Mazagon Dock Q4 FY26: Profit up 42%, Rs 4.62 dividend

What Mazagon Dock reported for the March quarter

Mazagon Dock Shipbuilders Ltd (MDL) reported its results for the quarter and year ended 31 March 2026, alongside an investor presentation. Media coverage highlighted a sharp year-on-year rise in quarterly profit, supported by higher execution in shipbuilding and submarine programmes. The company also moved to reward shareholders through a final dividend recommendation for FY26.

The developments matter for investors because MDL is closely tracked for delivery milestones in large naval platforms, and because dividend announcements can influence near-term trading sentiment. The earnings release also arrived at a time when the stock had been volatile over the past year, even as the company remained a key listed defence PSU.

Board meeting outcome and exchange filings

In its exchange communication, MDL said its Board of Directors met on 30 April 2026. The board approved the audited financial results, both standalone and consolidated, for the quarter and financial year ended 31 March 2026. In the same meeting, it recommended a final dividend for FY26.

Separately, MDL had earlier informed the exchanges that the board meeting on 30 April 2026 would consider and approve audited results and recommend a final dividend, if any, for FY 2025-26. The company also indicated that an earnings call with investors was expected, with details likely to be released.

Q4 FY26 financial performance: key numbers available

A media report (Economic Times) said MDL’s net profit rose nearly 42% year-on-year to Rs 464 crore in the March quarter, and that revenue from operations increased 16% year-on-year. The same report attributed the rise to increased execution in shipbuilding and submarine projects.

A separate quarterly financial snapshot provided in the shared data shows different quarterly profit and revenue figures for the March 2026 quarter. In that table, total revenue for the quarter was Rs 4,133.77 crore, operating profit was Rs 542.89 crore, and net profit was Rs 679.18 crore. The table also reported adjusted EPS of Rs 16.84 for the latest quarter.

Because multiple figures are present in the provided material, readers should rely on the company’s audited results and the exchange filings for the definitive consolidated and standalone numbers.

Quarter-on-quarter and year-on-year movement (from the provided table)

The quarterly snapshot shows revenue rising sequentially and year-on-year, while operating profit and net profit declined quarter-on-quarter from December 2025 levels. Year-on-year, the same table shows a sharp jump in operating profit and net profit, and a similar rise in adjusted EPS.

The December 2025 quarter, as mentioned in the provided material, saw consolidated net profit of Rs 880 crore and revenue of Rs 3,601 crore, with EBITDA of Rs 1,149 crore. The table’s December 2025 net profit figure is Rs 879.78 crore, broadly in line with that narrative.

Summary table: quarterly metrics cited in the provided data

Dividend: final dividend recommendation and earlier interim payouts

MDL’s board recommended a final dividend of Rs 4.62 per equity share of face value Rs 5 each for the financial year ended 31 March 2026. The company’s exchange disclosure notes that the final dividend is subject to shareholder approval.

The provided material also references interim dividends during FY26. It states that MDL declared a second interim dividend of Rs 7.50 per equity share (face value Rs 5 each, fully paid-up), and fixed 13 February 2026 as the record date. Another corporate action entry lists an interim dividend of Rs 6 per share in November 2025.

What analysts were expecting ahead of the results

Ahead of the Q4 announcement, Nirmal Bang Institutional Equities expected MDL to report revenue of Rs 3,237.9 crore, up 2% year-on-year but down 10.1% quarter-on-quarter for the March 2026 quarter. It estimated EBITDA at Rs 675.2 crore, up 650% year-on-year but down 23.9% quarter-on-quarter, with margins seen falling 370 bps sequentially to 20.9%. Net profit was pegged at Rs 758 crore, up 133% year-on-year but down 14% quarter-on-quarter.

ICICI Direct Research said revenue growth beyond FY27E was expected to surge again after the placement of large contracts such as three additional submarines and six next generation submarines, which it said were expected to be placed in the coming months. It also estimated revenue growth at a 12% CAGR over FY25-28E.

Stock move, key price levels, and trading data points cited

The stock rose nearly 5% to about Rs 2,810 on a Wednesday session mentioned in the provided text, with market capitalisation cited at about Rs 1.15 lakh crore in that context. Another price point in the material shows Rs 2,769.7 (up 3.22%) as of Apr 29, 2026.

The provided data also lists an all-time high of Rs 3,775 and an all-time low of Rs 82. Separately, it mentions a 52-week high of Rs 3,775 (May 29, 2025) and a 52-week low of Rs 2,057.40 (March 30, 2026). It also notes the stock was down 7.86% over the last one year in the cited period.

Valuation snapshot and profitability metrics in the provided material

One valuation snapshot in the provided text lists market capitalisation at Rs 1,10,252 crore, PE ratio at 46.50, PB ratio at 12.55, dividend yield at 0.49%, ROE at 28.68%, and ROCE at 34.51%. The same section lists book value per share at Rs 220.89 and face value at Rs 5.

Another trading-data block also lists 20-day average volume of 2,455,366 and 20-day average delivery percentage of 20.84, alongside a dividend yield value of 0.64 in that segment.

Corporate action timeline mentioned

Market impact: what the numbers and dividend change for investors

The combination of quarterly performance and dividend recommendation is important for MDL’s investor narrative because it links execution progress to shareholder returns. The March-quarter revenue figure of Rs 4,133.77 crore in the provided table, along with profit figures, indicates how delivery schedules and project billing can shift the quarterly mix.

The sequential dip in operating profit and net profit from December 2025 to March 2026 in the same table highlights the quarter-to-quarter variability that can occur in defence shipbuilding. At the same time, year-on-year growth rates in the table are strong, suggesting a materially different base versus the previous year’s March quarter.

Why the event matters: execution visibility and contract pipeline

MDL’s results are often assessed alongside the pace of execution across key programmes, including destroyers and frigates referenced in the provided material as areas the Street was watching. Commentary around potential placement of additional submarine contracts also matters for longer-term revenue visibility, as noted by ICICI Direct Research.

Brokerage target prices in the provided text show that analysts remained constructive at the time: ICICI Direct had a buy rating with a target price of Rs 3,060, Nirmal Bang also had a buy rating with a target price of Rs 3,056, and Ashika Stock Broking had a buy rating with a target price of Rs 2,935.

Conclusion

Mazagon Dock’s March-quarter update combined audited-results approval with a final dividend recommendation of Rs 4.62 per share for FY26. The provided data points show strong year-on-year growth on several metrics, alongside quarter-on-quarter softness versus the December quarter. The next confirmed step is shareholder consideration of the final dividend, with payment expected within the applicable timeline once declared at the AGM, as referenced in the provided material.