Q2 FY26: Revenue ₹2,929 cr (+6% YoY), PAT ₹715 cr (+27%); EPS ₹17.7
• H1 FY26: Revenue ₹5,555 cr (+9% YoY); lower YoY profit due to ~₹1,000 cr CG/MPV provisions already absorbed
• Order book: ~₹27,400 cr; FY26 revenue guide: ~₹12,500 cr; FY27 +5%
• Near term: Lower margins post P-17A peak; uplift once submarine projects start
• Submarines: P75 follow-on close to signing (immediate revenue); P75I expected within FY26 (revenue ~6 months later)
• Pipeline: P-17B, MCMV, LPD, destroyers — multi-year ₹1.5–2.0 lakh cr opportunity
• Margins: Normalised 12–15%; LD writeback ₹102 cr in Q2; more possible
• Strategy: De-risk Navy dependence; scale via LPD partnership, offshore (ONGC), Colombo Dockyard, and Tuticorin mega yard
MAZAGON DOCK SHIPBUILDERS Q2 FY 26 CONCALL
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