NSE: MIDHANI · BSE: 541195
MISHRA DHATU NIGAM LTD
Manufactures special metals and alloys — titanium, super-alloys and special steels, plus value-added parts such as springs, fasteners, castings and electrodes — for India's defence, aerospace, space and rail programmes. FY26 turnover was ₹1,208.63 crore and the order book stood at ₹2,440 crore as of January 1, 2026. Defence accounts for 72% of the order book and 28% of 9M revenue, with the rest spread across indigenous aero-engine work tied to the Kaveri and AMCA programmes, space programmes (Gaganyaan, LVM3, Chandrayaan), railways (Vande Bharat, LHB coaches, metro), and energy/architectural uses. The Hyderabad facility holds CEMILAC certification for 10 super-alloys and is completing a NADCAP heat-treatment audit; recent deliveries include 31 titanium windows for the Ram Janmabhoomi temple at Ayodhya and ~90 tons of titanium for the Republic Day Presidential Dais. Raw materials are the biggest cost at 41.8% of revenue, with employee costs at 12.0% and other operating expenses at 25.3% of revenue. As a Mini-Ratna PSU under the Ministry of Defence, the order pipeline is anchored by indigenous defence and aerospace programmes, with management targeting a scale-up toward ₹2,000 crore of revenue over roughly 10 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence, Aerospace, Space, Railways and metros, Other (energy, architectural). Capex-heavy special alloys and value-added parts maker tied to defence and aerospace programmes.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 859 | 872 | 1,073 | 1,074 | 1,209 |
| EBITDA (ex other income) | 262 | 258 | 194 | 218 | 238 |
| margin % | 30.5 | 29.5 | 18.1 | 20.3 | 19.7 |
| Owners' profit | 177 | 156 | 91 | 0 | 0 |
| EPS, as reported (₹) | 9.43 | 8.34 | 4.90 | 5.92 | 7.02 |
| ROE % · ROCE % | 14.8 · 13.2 | 12.2 · 11.8 | 7.0 · 7.8 | 7.8 · 8.3 | 8.6 · 8.8 |
| Debt / equity (x) | 0.22 | 0.30 | 0.25 | 0.17 | 0.19 |
| Cash from operations | 52 | (35) | 216 | 217 | 155 |
| Capex | (126) | (73) | (79) | (68) | (49) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 262 | 238 | 411 | 170 | 210 | 276 | 553 | 239 |
| Profit before tax | 34 | 36 | 77 | 19 | 19 | 39 | 107 | 24 |
| Net profit | 24 | 26 | 56 | 13 | 13 | 28 | 78 | 16 |
| EPS (₹) | 1.27 | 1.36 | 3.00 | 0.69 | 0.69 | 1.48 | 4.16 | 0.88 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,358 | 34.8 | 7.90 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,66,259 | 43.4 | 11.09 | 30.7 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,381 | 69.8 | 8.58 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 22,316 | 83.3 | 12.86 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,752 | 27.2 | 8.28 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,340 | 119.3 | 11.73 | 70.3 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,940 | 79.0 | 11.36 | 42.7 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,225 | — | 9.58 | 90.4 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.7 | 69.8 | 10 of 23 | 59% |
| P/B | 4.6 | 9.6 | 3 of 23 | 91% |
| ROCE | 7.7 | 13.6 | 21 of 26 | 20% |
| ROE | 8.6 | 10.9 | 16 of 23 | 32% |
| Debt / Equity | 0.2 | 0.0 | 16 of 23 | 32% |
| EBITDA margin | 19.5 | 22.3 | 14 of 23 | 41% |
| Revenue growth | 40.5 | 24.9 | 6 of 23 | 77% |
| Profit growth | 27.0 | 14.9 | 10 of 21 | 55% |
| Market cap | 6978 | 6504 | 13 of 26 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · MIDHANI partners with HWB and BARC to recover nickel and cobalt | compliance | low | — | — |
| 9 Oct 2026 · Routine filing of share transfer agent certificate for Q2 ending September 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · General Manager (Engineering Services) retires from MIDHANI | management changes | medium | — | — |
| 30 Sept 2026 · MIDHANI 52nd AGM: All 8 resolutions passed, total dividend Rs 2.10 per share | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 52nd AGM held; FY26 final dividend of Rs 1.25 per share declared | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · MIDHANI to attend investor meeting on Sept 28 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closed Pending Q2 and H1 FY27 Results | compliance | minimal | — | — |
| 22 Sept 2026 · MIDHANI publishes addendum to 52nd AGM notice; meeting moved to Sept 30 | compliance | minimal | — | — |
| 21 Sept 2026 · MIDHANI AGM addendum: government nominee director change | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Government Nominee Director change at MIDHANI - Ms. Meera Mohanty replaces Shri Prakash Rajpurohit | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.