Mazagon Dock Shipbuilders share price jumped by nearly 9% on Friday, March 6, marking its second consecutive day of gains and totaling around 15% for the week. The stock has surged by 18% over the course of 2 trading sessions.
The stock has been in focus due to the widely reported ₹99,000 crore defense contract with the Indian Navy, which the company has officially confirmed while providing key updates regarding the status of contract negotiations.
The state-owned shipbuilder addressed regulatory inquiries related to recent news that sparked heightened market interest, clarifying the present phase of this substantial defense agreement.
The company has confirmed that the Contract Negotiation Committee (CNC) discussions between the government and have been finalised. This signifies an important step forward in the process of awarding the contract, with the proposal now pending approval from the relevant government authorities.
“In furtherance to our earlier disclosures dated 25.08.2025, 10.09.2025 and 09.01.2026, this is to update that, the CNC negotiations between Government and Mazagon Dock Shipbuilders Limited are completed. The proposal has been taken up for approval of the competent authority,” said the company in an exchange filing.
Antique Stock Broking stated on Friday that Mazagon Dock Shipbuilders could soon bounce back from its recent underperformance, as the contract for the Project 75I submarine program is expected to be finalized soon. They indicated that the final contract amount might surpass the previously estimated ₹70,000 crore. The brokerage expressed confidence that the order for three additional submarines will be finalized by the first half of FY27.
The brokerage maintained a ‘Buy’ recommendation with a target price remaining at ₹3,407, based on a price-to-earnings multiple of 42 times the core earnings for FY28.
“The medium-term order pipeline remains promising. While revenue growth may remain subdued in FY27E, it should accelerate in the subsequent years, supported by a larger order book. We remain positive on the stock, given the potential for large order wins, the company’s strong position in submarine construction, and the government’s focus on developing the domestic shipbuilding ecosystem,” said the brokerage house in its report.
Antique mentioned that MDL anticipates wrapping up the contractual discussions for the P-75I submarine project within the upcoming weeks. It referenced recent media articles and industry conversations suggesting that the total order value might be considerably higher.
According to Antique, this development is likely to enhance the company’s existing order book of ₹23,700 crore. Antique indicated that the finalization of the P-75I contract could greatly increase Mazagon’s order book in the near term.
Mazagon Dock Shipbuilders share price today
Mazagon Dock Shipbuilders share price today opened at ₹2,398.95 apiece on the , the stock touches an intraday high of ₹2,559, and an intraday low of ₹2,373.55.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at , Mazagon Dock Shipbuilders share price have seen strong traction this week gaining around 15% backed with strong volumes, with this prices are moving back above key moving averages and overall trend has turned positive. Traders should maintain a positive bias expecting a further move towards 2,700 levels, on flip side, 2,400 to be seen as support.
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