Mazagon Dock Shipbuilders (MAZDOCK) is likely to secure orders worth over ₹50,000 crore, according to latest sources reported by Zee Business. The Navratna defence PSU is set to win three major projects - Project 15C, Project 17B, and Project 18A, with Project 15C alone estimated at ₹50,000 crore. The first project, Project 15C will comprise four destroyers with a deal size of around ₹50,000 crore, while Project 17B will feature six frigates worth ₹40,000 crore with MDL and Garden Reach Shipbuilders & Engineers (GRSE) building three each. Project 18A will consist of six vessels of 14,000-15,000 tonne capacity each with an RFP expected in three years and production starting in eight years. A request for proposal for Project 15C is expected to materialise in the next one year, with production starting in three years.
According to the latest investor presentation, Mazagon Dock reported robust financial performance in FY26 despite margin moderation. Revenue from operations increased to ₹12,839.64 crore in FY26 from ₹11,431.88 crore in FY25, reflecting 12.3% growth. Profit before tax rose to ₹3,250.48 crore from ₹3,109.20 crore, while profit after tax increased to ₹2,435.77 crore from ₹2,324.88 crore during the same period. EBITDA improved to ₹3,402.30 crore in FY26 from ₹3,228.79 crore, though EBITDA margin moderated to 16% from 17% in FY25. The balance sheet strengthened significantly, with net worth increasing from ₹7,180.84 crore as on March 31, 2025 to ₹8,843.16 crore as on March 31, 2026, while working capital increased from ₹4,890.78 crore to ₹6,453.89 crore.
As of March 31, 2026, Mazagon Dock's order book stood at ₹20,535 crore, providing strong execution visibility for future years. According to the investor presentation, Project 17A stealth frigates form the largest component at ₹8,257 crore, while offshore engineering projects for ONGC contribute ₹3,320 crore. Indian Coast Guard programmes account for ₹2,690 crore, including Coast Guard Training Ships, Next Generation Offshore Patrol Vessels and Fast Patrol Vessels. The company has significantly expanded its manufacturing capabilities, now able to simultaneously construct 11 submarines and 10 warships, supported by three dry docks, three wet basins, three large slipways, six small slipways, and a 300-tonne Goliath crane. During FY26, the company acquired a 51% controlling stake in Colombo Dockyard PLC for approximately ₹236.95 crore, giving it an overseas manufacturing base and expanding commercial shipbuilding capabilities.
Mazagon Dock shares have corrected 27% from their peak, trading around ₹2,391 as of July 10, 2025, according to The Financial Express. The stock is currently 27% below its 52-week high of ₹3,326 recorded on July 9, 2025, and above the 52-week low of ₹2,057.40 touched on March 30, 2026. The recent correction has weighed on shorter-term returns, with the stock declining 25.47% over the past year and down 1.80% year-to-date. However, the longer-term picture remains considerably stronger, with 236.11% returns over the last three years and 1,862.87% returns over the last five years, making it one of the strongest-performing listed defence stocks during this period. The PSU is scheduled to report its financial results for the first quarter of FY27 early next month.
According to Kotak Securities analysis, Mazagon Dock is well-positioned to benefit from India's long-term naval modernisation programme. Pankaj Kumar, VP-Fundamental Research at Kotak Securities, stated that the company is the Indian Navy's premier shipyard for complex frontline combat platforms and is positioned to benefit from India's blue-water navy pipeline worth ₹4.2 lakh crore across warships and submarines. Kotak expects MDL's earnings to grow at 7% CAGR over FY26-FY30, despite near-term revenue slowdown, as execution ramps up on four marquee contracts worth approximately ₹2.4 lakh crore. However, analysts note that delays in order finalisation and a relatively weak opening order backlog are likely to constrain revenue growth over the next two years. The company continues to reward shareholders, having declared total dividends of ₹730.92 crore during FY26, equivalent to ₹18.12 per share.
