HAL will be in focus following a top-level management change. Dr DK Sunil stepped down as Chairman and Managing Director on April 30, 2026, upon superannuation.
Kota Ravi has taken over as Chairman and Managing Director with effect from May 1, 2026. He was previously serving as Director (Operations) at the company and has held key leadership roles, including Executive Director and General Manager of the LCA Tejas Division, as well as Executive Director of Corporate Planning.
During his tenure, Ravi has been associated with several large contracts, including the supply of 180 LCA Tejas aircraft to the Indian Air Force and 156 LCH Prachand helicopters to the armed forces. He is also credited with supporting the operationalisation of the LCA Tejas fleet in the IAF.
Mazagon Dock
Mazagon Dock Shipbuilders reported a strong Q4FY26 on a year-on-year basis. However, costs remained a concern. Other expenses surged 76% YoY and 241% sequentially to ₹477 crore, while total production costs rose to 73% of revenue compared to 64% a year ago, largely due to a 67% jump in material costs. This was partially offset by a 30% decline in subcontracting expenses. Lower employee costs and a provision write-back of ₹193 crore supported profitability.
On a sequential basis, performance was weaker due to elevated costs and modest revenue growth.
For FY26, revenue crossed ₹13,000 crore, marking a 14% increase, ahead of the company’s 9% growth guidance. Margins, however, contracted by 86 basis points to 17.4%, impacted by higher production and other expenses. Provisions were halved to ₹356 crore.
The order book declined 14% sequentially to ₹20,535 crore at the end of Q4. Earlier, the company had guided for an order book exceeding ₹1 lakh crore by FY26-end, contingent on the P75I submarine project. With negotiations already concluded, any update on this order during the earnings call will be a key trigger.
Zen Technologies
Zen Technologies reported a weak Q4FY26, with revenue declining 45%, sharper than estimates of a 35% drop.
EBITDA and net profit fell 63% and 58% YoY, respectively, largely in line with expectations. Margins contracted sharply, down 1,400 basis points YoY and nearly 900 basis points sequentially.
Cost pressures were evident, with employee expenses rising to 22% of revenue from 9% a year ago, and manufacturing expenses increasing to 7% from 2%. Material costs, however, declined to 22% of revenue compared to 27% YoY.
Order inflows for the quarter stood at ₹431 crore, taking the total order book to ₹1,336 crore, up from ₹1,083 crore in Q3. The order book is largely domestic at ₹1,247 crore, with exports contributing ₹89 crore.
The company said FY26 saw delays in order conversion, but execution visibility for FY27 remains strong. A significant portion of the current order book is scheduled for execution in the next fiscal, with a robust pipeline of opportunities.
Separately, the company has appointed Dr. Sreenivas Rao Yellamanchali as Chief Technology Officer, effective May 6, 2026.
