Mazagon Dock Shipbuilders Q3 Results: Revenue Up 33% YoY, Strong Profit Surges to ₹807 Cr
Mazagon Dock Shipbuilders Ltd: Overview
Mazagon Dock Shipbuilders Ltd (MDL) is one of India’s premier defense public sector undertakings (PSUs) and the leading shipyard in the country, specializing in the construction of warships and submarines for the Indian Navy and offshore platforms for the oil industry. Established in 1934 and later nationalized in 1960, MDL has played a crucial role in India’s defense capabilities, contributing to the country’s self-reliance in shipbuilding and maritime security. The company operates in two primary segments: warship building and submarine construction. It has expertise in manufacturing a wide range of naval vessels, including destroyers, frigates, corvettes, and submarines. Additionally, it builds commercial vessels and offshore structures, making significant contributions to India’s maritime and energy security. Mazagon Dock’s modern infrastructure and cutting-edge technology allow for the concurrent construction of multiple warships and submarines. The company’s modular integrated shipbuilding technology ensures timely delivery while maintaining high quality and cost efficiency. With a strong order book, strategic partnerships with global defense contractors, and government backing, MDL is well-positioned to sustain its leadership in the shipbuilding industry. The Indian defense shipbuilding industry is experiencing robust growth, driven by increasing defense spending, government initiatives for indigenization, and the expansion of the Indian Navy’s fleet. The Indian Navy has outlined its Maritime Capability Perspective Plan (MCPP), aiming to have a 200-ship fleet by 2030, which presents immense opportunities for shipbuilders like MDL.
Latest Stock News
Mazagon Dock Shipbuilders Ltd. (MDL) declared a total interim dividend of ₹467.72 crore for FY 2024-25, translating to ₹23.19 per share (231.90% of the face value of ₹10), marking the highest-ever dividend payout by the company. Additionally, MDL paid a final dividend of ₹244.25 crore, equivalent to ₹12.11 per share, for FY 2023-24. In a significant event on January 15, 2025, Prime Minister Narendra Modi commissioned three indigenously built naval vessels—INS Surat, INS Nigiri, and INS Vaghsheer at the Naval Dockyard in Mumbai. This historic tri-commissioning, the first of its kind, highlights MDL’s advanced shipbuilding capabilities and reinforces India’s commitment to self-reliance in defense manufacturing. Furthermore, MDL successfully delivered the fourth destroyer of the P15B Class, ‘INS Surat,’ to the Indian Navy on December 20, 2024. Strengthening its role in submarine development, MDL signed a ₹1,990 crore contract with the Ministry of Defence for the construction of an Air Independent Propulsion (AIP) Plug for the DRDO-AIP system, enhancing the endurance of conventional submarines. The contract was formalized in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi on December 30, 2024. As of December 31, 2024, MDL’s total order book stands at ₹34,787 crore, reflecting a strong pipeline of ongoing and future projects
Business Segments
- Warship Construction: MDL has a long history of building surface warships for the Indian Navy. It has constructed advanced destroyers, frigates, corvettes, and fast attack crafts. Notable projects include the Visakhapatnam-class destroyers under Project 15B and Nilgiri-class stealth frigates under Project 17A. The company is continuously upgrading its shipbuilding infrastructure to meet the demands of future warships, incorporating stealth technology, advanced weapon systems, and sensor integration.
- Submarine Construction: MDL is the only Indian shipyard capable of constructing submarines and has played a pivotal role in India’s undersea defense strategy. The company successfully built Scorpène-class submarines (Kalvari-class) under Project 75 in collaboration with Naval Group, France. Currently, it is competing for the next-generation Project 75(I) submarines, which will feature advanced air-independent propulsion (AIP) technology, extending underwater endurance and operational capabilities.
- Offshore and Commercial Shipbuilding: While defense projects dominate its portfolio, MDL has also been involved in commercial shipbuilding and offshore structures for the oil and gas sector. The company constructs specialized vessels such as supply boats, dredgers, tugs, and offshore patrol vessels. It has also built jack-up rigs and offshore platforms for ONGC, contributing to India’s energy security.
- Exports and International Collaborations: MDL is gradually expanding its footprint in international markets, leveraging the Indian government’s focus on defense exports. The company is actively participating in global tenders to supply warships, patrol vessels, and support ships to friendly nations. Collaborations with leading global defense companies have enabled technology transfer and skill development, strengthening MDL’s competitive position.
- Repair and Maintenance Services: MDL provides lifecycle maintenance, mid-life upgrades, and refits for naval ships and submarines, ensuring operational efficiency and longevity. The company’s state-of-the-art dry dock and repair facilities in Mumbai cater to both Indian and foreign naval vessels. The demand for maintenance and overhaul services is expected to rise as the Indian Navy expands its fleet, providing a steady revenue stream for MDL.
Subsidiary Information
- It does not have any subsidiaries. It collaborates with companies to expand its market share.
Q3 FY25 Earnings
- Revenue of ₹3144 crore in Q3 FY25 up by 33% YoY from ₹2362 crore in Q3 FY24.
- EBITDA of ₹817 crore in this quarter at a margin of 26% compared to 23% in Q3 FY24.
- Profit of ₹807 crore in this quarter compared to a ₹627 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 2362 | 3144 | 7827 | 9467 |
| Expenses | 1823 | 2327 | 7027 | 8051 |
| EBITDA | 539 | 817 | 801 | 1416 |
| OPM | 23% | 26% | 10% | 15% |
| Other Income | 269 | 286 | 687 | 1101 |
| Net Profit | 627 | 807 | 1119 | 1937 |
| NPM | 26.5% | 25.7% | 14.3% | 20.5% |
| EPS | 15.5 | 20.1 | 27.7 | 48.02 |