HSBC ON MAZAGON DOCK ; REDUCE | TP CUT TO ₹1,680 FROM ₹1,860

• Q2 FY27 results reported a significant earnings miss against expectations. • HSBC continues to factor in the award of the P75(I) submarine project during FY27. • Revenue contribution from the P75(I) submarine project could take another 2–3 years to materialise. • Potential submarine order award expected to improve investor sentiment in the near term. • HSBC expects weak earnings performance during FY27–FY29 despite potential order wins. • HSBC maintains REDUCE rating and cuts target price by 9.7%, citing weak earnings visibility and delayed revenue contribution from major projects.

MAZAGON DOCK SHIPBUIL LTD

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