Mazagon Dock Shipbuilders has officially confirmed the widely reported ₹99,000 crore defence contract with the Indian Navy, providing crucial updates on the contract negotiations status. The state-owned shipbuilder responded to regulatory queries about recent news reports that led to significant market interest, clarifying the current stage of this massive defence deal.

Contract Negotiation Status Confirmed

The company has officially confirmed that Contract Negotiation Committee (CNC) negotiations between the Government and Mazagon Dock Shipbuilders Limited have been completed. This represents a significant milestone in the contract award process, with the proposal now awaiting approval from competent government authorities.

Regulatory Disclosure Details

In its regulatory filing, Mazagon Dock Shipbuilders addressed specific queries regarding the reported defence deal. The company confirmed the completion of negotiations while emphasizing that final approval remains pending from the appropriate government authorities. The clarification came in response to exchange queries about news reports circulating in the market.

Financial Significance

The confirmed contract value represents a substantial opportunity for the shipbuilder, with the deal value significantly exceeding the company's current market capitalization. This defence contract, once finalized, would mark one of the largest orders in the company's history and strengthen its position in India's naval shipbuilding sector.

The completion of CNC negotiations marks a crucial milestone in the contract award process, indicating substantial progress toward final contract execution. However, the company emphasized that final approval from competent authorities remains the decisive factor for contract finalization.

Mazagon Dock Shipbuilders Limited has announced the cessation of Shri Dattaprasad Prabhakar Kholkar as Non-Official Independent Director from its board, effective February 23, 2026. The cessation follows the completion of his designated 3-year tenure as an independent director.

Director Tenure Details

The company disclosed that Shri Kholkar was initially appointed as a Non-Official Independent Director on February 23, 2023, for a period of 3 years. His directorship has now concluded upon the natural expiry of this term.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has formally notified both the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about this board change.

The disclosure was signed by Lalatendu Acharya, Company Secretary and Compliance Officer, and communicated to the stock exchanges on February 23, 2026. The company emphasized that this cessation represents the natural conclusion of the director's appointed term rather than any premature departure.

Company Information

Mazagon Dock Shipbuilders Limited, formerly known as Mazagon Dock Limited, operates as a Government of India undertaking. The company is headquartered at Dockyard Road, Mazagon, Mumbai, and maintains ISO 9001 certification. It trades on BSE under scrip code 543237 and on NSE under the symbol MAZDOCK.