Mazagon Dock Shipbuilders Ltd. shares surged up to 11% on Thursday, March 5, marking their largest single-day gain since May 2025. The rally comes amid anticipation of large defence orders, particularly for submarine projects, which could significantly boost the company’s order book and future revenue. Investors are closely watching negotiations for the P75I submarine order, alongside other potential contracts, while the stock trades below its 52-week high despite the recent gains.
Key Submarine Orders and Negotiations
Project
Status
Estimated Value
P75I Submarine
Negotiations over, likely order by end of FY
₹1,00,000 crore (up from ₹70,000 crore)
P75 Scorpene (3 additional submarines)
Navy finalizing deal, expected end FY or early next year
Not specified
Other Potential Defence Orders
Project
Estimated Value
Landing Platform Dock (LPD)
₹35,000 – ₹40,000 crore
Mine Counter Measure Vessel (MCMV)
₹40,000 crore
17 Bravo Ships
₹50,000 – ₹60,000 crore
Mazagon Dock Order Book and Revenue Estimates
Metric
Value
Order Book (Q3 end)
₹23,758 crore
Revenue FY26 (estimated)
₹12,500 crore (9% YoY growth)
Revenue FY27 (estimated)
5% growth
Projected Margins FY26 & FY27
15%
Outlook
Considerable improvement expected once submarine projects begin
