This is to inform that the Annual Report for the Financial Year 2025-26 is attached herewith.

MAZAGON DOCK SHIPBUILDERS LIMITED CIN: L35100MH1934GOI002079 (A Govt. of India Undertaking) Dockyard Road, Mumbai 400 010 Certified: ISO 9001-2015 Ref: SEC/BSENSEDISCL/26/2026-27 Date : 04 August 2026 To To BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai– 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 543237 NSE Symbol: MAZDOCK Subject: Annual Report for the Financial Year 2025-26 Dear Sir/ Madam, This is to inform that pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Annual Report for the Financial Year 2025-26. The aforesaid document is also available on the website of the Company at https://mazagondock.in and is being sent to all eligible shareholders of the Company whose email addresses are registered with the Company/ RTA or Depositories. Further, pursuant to Regulation 36(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a letter providing the web-link of the Annual Report, is being sent to those members who have not registered their e-mail addresses. This is for your information and record. Thanking You, Yours Faithfully, For MAZAGON DOCK SHIPBUILDERS LIMITED Lalatendu Acharya Company Secretary and Compliance Officer Encl: as above A WIND IN THE SAIL Powering India’s Maritime Future Ship & Submarine Builders to the Nation Annual Report 2025-26 MISSION: To deliver quality ships in time within budgeted costs and be a World leader in Warship building. VISION: MDL shall strive to be a progressive and profitable shipyard building World Class Warships and Submarines using State-of-the-Art Technology. OBJECTIVES: • To progressively reduce overhead • To enhance the productivity level by optimising internal expenditure and operational costs. processes through benchmarking and innovative practices. • To attain technological leadership in warship and submarine construction through in house • To take initiatives for growth by undertaking capacity R&D activities and partnership with academic augmentation, technological upgradation and institutions. modernisation of facilities. Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 1 • To enhance employee capabilities and competencies in • To promote indigenisation in line with ‘Make in India’ line with applicable DPE Guidelines. policy. • To maintain consistent quality and ensure a high degree • To adhere to project timelines and ensure timely delivery of Customer Satisfaction. of quality ships and submarines. • To undertake Corporate Social Responsibility and • To promote export of MDL products in international Sustainability initiatives in accordance with applicable markets. Government guidelines with a focus on sustainable and inclusive development. Mazagon Dock Shipbuilders Limited 2 Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 3 Papers to be laid on the table of Lok Sabha / Rajya Sabha Authenticated Raksha Rajya Mantri Mazagon Dock Shipbuilders Limited 4 MDL at a Glance ₹12,840 Cr 808 Revenue FY26 Vessels Delivered from 1960 4,17,600 ₹2,436 Cr DWT Total PAT FY26 shipbuilding Capacity ₹60.38 Ships Delivered EPS — Basic & Diluted during FY 26 ₹18.12 Capacity Dividend / Share to build 11 Submarines and 10 Warships concurrently India’s only shipyard to have built Destroyers, conventional Submarines for the Indian Navy & manufactured Corvettes in India. FY 2025-26 was a year without precedent in MDL’s history. Revenue crossed ₹12,839 crore. Two Nilgiri Class frigate platforms with 75% indigenous content were delivered to the Indian Navy in a single financial year, for the very first time. MDL completed its first international acquisition, bringing Colombo Dockyard PLC under its ownership and extending India’s shipbuilding presence into the Indian Ocean. And MDL signed a contract for India’s first Methanol Dual Fuel Platform Supply Vessel, a clear signal of the yard’s intention to lead, not follow, the maritime energy transition. Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 5 KEY HIGHLIGHTS 1774 250+ June 2024 Year of Establishment Years of shipbuilding Navratna Status Conferred ₹8,843.16 Cr ~₹12878.06 Cr Zero-Debt Net Worth — Standalone Robust liquidity & strong financial position Company 16.42% 37.43% 30.40% Operating Margin ROCE ROE ₹730.93 Cr 34 5,770 Total Dividend Vessels Under Active Construction Total Workforce (31 March) 242 ₹186.72 Cr 7.67% Women Employees R&D Expenditure R&D as % of PAT ₹46.81 Cr 0.13 ₹2,499.53 Cr CSR Expenditure Lost Time Injury Rate Contribution to Exchequer-Taxes & Duties Mazagon Dock Shipbuilders Limited 6 TABLE OF CONTENTS Corporate Overview Corporate Information 08 Message from Chairman & Managing Director 10 Board of Directors 12 About the Company 16 Maritime Milestones – 250 years of MDL 18 Products and Services 20 MDL Value Creation Story 28 Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 7 Financial Statements Financial Capital 30 Independent Auditors’ Report (Standalone) 148 Manufactured Capital 38 Comments of the C&AG (Standalone) 163 Intellectual Capital 44 Standalone Financial Statement 164 Human Capital 48 Independent Auditors’ Report (Consolidated) 232 Social & Relationship Capital 50 Comments of the C&AG (Consolidated) 241 Natural Capital 52 Consolidated Financial Statements 242 Corporate Social Responsibility (CSR) at MDL 54 Key Operational Milestones- FY 2025-26 58 AGM Notice Charting the Course Forward 60 Notice of the 93rd Annual General Meeting 311 Key Events 62 Statutory Reports Awards and Recognitions 324 Board’s Report 64 Corporate Governance Report 98 Management Discussion & Analysis Report 130 Forward-looking Statement: Certain statements in this Report regarding our business operations may be forward looking. These include all statements other than statements of historical fact, including those regarding the financial position, business strategy, management plans and objectives for future operations. Forward-looking statements can be identified by words such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’ and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and may be incapable of being realised and as such, are not intended to be a guarantee of future results, but constitute our current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward-looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Mazagon Dock Shipbuilders Limited 8 CORPORATE INFORMATION Board of Directors Past Directors Company Secretary Chairman & Managing Director Shri. Rajeev Prakash Shri. Lalatendu Acharya JS(NS), MoD (DDP) w.e.f. 01.06.2025 Capt. Jagmohan (Retd.) Government Nominee Director Smt. Madhavi Kulkarni till 30.04.2026 till 31.05.2025 Government Nominee Director Shri. Sambasiva Rao Chandu Shri. Dinesh Mahur Independent Director Statutory Auditor Additional Secretary (DP), MoD till 22.01.2026 w.e.f. 30.04.2026 Sarda & Pareek LLP., Chartered Accountants Shri. Dattaprasad P Kholkar Functional Directors Independent Director till 22.02.2026 Secretarial Auditor Shri. Biju George* Director (Operations) SVJS & Associates, Dr. Vivek Atul Bhuskute Company Secretaries Independent Director Cdr. Vasudev Puranik IN (Retd.) till 20.04.2026 Director (Corporate Planning & Banker Personnel) Smt. Veni Thapar State Bank [Showing first 8,000 characters — download PDF for full document]