2 weeks ago
Mazagon Dock's order book could surge 14-fold: brokerage
There is a big ship-building company in India called Mazagon Dock Shipbuilders.
It builds ships for the country's military.
A research firm studied the company and says it might get lots of new orders soon.
These new orders could be worth more than 2.9 lakh crore rupees.
That is almost 14 times the amount of work the company has right now.
Most of the new work would come from building submarines.
The company could also build frigates, special mine-clearing ships, big landing docks and destroyers.
But the orders will only happen if the government approves them, step by step.
If the approvals come through, Mazagon Dock will be very busy for many years.
Antique Stock Broking estimates a potential order pipeline of more than Rs 2.9 lakh crore for Mazagon Dock Shipbuilders (MDL), nearly 14 times its current order book of about Rs 18,200 crore.
The P75I submarine programme, estimated at around Rs 90,000 crore, is awaiting final approval from the Cabinet Committee on Security and could be finalised in the next few weeks.
The P75I programme and three additional TKMS-design submarines could together be worth Rs 1.3 lakh crore to Rs 1.4 lakh crore.
Three medium-term programmes — P17B frigates (Rs 70,000 crore), mine countermeasure vessels (Rs 40,000 crore) and landing platform docks (Rs 40,000 crore) — represent around Rs 1.5 lakh crore in potential RFPs during FY27 and FY28.
MDL faces profitability pressure from provisions on multi-purpose and Coast Guard vessel orders, but could see a write-back of provisions if actual equipment procurement costs come in lower than projected.
A destroyer programme with an expected Acceptance of Necessity in FY28 could add another Rs 48,000 crore to the potential order funnel.
- Who
- Mazagon Dock Shipbuilders (MDL), based on a report by the brokerage firm Antique Stock Broking.
- What
- A potential order pipeline of more than Rs 2.9 lakh crore — nearly 14 times MDL's current order book — dependent on approvals and procurement decisions for submarines, frigates, mine countermeasure vessels, landing platform docks and destroyers.
- Where
- India.
- When
- The report is dated August 2026; the P75I programme could be finalised in the next few weeks, major RFPs are expected during FY27 and FY28, and a destroyer AoN is expected in FY28.
- Why
- Because multiple Indian defence procurement programmes at different stages — contractual negotiations, expected RFPs and future AoN approvals — could convert into actual orders for MDL.
Key facts
- Company
- Mazagon Dock Shipbuilders (MDL)
- Current order book
- Around Rs 18,200 crore
- Potential order funnel
- More than Rs 2.9 lakh crore (nearly 14x current order book)
- Report source
- Antique Stock Broking, 'India Defence Sector-Ordering to Gain Momentum' (August 2026)
- P75I submarine programme
- Around Rs 90,000 crore; awaiting Cabinet Committee on Security approval
- Submarine opportunities
- P75I plus three additional TKMS-design submarines worth Rs 1.3-1.4 lakh crore
- Medium-term naval RFPs
- P17B frigates Rs 70,000 crore; mine countermeasure vessels Rs 40,000 crore; landing platform docks Rs 40,000 crore
- Destroyer opportunity
- Around Rs 48,000 crore; Acceptance of Necessity expected in FY28
Quotes
Antique Stock Broking report
brokerage firm analysis report
“If the actual cost of procurement of the main equipment for these two orders turn out to be lower than projected, then we may even see a write‑back of provisions.”
financialexpress.com
“Follow‑on orders for three Scorpene submarines and six P75‑I submarines can significantly elevate the order book and drive medium‑term revenue growth.”
financialexpress.com
Sources
Related news
Submarine, missile and corvette deals worth Rs 1.53 lakh crore
Antique reiterates BUY on HAL, BEL, Mazagon Dock shares
Antique backs HAL, BEL, Mazagon Dock on defence order funnel
India's defence order inflows decline 17% despite record approvals
GRSE and Mazagon Dock: Can Indian Shipyard Stocks Deliver?
Rs 9.3 lakh crore defence approvals mask slower domestic pipeline
Goyal Proposes Easier FDI Rules and Higher Approval Thresholds
Bharat Electronics Secures Rs 730 Crore Defence Orders
Cabinet Approves Kharagpur–Bhadrak Fourth Railway Line
Cabinet Approves Rs 13,041 Crore Railway, Highway Projects
Four Railway Track Projects Approved to Boost Odisha Connectivity
