.
The company filed the disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015.
The transition involves a member of the Senior Management Personnel (SMP) cadre.

💡 This is a routine management update due to retirement and does not impact the company's fundamentals. Investors should continue to monitor the company's project execution and new order wins in the defense sector.

Mazagon Dock Announces Trading Window Closure From January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 03:56 PM

Mazagon Dock Shipbuilders Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the company's financial results for the third quarter are officially declared. The specific date for the board meeting to approve these results will be notified at a later date.

Trading window closure effective from January 1, 2026
Closure pertains to the financial results for the quarter ending December 31, 2025
Restriction applies to Designated Persons and their immediate relatives as per SEBI norms
Window to reopen 48 hours after the announcement of Q3 financial results

💡 No action is required as this is a standard regulatory filing. Investors should watch for the announcement of the board meeting date to track the company's Q3 performance.

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.