mazagon dock shipbuilders has scheduled its 93rd Annual General Meeting (AGM) for Thursday, August 27, 2026, to approve a final dividend of ₹4.62 per equity share for the financial year ended March 31, 2026. The meeting, to be held via Video Conferencing (VC) or Other Audio-Visual Means (OAVM), will also see shareholders vote on the appointment of Shri Dinesh Mahur as a Government Nominee Director and the re-appointment of Shri Biju George. This dividend declaration underscores the company’s continued profitability and commitment to shareholder returns in FY26.

The AGM is convened pursuant to Regulations 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The record date for determining voting rights and dividend entitlement has been fixed as Thursday, August 20, 2026. Remote e-voting will commence on Monday, August 24, 2026, at 9:00 a.m. and conclude on Wednesday, August 26, 2026, at 5:00 p.m., facilitated by National Securities Depository Limited (NSDL). Ms. Ragini Chokshi & Co. has been appointed as the scrutinizer for the e-voting process.

Key Agenda Items

Shareholders will transact both ordinary and special business at the meeting. The ordinary business includes the adoption of the Audited Standalone and Consolidated Financial Statements for FY26 and the authorization of the Board to fix remuneration for Statutory Auditors appointed by the Comptroller and Auditor General of India under Section 139(5) of the Companies Act, 2013.

The special business agenda features two critical resolutions:

1. Ratification of Cost Auditors’ Remuneration: Approval of ₹2,50,000 plus applicable taxes as remuneration to M/s Dhananjay V Joshi & Associates for conducting the cost audit for FY27, as required under Section 148(3) of the Companies Act, 2013.
2. Appointment of Government Nominee Director: Approval for the appointment of Shri Dinesh Mahur (DIN: 10862645), Additional Secretary (DP) at the Ministry of Defence, as a Part-Time Official Director effective April 30, 2026. He will not be liable to retire by rotation.

Director Profiles

The meeting will also address the re-appointment of Shri Biju George (DIN: 09343562), who retires by rotation under Section 152(6) of the Companies Act, 2013. Below are the key details of the directors involved in the resolutions:

Shri Biju George brings over three decades of experience in offshore and shipbuilding, having overseen the delivery of eight surface combatants to the Indian Navy. Shri Dinesh Mahur, a 1992 batch officer of the Indian Telecom Service, holds a PGDM in Public Policy and Management from the Management Development Institute, Gurugram. His appointment aligns with Regulation 17(1C) of the SEBI LODR Regulations, 2015.

Dividend and Tax Implications

The final dividend of ₹4.62 per equity share represents a 92.4% payout on the face value of ₹5 per share. If declared, the dividend will be paid within 30 days, subject to Tax Deducted at Source (TDS). Members are advised to update their PAN and residential status with their Depository Participants or via email to rta@alankit.com before the record date to ensure correct TDS deduction under the Income Tax Act, 1961. Unclaimed dividends remain liable for transfer to the Investors Education and Protection Fund (IEPF) after seven years, as per Section 124 of the Companies Act, 2013.

Mazagon Dock Shipbuilders Ltd reported a 21.70% year-on-year increase in consolidated net profit for the quarter ended June 30, 2026, reaching ₹55.05 crore. Revenue from operations rose 12.10% to ₹2,942.70 crore, reflecting sustained demand in defence shipbuilding and efficient cost management that expanded profit margins despite rising input costs. The results were approved by the Board of Directors on July 30, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The statutory auditors, Sarda & Pareek LLP, conducted a limited review of the financial statements under Standard on Review Engagements (SRE) 2410. The consolidated figures include the results of subsidiary Colombo Dockyard PLC, which contributed revenue of ₹171.71 crore and net profit of ₹2.34 crore for the quarter. Associate Goa Shipyard Limited's share of profit was ₹38.42 lakh. In the absence of a valid Audit Committee, the financials were placed directly before the Board for approval.

Financial Performance

Consolidated revenue from operations stood at ₹2,942.70 crore in Q1FY27, compared to ₹2,625.59 crore in the same period last year. Total income increased to ₹3,255.88 crore from ₹2,949.17 crore. Profit before tax rose to ₹686.45 crore from ₹566.85 crore. After accounting for current tax of ₹134.21 crore and deferred tax charge of ₹40.20 crore, the profit for the period excluding associates was ₹512.04 crore. On a standalone basis, revenue came in at 27.8B rupees versus 26.3B rupees in the year-ago period, while standalone net profit stood at 5.10B rupees compared to 4.20B rupees previously.

Standalone net profit reached ₹509.71 crore, an increase of 21.60% from ₹419.28 crore. Basic and diluted earnings per share (EPS) for the consolidated entity were ₹13.62, compared to ₹11.21 in the previous year. Consolidated EBITDA rose to ₹760 crore from ₹625 crore in Q1FY26, while standalone EBITDA increased to ₹743 crore from ₹625 crore. On a reported basis, Q1 EBITDA stood at 4.30B rupees versus 3B rupees year-on-year, with the EBITDA margin expanding significantly to 15.63% from 11.50% in the same period last year.

What the Numbers Show

The growth in net profit outpaced revenue growth, indicating improved margin dynamics. While total expenses rose by 7.90% to ₹2,569.43 crore, this was significantly lower than the 12.10% revenue growth. Key expense drivers included cost of materials consumed at ₹949.03 crore and sub-contract costs at ₹369.44 crore. Employee benefit expenses increased to ₹289.10 crore from ₹249.82 crore, reflecting workforce expansion or wage adjustments. The company is exempt from segment reporting under notification S.O.802(E), as it is engaged in defence equipment production.

EBITDA Margin Expansion

One of the standout highlights of the quarter was the sharp improvement in profitability metrics. The EBITDA margin expanded to 15.63% from 11.50% year-on-year, underscoring the company's ability to improve operational efficiency and manage costs effectively even as revenue scaled. This margin improvement was supported by lower relative growth in total expenses compared to revenue, as well as the operating leverage inherent in the company's long-cycle defence contracts.

Order Book and Recent Milestones

As of June 30, 2026, Mazagon Dock Shipbuilders maintained a balance order book of ₹18,218 crore. This includes pending deliveries for ICGS vessels (₹2,649 crore), P17A Stealth Frigates (₹7,587 crore), and various submarine refit and heavy engineering projects. The company recently delivered the fourth P17A Stealth Frigate, INS Mahendragiri, to the Indian Navy on April 30, 2026, and signed acceptance documents for the fifth Kalvari Class Submarine, INS Vagir, on April 22, 2026. Additionally, keel-laying ceremonies were conducted for multiple Indian Coast Guard vessels, including Fast Patrol Vessels and Next Generation Offshore Patrol Vessels, reinforcing its robust pipeline for future revenue recognition.