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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,28,037 | 35.2 | 7.99 | 24.1 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,95,572 | 48.1 | 12.31 | 34.1 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 43,621 | 83.7 | 10.29 | — | 9.9 | 7.2 | — | 32.6 |
| GARDEN REACH SHIP&ENG LTD | 28,027 | 35.0 | 10.67 | — | 28.5 | 36.2 | — | 13.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Re-appointment of Statutory Auditor for FY 2026-27 | management changes | medium | — | — |
| 9 Sept 2026 · 52nd AGM notice published; final dividend record date Sept 23, 2026 | compliance | minimal | — | — |
| 8 Sept 2026 · MIDHANI 52nd AGM on Sept 30, 2026 via video conferencing; final dividend Rs 1.25 per share | board shareholder meetings | low | — | — |
| 8 Sept 2026 · MIDHANI files BRSR for FY 2025-26 with BSE and NSE | compliance | low | — | — |
| 8 Sept 2026 · MIDHANI 52nd AGM on Sep 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 8 Sept 2026 · MIDHANI fixes Sep 23, 2026 as record date for FY26 final dividend | corporate actions | high | — | — |
| 8 Sept 2026 · MIDHANI FY26 Annual Report and 52nd AGM Notice filed | results | high | — | — |
| 26 Aug 2026 · BSE and NSE impose fine on MIDHANI for SEBI LODR non-compliance | regulatory legal | high | — | — |
| 22 Aug 2026 · MIDHANI Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 21 Aug 2026 · Two Non-Executive Independent Directors appointed on MIDHANI Board | management changes | medium | — | — |
| 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 |
| DATA PATTERNS INDIA LTD | 27,042 | 100.9 | 15.58 | — | 15.6 | 20.3 | — | 33.3 |
| ASTRA MICROWAVE LTD | 16,031 | 84.8 | 12.20 | 45.8 | 14.7 | 17.2 | 12.7 | 20.1 |
| APOLLO MICRO SYSTEMS LTD | 15,650 | 121.7 | 11.96 | 71.7 | 8.2 | 10.4 | 34.8 | 22.3 |
| ZEN TECHNOLOGIES LIMITED | 15,599 | 86.2 | 8.00 | 46.5 | 11.2 | 15.1 | 65.9 | 38.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 62.0 | 83.7 | 10 of 23 | 59% |
| P/B | 5.5 | 10.6 | 4 of 23 | 86% |
| 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 | 8372 | 7486 | 11 of 26 | 60% |
| 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 |
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.
