Capital Goods · NSE: MAZDOCK
Mazagon Dock Shipbuilders
Q1 FY27 · From the investor presentation
- M.Cap
- ₹76,925Cr
- P/E
- 31.3×
- 1Y return
- −30.85%
- From 52W high
- −33.0%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q1 FY27, as filed · consolidated · ₹ Cr
| Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 2,943 | 2,626 | +12.1% | 3,850 | -23.6% |
| EBITDA | 447 | 302 | +48.0% | 543 | -17.7% |
| EBITDA margin | 15.2% | 11.5% | +369 bps | 14.1% | +108 bps |
| PBTProfit before tax | 686 | 567 | +21.1% | 793 | -13.5% |
| Net profit | 549 | 452 | +21.5% | 679 | -19.1% |
| EPS (₹) | 13.62 | 11.21 | +21.5% | 16.84 | -19.1% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures. In Q1 FY26 the filing tags the owners' profit as ₹0 Cr against its own period profit; the period profit less minority interest is shown.
Guidance
In short
- 01Total order book was INR 1,82,180 mn as on June 30, 2026.
- 02Q1 FY27 revenue from operations was INR 29,427 mn and net profit INR 5,505 mn.
- 03A 12,000T floating dry dock is under construction, with target completion Jul'26.
- 04A 15-acre South Yard Annex is being developed to nearly double shipbuilding and refit capacity.
- 05FY26 spend on concept and design for future bids was INR 1,006.0 mn, against INR 357.2 mn a year earlier.
- 06The company acquired a 51% controlling stake in Colombo Dockyard PLC, now a subsidiary.
- 07All 4 P17A frigates have been delivered; balance P17A order book is INR 75,870 mn.
Capex
Exploring greenfield shipyard at Nhava, Navi Mumbai with shiplift and wet basin
Slides · p. 24
Exploring greenfield shipyard at Nhava, Navi Mumbai with shiplift and wet basin
“Exploring possibilities of developing greenfield shipyard at Nhava, Navi Mumbai with a Shiplift, Wet Basin, workshops, stores &”
Submarine and Heavy Engineering: Capex underway for submarine launch facility in Submarine and Heavy Engineering division
Slides · p. 24
Submarine and Heavy Engineering: Capex underway for submarine launch facility in Submarine and Heavy Engineering division
“Undertaking capex for Submarine and Heavy Engineering division – construction of Submarine launch facility and blasting”
Dredging of water front underway to deepen navigational channel
Slides · p. 24
Dredging of water front underway to deepen navigational channel
“Undertaking dredging of the water front to deepen the navigational channel”
Greenfield shipyard expansion being explored with Maharashtra
Slides · p. 25
Greenfield shipyard expansion being explored with Maharashtra
“Greenfield shipyard expansion being explored with Maharashtra”
Kasara Basin upgraded: basin gate replaced, submarine launch facility extended
Slides · p. 16
Kasara Basin upgraded: basin gate replaced, submarine launch facility extended
“Kasara Basin upgrades: basin gate replaced & submarine launch facility”
Capacity
Warship capacity raised from 8 to 10, submarine capacity from 6 to 11
Slides · p. 16
Warship capacity raised from 8 to 10, submarine capacity from 6 to 11
“Warship capacity increased from 8 to 10; submarine capacity increased from 6 to 11”
Order book
Total order book INR 1,82,180 mn as on June 30, 2026
Slides · p. 19
Total order book INR 1,82,180 mn as on June 30, 2026
“Total Order Book as on June 30, 2026 1,82,180”
Submarine and heavy engineering: ONGC orders (DSF II and PRP 8 Grade A) in order book at INR 27,740 mn
Slides · p. 19
Submarine and heavy engineering: ONGC orders (DSF II and PRP 8 Grade A) in order book at INR 27,740 mn
“ONGC (DSF II & PRP 8 Grade A) 2 ONGC 27,740”
Shipbuilding: Balance P17A frigate order book INR 75,870 mn
Slides · p. 19
Shipbuilding: Balance P17A frigate order book INR 75,870 mn
“P17A Stealth Frigates * 0 MoD 75,870”
Shipbuilding: 21 Coast Guard vessels in order book at INR 26,490 mn
Slides · p. 19
Shipbuilding: 21 Coast Guard vessels in order book at INR 26,490 mn
“ICGS (CTS,NGOPV,FPV) 21 MoD 26,490”
Shipbuilding: 6 hybrid vessels for Navi Merchants in order book at INR 6,950 mn
Slides · p. 19
Shipbuilding: 6 hybrid vessels for Navi Merchants in order book at INR 6,950 mn
“Multipurpose Hybrid Powered Vessel 6 Navi Merchants 6,950”
Segments
Pipeline covers LPDs, global Scorpene sustainment and Southeast Asia
Slides · p. 20
Pipeline covers LPDs, global Scorpene sustainment and Southeast Asia
“Strategic pipeline across LPDs, global Scorpene submarine sustainment and Southeast Asian opportunities”
Exports: Reviving exports to Latin America, Africa and South East Asia
Slides · p. 24
Exports: Reviving exports to Latin America, Africa and South East Asia
“Reviving exports to Latin America, Africa, South East Asia,”
Southeast Asia: Malaysia submarine-related inspection and engineering orders in pipeline
Slides · p. 20
Southeast Asia: Malaysia submarine-related inspection and engineering orders in pipeline
“Malaysia submarine-related inspection / engineering”
Margins and costs
Q1 FY27 spares procurement cost INR 5,972 mn vs INR 2,043 mn in Q1 FY26
Slides · p. 28
Q1 FY27 spares procurement cost INR 5,972 mn vs INR 2,043 mn in Q1 FY26
“Procurement of base and depot spares 9,137 6,932 11,458 11,516 16,388 2,043 5,972”
Debt and working capital
Trade receivables INR 26,057 mn at FY26 end vs INR 10,672 mn at FY25 end
Slides · p. 28
Trade receivables INR 26,057 mn at FY26 end vs INR 10,672 mn at FY25 end
“Trade receivables 10,054 10,023 18,469 10,672 26,057”
Inventories INR 26,169 mn at FY26 end vs INR 45,371 mn at FY25 end
Slides · p. 28
Inventories INR 26,169 mn at FY26 end vs INR 45,371 mn at FY25 end
“Inventories 77,001 73,569 57,134 45,371 26,169”
Q1 FY27 finance costs INR 443 mn vs INR 354 mn in Q1 FY26
Slides · p. 28
Q1 FY27 finance costs INR 443 mn vs INR 354 mn in Q1 FY26
“Finance costs 72 64 51 241 716 354 443”
Shareholders' funds INR 99,840 mn at FY26 end
Slides · p. 28
Shareholders' funds INR 99,840 mn at FY26 end
“Shareholders’ funds 38,577 47,602 62,435 79,399 99,840”
Total current liabilities INR 1,58,555 mn at FY26 end vs INR 1,98,230 mn at FY25 end
Slides · p. 28
Total current liabilities INR 1,58,555 mn at FY26 end vs INR 1,98,230 mn at FY25 end
“Total Current liabilities 251,839 241,399 226,344 1,98,230 1,58,555”
Acquisitions and new business
Tripartite MoU signed with Brazilian Navy and Indian Navy
Slides · p. 20
Tripartite MoU signed with Brazilian Navy and Indian Navy
“Tripartite MoU with Brazilian Navy and Indian Navy for”
Acquired 51% controlling stake in Colombo Dockyard PLC
Slides · p. 6
Acquired 51% controlling stake in Colombo Dockyard PLC
“Successfully acquired a 51% controlling stake in Colombo Dockyard PLC (CDPLC), a”
Holds 47.21% associate stake in Goa Shipyard Ltd.
Slides · p. 6
Holds 47.21% associate stake in Goa Shipyard Ltd.
“Holds a 47.21% associate stake in Goa Shipyard Ltd. (GSL), providing strategic”
Submarines: Developing lithium-ion battery for submarines in-house
Slides · p. 22
Submarines: Developing lithium-ion battery for submarines in-house
“Indigenous development of Lithium Ion Battery for Submarines.”
Teaming agreement with SDHI under PPP model for future Landing Platform Dock needs
Slides · p. 20
Teaming agreement with SDHI under PPP model for future Landing Platform Dock needs
“Teaming Agreement with SDHI under PPP model for”
Other
FY26 spend on design for future bids INR 1,006.0 mn vs INR 357.2 mn prior year
Slides · p. 20
FY26 spend on design for future bids INR 1,006.0 mn vs INR 357.2 mn prior year
“₹1,006.0 mn FY26 investment in concept & design for future bids | vs ₹357.2 mn in prior year”
Shipbuilding: Mahendragiri delivered Apr'26; all 4 P17A frigates delivered
Slides · p. 7
Shipbuilding: Mahendragiri delivered Apr'26; all 4 P17A frigates delivered
“Mahendragiri (Apr’26); all 4 delivered”
Q1 FY27 operating revenue INR 29,427 mn vs INR 26,256 mn in Q1 FY26
Slides · p. 28
Q1 FY27 operating revenue INR 29,427 mn vs INR 26,256 mn in Q1 FY26
“Contract & other operating revenue 57,333 78,272 94,666 1,14,319 1,30,063 26,256 29,427”
Q1 FY27 net profit INR 5,505 mn vs INR 4,522 mn in Q1 FY26
Slides · p. 28
Q1 FY27 net profit INR 5,505 mn vs INR 4,522 mn in Q1 FY26
“Net profit for the year 6,108 11,190 19,370 24,135 25,784 4,522 5,505”
Indigenous content rose from 42% (P15) to 75% (P17A) by FY2026
Slides · p. 18
Indigenous content rose from 42% (P15) to 75% (P17A) by FY2026
“Indigenous content increased from 42% (P15 Delhi Class) to 75% (P17A Nilgiri Class) by FY2026”
Sources
- Investor presentation, Q1 FY27 Filed 23 Sept 2026 · 29 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.