MAZDOCK · Capital Goods
Mazagoan Dock Shipbuilders Ltd. reported revenue of ₹3,601 cr for October to December 2025, +14.5% on the year and +22.9% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹12,330 cr, +8.5% on the four before.
Operating profit (EBITDA) was ₹887 cr, a margin of 24.6%, −135 bps on the year and +90 bps on the quarter. Over the last 8 quarters the margin has ranged from 3.7% to 27.2%, averaging 19.0%. Operating costs grew +16.6%, faster than revenue at +14.5%, so operating profit grew less than sales.
Net profit was ₹880 cr, +9.0% on the year and +17.5% on the quarter, with earnings per share of ₹21.81. Profit before other income, one-offs and tax grew 11.1%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹2,406 cr, −12.5% 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 ₹59.66 over the last four quarters, the stock at ₹2,092.00 trades at 35.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Depreciation fell while the business grew. Were asset lives changed?
Depreciation ₹23.0 cr, −42.5% on the year.
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, 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.
| 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 ₹3,601 cr (+14.5% on the year) and net profit of ₹880 cr (+9.0% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +11.1% on the year, against +9.0% for reported profit.
1 check raised a question: Depreciation fell while the business grew. Were asset lives changed?
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