Mazagon Dock Shipbuilders earnings calls.

Mazagon Dock reported Q2 FY26 standalone revenue of INR 2,929 croreCurrent reported value: INR 2,929 crore. No comparable prior figure is available in the source record. (+6Current reported value: 6. No comparable prior figure is available in the source record.% YoY) and PAT of INR 715 croreCurrent reported value: INR 715 crore. No comparable prior figure is available in the source record. (+27Current reported value: 27. No comparable prior figure is available in the source record.% YoY), boosted by a INR 102 crore LD write-back on P17A's second ship. Half-year revenue stood at INR 5,555 croreCurrent reported value: INR 5,555 crore. No comparable prior figure is available in the source record. (+9% YoY), though H1 PBT/PAT declined 8% YoY due to INR 1,000 crore in provisions for onerous contracts (Coast Guard, MPV) booked in Q4 FY25 and Q1 FY26. Management guided FY26 revenue of ~INR 12,500 croreCurrent reported value: INR 12,500 crore. No comparable prior figure is available in the source record. with ~5% growth in FY27, flagging a near-term margin normalization as high-margin P17A delivery winds down, with stable margins of 12-15% expected on new projects. Key catalysts include the P75 additional submarine contract (targeted FY26 signing) and P75(I) commercial negotiations (targeted completion by calendar year-end). The INR 27,415 croreCurrent INR 27,415 crore. Reported change: Solid backlog base. order book provides visibility, but ~80-90% revenue concentration in Indian Navy creates customer risk. CapEx plans include INR 500 crore (FY26), INR 5,000 croreCurrent INR 5,000 crore. Reported change: Tuticorin Phase 1 over 3-4 years. for Tuticorin greenfield (Phase 1), and INR 1,000 crore each for Nhava Yard and 75(I) infrastructure. The risk is a revenue/margin gapCurrent reported value: revenue/margin gap. No comparable prior figure is available in the source record. before submarine projects fully ramp up, and competitive pressure in the upcoming LPD tender (INR 35,000-40,000 crore) where L&T is a rival bidder.