Mazagon Dock Shipbuilders Ltd. (MDL) released its Investor Presentation for Q3 FY 2025-26, detailing robust financial growth and significant operational achievements. Standalone revenue from operations reached ₹3,601 Cr in Q3 FY26, up from ₹2,929 Cr in Q2 FY26. The company celebrated major project milestones, including the tri-commissioning of three frontline combatants and maintaining a consistent dividend distribution record over the last five years.
Q3 FY 2025-26 Financial Highlights
The Investor Presentation released on 10 March 2026 provided a detailed look at MDL’s performance for the third quarter of the Financial Year 2025-26, covering both Standalone and Consolidated figures.
Standalone Quarterly Performance
Financially, the standalone results showed strong sequential growth:
- Revenue from operation increased to ₹3,601 Cr in Q3 FY25-26 from ₹2,929 Cr in Q2 FY25-26.
- Total Income stood at ₹3,863 Cr for the quarter.
- EBITDA was reported at ₹1,149 Cr, with an Operating Margin of 24%.
- PAT closed at ₹837 Cr.
Consolidated Quarterly Performance
Consolidated results mirrored the upward trend:
- Revenue from operation grew to ₹3,601 Cr (Q3 FY25-26).
- EBITDA reached ₹1,149 Cr, maintaining a strong Operating Margin of 24%.
- PAT for the consolidated entity was ₹880 Cr.
Nine Months Performance (Standalone & Consolidated)
Performance across the first nine months of FY 2025-26 demonstrated sustained business momentum compared to the previous year (FY 2024-25).
- Standalone Revenue From Operation rose from ₹8,257 Cr (9M FY24-25) to ₹9,156 Cr (9M FY25-26).
- Standalone Operating Margin decreased slightly to 19% from 23%.
- Consolidated Total Income improved from ₹9,082 Cr to ₹10,012 Cr.
Company Snapshot and Operational Excellence
MDL highlighted its status as India’s only shipyard to build Destroyers, conventional Submarines, and manufacture Corvettes. The company is also the only shipyard to be conferred ‘Navratna’ Status.
Key operational achievements mentioned include:
- Delivery of all 6 Kalvari Class Submarines between 2017–2025.
- The Frigate Project is on track, with the 3rd Ship delivered on 28th Nov 2025.
- All 4 Destroyers under the Destroyer Project were delivered ahead of schedule.
Order Book Strength
The Total Order Book as of 31st December 2025 stood robustly at ₹23,758 Cr. Significant components include the P75 Kalvari Submarines project (Balance: ₹1,832 Cr) and the P17A Stealth Frigates project (Balance: ₹9,911 Cr pending for 1 unit).
Dividend History
MDL highlighted its financial stability by noting a consistent track record. For FY 2025-26, the company declared a Second Interim Dividend of ₹7.5 per equity share. The company has a history of paying dividends, with the dividend paid per share in FY 2024-25 being ₹17.65 (Declared: ₹17.31).
Major Events and Awards
The presentation showcased several recent accomplishments:
- Tri-Commissioning (15th January 2025): INS Nilgiri, INS Surat & INS Vaghsheer commissioned in a landmark event.
- Project Milestones: Keel Laying for the 2nd Fast Patrol Vessel (FPV) on 30th Oct’2025 and Keel Laying for Project MPV-06 on 17th Nov’2025.
- Delivery of the Third Stealth Frigate of P17A Class, ‘TARAGIRI’, on 28th Nov’2025.
- MDL achieved ISO/IEC 27001:2022 Information Security Management System accreditation in October 2025.
- MDL received the ‘Best Healthcare Support Initiative of the Year’ award at the Indian Social Impact Awards 2025 in New Delhi.
Source: BSE
