Mazagon Dock Q2 results preview: Order book, execution in focus; dividend on cards
Shares of Mazagon Dock Shipbuilders shall remain in focus on Monday as the company is set to announce its results for the quarter and half year ended on September 30, 2025 later today.
- Oct 27, 2025,
- Updated Oct 27, 2025 9:56 AM IST
Shares of Mazagon Dock Shipbuilders shall remain in focus on Monday as the company is set to announce its results for the quarter and half year ended on September 30, 2025 later today, that is on October 27. The company board will also consider and announce an interim dividend for FY26.
"A meeting of the board of directors of Mazagon Dock Shipbuilders is scheduled to be held on Monday, 27 October 2025, inter alia to consider and approve the unaudited financial results (standalone & consolidated) for the quarter and half year ended on September 30, 2025," it said the exchange filing. It will also consider declaration of 1st interim dividend for the year 2025-26," it added.
Analysts tracking the stock are expecting steady revenue growth led by execution recovery on both year-on-year (YoY) and quarter-on-quarter (QoQ) basis. Bottom-line growth is expected due to operational leverage, while the margins may remain mostly flat sequentially. The rise in the order book for long-term visibility shall be keenly watched by the traders.
Antique Stock Broking is expecting Mazagon Dock to report sales at Rs 2,835.1 crore, up 3 per cent YoY and 8 eer cent QoQ. Ebitda is seen at Rs 502.2 crore, up 67 per cent QoQ but flat on a yearly basis. Net profit may come in at Rs 575.8 crore, up flat on a YoY comparison but up 37 per cent QoQ. It has a 'buy' rating on Mazagon Dock with a target price of Rs 3,856, apiece.
"Our defence universe's operating margin is expected to decline by 160 bps for the quarter, mainly impacted by softer quarterly margins. Mazagon Docks had reported softer EBITDA margin in 4QFY25 and 1QFY26, mainly due to outsized provisions, we expect these provisions to taper down from 2QFY26 onwards," added Antique, keeping Mazagon among its top defence picks.
Shares of Mazagon Dock Shipbuilders remained range-bound on Monday, remaining in the range of Rs 2,800-2,820. The total market capitalization of the company stood close to Rs 1.12 lakh crore. However, the stock has corrected nearly 26 per cent from its 52-week high at Rs 3,778, hit in May 2025.
Nirmal Bang Institutional Equities expects Mazagon Dock to deliver robust growth with CAGR of 20 per cent in revenue, 21 per cent in EBITDA, and 17 per cent in PAT over FY25-FY27E. Mazagon is confident about securing the P75 additional submarine and P75I submarine contracts in FY26, which is expected to expand its order book from Rs 32,000 crore to over Rs 1.25 lakh crore, it said.
The brokerage firm is expecting Mazagon Dock to clock a revenue of Rs 3,087.6 crore, up 12 per cent and 17.6 per cent QoQ. Ebitda is seen at Rs 602.8 crore, up 18.1 per cent YoY and 99.8 per cent QoQ, with Ebitda margins coming in at 18.5 per cent. Net profit is seen at Rs 676.7 crore, up 15.7 per cent YoY and 49.7 per cent QoQ.
"The leverage from these large-scale contracts, combined with operational efficiencies from initiatives like Shipyard 4.0 and its digital transformation roadmap, should enhance margins and overall profitability. The current valuation implies a target price of Rs 3,540. We maintain our BUY rating on the stock," Nirmal Bang added.
Shares of Mazagon Dock Shipbuilders shall remain in focus on Monday as the company is set to announce its results for the quarter and half year ended on September 30, 2025 later today, that is on October 27. The company board will also consider and announce an interim dividend for FY26.
"A meeting of the board of directors of Mazagon Dock Shipbuilders is scheduled to be held on Monday, 27 October 2025, inter alia to consider and approve the unaudited financial results (standalone & consolidated) for the quarter and half year ended on September 30, 2025," it said the exchange filing. It will also consider declaration of 1st interim dividend for the year 2025-26," it added.
Analysts tracking the stock are expecting steady revenue growth led by execution recovery on both year-on-year (YoY) and quarter-on-quarter (QoQ) basis. Bottom-line growth is expected due to operational leverage, while the margins may remain mostly flat sequentially. The rise in the order book for long-term visibility shall be keenly watched by the traders.
Antique Stock Broking is expecting Mazagon Dock to report sales at Rs 2,835.1 crore, up 3 per cent YoY and 8 eer cent QoQ. Ebitda is seen at Rs 502.2 crore, up 67 per cent QoQ but flat on a yearly basis. Net profit may come in at Rs 575.8 crore, up flat on a YoY comparison but up 37 per cent QoQ. It has a 'buy' rating on Mazagon Dock with a target price of Rs 3,856, apiece.
"Our defence universe's operating margin is expected to decline by 160 bps for the quarter, mainly impacted by softer quarterly margins. Mazagon Docks had reported softer EBITDA margin in 4QFY25 and 1QFY26, mainly due to outsized provisions, we expect these provisions to taper down from 2QFY26 onwards," added Antique, keeping Mazagon among its top defence picks.
Shares of Mazagon Dock Shipbuilders remained range-bound on Monday, remaining in the range of Rs 2,800-2,820. The total market capitalization of the company stood close to Rs 1.12 lakh crore. However, the stock has corrected nearly 26 per cent from its 52-week high at Rs 3,778, hit in May 2025.
Nirmal Bang Institutional Equities expects Mazagon Dock to deliver robust growth with CAGR of 20 per cent in revenue, 21 per cent in EBITDA, and 17 per cent in PAT over FY25-FY27E. Mazagon is confident about securing the P75 additional submarine and P75I submarine contracts in FY26, which is expected to expand its order book from Rs 32,000 crore to over Rs 1.25 lakh crore, it said.
The brokerage firm is expecting Mazagon Dock to clock a revenue of Rs 3,087.6 crore, up 12 per cent and 17.6 per cent QoQ. Ebitda is seen at Rs 602.8 crore, up 18.1 per cent YoY and 99.8 per cent QoQ, with Ebitda margins coming in at 18.5 per cent. Net profit is seen at Rs 676.7 crore, up 15.7 per cent YoY and 49.7 per cent QoQ.
"The leverage from these large-scale contracts, combined with operational efficiencies from initiatives like Shipyard 4.0 and its digital transformation roadmap, should enhance margins and overall profitability. The current valuation implies a target price of Rs 3,540. We maintain our BUY rating on the stock," Nirmal Bang added.