Mazagon Dock Shipbuilders Limited Earnings Summary — Q4 FY2026
Mazagon Dock Reports Revenue Surge in Q4 FY2026 Despite Margin Contraction
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 23.6% sequentially in Q1 FY2027.
- Revenue of ₹2,943 Cr is 12.1% higher year-on-year.
- Revenue has compounded at -2.3% annualised over the last 10 quarters.
- Net profit of ₹549 Cr is 21.5% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at -8.0% annualised across the period.
- Operating margin stands at 15.2% in Q1 FY2027.
- Operating margin expanded by 369 bps year-on-year.
- Over the last two years operating margin has contracted by 1207 bps.
- PBT margin is 23.3%.
- Expense growth of 7.4% remained below revenue growth of 12.1%.
- Operating profit of ₹447 Cr is 48.0% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 60/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 2,943 | 3,850 | 3,601 | 2,929 | 2,626 | 3,174 | 3,144 | 2,757 | 2,357 | 3,104 |
| Expenses | Stable | 2,496 | 3,308 | 2,714 | 2,235 | 2,324 | 3,055 | 2,327 | 2,246 | 1,715 | 2,580 |
| Operating Profit | Volatile | 447 | 543 | 887 | 695 | 302 | 119 | 817 | 511 | 642 | 524 |
| Operating Margin | Volatile | 15.2% | 14.1% | 24.6% | 23.7% | 11.5% | 3.8% | 26.0% | 18.5% | 27.3% | 16.9% |
| Other Income | Stable | 313 | 283 | 262 | 271 | 324 | 287 | 291 | 258 | 271 | 349 |
| Interest | Accelerating | 44 | 10 | 6 | 8 | 35 | 8 | 5 | 5 | 1 | 1 |
| Depreciation | Improving | 29 | 23 | 23 | 24 | 23 | 29 | 40 | 23 | 23 | 23 |
| Profit Before Tax | Improving | 686 | 793 | 1,120 | 934 | 567 | 370 | 1,063 | 740 | 889 | 849 |
| Tax | Volatile | 174 | 161 | 283 | 224 | 148 | 79 | 294 | 188 | 223 | 222 |
| Net Profit | Improving | 549 | 679 | 880 | 749 | 452 | 325 | 807 | 585 | 696 | 663 |
| Net Margin | Improving | 18.7% | 17.6% | 24.4% | 25.6% | 17.2% | 10.3% | 25.7% | 21.2% | 29.5% | 21.4% |
Key Takeaways
- Revenue grew significantly to ₹3,850 Cr in Q4 FY26, marking a 21.3% increase compared to the same quarter last year.
- Net profit saw a robust year-on-year jump of over 100%, rising from ₹325 Cr to ₹674 Cr.
- Operating margins show extreme volatility, falling to 14% from 25% in the previous quarter (Dec 2025), but remain much higher than the Q4 FY25 baseline of 4%.
- Other income remains a major profit driver, contributing ₹283 Cr in the latest quarter via interest on customer advances.
- The balance sheet remains strong with massive reserves of ₹9,553 Cr, though borrowings spiked to ₹447 Cr by year-end.
- Project-based accounting continues to cause lumpy quarterly performance in sales and profitability.
Management Guidance
Management remains focused on the 'Atmanirbhar Bharat' initiative, positioning the company as the lead integrator for next-generation stealth frigates and conventional submarines.
Sentiment Shift
Stable
While quarterly margins softened sequentially, the business maintains strong year-on-year growth and a dominant market position in Indian naval defense.
Outlook
The outlook remains strong due to 'Navratna' status providing greater autonomy and a massive order book visibility from the Indian Navy. Operating leverage is expected to continue despite cyclical milestone-based revenue recognition.
From the Annual Report (Key Quotes)
“MDL... dominates the niche market of destroyers and conventional submarines for the Indian Navy.”
“High entry barriers due to specialized infrastructure and strategic importance to national security.”
“The trajectory is characterized by significant momentum since FY22.”
Official Quarterly Documents
This summary is AI-generated from Mazagon Dock Shipbuilders Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.