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Mazagon Dock Shipbuilders share price & results

Mazagon Dock Shipbuilders Limited· Capital Goods· Industrials

Results to
Sept 2026
Latest analysed call
Q2 FY26
Ownership as of
Sept 2026

India's premier defence shipyard building destroyers, submarines and frigates for the Indian Navy.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue2,228 ₹ crore−23.9% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin8.0 %−16.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit340 ₹ crore−52.4% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity23.44 %−4.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-20.88 %−32.8 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)8.14 %−7.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q2 FY26.

Mazagon Dock Shipbuilders Limited management guidance track record on Inve: 7 targets tracked across analysed earnings calls (0 achieved, 0 missed, 7 open).

TargetOriginal wordingSaidLatest callVerdict
Order for 3 additional P-75 submarinesOrder to be in place before 31st March 2025
Call transcript, Q3 FY25 · 7 Feb 2025		Q3 FY25Q2 FY26:The deadline of March 31, 2025 was missed. Management is now 'still hopeful that in the coming months, we should be able to sign the contract'.
Call transcript, Q2 FY26 · 28 Oct 2025		Delayed
P-75(I) submarine orderOrder to be in place in FY26
Call transcript, Q3 FY25 · 7 Feb 2025		Q3 FY25Q2 FY26:Reaffirmed target: 'hopeful that we'll be able to sign the contract by this financial year' (FY26).
Call transcript, Q2 FY26 · 28 Oct 2025		On Track

Source: Inve Guidance Tracker for Mazagon Dock Shipbuilders Limited · to Q2 FY26

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

7 of Mazagon Dock Shipbuilders Limited's 7 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 5 more targets are in the full ledger.

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Price

₹1,875 +0.81% · +₹15

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −33.2% 1Y

₹1.8k₹2.0k₹2.2k₹2.4k₹2.6k₹2.8kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 28 Oct 2025

1Y: ₹2,805.5 on 24 Oct 2025 → ₹1,875. High ₹2,829.5 (20 Nov 2025), low ₹1,860 (23 Oct 2026).

Previous close
₹1,860
Market cap
₹70.6k Cr
52-week range
₹1,860 – ₹2,829.5
One year
−33.28%
Price to earnings (TTM to Sept 2026)
28.79×
Return on equity (TTM to Sept 2026)
23.44%

Overview

Symbol
NSE:MAZDOCK
Industry
Industrials
Exchange
NSE
Currency
INR

What Mazagon Dock Shipbuilders Limited does

Based on the company's own presentations, annual report and earnings calls.

Mazagon Dock Shipbuilders Limited (MDL) is a Mumbai-headquartered defence public-sector undertaking under the Ministry of Defence that designs, constructs, repairs and refurbishes warships and conventional submarines, primarily for the Indian Navy and Indian Coast Guard. It operates shipbuilding and submarine-construction facilities at Mazagon and Nhava in Mumbai, and is the only Indian shipyard to have built both destroyers and conventional submarines, alongside frigates, corvettes and offshore patrol vessels. Beyond naval platforms, MDL also builds and repairs commercial vessels such as cargo ships, support vessels, tugs and dredgers, and offshore oil-and-gas structures such as jack-up rigs and platforms. It earns revenue chiefly through long-cycle shipbuilding and submarine-construction contracts from the Indian Navy, supplemented by ship-repair work and, following its majority stake in Colombo Dockyard PLC, commercial shipbuilding in Sri Lanka.

Segments

  • Naval Platforms
  • Merchant Ships & Other Vessels
  • Oil Sector
Total shipbuilding capacity
4,17,600 DWT (Dead Weight Tonnage)
Concurrent build capacity
11 submarines and 10 warships simultaneously
Vessels delivered since 1960
805 vessels, including 8 conventional submarines and multiple destroyers, frigates and corvettes
Shipyard locations
Two facilities — Mazagon and Nhava, both in Mumbai
Submarine assembly lines
Only Indian shipyard with two independent Submarine Assembly and Launch Lines
Crane capacity
300-tonne Goliath crane
Founded 1934Headquarters Mumbai, Maharashtra, India Company website

How the price took the results

close before → close after

Q2 FY26
−1.1%
28 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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