Mazagon Dock vs Garden Reach Shipbuilders: Know which defence stock dominated in Q4 results

Major shipbuilding companies Mazagon Dock Shipbuilders and Garden Reach Shipbuilders (GRSE) have come out with their March quarter earnings. Both defence stocks have witnessed strong investor traction in the last few weeks as Mazagon Dock Shipbuilders shares rose 32.3% in April 2026, recovering from the stock decline witnessed in February and March 2026. Meanwhile, Garden Reach Shipbuilders shares surged over 48% in April.

Strong stock performance was due to value buying in these stocks after a significant decline in the last few months because of the broader market sell-off after the US-Iran war. Robust March quarter earnings announced in the last week of April also triggered a positive move in these stocks.

Key takeaways from March quarter earnings

• Both companies reported strong quarterly earnings led by better defence order execution during the quarter.
• GRSE outperformed in revenue growth, while Mazagon Dock led in absolute profitability (₹674 crore)
• Mazagon Dock Shipbuilders Q4 net profit doubled to ₹674 crore compared to ₹325 crore profit in the year-ago period, led by higher execution across shipbuilding and submarine programmes.
• Garden Reach Shipbuilders reported double-digit growth of 24.1% YoY in net profit as the company continued to deliver defence warships. In FY26, the company delivered 08 warships, which means a ship every one & a half months.
• Mazagon Dock and Garden Reach Shipbuilders are key defence stocks that benefit from ongoing defence modernisation efforts and an expected growth in their order pipeline in the coming years.
• Both companies have robust pending orderbook which ensure multi-year revenue visibility.

FY26 full year comparison