India's sole titanium-alloy maker; special steels, superalloys & armour for defence, aerospace and space.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 239 | +40.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 16.0 | +23.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.16 | +0.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 8.77 | −5.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 18.22 | +12.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 4 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 25% is expected for FY '26 | Q4 FY25 | Final verdict from FY26. Promise is concluded and remains achieved_diluted. | Achieved* |
| Revenue | 1,300 crores in minimum | Q1 FY26 | Final verdict from FY26. Promise is concluded and remains missed. | Missed |
| Infrastructure/Supply Chain | coming 6 months to 8 months, we will be able to have this metal bank | Q2 FY26 | 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. | Delayed |
2 of Mishra Dhatu Nigam Limited's 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹380.4 on 24 Oct 2025 → ₹368.7. High ₹477 (8 Sept 2026), low ₹270.45 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
2 of 4 judged targets kept · 12 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | 25% is expected for FY '26 | Q4 FY25 | Final verdict from FY26. Promise is concluded and remains achieved_diluted. | Achieved* |
| Revenue | 1,300 crores in minimum | Q1 FY26 | Final verdict from FY26. Promise is concluded and remains missed. | Missed |
| Infrastructure/Supply Chain | coming 6 months to 8 months, we will be able to have this metal bank | Q2 FY26 | 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. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Mishra Dhatu Nigam Limited Q1 FY27
MIDHANI reported strong Q1 FY27 financial performance with significant turnover and PAT growth, driven by increased production and strategic milestones like the S400 certification. However, profitability was impacted by higher raw material and LPG prices, though management expects normalization by Q3 FY27. The company maintains a robust order book and is pursuing further certifications and indigenization initiatives.
Read the full callMishra Dhatu Nig Q4 FY26
MIDHANI reported a strong Q4 and record FY26 performance, driven by highest ever quarterly and annual turnovers, and significant PAT growth. The company achieved record Titanium production and secured key certifications like NADCAP. Strategic initiatives include establishing a metal bank to mitigate raw material supply chain risks and investing in advanced manufacturing facilities. Despite challenges with raw material supply and energy costs, the company maintains a positive outlook with a healthy order book and ambitious growth targets.
Read the full callMishra Dhatu Nig Q3 FY26
Mishra Dhatu Nigam reported strong Q3 FY26 results with significant QoQ growth in turnover and PAT, driven by execution in super alloys and titanium. The company maintains a robust order book of ₹2,594 crores and is progressing on strategic initiatives like the metal bank and NADCAP certification. However, the Utkarsha Dhatu Nigam JV is being closed, and RDSO certification for springs is still awaited.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +23% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 262 | 238 | 411 | 170 | 210 | 276 | 553 | 239 |
| Expenses | 213 | 186 | 317 | 136 | 177 | 221 | 437 | 203 |
| Operating profit | 49 | 52 | 93 | 34 | 33 | 55 | 116 | 37 |
| Operating margin | 19.0% | 22.0% | 23.0% | 20.0% | 16.0% | 20.0% | 21.0% | 15.0% |
| Other income | 9 | 7 | 8 | 7 | 9 | 8 | 14 | 10 |
| Interest | 8 | 7 | 7 | 6 | 6 | 6 | 7 | 6 |
| Depreciation | 16 | 16 | 16 | 16 | 17 | 17 | 17 | 17 |
| Profit before tax | 34 | 36 | 77 | 19 | 19 | 39 | 107 | 24 |
| Tax rate | 31.0% | 30.0% | 27.0% | 33.0% | 33.0% | 30.0% | 27.0% | 32.0% |
| Net profit | 24 | 25 | 56 | 13 | 13 | 27 | 78 | 16 |
| EPS (₹ per share) | 1.26 | 1.35 | 3 | 0.68 | 0.68 | 1.47 | 4.15 | 0.87 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 872 | 1,073 | 1,074 | 1,209 |
| Expenses | 614 | 878 | 856 | 971 |
| Operating profit | 258 | 194 | 217 | 238 |
| Other income | 37 | 30 | 32 | 38 |
| Interest | 26 | 35 | 29 | 25 |
| Depreciation | 53 | 57 | 63 | 67 |
| Profit before tax | 216 | 132 | 156 | 184 |
| Net profit | 156 | 91 | 110 | 131 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 187 | 187 | 187 | 187 | 187 | 187 |
| Reserves | 1,003 | 1,099 | 1,132 | 1,227 | 1,254 | 1,343 |
| Borrowings | 360 | 489 | 433 | 350 | 338 | 407 |
| Other liabilities | 1,230 | 1,089 | 1,154 | 1,150 | 1,170 | 1,282 |
| Total liabilities | 2,781 | 2,864 | 2,906 | 2,914 | 2,949 | 3,220 |
| Fixed assets | 938 | 1,016 | 1,032 | 1,074 | 1,072 | 1,066 |
| Capital work in progress | 132 | 80 | 83 | 25 | 24 | 16 |
| Investments | 22 | 22 | 22 | 25 | 25 | 23 |
| Other assets | 1,688 | 1,746 | 1,769 | 1,790 | 1,828 | 2,115 |
| Total assets | 2,781 | 2,864 | 2,906 | 2,914 | 2,949 | 3,220 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 176 | 5 | -35 | 216 | 217 | 155 |
| Cash from investing | -115 | -68 | -3 | -65 | -96 | -150 |
| Cash from financing | -37 | 39 | 43 | -148 | -126 | 16 |
| Net cash flow | 24 | -24 | 4 | 2 | -6 | 21 |
| Free cash flow | 17 | -85 | -108 | 136 | 149 | 105 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 173 | 130 | 132 | 110 | 139 | 167 |
| Inventory days | 1381 | 2088 | — | — | 1086 | 935 |
| Days payable | 148 | 336 | — | — | 79 | 80 |
| Cash conversion cycle | 1407 | 1882 | 132 | 110 | 1146 | 1022 |
| Working capital days | 321 | 346 | 389 | 332 | 357 | 327 |
| Return on capital employed | 21.0% | 19.0% | 15.0% | 9.0% | 11.0% | 11.0% |
| Dividend payout | 31.0% | 33.0% | 40.0% | 29.0% | 26.0% | 30.0% |
To justify its price of ₹369, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹46 — downside of 87%.
Ownership
Promoters hold 74.00% as of Sept 2026; institutions cut 0.56 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Mishra Dhatu Nigam Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 74.00% | unchanged | |
| Mutual fund | 3.44% | unchanged |
| Mutual fund | 1.73% | unchanged |
| Insurer | — | off the list |
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.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹282 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹113 Cr | held | Aug '22 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹28 Cr | held | May '21 |
| Nippon India Retirement Fund - Income Generation Scheme Nippon India Mutual Fund | ₹1 Cr | held | Jul '20 |
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 Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds −42%
Oct '23 96.95 L shares Sep '26
Your own record
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