Mazagon Dock Q1 Results FY27: Net Profit Rises 22% YoY to ₹550 Crore, Revenue Up 12%

Mazagon Dock Q1 Results FY27

Mazagon Dock Shipbuilders Ltd., one of India's leading defence shipbuilding companies, reported a strong set of financial results for the first quarter of FY27. The company posted double-digit growth in both revenue and profitability, while operating margins improved year-on-year.

A healthy order book across naval shipbuilding, submarines and heavy engineering projects continues to provide strong revenue visibility for the coming years.

Financial Highlights

Mazagon Dock delivered solid year-on-year growth across its key financial metrics during the June quarter.

Q1 FY27 Highlights

Net Profit: ₹550 crore

Profit Growth: 22% YoY

Revenue: ₹2,943 crore

Revenue Growth: 12% YoY

EBITDA: ₹760 crore

EBITDA Growth: 22% YoY

EBITDA Margin: 25.83%

Although revenue and profit improved compared to the same quarter last year, both figures declined sequentially from the March quarter due to project execution timelines.

Margin Improvement

The company continued to improve its operational efficiency during the quarter.

Operating Performance

EBITDA increased to ₹760 crore from ₹625 crore a year ago.

EBITDA margin expanded from 23.8% in Q1 FY26 to 25.83% in Q1 FY27, reflecting better operating performance.

The improvement in margins indicates efficient execution across defence and shipbuilding projects.

Strong Order Book Supports Growth

Mazagon Dock ended the quarter with a robust order book worth ₹18,218 crore, providing strong long-term business visibility.

Order Book Highlights

Total Order Book: ₹18,218 crore

The order pipeline includes projects across

• Indian Coast Guard Ships (ICGS)
• Multipurpose Hybrid Powered Vessels (MPVs)
• Shipping Corporation of India Platform Supply Vessel
• P17A Stealth Frigates
• P15B Destroyers
• P75 Kalvari Submarines
• Air Independent Propulsion (AIP) Systems
• ONGC Offshore Projects
• Medium Refit & Life Certification (MRLC) Projects

This diversified portfolio strengthens the company's long-term revenue pipeline.

Defence Projects Continue to Drive Business

The defence segment remains the company's largest growth driver.

Major ongoing projects include

• P17A Stealth Frigates for the Ministry of Defence
• P15B Destroyers
• Kalvari-class submarines
• Air Independent Propulsion (AIP) systems

These strategic defence programs continue to support steady order execution and future earnings visibility.

Shipbuilding Business

Mazagon Dock also continues to execute multiple commercial and government shipbuilding contracts.

Key shipbuilding projects include

• 21 Indian Coast Guard Ships
• Six Multipurpose Hybrid Powered Vessels
• One Shipping Corporation of India Platform Supply Vessel

The company continues to maintain a diversified project portfolio across defence and commercial shipbuilding.

What This Means for Investors

Mazagon Dock's Q1 FY27 performance reflects stable execution, improving profitability and strong operating margins despite a sequential moderation in revenue. The company's sizeable ₹18,218 crore order book provides healthy long-term revenue visibility, particularly through defence contracts and strategic naval projects.

As India's focus on defence modernization and indigenous shipbuilding continues to grow, investors will closely monitor order execution, new contract wins and margin sustainability in the coming quarters.

Disclaimer

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