Shares of Mazagon Dock Shipbuilders Limited are drawing investor attention as the state-owned defence shipbuilder is expected to secure major submarine contracts in the coming years, potentially boosting its already strong order pipeline.
The company is a key builder of warships and submarines for the Indian Navy and plays a central role in India’s defence shipbuilding ecosystem. Headquartered in Mumbai, the government-owned firm has built several frontline naval platforms and submarines for the country.
One of the key opportunities ahead is additional orders related to the Project‑75 (India) submarine programme, under which India plans to build six advanced diesel-electric attack submarines to strengthen its underwater capabilities. The programme is aimed at replacing older submarines and expanding the Navy’s fleet.
Mazagon Dock has already constructed the Kalvari-class (Scorpene) submarines under a technology-transfer agreement with France’s Naval Group. These submarines form a crucial part of India’s conventional submarine fleet and are equipped with torpedoes and anti-ship missiles.
Analysts believe that follow-on orders for additional submarines and progress in the Project-75I programme could significantly strengthen the company’s FY26 order book, supporting long-term revenue visibility. Defence spending and the government’s push for indigenous military manufacturing are also expected to benefit domestic shipbuilders like Mazagon Dock.
If large defence contracts materialise, the company’s order pipeline, already worth tens of thousands of crores, could expand further, reinforcing its position as one of India’s most important naval shipbuilders.
