Mazagon Dock Shipbuilders share price gained over 2% on Tuesday after the PSU reported its Q2 results. The defence stock gained as much as 2.58% to ₹2,882.85 apiece on the BSE.
The state-run Mazagon Dock Shipbuilders reported a consolidated net profit of ₹749.48 crore in the second quarter of FY26, registering a growth of 28.1% from ₹585.08 crore in the corresponding quarter of previous fiscal year.
The company’s revenue from operations in Q2FY26 grew 6.3% to ₹2,929.24 crore from ₹2,756.83 crore, year-on-year (YoY). Total order book of the defence PSU as on 30 September 2025 was at ₹27,415 crore.
At the operational level, EBITDA increased 36.1% to ₹695 crore from ₹510.2 crore, while EBITDA margin improved to 23.7% from 18.5%, YoY.
According to Krishna Doshi, Defence Analyst, Ashika Institutional Equity Research, Mazagon Dock Shipbuilders delivered steady topline growth with elevated margins as anticipated due to reversal in the provisions that significantly affected the margins for the company in Q4FY25 and Q1FY26.
“Mazagon Dock Shipbuilders currently has an orderbook of ₹274 billion as against ₹399 billion in the same period last year. However, the company’s orderbook can go to as high as ₹870 billion in the coming year owing to high value orders of follow on Scorpene Submarines and P75i submarines. Overall, the outlook on the company remains positive owing to a large TAM for all the shipbuilding companies in the next few years,” said Doshi.
The analyst has a positive outlook on Mazagon Dock shares.
Mazagon Dock Shipbuilders Dividend
The board of directors of Mazagon Dock Shipbuilders also declared the first interim dividend of ₹6 pre share for FY26. The company has fixed Tuesday, 4 November 2025, as Record Date for the dividend.
Moreover, Mazagon Dock dividend payment shall be completed on or before 26 November 2025, the company said.
Technical Outlook
Mazagon Dock share price has been consolidating within a narrow range since last one month and hence the short term trend is sideways, according to Ruchit Jain, Vice President, Equity Technical Research, Wealth Management, Motilal Oswal Financial Services Ltd.
“However, the entire consolidation is above its 200 DEMA which is placed around ₹2,730 and is seen as important support. A move above ₹2,930 with good volumes is required for a resumption of the positive trend,” said Jain.
Mazagon Dock Share Price Performance
Mazagon Dock Shipbuilders share price has remained flat in the past six months. However, the PSU defence stock has rallied 25% on a year-to-date (YTD) basis, and has gained 40% in one year. Mazagon Dock shares have delivered multibagger returns 175% in two years and more than 3,250% in the past five years.
At 11:10 AM, Mazagon Dock share price was trading 0.18% lower at ₹2,805.05 apiece on the BSE.
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