Editor’s Note
Mazagon Dock Shipbuilders Ltd (MDL) has reported robust Q3 FY2026 results, with net profit rising 14.3% year-on-year to ₹877.78 crore, supported by a 14.6% increase in operational revenue to ₹3,601.09 crore. The performance underscores the company’s continued strength in India’s defence sector.
Mazagon Dock Shipbuilders Ltd (MDL), India’s premier defence shipyard and a Navratna company, has reported strong financial performance for the third quarter ended December 31, 2025. The company’s consolidated net profit increased by 14.3% year-on-year to Rs 877.78 crore, up from Rs 807.04 crore in the same period last year. This profit growth was supported by a 14.6% increase in consolidated revenue from operations, which reached Rs 3,601.09 crore. These figures demonstrate MDL’s consistent execution capabilities as it continues to deliver critical maritime assets under the Ministry of Defence.
The company’s profitability metrics remained strong throughout the quarter, with profit before tax (PBT) increasing by 5.4% to Rs 1,119.63 crore. Earnings per share (EPS) for the quarter stood at Rs 21.81. Looking at the broader nine-month performance for FY26, MDL has earned a consolidated net profit of Rs 2,081.41 crore on total revenue of Rs 9,155.92 crore. On a standalone basis, the shipyard recorded a net profit of Rs 837.13 crore, reflecting a 9.0% year-on-year growth, while maintaining similar operational revenue as the consolidated entity.
In an effort to reward its shareholders, the Board of Directors has declared a second interim dividend of Rs 7.50 per equity share with a face value of Rs 5 for the financial year 2025-26. The company has designated Friday, February 13, 2026, as the record date to identify eligible shareholders, and payment is expected to be completed by March 07, 2026. This dividend announcement reflects the company’s strong cash flow position and commitment to maintaining healthy shareholder returns after attaining Navratna status in June 2024.
With a massive market capitalization of over Rs 96,000 crore, Mazagon Dock remains a key player in India’s maritime security and the “Make in India” initiative. As of December 31, 2025, the company maintains a robust order book valued at Rs 23,758 crore. Investors have shown immense confidence in the shipyard’s strategic role, with the stock rising 27% from its 52-week low of Rs 1,917.95 per share. Remarkably, MDL has delivered staggering multibagger returns of over 2,000% in the past five years, making it a top-performing public sector enterprise.