New Delhi: Mazagon Dock Shipbuilders Limited (MDL) held its 93rd Annual General Meeting (AGM) on August 27, 2026, reaffirming its focus on transparency, accountability and stakeholder engagement.
The virtual AGM was chaired by CMD Capt. Jagmohan (Retd.) and covered key financial, shareholder and governance matters. Shareholders approved a final dividend of ₹4.62 per equity share of ₹5 each for the financial year ended March 31, 2026.
The AGM also highlighted MDL’s continued growth, operational excellence and contribution to Aatmanirbhar Bharat in Defence.
MDL Shareholders Approve ₹4.62 Final Dividend
Shareholders approved a final dividend of ₹4.62 per equity share of ₹5 each for FY26.
The dividend represents a 92.4% payout ratio for the financial year ended March 31, 2026, reflecting the company’s continued focus on delivering value to shareholders.
Read also: Mazagon Dock Shipbuilders Signs MoU with MWRRA to Boost Digital Water Resource Management
Key Decisions Taken at MDL AGM
Several important financial and governance-related matters were considered and approved during the 93rd AGM.
Key decisions included:
- Final dividend: ₹4.62 per equity share of ₹5 each for FY26.
- Dividend payout ratio: 92.4% for the financial year ended March 31, 2026.
- Government Nominee Director: Approval of the appointment of Dinesh Mahur.
- Director reappointment: Biju George was reappointed as Director following his retirement by rotation.
- Cost Auditor remuneration: Shareholders ratified the remuneration of the Cost Auditors for FY27.
MDL Addresses Independent Director Appointment Delays
The AGM also discussed observations raised by the Secretarial Auditor, M/s SVJS & Associates, regarding the composition of the Board during certain periods in FY26.
The Secretarial Auditor noted that MDL’s Board composition did not comply with certain requirements under the Companies Act and SEBI LODR Regulations during specific periods.
The observations related to vacancies for:
- Independent Directors
- Independent Woman Director
These vacancies were not filled within the prescribed timelines.
Management Clarifies Position
MDL management explained that, as a Government Company, appointments of directors are made by the President of India through the Ministry of Defence (MoD).
According to the management, the delay in filling the vacancies was beyond the company’s control. The matter has been taken up with the Ministry of Defence.
Statutory Auditors and CAG Reports Remain Clean
The company’s Statutory Auditors’ reports contained no qualifications or adverse remarks.
The Comptroller and Auditor General of India (CAG) also provided clean comments on both the standalone and consolidated financial statements.
During the AGM, seven shareholders participated in the question-and-answer session, with responses provided by the CMD.
Focus on Growth and Aatmanirbhar Bharat in Defence
The AGM highlighted MDL’s continued journey of growth and operational excellence, along with its contribution to India’s defence self-reliance.
The company continues to focus on:
- Strengthening operational performance
- Maintaining transparency and accountability
- Engaging with shareholders and stakeholders
- Supporting India’s Aatmanirbhar Bharat initiative in defence
About Mazagon Dock Shipbuilders
Mazagon Dock Shipbuilders Limited (MDL) is a leading Indian defence public sector undertaking under the Ministry of Defence. Based in Mumbai, the company is primarily engaged in the construction of warships and submarines for the Indian Navy and other defence requirements. MDL plays an important role in strengthening India’s indigenous defence manufacturing capabilities and supporting India’s Aatmanirbhar Bharat initiative.
