Detailed Narrative
Record Performance in Q4 and FY26
MIDHANI achieved its highest ever quarterly turnover of INR552.7 crores in Q4 FY26, marking a 34.63% year-on-year growth. The annual turnover for FY26 also reached a record INR1,208.63 crores, an increase of 12.52% over the previous financial year. Profit After Tax (PAT) for FY26 stood at INR130.79 crores, demonstrating an 18.82% growth compared to FY25, reflecting strong operational execution and demand.
Strategic Initiatives and Product Achievements
The company is establishing a metal bank to ensure uninterrupted supply of critical raw materials, addressing supply chain disruptions. MIDHANI achieved its highest ever Titanium production of 700 tons, nearly doubling previous years' output. Notable achievements include supplying 90 tons of armor-grade steel for the presidential dais and 31 architectural Titanium windows for the Ram Janmabhoomi temple, marking a first for India in architectural applications.
Capital Expenditure and Modernization Plans
MIDHANI plans a capital expenditure of approximately INR1,000 crores over the next three years, primarily aimed at replacing aging equipment with state-of-the-art facilities in downstream operations to improve efficiency and yield. The company has already inaugurated a INR40 crores aerospace fastener manufacturing facility, which is now operational and expected to generate at least INR25 crores in revenue annually.
Order Book and Future Outlook
As of April 1, 2026, the company's order book stood at INR2,290 crores, with the defense sector contributing approximately 79% of the total. MIDHANI expects to book new orders worth about INR1,500 crores in FY26-27. The management targets a 15% year-on-year top-line growth, with an aspirational target of 20%, and anticipates maintaining EBITDA margins in the 23-25% range.
Raw Material and Supply Chain Management
The company acknowledges ongoing supply chain disruptions for critical raw materials, which are largely imported from various countries including former USSR states, European countries, and the USA. The metal bank initiative is a direct response to these challenges. Additionally, MIDHANI is navigating issues related to LPG and energy supply due to global geopolitical events, which may cause minor delays in orders.
Certifications and New Product Development
MIDHANI secured NADCAP certification for heat treatment, a critical accreditation that allows OEMs to directly procure materials. The company also obtained airworthiness certificates for 10 critical aerospace-grade super alloys and steel. Furthermore, MIDHANI has developed a cast superalloy single-crystal blade material, a highly competitive and complex metallurgical achievement, which has passed all customer tests.