Mazagon Dock Shipbuilders Ltd (MDL), the state-run defence PSU, announced its Q2 FY26 results on October 27, 2025, reporting a 28% year-on-year (YoY) rise in consolidated net profit, while revenue grew 6.25% during the same period.
The company’s board of directors, which met today to approve the quarterly financial results, also declared a first interim dividend of ₹6 per equity share (face value ₹5 each) for the financial year 2025–26. The dividend will be paid to shareholders by November 26, 2025.
Financial Performance
Mazagon Dock’s profit growth was driven by steady execution of ongoing naval and submarine projects, along with a strong order book position. Revenue growth remained moderate, reflecting the company’s project-based revenue recognition model.
Operational Outlook
Ahead of the results, analysts had projected modest growth in both revenue and profit, supported by the company’s robust pipeline of defence contracts. EBITDA margins were expected to remain stable with a slight sequential improvement.
Going forward, investor focus is expected to remain on the execution timelines of the additional Scorpene submarines and the P-75I (Project 75 India) programme—both key to the company’s long-term growth trajectory.
Market Performance
Shares of Mazagon Dock Shipbuilders have gained 26% year-to-date (YTD) in 2025. The stock traded higher on Monday ahead of the Q2 results announcement.
