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India’s biggest warship builder, Mazagon Dock Shipbuilders, had another strong quarter, riding on solid execution and better cost control. The stock gained
By the numbers:
- Net profit at ₹749 crore, up 28.1% YoY vs ₹585 crore
- Revenue at ₹2,929 crore, up 6.3% YoY vs ₹2,756 crore
- Operating margin expanded to 23.7% from 18.5% last year
What drove the numbers: the growth was driven by higher project revenues and better operating margins. It also got a boost from steady progress on key naval projects like Project 15B destroyers and Project 17A frigates.
With the government doubling down on its Atmanirbhar Bharat push, the company’s strong execution and cost discipline are turning into profit power.
Zoom out: India’s defence manufacturing sector is fuelled by rising geopolitical tensions and the government’s “Make in India” defence focus.
In the Union Budget 2025–26, India allocated a record ₹6.21 lakh crore for defence spending, marking a 4.7% increase from the previous year’s ₹5.94 lakh crore. This is the highest-ever defence outlay, reflecting India’s growing focus on military modernisation.
