Mazagon Dock Shipbuilders Ltd (MAZDOCK) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 23, 2026 6 min read

Mazagon Dock Shipbuilders is a Government of India defence shipyard that builds warships, submarines and commercial vessels for the Indian Navy, Coast Guard and other clients. This quarter's print will speak to a shrinking order book — down to Rs. 18,218 Cr at June 30, 2026 — and whether flagship refills like the P75I submarine contract and the P17B frigate programme move from RFP stage to signature.

Quick Details

Results date	October 27, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 2,942.70 Cr (consolidated, +12.08% YoY)
Previous quarter PAT	Rs. 550.46 Cr (consolidated, +21.74% YoY)
Previous quarter EBITDA margin	26%
Market cap	Rs. 77,541.74 Cr
CMP	Rs. 1,922.3

Mazagon Dock Shipbuilders Ltd Q2 Results Date and Time

The board will meet on October 27, 2026 to approve unaudited standalone & consolidated results for the quarter/half-year ended September 30, 2026 and consider an interim dividend for FY 2026-27. The trading window for designated persons is closed till October 29, 2026 under SEBI insider trading regulations.

What to expect from Mazagon Dock Shipbuilders Ltd's Q2 FY27 results

The big question for this quarter is whether the order book, which has contracted four quarters in a row from Rs. 27,415 Cr (Sep 30, 2025) to Rs. 18,218 Cr (Jun 30, 2026), finally gets a refill, with the Rs. 80,000+ crore P75I submarine deal with Germany's TKMS described as 'in final stages' by the Defence Secretary on Oct 5, 2026 and the P17B RFP for seven stealth frigates (~Rs. 70,000 crore) issued on Sep 16, 2026. On margins, Q1 FY27 EBITDA margin came in at 15.18% (+369 bps YoY), in line with management's 'around 15% plus' framework, but sub-contract costs nearly doubled YoY (+90.79% to Rs. 369.44 Cr) and the mix is shifting toward lower-margin Coast Guard, MPV and offshore work in the interim. Colombo Dockyard, consolidated as a subsidiary from Q1 FY27, added Rs. 171.71 Cr of revenue in its first full consolidated quarter, though its H1 shipbuilding segment stayed loss-making at gross level (about Rs. -83.8 Cr) against group H1 revenue of about Rs. 1,332.9 Cr. Management has guided ~5% FY27 revenue growth and reiterated the Colombo ramp to Rs. 1,500 Cr 'within the next year', while the >Rs. 1 lakh crore FY27 order-book projection remains behind plan on retrieved evidence. The upcoming call is likely to cover the September 30, 2026 order book print, the margin bridge, Colombo's ramp and first quantification of the reported Rs. 15,000 crore Andhra greenfield yard investment.

Key Things To Watch

Order book trajectory vs the >Rs. 1 lakh crore FY27 projection: The balance order book has fallen for four straight quarters.

Balance order book Rs. 18,218 Cr at Jun 30, 2026 (cumulative -33.54% since Sep 30, 2025) vs management's projection of exceeding Rs. 1 lakh crore by FY27 — track reiteration or revision of the target
P75I: the Rs. 80,000+ crore six-submarine deal with TKMS was 'in final stages' per the Defence Secretary (Oct 5, 2026) and 'expected in the current fiscal' as of Sep 18, 2026 — check whether it appears as a signed contract line
P17B: Navy RFP for seven stealth frigates (~Rs. 70,000 crore) issued to Category A shipyards including MDL on Sep 16, 2026 — an RFP, not an award

P75/P75I contract status and revenue timing

P75 additional (3 Scorpene) signing was guided 'in the coming months' (Oct 2025) and P75I 'before the financial year ending' — completion not confirmed in retrieved sources; ask for current sanction/contract status
P75I revenue expected approximately 6 months after contract signing, following a one-year preparatory period
On the rumored conversion of three P75 submarines into nine P75I, management stated: 'We have not received any communication from MoD or the Navy, so we would not like to speculate on that'

Margin trajectory vs 'around 15% plus'

Q1 FY27 EBITDA margin was 15.18% (+369 bps YoY), meeting management's ~15% guidance; watch the bridge as mix shifts toward lower-margin Coast Guard/MPV/offshore work
Sub-contract costs nearly doubled YoY (+90.79% to Rs. 369.44 Cr in Q1) — a turnkey/mix shift signal
The definition of the 'around 15% plus' metric (EBITDA vs operating, other-income treatment) was left unresolved in prior Q&A and may be re-raised

Colombo Dockyard ramp-up: First international acquisition, consolidated as a subsidiary from Q1 FY27.

H1 (six months ended Sep 30, 2026) group revenue about Rs. 1,332.9 Cr vs about Rs. 1,219.0 Cr a year earlier; Q1 contribution was Rs. 171.71 Cr revenue with Rs. 2.34 Cr net profit
Shipbuilding stayed loss-making at gross level (about Rs. -83.8 Cr in H1) while ship-repair delivered a gross result of about Rs. 328.4 Cr
Progress toward the guided ramp from ~Rs. 1,000 Cr to Rs. 1,500 Cr 'within the next year', including repair volumes from India and anticipated cable-laying vessel orders

Greenfield capex and interim dividend

Anchor Shipyard MoUs for Dighi (Maharashtra, Sep 16) and Dugarajapatnam (Andhra Pradesh, Sep 18), each at least 1.2 million GT annual capacity — no financial commitment disclosed; press reports (Sep 2026) indicate a Rs. 15,000 crore investment in the Andhra yard, so capex/timeline quantification is a follow-up item
Thoothukudi site dropped (Oct 2, 2026 clarification) as the JV selected another shipyard; MDL remains Anchor for Dighi and Dugarajapatnam
Board to consider an interim dividend for FY 2026-27 on Oct 27, following FY26 total dividend of Rs. 18.12/share (payout Rs. 730.93 Cr)

Frequently Asked Questions

Will Mazagon Dock's order book reach Rs. 1 lakh crore by FY27?

Management projected the order book would exceed Rs. 1 lakh crore by FY27, but it has contracted four quarters in a row to Rs. 18,218 Cr at Jun 30, 2026 — a cumulative decline of 33.54%. The P75I and P17B programmes remain the refill candidates still awaiting signature.

What is the status of the P75I submarine contract?

Management had guided signing 'before the financial year ending', and the Rs. 80,000+ crore deal with Germany's TKMS was described as 'in final stages' by the Defence Secretary on Oct 5, 2026. Signing was not confirmed in retrieved sources, and management declined to speculate on the rumored P75-to-P75I conversion, citing no communication from MoD or the Navy.

What margins does Mazagon Dock expect going forward?

Management anticipates 'around 15% plus margins' on average for an operationally efficient shipyard, with higher margins on its core frigate, destroyer and submarine expertise. It has also noted that margins depend on project completion, since margins are high at the end of a project when warranty liabilities are booked.

Is Mazagon Dock on track with its Colombo Dockyard revenue guidance?

Management has guided a ramp from about Rs. 1,000 Cr to Rs. 1,500 Cr 'within the next year'. Colombo Dockyard was consolidated as a subsidiary from Q1 FY27, contributing Rs. 171.71 Cr of revenue and Rs. 2.34 Cr of net profit in that quarter.

Is Mazagon Dock's revenue growing?

Q1 FY27 consolidated revenue rose 12.08% YoY to Rs. 2,942.70 Cr, helped by Colombo Dockyard's Rs. 171.71 Cr contribution in its first full consolidated quarter. Sequentially, revenue fell 23.57% QoQ from Rs. 3,850.39 Cr, reflecting the lumpy milestone-timing typical of shipbuilding.