Refused to commit on order book composition france.

Are current ~20-21% margins sustainable over the medium term? PBT or EBITDA basis?

Current margins reflect legacy orders. Normalized industry margin 12-15% at PBT level (including other income). Sustainable PBT for industry is 12-15%.

P-75(I) status — when can we expect order conclusion?

Price bids opened. Only one bid (MDL's) is technically suitable. Discussions on commercial expected to start anytime. Hopeful order signs in next financial year if process proceeds normally.

Other large orders in pipeline next 1-2 years? Will the 3 additional Scorpenes happen this FY?

Quite confident the 3 additional Scorpenes will be ordered before 31 March (this FY). Everything done from MDL side; only final MOD/government approvals pending.

Other expenses (provisions, project related) up substantially — explain?

Provisions on excess inventory where ship warranty period is over (will reverse if utilized later). Provisions for liquidated damages on first ONGC offshore project — timeline extended to 31 March without LD waiver yet; will reverse when waiver received.

Did D-448 reversal benefit Q3 and will Q4 also? Status of Scorpene LD reversals?

Project 15 Bravo D-448 first ship done; second expected soon — Q3 profit had substantial 15B contribution. Q4 reversal depends on actual D-448 expenditure. Rs.142 crore reversed on Submarine 5 in Q3. Submarine 1 (LD at 2.5% rate) under discussion ~Rs.100 crore. Submarine 6 delivered January — will pursue waiver next.

Q4 deliveries pending? Other large platform deliveries?

No further deliveries expected this FY. Next FY: one definite, possibly two.

Next-Gen Corvette order finalization status?

Bid participated. Price bid not yet opened.

Capex profile annually starting FY26?

Two capex programs: adjacent land (graving dry dock) and Nhava Sheva yard. DPR ready by mid-CY2025; then EPC tender. Environmental clearance is a long process. FY26: ~Rs.500 crore capex (floating dry dock); ~Rs.350 crore balance to be realized next FY.

Other orders beyond P-75, P-75I, NGC in pipeline next 12-18 months?

No large new ones soon. 17 Bravo (follow-on of 17A) and Next-Gen Destroyers under discussion at Naval end; 2-3 years out.

From order receipt for P-75 and P-75I, what is delivery schedule?

First submarine 6 years from order placement; subsequent submarines one each year additional. AIP order ~Rs.1,768 crore received in December for existing Scorpenes. Refit order awaiting Navy decision; expected next FY.

Normalized EBITDA/PBT margin assumption for FY26? Will FY26 see revenue decline given pending order signing?

PBT margin ~12-15% (industry normalized). FY26 — no decline expected; not yet projected for growth quantum but growth direction maintained.

Goa Shipyard listing plans? Stake?

Goa Shipyard is associate (not subsidiary). MDL holds 47.21%. Investment only; no management control or production participation.

How long to execute existing orders? Indigenization impact on margins?

~2-2.5 years for existing orders. Indigenization impact: initial investment required; not expected to materially shift margins either way for these first-time indigenization projects.

Yard capacity expansion status? Defense budget — sufficient push toward Navy?

Capex topics already addressed. Budget allocation +5% across all wings; experience shows no dearth of funding for firmed-up proposals — confident orders will follow.

Will the 3 additional P-75 submarines come with AIP? P-75(I) — is TKMS upscaling AIP?

3 additional P-75 are without AIP; P-75(I) has AIP. Vasudev Puranik: AIP is being integrated and tested; eventually all nine will have AIP. P-75(I) submarines are larger; AIP scale-up from existing TKMS technology — design caters for it. Navantia hasn't developed AIP; not comparable. Submarine design already available.

P-75(I) delivery timeline post order? P-75 quicker given experience?

P-75(I): seven years for first submarine post contract signing; one year additional for each subsequent. P-75 efficiencies will help speed but timeline is industry-standard.

Foreign delegation visits — export potential conversion?

Visits are steps toward exports but take time (bilateral issues). Already small-scale exports to Malaysia (supporting their submarines). Need persistent pursuit.

Next-Gen Corvette ~Rs.36,000 crore — when does the tender open?

Navy has not indicated. Nothing happening this FY. Technical evaluation, deficiency documents, then price bid — only next FY.