Indian state-owned shipyard Mazagon Dock Shipbuilders (MDL) has released its financial performance highlights for the first half of the fiscal year 2025-26, ending September 30, 2025.
On a consolidated basis, revenue from operations for H1 FY2025-26 reached INR55.55 billion ($629.6 million), an increase from INR51.14 billion in the same period last year.
Profit before tax (PBT) decreased slightly to INR15.01 billion from INR16.29 billion year-on-year, while profit after tax (PAT) also saw a decrease to INR12.02 billion compared to INR12.81 billion in H1 FY2024-25. Consolidated EBITDA for the first half was INR15.91 billion, down from INR16.87 billion.
For the second quarter of FY2025-26, consolidated revenue from operations was INR29.29 billion, representing a 12 per cent increase year-on-year and a 12 per cent increase quarter-on-quarter.
Q2 consolidated PBT was INR9.34 billion (up 65 per cent year-on-year) and PAT was INR7.49 billion (up 66 per cent year-on-year). Consolidated EBITDA for Q2 stood at INR9.65 billion, a 54 per cent increase compared to the previous quarter.
Key operational events during the period include the delivery of the second P17A stealth frigate, INS Udaygiri, to the Indian Navy on July 1, 2025, which was subsequently commissioned on August 26, 2025.
Earlier in the year, January 15 marked the tri-commissioning of P17A frigate INS Nilgiri, P15B destroyer INS Surat, and Kalvari-class submarine INS Vaghsheer.
The shipyard's order book stood at INR274.15 billion as of September 30, 2025, covering projects like P15B destroyers, P17A frigates, Kalvari-class submarines (including MRLC), Coast Guard vessels, ONGC projects, and an air independent propulsion (AIP) system.