India’s shipbuilding sector is undergoing rapid transformation, with its industry value surging from $90 million in 2022 to $1.12 billion in 2024 and projected to reach $8 billion by 2033. Backed by a ₹2 trillion investment and 150 projects targeted for completion by September 2025, India aims to rank among the world’s top five shipbuilding nations by 2047.
With a market capitalization of Rs 1.37 lakh crore, the shares of Mazagon Dock Shipbuilders Ltd closed at Rs 3,404 per share, decreased around 0.74 percent as compared to the previous closing price of Rs 3,429.55 apiece.
Mazagon Dock Shipbuilders’ management anticipates strong growth in defence and commercial shipbuilding due to current geopolitical conditions. It expects the order book to exceed Rs 1.25 lakh crore in FY26, contingent on securing two major submarine orders, P75 and P75I. The P75 order, worth Rs 30,000–Rs 40,000 crore, is likely to be signed next month.
Moreover, the company projects revenue growth of 8 percent to 10 percent for the financial year 2026. Additionally, it expects Profit Before Tax (PBT) margins to remain steady at around 15 percent during the year, reflecting stable profitability alongside anticipated top-line expansion in the upcoming fiscal period.
Looking forward to the company’s financial performance, revenue increased by 2 percent from Rs 3,104 crore in Q4FY24 to Rs 3,174 crore in Q4FY25. Further, during the same time frame, net profit decreased by 51 percent from Rs 663 crore to Rs 325 crore.
As of March 31, 2025, the company’s total order book stands at Rs 32,260 crore. Major contracts include P17A Frigates, P75 Submarines, and ONGC projects. Most orders are from the Ministry of Defence, with significant pending deliveries in vessels like ICGS and Multipurpose Hybrid Powered Ships.
Written by Abhishek Singh
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