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Mazagon Dock Share Price: Shares of Navratna Defence PSU, Mazagon Dock Shipbuilders Limited (MDL), surged 2.5 per cent in early trade on Tuesday, October 28, hitting a day’s high of Rs 2,882.85 on the BSE after the company reported a solid set of earnings for the September 2025 quarter (Q2FY26).

The defence shipbuilder posted a 28 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) to Rs 749 crore, compared to Rs 585 crore in the same quarter last year.

Revenue from operations grew 6 per cent YoY to Rs 2,929 crore from Rs 2,757 crore in Q2FY25. Sequentially, the company saw an 11.5 per cent jump in revenue from Rs 2,626 crore reported in the previous quarter (Q1FY26).

As of September 30, 2025, MDL maintained a robust order book of Rs 27,415 crore, showcasing its strong project pipeline.

The key ongoing projects include P15B Destroyers worth Rs 28,734 crore, P17A Stealth Frigates valued at Rs 27,251 crore (with two ships pending delivery), and 21 Indian Coast Guard Ships (ICGS) worth Rs 2,849 crore.

The company is also working on six Multipurpose Hybrid Powered Vessels (MPV) for Rs 715 crore.

In its Submarine and Heavy Engineering division, MDL’s major contracts include six P75 Kalvari Submarines worth Rs 29,505 crore, a Medium Refit and Life Certification (MRLC) project valued at Rs 2,408 crore, and ONGC offshore projects totalling Rs 6,524 crore.

Additionally, it has an AIP (Air Independent Propulsion) project worth Rs 1,758 crore, further strengthening its defence manufacturing capabilities.

Alongside the results, MDL announced an interim dividend of Rs 6 per equity share of face value Rs 5 each, translating to a 120 per cent payout for FY2025–26. Eligible shareholders will receive the dividend by November 26, 2025.

The company’s performance comes amid a strong push in India’s defence sector, driven by initiatives like five positive indigenisation lists, defence corridors, 74 per cent automatic FDI approval, and a 75 per cent reservation for domestic procurement.

The government’s target of achieving Rs 3 lakh crore in domestic defence production by FY2030 continues to boost confidence in companies like MDL.

Meanwhile, the BSE 200 index, where MDL is a constituent, has a 52-week high of 3,778.00 and a low of 1,917.95, with a total market cap of Rs 1.13 lakh crore.

Over the past five years, it has delivered a strong return of 3,253.26 per cent, while the three-year and two-year returns stand at 775.66 per cent and 172.98 per cent, respectively. On a one-year basis, the index gained 39.81 per cent.

However, short-term trends have been slightly negative, with a 0.64 per cent rise over the last six months but declines of 0.86 per cent in the past month and 1.05 per cent in the last week.

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

He has previously worked wi