Mishra Dhatu Nigam Limited has informed the Exchange about Transcript
MIDHANI · price
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Mishra Dhatu Nigam (MIDHANI), a defence PSU specializing in superalloys, titanium alloys, and high-strength steels, shared detailed updates from its Q4 FY25 earnings call. The company posted its highest-ever annual revenue of INR 1,074.1 crores in FY25, with EBITDA up 11.1% to INR 248.97 crores and PAT rising 20.6% to INR 110.07 crores. Order book stood strong at INR 1,832 crores as of April 1, 2025, with 84% from Defence. Exports nearly tripled to INR 94 crores, and management targets INR 120-150 crores in exports for FY26. The company plans 20% annual revenue growth, EBITDA margins in the 20-25% range (targeting 25% without Wide Plate Mill contribution), and capex of INR 75-100 crores per year going forward. The new Titanium plant is now running at 250-300 tons per month capacity with raw material issues resolved through indigenization.
Positive for shareholders — strong order book visibility (1.7x revenue), margin expansion path to 25% EBITDA, 20% growth runway, and exports scaling up provide multi-year growth visibility. However, structural shift toward Defence (lower margin than Space) caps margin upside near-term; the INR 600 crores Wide Plate Mill remains underutilized and is a key monitorable for future margin boost to 30%.