MAZDOCK · Capital Goods
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹2,446 cr for July to September 2026, −16.5% on the year and −16.9% on the quarter. That is slower than this quarter has grown in recent years (+28.5% on average). Over the last four quarters revenue comes to ₹12,840 cr, +8.1% on the four before.
Operating profit (EBITDA) was ₹199 cr, a margin of 8.1%, −1,559 bps on the year and −705 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.7% to 26.0%, averaging 15.9%. Operating costs grew +0.6%, faster than revenue at −16.5%, so operating profit grew less than sales.
Net profit was ₹346 cr, −53.8% on the year and −37.1% on the quarter, with earnings per share of ₹8.53. Profit before other income, one-offs and tax fell 77.7%, so 24 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹2,450 cr, +5.0% on the four before.
Of the 10 companies in Capital goods and EPC that have reported Q2 FY27 so far, Mazagoan Dock Shipbuilders Ltd. ranks 10th on revenue growth; the sector median is +23.7%. Its margin moved −1,559 bps on the year against a sector median of +6 bps.
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 ₹60.80 over the last four quarters, the stock at ₹2,092.00 trades at 34.4 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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 63% of profit before tax, against 29% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 8.1%, −1,559 bps on the year (−705 bps on the quarter).
Source: Quarterly statements
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. 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 ₹2,446 cr (−16.5% on the year) and net profit of ₹346 cr (−53.8% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −77.7% on the year, against −53.8% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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