KOTAK SECURITIES ON MAZAGON DOCK ; SELL | TP CUT TO ₹1,660 FROM ₹1,900

• Q2 FY27 performance remained weak due to slower project execution and higher provisions. • Weak execution and provisioning pressures weighed on quarterly earnings. • Timely award of the P75(I) submarine project remains a key trigger for future growth. • Order pipeline remains robust, providing visibility for potential future business opportunities. • Delays in major order awards and execution remain key concerns for earnings growth. • Kotak Securities maintains SELL rating and cuts target price by 12.6%, reflecting weak execution and earnings concerns.

MAZAGON DOCK SHIPBUIL LTD

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