Mazagon Dock Shipbuilders Limited (MDL), Mumbai, established in 1774, is a prominent shipyard in India. Initially a small dry dock, MDL has evolved into a renowned shipbuilding company. It has constructed 801 vessels since 1960, including warships, submarines, cargo/passenger ships, and offshore platforms. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Revenue from Operations: ₹2,625.59 crores, up 11.4% YoY (Q1 FY25: ₹2,357.02 crores); down 17% QoQ (Q4 FY25: ₹3,174 crores).
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Profit After Tax (PAT): ₹452.15 crores, down 35.0% YoY (Q1 FY25: ₹696.10 crores); up 39% QoQ (Q4 FY25: ₹325 crores).
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Profit Before Tax (PBT): ₹591 crores, down from ₹913 crores in Q1 FY25.
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EBITDA: ₹301 crore, down 53% YoY from ₹642 crores in Q1 FY25.
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EBITDA Margin: 11.46% versus 27.23% in Q1 FY25, reflecting cost pressure and revenue mix changes.
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Operating Costs: Increased due to inflation and project execution challenges, partially offset by prior quarter adjustments.
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Interim Dividend: ₹3 per share declared for FY25.
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Stock Performance: Shares declined post-results, hitting three-month lows, trading down approximately 3.25% on the NSE post-announcement.
Management Commentary & Strategic Highlights
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Management highlighted that while revenue increased, margins were under pressure due to rising costs and project-specific challenges on fixed-price contracts.
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The company maintains optimism on the order book backed by potential follow-on submarine contracts and new defense orders.
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Cost inflation and contractual issues led to higher provisions impacting profitability in Q1, expected to stabilize in coming quarters.
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Mazagon Dock continues to be a critical defense PSU with a strong pipeline supporting medium-term growth.
Q4 FY25 Earnings Results
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Revenue: ₹3,174 crores.
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Profit After Tax (PAT): ₹325 crores.
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EBITDA: Approximately ₹355 crores.
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EBITDA Margin: Higher than Q1 FY26 but impacted by provision adjustments.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.
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