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Mazagon Dock Shipbuilders (MDL), in partnership with Germany's Thyssenkrupp Marine Systems (TKMS)

ICICIdirect Research 24 Jan 2025 DISCLAIMER

Mazagon Dock Shipbuilders (MDL), in partnership with Germany's Thyssenkrupp Marine Systems (TKMS), has been shortlisted after successfully passing the key technical trials in P-75I submarine project

As per the media reports, the other competitor L&T (with Spain based company Navantia as a partner) has been rejected by govt & Indian Navy as they have failed in trials process
Under this P-75I project, 6 next-generation submarines will be built for Indian Navy. The project cost is estimated to be ~Rs 70000 crore

MDL will be going through commercial negotiation process with government from 27th Jan 2025. The contract will be placed with the company after completion of the negotiation process
Apart from P-75I project, MDL is also in process of negotiations for 3 additional scorpene class submarines contract (estimated cost is Rs 30000-35000 crore)

MDL’s order backlog remains is estimated to be at ~Rs 39000 crore (3.7x TTM revenue), provides healthy revenue visibility over the next 2-3 years. Order pipeline remains strong considering the Navy’s requirement of large scale platforms like submarines, next generation destroyers, next generation frigates and opportunities in repairs of ships & submarines

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