Mazagon Dock Q4 FY26 profit jumps; FY26 revenue up 14%

Key takeaways from the March 2026 quarter

Mazagon Dock Shipbuilders reported a strong set of numbers for the quarter ended March 2026 (Q4 FY26), with multiple disclosures highlighting growth across profit and revenue. On a standalone basis, the company said net profit rose 39.39% year-on-year to ₹460 crore, compared with ₹330 crore in the same quarter last year. Standalone revenue was reported at ₹3,680 crore, up 16.09% from ₹3,170 crore in Q4 FY25. Separately, consolidated results for the March 2026 quarter showed an even sharper year-on-year jump in profit, supported by higher net sales and EBITDA. The board also recommended a final dividend of ₹4.62 per share for the year ended March 2026.

Standalone Q4: profit up 39%, revenue up 16%

The standalone performance for Q4 FY26 was marked by a faster rise in profit than revenue. Net profit increased to ₹460 crore, compared with ₹330 crore in the corresponding quarter of the previous year. Revenue grew to ₹3,680 crore versus ₹3,170 crore a year ago, reflecting 16.09% year-on-year growth. The reported mix suggests that project execution and delivery schedules supported the quarter’s revenue, while profitability improved at a higher rate. The standalone numbers were presented as a year-on-year comparison for the March quarter.

Consolidated Q4: net sales ₹3,850.39 crore, profit ₹679.18 crore

On a consolidated basis, reported net sales or income from operations for March 2026 stood at ₹3,850.39 crore, up 21.29% from ₹3,174.41 crore in March 2025. Consolidated net profit for the quarter was reported at ₹679.18 crore, up 108.79% from ₹325.29 crore in March 2025. EBITDA for the quarter was ₹826.27 crore, up 106.82% from ₹399.52 crore in the year-ago period. EPS for March 2026 was ₹16.84 versus ₹8.06 in March 2025.

Profit and revenue bridge: what the quarter-to-quarter comparison shows

The reported consolidated data indicates that the pace of profit growth exceeded the pace of revenue growth in Q4 FY26. While net sales rose by about one-fifth year-on-year, net profit more than doubled over the same period. Profit before tax (PBT) for the March 2026 quarter was reported at ₹793.38 crore versus ₹369.81 crore in March 2025. The results table also listed an operating profit margin (OPM) of 14.10% for the March 2026 quarter and 3.76% for the March 2025 quarter.

FY26 performance: consolidated revenue up 13.77%

For the full year FY26, consolidated revenue from operations was reported at ₹13,006.31 crore, up 13.77% from ₹11,431.88 crore in FY25. Annual profit was reported at ₹2,578.36 crore compared with ₹2,413.51 crore in the previous year, a 6.83% increase. Another FY26 figure cited in the results coverage was net profit of ₹2,583.38 crore versus ₹2,413.51 crore in FY25, with the accompanying summary also describing full-year net profit growth of about 7%. The full-year results therefore pointed to steady growth, with revenue rising at a faster rate than profit.

Total income and EPS disclosed for FY26

Beyond revenue from operations, consolidated total income for FY26 was reported at ₹14,145.71 crore compared with ₹12,543.45 crore in FY25. For the March 2026 quarter, consolidated total income was reported at ₹4,133.77 crore, up 19.43% year-on-year. FY26 EPS was reported at ₹64.04 versus ₹59.83 in FY25, based on the disclosed annual EPS figures.

Dividend: final dividend recommended at ₹4.62 per share

Alongside the results, the company’s board recommended a final dividend of ₹4.62 per share for the financial year ended March 2026. The announcement came with the FY26 results, providing an additional data point for shareholders tracking capital return decisions. No other dividend details were provided in the supplied material.

Stock reference point mentioned in the results note

The disclosure also included a reference market price for the company’s shares. Mazagon Dock Shipbuilders shares were reported to have closed at ₹2,733.20 on April 29, 2026 on the NSE, as stated in the results note accompanying the consolidated quarterly numbers.

Summary table: reported standalone vs consolidated highlights

Why the numbers matter for defence shipbuilding watchers

The March 2026 quarter shows a clear improvement in consolidated profitability, with reported net profit rising at a much faster rate than sales. The full-year FY26 picture is steadier: revenue growth remained in double digits, while profit growth was in mid-single digits based on the disclosed annual profit comparisons. For investors tracking execution intensity in shipbuilding and submarine-related programmes, the contrast between the March-quarter surge and the more moderate annual profit growth is a key reported takeaway.

What to watch next

Mazagon Dock has reported its financial results for the quarter and year ended March 31, 2026, and recommended a final dividend of ₹4.62 per share. Investors will typically track the timeline for dividend-related approvals and payments, alongside subsequent quarterly updates for confirmation of revenue conversion and profitability trends signalled by the March 2026 quarter.