Mazagon Dock Shipbuilders, a leading defence public sector shipyard under the Ministry of Defence (MoD), announced its financial results for the June-ended quarter (Q1 FY27) on Wednesday, July 30, after market hours.
The defence major reported a consolidated net profit of ₹550 crore in Q1 FY27, up 22% from ₹452 crore in the corresponding quarter last year, but lower than the ₹674 crore reported in the preceding March quarter.
At the top line, revenue from operations stood at ₹2,943 crore in Q1 FY27, up 12% from ₹2,626 crore in the corresponding quarter last year. However, on a sequential basis, revenue declined 26% from ₹3,850 crore reported in the March quarter.
At the operating level, the company posted an EBITDA of ₹760 crore, compared with ₹625 crore in the corresponding quarter last year, marking a 22% year-on-year increase. The EBITDA margin improved to 25.83% in Q1 FY27 from 23.8% in Q1 FY26.
Strong order book supports future growth
As of June 30, 2026, Mazagon Dock Shipbuilders' total order book stood at ₹18,218 crore, comprising a diversified portfolio across shipbuilding and submarine and heavy engineering projects, as per the company's earnings filing.
The shipbuilding order book includes 21 Indian Coast Guard Ships (ICGS) with an outstanding balance of ₹2,649 crore, six Multipurpose Hybrid Powered Vessels (MPVs) valued at ₹695 crore, and one Shipping Corporation of India (SCI) Platform Supply Vessel with a balance order value of ₹367 crore.
Among defence projects, the company has pending orders worth ₹7,587 crore for P17A Stealth Frigates and ₹283 crore for P15B Destroyers, both for the Ministry of Defence (MoD).
In the submarine and heavy engineering segment, the order book includes P75 Kalvari Submarines with an outstanding balance of ₹1,678 crore, Air Independent Propulsion (AIP) systems worth ₹1,542 crore, ONGC's DSF-II and PRP-8 Grade A projects valued at ₹2,774 crore, and the Medium Refit and Life Certification (MRLC) of Submarines project with a balance of ₹492 crore.
The remaining order book comprises other projects worth ₹151 crore, providing the company with healthy revenue visibility over the coming years.
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