Company Overview

Mazagon Dock Shipbuilders Limited is a Government of India Undertaking with CIN: L35100MH1934G01002079. The company was conferred 'Mini-Ratna – I' status in 2006 and Navratna status in 2024 by the Government of India. It is the only Indian shipyard capable of building Destroyers and Conventional Submarines. Since 1960, the company has built 809 vessels including 34 warships from Missile Boats to Destroyers and 8 Submarines.

Key Operational Highlights

  • Delivered all 6 Scorpene submarines through collaboration with Naval Group, France
  • Executed 1 Medium Refit and Life Certification of a submarine with 1 under execution for the Indian Navy
  • Successfully acquired a 51% controlling stake in Colombo Dockyard PLC (CDPLC), making it a subsidiary
  • Major customers include Indian Navy and Indian Coast Guard
  • Key warships built: Godavari class frigates (3), Corvettes (3), Missile boats (4), Destroyers (10), Submarines (8), Shivalik class frigates (3), Offshore Patrol Vessels (7), Nilgiri Class Frigates (4)

Financial Performance (Consolidated, INR Millions)

Revenue Trends

| Period | Revenue from Operations | Other Income | Total Revenue |

| FY22 | 57,333 | 4,103 | 61,436 |

| FY23 | 78,272 | 6,868 | 85,140 |

| FY24 | 94,666 | 11,015 | 105,681 |

| FY25 | 1,14,319 | 11,116 | 1,25,435 |

| FY26 | 1,30,063 | 11,394 | 1,41,457 |

| Q1FY26 | 26,256 | 3,236 | 29,492 |

| Q1FY27 | 29,427 | 3,132 | 32,559 |

Profitability Metrics

| Period | PAT | PAT Margin | EBITDA | EBITDA Margin |

| FY22 | 6,108 | - | - | - |

| FY23 | 11,190 | - | - | - |

| FY24 | 19,370 | - | - | - |

| FY25 | 24,135 | - | - | - |

| FY26 | 25,784 | - | - | - |

| Q1FY26 | 4,522 | - | - | - |

| Q1FY27 | 5,505 | - | - | - |

Balance Sheet Position (As of period end)

| Period | Net Worth | Total Assets |

| FY22 | 38,577 | 297,702 |

| FY23 | 47,602 | 294,632 |

| FY24 | 62,435 | 294,488 |

| FY25 | 79,399 | 2,87,077 |

| FY26 | 99,840 | 2,74,577 |

Other Financial Metrics

  • Return on Capital Employed: Improved significantly over the years
  • Earning Per Share: Showing consistent growth
  • Dividend Per Share: Increased on declared basis
  • FY26 investment in concept & design for future bids: ₹1,006.0 million (vs ₹357.2 million in prior year)

Order Book Status (As of June 30, 2026)

Total Order Book: ₹182,180 million

Breakdown by Project/Customer

| Project Type | Quantity | Customer | Value (INR Mn) |

| ICGS (CTS, NGOPV, FPV) | 21 | MoD | 26,490 |

| Multipurpose Hybrid Powered Vessel | 6 | Navi Merchants | 6,950 |

| SCI PSV (Platform Supply Vessel) | 1 | SCI | 3,670 |

| P75 Kalvari Submarines* | 0 | MoD | 16,780 |

| Medium Refit and Life Certification (MRLC) of Submarines | 1 | MoD | 4,920 |

| ONGC (DSF II & PRP 8 Grade A) | 2 | ONGC | 27,740 |

| AIP | 1 | MoD | 15,420 |

| Others | - | - | 1,510 |

*Balance order book includes pending work/supply of spares of delivered vessels.

Infrastructure and Capacity

Ship-building Facility Comprises:

  • 3 Dry docks
  • 3 Wet basins
  • 9 Slipways
  • Production shops, Assembly shops, Electrical shop
  • 300 tonne Goliath crane spanning 138 meter
  • Shore integration facility
  • Module workshop with retractable roof

Submarine Division Facilities:

  • Submarine Dry Dock
  • Shore Integration Facility
  • Cradle Assembly Shop (outfitting)
  • Sub-section assembly
  • Section Formation Shops

Additional Facilities:

  • Nhava Yard: 37-acre greenfield shipyard under development (primary site for ONGC DSF II jackets & topsides)
  • South Yard Annex: 15 acres MbPA land (acquired April 2024) to nearly 2x build & repair capacity

Capacity Enhancement:

  • Warship capacity increased from 8 to 10
  • Submarine capacity increased from 6 to 11
  • Waterfront capacity: 80 → 200 DWT (handles larger, complex vessels)

Indigenization Achievements

  • Dedicated Indigenization Department established in October 2015
  • 116 major systems and components indigenized across ships and submarines
  • 1,024 items submitted to MoD Positive Indigenisation List (PIL)
  • 55 of 174 submarine equipment items indigenized
  • 29 project sanction orders issued for submarine equipment indigenization
  • 33.53% MSME procurement in FY26 vs 25% mandated minimum
  • Indigenous content increased from 42% (P15 Delhi Class) to 75% (P17A Nilgiri Class) by FY2026

Key Systems Indigenized/Under Development:

  • Electric Propulsion Motor
  • Helicopter Fire Fighting System (trials in progress)
  • Sonar Beacon
  • Windlass & Capstan
  • Digital Bearing Time Device
  • Controllable Pitch Propeller & Shaft System (development stage)
  • Steering Console for Midget Submarines

New Product Development

MDL is diversifying into various innovative products:

1. Midget Submarine

MDL's flagship R&D program aiming to design India's first truly Indigenous Conventional Submarine.

2. Fuel Cell Electric Vessel

Country's maiden fuel cell technology vessel with zero CO2 emission and cost-effective sustainable green energy solution for inland waterways application.

3. Lithium Ion Battery

Indigenous development of Lithium Ion Battery for Submarines.

4. Autonomous Underwater Vehicle (AUV)

MDL developing variety of underwater platforms using modern technology and artificial intelligence:

  • Mobile Target Emulator (MTE): Attracts torpedoes away from counter maneuvering Submarine
  • Expendable Underwater Target (EUT): For training crew in detecting, tracking & attacking underwater targets

Strategic Initiatives

  • Exploring greenfield shipyard at Nhava, Navi Mumbai with Shiplift, Wet Basin, workshops over 37 acres
  • Undertaking capex for Submarine and Heavy Engineering division construction
  • Dredging of the water front to deepen the navigational channel
  • Indian Navy indigenization plan up to 2030 announced in July 2015
  • Maritime Amrit Kaal Vision 2047 supporting expansion
  • Greenfield shipyard expansion being explored with Maharashtra & Andhra Pradesh
  • India's first Methanol-Fuelled PSV contract from SCI supports green maritime transition

Market Opportunities

  • Inland waterways traffic expected to increase 15x over next 20 years
  • Capacity augmentation to result in 5x rise in traffic capacity (from existing 350 million tonnes)
  • Additional Ship repair business potential
  • Strategic pipeline across LPDs, global Scorpene submarine sustainment and Southeast Asian opportunities

Awards & Recognition (2022-2026)

  • 2026: PSE Technology & Innovation Awards 2026 – 'Enterprise Applications' category
  • 2024: Dun & Bradstreet Public Sector Excellence Award 2024 under "Defence Production (CPSU)" category
  • 2024: Global Inclusion Award 2024 under "DEI Power Champion"
  • 2023: Multiple awards including Best Coordinator CCQC 2023, National Awards for Excellence in CSR & Sustainability, HR Excellence Award
  • ISO 9001:2015, ISO 14001:2015, OHSAS 45001:2018, and ISO/IEC 27001:2013 certifications

Stock Performance

  • 55.7% return highlighted in presentation
  • 129.0% return highlighted
  • 247.7% return highlighted
  • 104.8% return highlighted
  • 28.9% return highlighted
  • 72.8% return highlighted
  • Stock split of 1:2 effective December 27, 2024 (face value reduced from ₹10 to ₹5 per share)
  • IPO Price: ₹145 (Pre-split); ₹72.5 (Post-split)