Mazagon Dock Q4 Results: Profit Plunges 51% As Higher Expenses Bite, Margin Takes Sharp Hit

Mazagon Dock Shipbuilders Ltd.'s net profit declined 51% in the fourth quarter of financial year 2025.

The public sector company posted a consolidated bottom line of Rs 325.3 crore in the quarter ended March 31, as compared to Rs 663 crore in the same period last year, according to an exchange filing on Thursday.

Revenue came in at Rs 3,174.4 crore, marking a 2.3% growth for the quarter under review as against Rs 3,103.6 crore in the year-ago period.

Operational profitability took a hit due to increase in subcontract cost from Rs 63.5 crore to Rs 589 crore. Margins contracted sharply.

Other income declined to Rs 309 crore from Rs 348 crore last year. Other project related expenses increased four times.

Mazagon Dock Shipbuilders Q4 Results (Consolidated, YoY)

• Revenue up 2.3% to Rs 3,174.4 crore versus Rs 3,103.6 crore.

• Ebitda down 83% to Rs 90 crore versus Rs 524 crore.

• Margin at 2.8% versus 16.9%.

• Net Profit down 51% to Rs 325 crore versus Rs 663 crore.

For the whole year, profit jumed 26% to Rs 2,277 crore versus Rs 1,809 crore in FY24.

The company's board has recommended a final dividend of Rs 2.71 per equity share for the financial year 2024-25.

Shares of Mazagon Dock Shipbuilders closed 2.98% higher at Rs 3,773 apiece on the NSE, compared to a 0.33% advance in the benchmark Nifty 50. The stock has risen by 122.36% in the last 12 months and 68.6% in the year-to-date basis.

Four out of six analysts tracking the company, maintain a 'buy' rating on the stock, one recommends a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 32.1%.