Mazagon Dock Shipbuilders (MAZDOCK) Q2 25/26 earnings summary

Executive summary

• Revenue from operations for Q2 FY26 was INR 2,929 crore, up 6% year-over-year; PAT stood at INR 715 crore, up 27% year-over-year.

• Consolidated PAT for Q2 was INR 749 crore; net worth at INR 8,910 crore, up 22% year-over-year.

• Half-year revenue from operations reached INR 5,555 crore, up 9% year-over-year, but PAT declined 8% due to prior provisions for onerous contracts.

• Celebrated 250 years of shipbuilding excellence, delivering key naval assets and maintaining a strong legacy of innovation and national service.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and declared an interim dividend of ₹6 per share.

Financial highlights

• Standalone Q2 PBT: INR 939 crore; EPS: INR 17.73.

• Consolidated Q2 PBT: INR 934 crore; EPS: INR 18.58.

• Half-year consolidated PAT: INR 1,202 crore; EPS: INR 29.79.

• Consolidated revenue from operations for Q2 FY26 was ₹2,92,924 lakhs, up from ₹2,75,683 lakhs in Q2 FY25; total income for H1 FY26 was ₹6,14,904 lakhs.

• Negative operating cash flow this quarter due to utilization of Navy flexi funds received in March 2025.

Outlook and guidance

• FY26 revenue guidance: ~INR 12,500 crore, with 5% growth expected in FY27.

• Margins expected to stabilize around 12%-15% for new projects, with potential for higher margins on familiar defense projects.

• Order book projected to exceed INR 100,000 crore by FY27, driven by large defense and commercial orders.

• Healthy order book of ₹27,415 Cr as of September 30, 2025, supporting future revenue visibility.

• Interim dividend of ₹6 per equity share declared for FY26, with record date set as November 4, 2025.