Mazagon Dock Shipbuilders reported a strong set of March quarter earnings, with net profit rising nearly 42% year-on-year (YoY), supported by higher execution across shipbuilding and submarine programs. The state-run defence shipbuilder posted a standalone net profit of Rs 464 crore for the quarter ended March 2026, compared with Rs 327 crore in the same period last year.

The company’s board has recommended a final dividend of Rs 4.62 per share for the financial year ended March 2026.

Revenue from operations rose 16% YoY to Rs 3,684 crore from Rs 3,174 crore a year ago, reflecting higher project execution during the quarter. Including other income, total income for the quarter stood at Rs 3,965 crore, up 13% from Rs 3,498 crore in the year-ago period.

Profit before tax rose sharply by 54% to Rs 625 crore, compared with Rs 406.4 crore in the corresponding quarter last year, indicating improved operating leverage.

Sequentially, however, profitability moderated from the December quarter, when the company had reported a profit of Rs 837 crore, suggesting normalization after a stronger third quarter driven by milestone-based revenue recognition.

Expenses during the quarter rose at a slower pace than revenue. Total expenses increased 8% to Rs 3,340 crore from Rs 3,091 crore a year ago, mainly due to higher raw material consumption and inventory purchases.

For the full financial year FY26, Mazagon Dock reported revenue from operations of Rs 12,840 crore, up 12% from Rs 11,432 crore in FY25.Total income for the year came in at Rs 13,982.4 crore, registering a growth of 12% YoY.

Annual profit before tax rose 4% to Rs 3,250 crore, while net profit increased 5% to Rs 2,436 crore from Rs 2,325 crore in the previous financial year.