Guidance ledger · Q2 FY26

Mazagon Dock Shipbuilders Ltd MAZDOCK

4 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Revenue growth guidance Q2 FY25 → Q2 FY26

~~Around 10% to 12% growth over last year~~ → Approximately INR 12,500 crores this year, ~5% growth next year

“We anticipate that this year, we will have revenue of approximately INR 12,500 crores or so.”

↑ raised PBT margin band framing Q2 FY25 → Q2 FY26

~~Normalized 12% to 15% PBT for the industry~~ → Around 15% plus margins on average; 12-15% on new projects only

“it may not necessarily be that high. But on an average, we can anticipate around 15% plus”

↑ raised Order book outlook Q4 FY25 → Q2 FY26

~~Existing INR 32,000 crore order book~~ → In excess of INR 1 lakh crores by FY27

“In excess of INR 1 lakh crores.”

↔ widened Capex commitment Q2 FY25 → Q2 FY26

~~INR 5,000 crores over next couple of years for capacity enhancement~~ → INR 500 crore FY26 + INR 1,000 crore Nhava/SYA + INR 1,000 crore P-75I + INR 5,000 crore Tuticorin Phase 1

“and another INR 1,000 crores for the infrastructure for 75I submarine. But our main capex going”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.