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Mazagon Dock Shipbuilders
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In the news
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Mazagon Dock Q4 FY26: Profit Surge, Margin Expansion, and Strategic Capital Allocation
The Quarter story
The two most recent quarterly results, compared side-by-side.
Mazagon Dock maintains healthy margins but faces cyclical profit dips and a shrinking order pipeline.
Operating margin improves from 11% in Q1 FY26 to 19% in Q3 FY26, reflecting stable pricing power.
Order book contracts from ₹29,918 in Q1 FY26 to ₹20,535 in Q4 FY26, indicating pipeline execution pressure.
EBITDA falls from ₹2,739 in Q3 FY26 to ₹760 in Q1 FY27, signaling normalized profitability post-peak delivery.
PAT declines from ₹2,081 in Q3 FY26 to ₹510 in Q1 FY27, highlighting seasonal earnings volatility.
Revenue from operations dips from ₹3,850 in Q4 FY26 to ₹2,771 in Q1 FY27, showing expected quarterly booking fluctuations.
Total income normalizes from ₹10,012 in Q3 FY26 to ₹3,256 in Q1 FY27, reflecting one-off revenue recognition.
Company insights, generated from the most recent coverage.
With the order book already down to ₹18,218 Cr, the customer-advance pool shrinks mechanically — the ~₹1,139 Cr other income line is the most fragile part of reported profit unless P75I/LPD/P17B are awarded.
Other income nearly tripled from ₹347 Cr (FY22) to ₹1,006 Cr (FY25), now 35% of pre-tax profit — this is interest on Navy flexi advances, so it is recurring only while new orders keep funding advance balances.
Operating margin more than doubled from 7.38% in FY22 to 16.97% in FY25, then slipped to 12.58% in FY26 — the level is real but project-mix volatile, so treat FY25 as peak rather than run-rate.