MAZDOCK · Capital Goods
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹2,929 cr for July to September 2025, +6.2% on the year and +11.5% on the quarter. Over the last four quarters revenue comes to ₹11,873 cr, +12.2% on the four before.
Operating profit (EBITDA) was ₹695 cr, a margin of 23.7%, +519 bps on the year and +1,223 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.7% to 27.2%, averaging 18.8%. Operating costs grew −0.5% against revenue growth of +6.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹749 cr, +28.0% on the year and +65.7% on the quarter, with earnings per share of ₹18.58. Profit before other income, one-offs and tax grew faster, at +37.6%; other income, one-offs or tax held the headline back. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹2,333 cr, −9.3% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹57.86 over the last four quarters, the stock at ₹2,092.00 trades at 36.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,362 cr | ₹3,104 cr | ₹2,357 cr | ₹2,757 cr | ₹3,144 cr | ₹3,174 cr | ₹2,626 cr | ₹2,929 cr | ₹3,601 cr | ₹3,850 cr | ₹2,943 cr | ₹2,446 cr |
| YoY | — | — | +8% | +51% | +33% | +2% | +11% | +6% | +15% | +21% | +12% | −16% |
| EBITDA margin | 22.8% | 16.9% | 27.2% | 18.5% | 26.0% | 3.7% | 11.5% | 23.7% | 24.6% | 14.1% | 15.2% | 8.1% |
| Other income, % of PBT | 34% | 41% | 30% | 35% | 27% | 78% | 57% | 29% | 23% | 36% | 43% | 63% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 25% | 25% | 28% | 21% | 26% | 24% | 25% | 20% | 25% | 25% |
| Net profit | ₹627 cr | ₹663 cr | ₹696 cr | ₹585 cr | ₹807 cr | ₹325 cr | ₹452 cr | ₹749 cr | ₹880 cr | ₹674 cr | ₹550 cr | ₹346 cr |
| YoY | — | — | +122% | +76% | +29% | −51% | −35% | +28% | +9% | +107% | +22% | −54% |
| Core profit YoY | — | — | +312% | +209% | +49% | −83% | −61% | +38% | +11% | +514% | +62% | −78% |
| EPS | ₹15.54 | ₹16.43 | ₹17.26 | ₹14.50 | ₹20.01 | ₹8.06 | ₹11.21 | ₹18.58 | ₹21.81 | ₹16.84 | ₹13.62 | ₹8.53 |
| Flags | 1 | 1 | ✓ | ✓ | ✓ | 2 | 2 | ✓ | 1 | 1 | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹2,929 cr (+6.2% on the year) and net profit of ₹749 cr (+28.0% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +37.6% on the year, against +28.0% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.