Mazagon Dock Shipbuilders Limited (MAZDOCK) share price
₹2064.40 on NSE as of 2026-10-07. -1.74% on the day. market cap ₹83,274 Cr. P/E 29.1. 52-week range ₹2064.00 to ₹2888.70. Capital Goods.
Mazagon Dock Q1 FY27: Operating Profit Up 48% While the Order Book Sits at ₹20,535 Cr
At a glance
Mazagon Dock Shipbuilders builds warships and submarines for the Indian Navy at its yards in Mumbai. The company was founded in 1774, when the East India Company was still the local landlord. It is owned by the Government of India. It filed its accounts for the three months to June 2026 on 30 July 2026.
Revenue for the quarter was ₹2,943 crore, against ₹2,626 crore a year earlier. That is a rise of 12.1 per cent on the same quarter last year. Operating profit rose from ₹302 crore to ₹447 crore over the same period. Measured against last year, that increase comes to 48 per cent. Operating margin is profit from the main business as a share of sales. It widened from 11 per cent a year ago to 15 per cent. Net profit reached ₹550 crore, against ₹452 crore in the same quarter last year. The rise is 21.5 per cent. Earnings per share were ₹13.62, against ₹11.21 a year earlier.
Other income is money earned outside the main business, mostly interest on spare cash. It came to ₹313 crore, roughly seven-tenths of the quarter's operating profit. The cash pile behind it is ₹13,096 crore, which earns interest whether or not a ship leaves the yard.
Interest cost rose to ₹44 crore, from ₹35 crore a year earlier. Total borrowings stood at ₹447 crore, against ₹20 crore twelve months before. The investor presentation carries the words Zero Debt on its slide about consistent profitability.
The order book is work contracted but not yet delivered. It stood at ₹20,535 crore for the year to March 2026, from ₹32,260 crore a year before. The yard can hold 10 warships and 11 submarines under construction at the same time. Management says it is targeting order inflows above ₹1 lakh crore. A submarine programme worth ₹99,000 crore is awaiting approval inside a government building.
Introduction
Mazagon Dock Shipbuilders began as a small dry dock in Mumbai in 1774. It was incorporated as a private company in 1934 and bought by the Government of India in 1960. Since then the yard has delivered 809 vessels. Among them are 34 warships, from destroyers down to missile boats, and 8 submarines. It is the only Indian yard to have designed, built and delivered both destroyers and conventional submarines for the Navy. It is also the only defence state-owned company holding Navratna status, conferred in June 2024. Navratna is a grade that lets a state-owned company invest and expand with less government clearance.
The past eighteen months have been unusually busy on the delivery side. Three Nilgiri-class stealth frigates moved through the yard in that time. A frigate is a mid-sized warship, and a stealth design is shaped to be harder to detect. The second was delivered on 1 July 2025 and the third on 28 November 2025. The fourth ship, named Mahendragiri, followed on 30 April 2026. INS Taragiri was commissioned into service on 3 April 2026. Mahendragiri was commissioned at Visakhapatnam on 11 July 2026, with the Raksha Mantri, India's defence minister, present. The company states that Mahendragiri was built 21 per cent faster than the first ship of its class. It also states that five warships and one submarine went to the Navy inside sixteen months.
Corporate activity has been equally dense over the same stretch. In March 2026 the company completed the purchase of a 51 per cent controlling stake in Colombo Dockyard PLC. The price was ₹236.95 crore for a business with roughly ₹1,000 crore of annual revenue. The June quarter's consolidated accounts include it for the first time. Colombo Dockyard contributed ₹171.71 crore of revenue and ₹2.34 crore of net profit. Also in March 2026 came a contract from the Shipping Corporation of India. A platform supply vessel carries stores and equipment out to offshore rigs. This one runs on methanol dual fuel and measures 3,000 deadweight tonnes. The value is about 39 million US dollars, and it marks a return to commercial shipbuilding.
Capt. Jagmohan (Retd.) was appointed Chairman and Managing Director with effect from 21 April 2025. His term runs until September 2029.
Business model
The business is reported in two segments. The shipbuilding segment builds and repairs naval vessels: destroyers, stealth frigates, corvettes and patrol vessels. Commercial ships have now been added to that list. The second segment covers submarines and heavy engineering. It handles construction, repair and refit of diesel-electric submarines. It also integrates Air-Independent Propulsion, a system that lets a submarine stay under water for longer. Offshore heavy engineering for clients such as ONGC sits in the same segment.
The customer list is short enough to fit on a napkin. The Indian Navy, buying through the Ministry of Defence, accounts for roughly 80 to 90 per cent of the order book. The Indian Coast Guard and ONGC come next.
The physical plant is enormous. There are North and South Yards for warships and an East Yard for submarines. The site holds three dry docks, three wet basins, three large slipways and six small ones. A 300-tonne Goliath crane, a submarine dry dock and a cradle assembly shop complete it. Capacity is 11 submarines and 10 warships at the same time.
The order table as of 30 June 2026 shows what is left to build. The P15B destroyer programme was contracted at ₹28,753 crore. All four ships are delivered and ₹283 crore of work remains. The P75 Kalvari submarines were contracted at ₹29,981 crore. All six are delivered, with ₹1,678 crore left. The P17A frigates were contracted at ₹27,257 crore, and all four are delivered. ₹7,587 crore of that programme remains. Together those three programmes were worth ₹85,991 crore. What is left of them is ₹9,548 crore of tail: spares, pending supply and cleanup.
The genuinely un-built work sits in smaller boxes. Twenty-one Coast Guard vessels carry ₹2,649 crore. Six multipurpose hybrid vessels for Navi Merchants carry ₹695 crore. One platform supply vessel for the Shipping Corporation of India is ₹367 crore. ONGC work is ₹2,774 crore, and an Air-Independent Propulsion order is ₹1,542 crore. A submarine refit accounts for ₹492 crore.
A keel-laying marks the start of a ship's construction. One was held for a fast patrol vessel on 6 April 2026. Another followed for a next-generation offshore patrol vessel on 25 June 2026.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Mazagon Dock Shipbuilders Limited.
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