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.
Q3 FY26 Earnings Results
- Revenue from Operations: ₹3,601 cr, +14.6% YoY, compared with the quarter ended Dec 31 2024.
- EBITDA / Operating Profit: Reported +8.5% YoY growth in operating profit (indicative of margin resilience amid higher expenses).
- PAT / Net Profit: ₹880 cr, +9% YoY (vs ₹807 cr in Q3 FY25).
- EPS (Diluted): ₹56 per share.
- Interim Dividend: ₹7.50 per equity share declared for FY26 (record date Feb 13, 2026).
Management Commentary & Strategic Decisions
- Dividend & Shareholder Returns: Board approved a second interim dividend of ₹7.50 per share, reflecting confidence in cash generation and a shareholder-friendly stance.
- Operational Execution: Commentary around the results emphasised steady contract execution across defence shipbuilding and related order book utilisation, supporting robust revenue growth. Management highlighted the importance of maintaining scale in high-priority naval contracts and timely delivery schedules.
- Margins & Costs: While revenue and profits rose, operating margin showed moderation vs prior year due to rising input and project execution costs; management likely discussed cost optimisation measures and focus on higher-value contracts.
- Outlook & Orders: Strategic emphasis remains on execution of the strong defence and commercial vessel order book, continued deliveries under existing contracts, and ensuring quality/efficiency in shipyard operations to sustain medium-term growth.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹3,199.87 cr, +6.1% YoY compared with Q2 FY25.
- PAT / Net Profit: ₹749.48 cr, +28.1% YoY, strong profit growth.
- Net Profit Margin: 23.4% on Q2 base, showing improved profitability compared with prior year.
Management Commentary Q2
- In Q2, management noted healthy revenue and profit growth supported by execution of major defence and commercial shipbuilding contracts, with margin expansion helping the bottom line. Investor commentary pointed to strong order inflows and execution discipline during the quarter.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.