Mazagon Dock Shipbuilders Limited (MDL) is a leading shipbuilding company in India. Founded in 1934, the company is headquartered in Mumbai. It has around 47% stake in Goa Shipyard Limited, situated on the West Coast of India. It operates under the administrative jurisdiction of the Ministry of Defence, Government of India.
The company was a small dry dock and its first shipyards were made in 1774. Over the years, Mazagon Dock has successfully built hundreds of vessels including warships, submarines, cargo/passenger ships and offshore platforms, solidifying its position in the maritime industry.
The market capitalisation of Mazagon Dock Shipbuilders Limited is ₹46,284 crore as of January 11, 2024. Mazagon Dock share price has gained 926.46% in the last three years.
Business operations
Mazagon Dock specialises in the defence sector and has produced a total of 801 vessels. The portfolio includes 27 warships, from advanced destroyers to missile boats and 7 submarines. In addition to its defence-oriented projects, Mazagon Dock has also delivered a diverse range of vessels such as cargo and passenger ships, supply vessels, water tankers, tugs, dredgers and fishing trawlers for clients both in India and internationally.
The company has an infrastructure capable of concurrently handling the construction of 11 submarines and 10 warships in one year. Its headquarters in Mumbai is strategically located and caters to the Western Naval Command of the Indian Navy. As it is positioned along the west coast of India with easy sea route access, Mazagon Dock has seamless connectivity to Europe, West Asia and the Pacific Rim. This strategic location facilitates efficient coordination and operations, as both the Indian Navy, the Indian Coast Guard and the company's vendors are located in and around Mumbai.
All of Mazagon Dock’s operations are done at a single location in Mumbai. The North Yard, South Yard, Nhava Yard and Anik Yard are shipbuilding yards, while the East Yard serves as a submarine construction yard. The Alcock Yard is situated above the North Yard of Mazagon. The construction and accommodation of ships and submarines take place on the land adjacent to the South Yard.
In FY23, the company signed a contract valued at ₹2,724.63 crore with the Indian Navy for the Medium Refit cum Life Certification (MRLC) of the second Shishumar class submarine, INS Shankush.
Mazagon Dock is looking for diversification to expand its footprint in underwater equipment and platforms. It entered a new market segment by venturing into the manufacturing of cargo containers. The company secured orders for 2,500 containers from Container Corporation of India Limited in 2023.
Mazagon Dock Financial Highlights
- Revenue: Mazagon Dock reported revenue of ₹14,145.71 crore in FY26 vs ₹12,543.45 crore in FY25. It showed an increase of 12.77% on a yearly basis.
- Operating Profit: Mazagon Dock reported an operating profit of ₹3,236.79 crore in FY26 vs ₹3,061.66 crore in FY25. It showed an increase of 5.72% on a year-on-year basis.
- Net Profit: Mazagon Dock reported a net profit of ₹2,421.88 crore in FY26 vs ₹2,277.34 crore in FY25. It showed an increase of 6.35% on a yearly basis.
Mazagon Dock Quarterly Result Highlights
- Mazagon Dock reported revenue of ₹4,133.77 crore in Mar 2026, compared with ₹3,862.90 crore in Dec 2025, representing an increase of 7.01% on a quarter-on-quarter (QoQ) basis.
- Mazagon Dock reported an operating profit of ₹793.38 crore in Mar 2026, compared with ₹1,119.63 crore in Dec 2025, representing a decrease of 29.14% on a quarter-on-quarter (QoQ) basis.
- Mazagon Dock reported a profit of ₹632.81 crore in Mar 2026, compared with ₹837.13 crore in Dec 2025, reflecting a decrease of 24.41% on a QoQ basis.
- The earnings per share (EPS) of Mazagon Dock stood at ₹59.83 during Mar 2026.
