MIDHANI

Mishra Dhatu Nigam share price & financials

Price
₹408
Market cap
₹7.9k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 17 Aug 2026

Mishra Dhatu Nigam Limited Q1 FY27

EBITDA ₹46.6 cr +13%PAT ₹16.31 cr +27%PBT ₹23.92 cr +26%

What went well

  • Turnover grew by 40.46% YoY to ₹239.49 crores.
  • Profit After Tax (PAT) increased by 27.42% YoY to ₹16.31 crores.
  • EBITDA showed a healthy growth of 12.89% to ₹46.6 crores.

What to watch

  • Gross margin compression due to increased raw material prices (moly, tungsten, nickel, cobalt) and LPG fuel prices, which almost doubled.
  • Q2 FY27 margins are expected to be slightly impacted before normalizing in Q3 FY27.
Read the full call →

What Mishra Dhatu Nigam Limited does

Mishra Dhatu Nigam Limited (MIDHANI) is a Government of India defence-sector enterprise that manufactures special steels, superalloys, titanium alloys and armour products for defence, aerospace, space and energy customers such as the armed forces, DRDO and ISRO. It earns revenue by producing custom, mission-critical alloys developed in-house or with domestic and international research collaborators at its Hyderabad plant, and supplying them under long-term relationships to strategic and defence-linked customers. It is expanding capacity through a greenfield armour-manufacturing facility at Rohtak and a 50:50 joint venture with NALCO to produce high-end aluminium alloys at Nellore.

Segments

  • Defence
  • Space
  • Aerospace
  • Energy
Market position
Only manufacturer of titanium alloys in India; among the leading manufacturers of special steels and superalloys
PSU classification
Miniratna Category-I Government of India enterprise under the Ministry of Defence
Manufacturing base
Primary manufacturing plant at Kanchanbagh, Hyderabad, Telangana
Expansion project
Greenfield armour-manufacturing facility under development at Rohtak
Joint venture
50:50 JV with NALCO (Utkarsha Aluminium Dhatu Nigam Ltd) building a 60,000 TPA aluminium-alloy plant at Nellore
New facility
Aerospace fastener manufacturing facility (~Rs 40 crore investment), commissioned and operational
Founded 1973Headquarters Hyderabad, Telangana, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 2 delivered 2 missed 12 open
  • EBITDA Margin delivered, diluted said Q4 FY25 Promised: 25% is expected for FY '26 Q1 FY27: Final verdict from FY26. Promise is concluded and remains achieved_diluted.
  • Revenue missed said Q1 FY26 Promised: 1,300 crores in minimum Q1 FY27: Final verdict from FY26. Promise is concluded and remains missed.
  • Infrastructure/Supply Chain delayed said Q2 FY26 Promised: coming 6 months to 8 months, we will be able to have this metal bank Q1 FY27: Timeline delayed again. Management now hopes to 'get further clarity' by the end of Q2 FY27, pushing completion even further out from the original April '26 deadline.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 40.6%, net profit up 23.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue262 238 411 170 210 −20%276 +16%553 +35%239 +41%
EBITDA49 52 93 34 33 −33%55 +6%116 +25%37 +9%
Net profit24 25 56 13 13 −46%27 +8%78 +39%16 +23%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +17.6% 1Y

₹300₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 20 Feb 2026Q4 FY26 — 3 Jun 2026Q1 FY27 — 17 Aug 2026

1Y: ₹380.4 on 10 Sept 2025 → ₹447.4. High ₹477 (8 Sept 2026), low ₹270.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.9%
17 Aug
Q4 FY26
+1.5%
3 Jun
Q3 FY26
−1.6%
21 Feb
Q2 FY26
−4.7%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 19.7%.

Year endingFY23FY24FY25FY26
Revenue₹872 Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
Operating profit₹258 Cr₹194 Cr₹217 Cr₹238 Cr
Operating margin29.6%18.1%20.2%19.7%
Interest₹26 Cr₹35 Cr₹29 Cr₹25 Cr
Depreciation₹53 Cr₹57 Cr₹63 Cr₹67 Cr
Net profit₹156 Cr₹91 Cr₹110 Cr₹131 Cr
Net margin17.9%8.5%10.2%10.8%
Cash from operations₹-35 Cr₹216 Cr₹217 Cr₹155 Cr
Free cash flow₹-108 Cr₹136 Cr₹149 Cr₹105 Cr
ROCE15.0%9.0%11.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹187 Cr₹187 Cr₹187 Cr₹187 Cr₹187 Cr₹187 Cr
Reserves₹885 Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr₹1.3k Cr₹1.3k Cr
Borrowings₹160 Cr₹360 Cr₹489 Cr₹433 Cr₹338 Cr₹407 Cr
Other liabilities₹1.2k Cr₹1.2k Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.3k Cr
Total liabilities₹2.5k Cr₹2.8k Cr₹2.9k Cr₹2.9k Cr₹2.9k Cr₹3.2k Cr
Fixed assets₹429 Cr₹938 Cr₹1.0k Cr₹1.0k Cr₹1.1k Cr₹1.1k Cr
Capital work in progress₹549 Cr₹132 Cr₹80 Cr₹83 Cr₹24 Cr₹16 Cr
Investments₹22 Cr₹22 Cr₹22 Cr₹22 Cr₹25 Cr₹23 Cr
Other assets₹1.5k Cr₹1.7k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr₹2.1k Cr
Total assets₹2.5k Cr₹2.8k Cr₹2.9k Cr₹2.9k Cr₹2.9k Cr₹3.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.61 pp while FIIs added +1.23 pp. The shareholder count shrank 6% to 1,54,762.

Promoters
74.0%
FIIs
2.6%
DIIs
7.4%
Public
16.1%

Since Jun 2025

  • DIIs −1.61 pp
  • FIIs +1.23 pp
  • Public +0.37 pp

How it drifted, 12 quarters

Over this window DIIs fell from 12.5% to 7.4% — −5.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.0%, FIIs 1.2%, DIIs 12.5%, Public 12.3%.Dec '23: Promoters 74.0%, FIIs 1.0%, DIIs 11.8%, Public 13.2%.Mar '24: Promoters 74.0%, FIIs 1.1%, DIIs 11.0%, Public 13.9%.Jun '24: Promoters 74.0%, FIIs 1.3%, DIIs 9.3%, Public 15.4%.Sep '24: Promoters 74.0%, FIIs 1.4%, DIIs 8.4%, Public 16.1%.Dec '24: Promoters 74.0%, FIIs 1.3%, DIIs 8.5%, Public 16.3%.Mar '25: Promoters 74.0%, FIIs 1.6%, DIIs 8.8%, Public 15.6%.Jun '25: Promoters 74.0%, FIIs 1.3%, DIIs 9.0%, Public 15.7%.Sep '25: Promoters 74.0%, FIIs 1.4%, DIIs 8.8%, Public 15.8%.Dec '25: Promoters 74.0%, FIIs 1.3%, DIIs 7.9%, Public 16.8%.Mar '26: Promoters 74.0%, FIIs 1.3%, DIIs 7.8%, Public 16.9%.Jun '26: Promoters 74.0%, FIIs 2.6%, DIIs 7.4%, Public 16.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Mishra Dhatu Nigam Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
President Of India 74.00%unchanged
HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund3.44%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund1.73%−0.29 pp
The New India Assurance Company Limited Insurer1.01%−0.15 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MIDHANI

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹390 Cr
4 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹255 Cr · 0.2% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹255 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹107 Crheld
Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund₹27 Crheld
Nippon India Retirement Fund - Income Generation Scheme Nippon India Mutual Fund₹1 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+82%
vs est. average cost
Held by funds
₹390 Cr
4 schemes · ≈ 5.0% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹255 Cr · 0.2% of that fund
Longest holder
Nippon India Retirement Fund - Income Generation Scheme
6y 2m · since Jul '20

Shares held by these funds −43%

Aug '23 96.95 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹447, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹46 — downside of 90%.

Growth the price implies
38.0% a year
for 7 years, fading to 4%
It has actually compounded at
-5.7% a year
net profit, FY23–FY26 · EPS -5.7%
The gap
0.4 pp
-90% downside if it only repeats history
Price today ₹447.4 Value at the reference growth ₹46.34

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Mishra Dhatu Nigam Limited

Guides on how to read this kind of business and the numbers that matter.