Overview

Detailed Summary

Mishra Dhatu Nigam Limited (MIDHANI) is a government‑owned special metals and alloys manufacturer producing superalloys, titanium alloys, maraging and ultra‑high strength steels, serving aerospace, defence, space, nuclear and strategic industries from integrated melting to downstream processing.
Q3 FY26 operating momentum improved sharply: standalone turnover for Q3 reached ₹275.66 crore (31% sequential growth), Q3 PBT ₹39 crore and PAT ₹27.46 crore; nine‑month turnover was ~₹656 crore with value of production expanding, showing quarter‑level recovery despite 9M revenue softness.
MIDHANI possesses a deep proprietary materials portfolio (~500 grades, ~100 aeronautical grades), recent certifications (CEMILAC approval for 10 cast/rod superalloys, NADCAP audit completed subject to minor queries) and a declared orderbook of ~₹2.4–2.6k crore with roughly two years execution visibility, supporting near‑term revenue visibility.
Material growth vectors include recent capacity additions (new titanium melting plant, spring plant, wide plate mill and isothermal forging), product diversification into value‑added items (springs, fasteners, fabricated titanium assemblies) and export/certification pursuits to convert technical credentials into larger commercial wins.
Key operational risks are raw material import dependency (titanium sponge imports and duty paid imports), working capital intensity from inventories, and customer concentration in defence/space; management targets process improvements, metal bank arrangements and capex to reduce such bottlenecks and improve margins.

Sector: Aerospace & Defense
Industry: Aerospace & Defense
Market Cap: 7,093 Cr
Volatility: High Risk
P/E Ratio: 54.7
Industry P/E: 46.8
PEG Ratio: 1.1
P/B Ratio: 4.9
52W High: 468.40
52W Low: 254.75

Sales CAGR

1Y: 0.13%
3Y: 7.71%
5Y: 8.54%
10Y: 3.90%

Profit CAGR

1Y: 20.77%
3Y: -14.53%
5Y: -7.18%
10Y: -0.90%

ROE

TTM: 7.47%
3Y: 8.89%
5Y: 11.14%
10Y: 13.42%

ROCE

TTM: 7.35%
3Y: 9.24%
5Y: 10.69%
10Y: 13.03%

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Analyst Target, Price, EPS and Revenue Projections
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Peers

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APOLLO		197.55	10,110 Cr	81.50	7.62	0.08	7.59	11.15	4.74
AXISCADES		1711.00	8,005 Cr	74.87	11.56	0.00	12.89	14.53	8.46
MIDHANI		320.25	6,911 Cr	54.65	4.79	0.41	7.47	7.35	3.72
PARAS		641.50	6,536 Cr	70.42	10.38	0.06	10.46	13.27	7.74
UNIMECH		907.30	4,914 Cr	67.36	6.96	0.00	11.27	12.41	7.66
AVANTEL		134.30	4,255 Cr	224.05	13.14	0.12	10.40	14.74	4.20
ROSSTECH		767.00	3,670 Cr	136.48	25.90	0.02	14.83	11.59	4.00
Median: 7 Co.	—	641.50	6,536 Cr	74.87	10.38	0.06	10.46	12.41	4.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	227	252	406	163	262	238	411	171	210	276
Expenses	191	216	325	140	213	186	317	136	177	221
Operating Profit	36	36	80	23	49	52	93	34	33	55
OPM %	15.96	14.25	19.83	14.26	18.68	22.04	22.73	20.05	15.62	19.82
Other Income	7.65	6.53	8.09	7.95	8.53	7.27	7.66	7.28	9.11	7.74
Interest	8.79	8.74	8.40	6.84	7.89	7.29	7.43	6.17	5.79	6.34
Depreciation	14	14	15	15	16	16	16	16	17	17
Profit Before Tax	21	19	65	9.14	34	36	77	19	19	39
Tax %	32.77	33.44	28.30	42.12	30.57	29.60	27.22	32.36	32.88	29.40
Net Profit	14	13	46	5.29	24	26	56	13	13	28
EPS in Rs	0.74	0.68	2.47	0.28	1.26	1.36	3.00	0.69	0.69	1.48

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	711	713	813	859	872	1,073	1,074	1,081
Expenses	527	515	568	597	614	879	856	852
Operating Profit	184	198	245	262	258	194	218	229
OPM %	25.84	27.73	30.16	30.52	29.53	18.10	20.30	21.17
Other Income	37	35	20	32	38	30	32	31
Interest	6.36	5.92	12	21	26	35	29	29
Depreciation	23	26	27	33	53	59	63	64
Profit Before Tax	191	200	226	239	217	131	157	167
Tax %	31.66	21.13	26.43	26.23	27.97	30.19	29.32	29.01
Net Profit	131	158	166	177	156	92	111	118
EPS in Rs	—	—	8.89	9.43	8.34	4.89	5.90	5.86
Dividend Payout %	31.42	30.33	31.31	32.87	40.17	28.78	25.34	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	187	187	187	187	187	187	187
Reserves	647	769	884	1,002	1,098	1,132	1,228
Borrowings	107	134	160	360	489	433	350
Other Liabilities	883	1,306	1,228	1,230	1,089	1,154	1,150
Total Liabilities	1,825	2,396	2,459	2,779	2,863	2,905	2,915
Fixed Assets	425	441	429	938	1,016	1,032	1,074
CWIP	175	405	549	132	80	83	25
Investments	2.10	20	21	21	21	22	25
Other Assets	1,223	1,530	1,461	1,688	1,746	1,769	1,790
Total Assets	1,825	2,396	2,459	2,779	2,863	2,905	2,915

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	296	204	176	5.11	-35	216	217
Cash from Investing Activity	-205	-195	-115	-68	-2.95	-65	-96
Cash from Financing Activity	-78	-13	-37	39	43	-148	-126
Net Cash Flow	13	-3.87	24	-24	4.41	2.19	-5.59

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%	74.00%
FIIs	0.96%	1.18%	0.95%	1.08%	1.27%	1.42%	1.26%	1.65%	1.34%	1.37%	1.25%	1.32%
DIIs	13.12%	12.49%	11.84%	11.04%	9.33%	8.45%	8.49%	8.79%	8.98%	8.83%	7.92%	7.82%
Public	11.93%	12.33%	13.21%	13.89%	15.40%	16.13%	16.25%	15.56%	15.68%	15.79%	16.82%	16.86%
Total Shareholders	78,588	93,631	1,01,808	1,23,007	1,42,559	1,53,279	1,56,888	1,57,106	1,64,891	1,62,111	1,66,811	1,64,331

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Frequently Asked Questions about Mishra Dhatu Nigam Ltd

Mishra Dhatu Nigam Ltd (MIDHANI) is currently trading at 378.60 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Mishra Dhatu Nigam Limited (MIDHANI) is a government‑owned special metals and alloys manufacturer producing superalloys, titanium alloys, maraging and ultra‑high strength steels, serving aerospace, defence, space, nuclear and strategic industries from integrated melting to downstream processing. Q3 FY26 operating momentum improved sharply: standalone turnover for Q3 reached ₹275.66 crore (31% sequential growth), Q3 PBT ₹39 crore and PAT ₹27.46 crore; nine‑month turnover was ~₹656 crore with value of production expanding, showing quarter‑level recovery despite 9M revenue softness. MIDHANI possesses a deep proprietary materials portfolio (~500 grades, ~100 aeronautical grades), recent certifications (CEMILAC approval for 10 cast/rod superalloys, NADCAP audit completed subject to minor queries) and a declared orderbook of ~₹2.4–2.6k crore with roughly two years execution visibility, supporting near‑term revenue visibility. Material growth vectors include recent capacity additions (new titanium melting plant, spring plant, wide plate mill and isothermal forging), product diversification into value‑added items (springs, fasteners, fabricated titanium assemblies) and export/certification pursuits to convert technical credentials into larger commercial wins. Key operational risks are raw material import dependency (titanium sponge imports and duty paid imports), working capital intensity from inventories, and customer concentration in defence/space; management targets process improvements, metal bank arrangements and capex to reduce such bottlenecks and improve margins.

Over the past 52 weeks, Mishra Dhatu Nigam Ltd has traded between a low of ₹254.75 and a high of ₹468.40. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Mishra Dhatu Nigam Ltd has a market capitalization of approximately 7,092.69. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Mishra Dhatu Nigam Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 54.65 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 7,092.69 Cr, Mishra Dhatu Nigam Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Mishra Dhatu Nigam Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Mishra Dhatu Nigam Ltd is 54.65. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

As of January 1, 2026, Mishra Dhatu Nigam Limited (MIDHANI) reported a robust order book position of ₹2,440 crore, providing strong visibility for future revenue.

Mishra Dhatu Nigam Ltd

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