Mumbai: Mazagon Dock Shipbuilders Limited (MDL) reported a strong performance for the quarter and full year ended March 31, 2026, with consolidated net profit for Q4 FY26 more than doubling year-on-year. The defence PSU also announced a final dividend of ₹4.62 per share, taking total dividend for FY26 to ₹18.12 per share.
The Board meeting was held from 3:30 PM to 6:30 PM, during which the audited standalone and consolidated financial results were approved.
Q4 FY26 Consolidated Performance: Strong Profit Growth
Mazagon Dock posted a consolidated net profit of ₹674 crore in Q4 FY26, compared to ₹325 crore in Q4 FY25, marking a growth of over 107%.
Key Consolidated Highlights (Q4 FY26)
- Revenue from Operations: ₹3,850 crore (↑21% YoY)
- Profit Before Tax (PBT): ₹793 crore (↑114% YoY)
- Net Profit: ₹674 crore (↑107% YoY)
- Earnings Per Share (EPS): ₹16.84 vs ₹8.06 last year
The sharp improvement in profitability was supported by higher execution of defence contracts and improved operational efficiency.
Full Year FY26: Stable Growth Across Metrics
For the full financial year FY26, MDL reported steady growth across key financial indicators.
Consolidated Annual Performance
- Net Profit: ₹2,578 crore (↑6.8% YoY)
- Revenue from Operations: ₹13,008 crore (↑13.7% YoY)
- Profit Before Tax: ₹3,237 crore (↑5.7% YoY)
- EPS: ₹64.04 vs ₹59.83 in FY25
Standalone Results: Consistent Operational Performance
On a standalone basis, MDL also delivered healthy growth.
Q4 FY26 Standalone Highlights
- Net Profit: ₹464 crore (↑42% YoY)
- Revenue: ₹3,684 crore (↑16% YoY)
- PBT: ₹625 crore (↑54% YoY)
- EPS: ₹11.50
Full-Year Standalone Performance
- Net Profit: ₹2,436 crore (↑4.8% YoY)
- Revenue: ₹12,840 crore (↑12.3% YoY)
- EPS: ₹60.38
Dividend Announcement: ₹18.12 Per Share Total Payout
The company’s Board recommended a final dividend of ₹4.62 per equity share (face value ₹5), subject to shareholder approval at the upcoming AGM.
FY26 Dividend Breakdown
- 1st Interim Dividend: ₹6.00 per share
- 2nd Interim Dividend: ₹7.50 per share
- Final Dividend: ₹4.62 per share
- Total Dividend: ₹18.12 per share
Key Corporate Developments
1. Acquisition of Colombo Dockyard PLC
MDL acquired a 51% controlling stake in Colombo Dockyard PLC, making it a subsidiary. The transaction has been accounted for under Ind AS 103 business combination norms.
2. Investment in Goa Shipyard Limited
MDL holds a 47.21% stake in Goa Shipyard Limited, which continues to be accounted for using the equity method.
3. Audit and Compliance Updates
- Statutory auditor issued an unmodified (clean) audit opinion
- Accounts subject to review by Comptroller and Auditor General (C&AG) of India
- Labour code changes implemented with impact reflected in employee benefit expenses
Balance Sheet Snapshot (Consolidated)
- Total Assets: ₹27,458 crore
- Total Equity/Net Worth: ₹9,984 crore
- Cash and Cash Equivalents: ₹2,731 crore
Stock Performance Context
Despite strong earnings, MDL shares ended slightly lower in the last trading session, reflecting broader market weakness. The stock has seen mixed performance over the past year but remains under analyst radar with a majority “buy” outlook.
About Mazagon Dock Shipbuilders Limited (MDL)
Mazagon Dock Shipbuilders Limited is a leading Indian defence public sector undertaking engaged in the construction of warships and submarines for the Indian Navy. Based in Mumbai, the company plays a strategic role in India’s maritime defence capabilities and is one of the country’s premier shipbuilding yards, known for delivering complex naval platforms including destroyers, frigates, and submarines.
