The company’s consolidated revenue from operations rose 6% YoY to Rs 2,929 crore in Q2FY26, from Rs 2,757 crore in Q2FY25. On a quarter-on-quarter (QoQ) basis, revenue grew 11.5% from Rs 2,626 crore in Q1FY26.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at Rs 965 crore, up 26% YoY from Rs 768 crore in the year-ago quarter. Sequentially, EBITDA surged 54% from Rs 625 crore in Q1FY26.
Profit before tax (PBT) for the quarter stood at Rs 934 crore, marking a 26% YoY increase from Rs 740 crore in Q2FY25 and a 65% QoQ rise from Rs 567 crore in Q1FY26.
The company’s operating margin improved to 23% in Q2FY26 from 18% in Q2FY25, a 500-basis-point expansion. Sequentially, the margin rose sharply from 9% in the previous quarter.
As of September 30, 2025, MDL’s total order book stood at Rs 27,415 crore. Key orders included:- Rs 28,734 crore for P15B Destroyers- Rs 27,251 crore for P17A Stealth Frigates
– Rs 2,849 crore for ICGS vessels
– Rs 29,505 crore for P75 Kalvari Submarines, among others
Of this, the balance order book value was reported at Rs 27,415 crore, covering pending work, including spare supplies for delivered vessels.
The company’s client base includes the Ministry of Defence (MoD), ONGC, and international clients such as NAVIMERC. Ongoing projects include 21 ICGS vessels, 6 Kalvari-class submarines, and 6 multipurpose hybrid-powered vessels.
On Monday, shares of Mazagon Dock Shipbuilders closed flat at Rs 2,810.15 on the BSE.