Mazagon Dock Shipbuilders Ltd

Regulatory fines and waiver process

• NSE issued notice for non-compliance with Listing Regulations; reference date August 25, 2026.
• Total fines payable Rs 872,020 including GST; Rs 739,000 base plus Rs 133,020 GST.
• Fines relate to Regulations 17(1), 18(1), 19(1)/19(2) for quarter ending 30-Jun-2026.
• Fines must be paid within 15 days; waiver requests encouraged via NEAPS path.
• Waiver requires compliance first; detailed reasons and board comments; single application for multiple regulations.

Governance actions and Independent Directors

• Board met 04 Sep 2026; to place actions before the Board and pursue Independent Directors with Administrative Ministry.
• Power to appoint Independent Directors vests with President of India; MoD is involved.
• Annexure notes daily increase of fine until compliance; processing fee Rs 10,000 plus 18% GST if applicable.

Business overview

• Public sector shipyard building destroyers and submarines for Indian Navy.
• Also conducts ship repair, offshore energy structures, and heavy engineering.
• Strategic assets include Colombo Dockyard stake (51%) and Goa Shipyard associate (47.21%).

Operational highlights

• Order book as of 30-Jun-2026 stands at ₹182,180 mn.
• Warship capacity upgraded to 10; submarine capacity to 11.
• 12,000T floating dry dock under construction; Nhava Yard expansion underway.
• Indigenization: 116 major systems; 1,024 PIL items.
• Export orders include six MP Hybrid Vessels; Methanol-fuel PSV contract.

Financial performance

• FY26 consolidated revenue ₹141,457 mn; FY25 ₹125,435 mn; FY24 ₹105,681 mn.
• FY26 net profit ₹25,784 mn; FY26 PBT ₹32,368 mn.
• Shareholders' funds rose to ₹99,840 mn as of 31-Mar-2026.
• Total current liabilities at ₹158,555 mn as of FY26.

Capital structure & liquidity

• Equity base expanded; debt specifics not disclosed in this chunk.
• Acquired 51% controlling stake in Colombo Dockyard PLC; CDPLC subsidiary.
• Goa Shipyard exposure unchanged at 47.21% associate.

Strategic priorities & outlook

• Emphasis on indigenization; Nilgiri class at ~75% indigenous content by FY26.
• Capex for submarine launch facility and dredging; Nhava expansion planned.
• Diversification into offshore oil & gas and international markets.
• Advancing green maritime initiatives (methanol-fueled PSV) and allied tech.

Governance & leadership

• CMD: Capt. Jagmohan (Retd.); CFO: Ruchir Agrawal.
• MoD representative and other directors form part of leadership team.
• CDPLC acquisition noted as a material governance/ownership change.

Director (Operations) tenure extension

• MoD extends Director (Operations) Biju George's tenure to 28 Feb 2029 from 27 Oct 2026.

Tenure extension for Director (Operations)

• Ministry of Defence extends Shri Biju George's tenure as Director (Operations) to 28 February 2029, or until further orders.

Meeting Details

• Date range: 24 September 2026 to 30 September 2026.
• Mode: video conferencing or one-to-one meetings.
• Type: Analyst/Institutional Investor Meet.
• Organizer: Mazagon Dock Shipbuilders Limited.
• Location: Virtual.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Purpose

• Purpose: Analyst/institutional investor meet for investor interaction.

Additional Notes

• Investor presentation will be disclosed and posted on the company website.

MoU details

• Parties: Mazagon Dock Shipbuilders Limited and National Shipbuilding & Heavy Industries Park Andhra Pradesh.
• Purpose: anchor shipyard in the Greenfield Shipbuilding Industrial Cluster at Dugarajapatnam.
• Capacity: envisaged at least 1.2 million gross tonnage per year.

Impact

• MDL becomes anchor shipyard in the Andhra Pradesh project, signaling potential expansion of operations.

Parties and Purpose

• MDL and NSHIPML signed an MoU to anchor the Dighi shipyard.
• Anchors Greenfield Shipbuilding Industrial Cluster at Dighi, Maharashtra.
• Target capacity of at least 1.2 million gross tonnage annually.
• MDL expands from warship/submarine work to large-scale commercial shipbuilding.
• Impact: expansion into large-scale commercial shipbuilding and ecosystem.
• Related party status: not disclosed.
• Financial terms/duration/exclusivity not disclosed.
• Regulatory approvals or conflicts of interest not disclosed.
• Strategic alignment with MAKV 2047.