Shares of Mazagon Dock Shipbuilders Limited have surged more than 13% over the past two trading sessions after the company confirmed progress on a massive ₹99,000 crore defence project with the Government of India. As of 9:50 AM, the shares were trading 8.13% higher at Rs 2,543.80.
The rally gained momentum after the state-run shipbuilder clarified that negotiations under the Contract Negotiation Committee (CNC) for the proposed defence project have been successfully completed. The proposal has now been forwarded to the competent authority for final approval, marking a crucial step in the procurement process.
The clarification came following media reports suggesting that the defence shipbuilder was close to securing a major naval contract. Those reports triggered strong investor interest and led to significant buying activity in Mazagon Dock shares.
In a regulatory filing, the company stated that the negotiations between the government and the shipbuilder have concluded and the proposal is currently awaiting approval from the appropriate authority. Once approved, the project could become one of the largest naval shipbuilding contracts in India.
Mazagon Dock also noted that updates regarding the negotiations had been previously disclosed to stock exchanges through filings dated August 25, 2025, September 10, 2025, and January 9, 2026. The latest announcement provides additional clarity to investors and confirms that the process has moved to the next stage.
The potential ₹99,000 crore order is expected to significantly boost the company’s order book and strengthen its long-term revenue visibility. It would also reinforce Mazagon Dock’s strategic role in India’s defence manufacturing ecosystem.
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