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Mishra Dhatu Nigam Ltd

Q2 FY26Aerospace & Defense

Mishra Dhatu Nigam Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹420
Market cap₹7.9K Cr
P/E58.6
Updated16 Oct 2026
Read4 min read

Mishra Dhatu Nigam Ltd Q2 FY26 key numbers

Revenue
Super alloys and titanium alloys are key growth drivers, with order books of INR450 crores and INR600 crores respectively.

As stated in Mishra Dhatu Nigam Ltd's Q2 FY26 earnings call transcript · published 5 Aug 2026. Reported figures, not investment advice.

The short version

Midhani targets a sales revenue of INR1,300 crores for FY 2025-26, aiming for 10% year-on-year growth currently, with potential higher growth upon capex completion. Midhani targets a revenue growth of at least 10% year-on-year on a conservative basis, with potential for higher growth once new facilities are operational.

From Mishra Dhatu Nigam Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

  • Midhani targets a sales revenue of INR1,300 crores for FY 2025-26, aiming for 10% year-on-year growth currently, with potential higher growth upon capex completion.
  • Management projects a 20%+ CAGR in the medium term (3-4 years), especially after infrastructure and capacity expansions.
  • Current order book is robust at over INR2,700 crores, expected to provide sales visibility for 12-18 months.
  • Super alloys and titanium alloys are key growth drivers, with order books of INR450 crores and INR600 crores respectively.
  • Infrastructure bottlenecks are acknowledged; capex plans to overcome these are underway, with detailed plans expected by Q3 FY26.

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Profitability & Margins

See what Mishra Dhatu Nigam Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Midhani is planning significant capex to upgrade forging line equipment to meet 15-20 years of growth, with detailed figures expected by end of Q3 or Q4 FY26.
  • They are continuously installing new equipment and replacing older ones to improve productivity.
  • A metal bank (National Strategic Materials Reserve) is being set up at Midhani's campus within 6-8 months to ensure raw material security, owned by customers but operated by Midhani.
  • The capex plan to support scaling revenue towards INR 1,500-2,000 crores initially, with a long-term vision to reach INR 5,000 crores.
  • The Ministry of Defense is encouraging and supporting these investments.

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Top-ranked in Aerospace & Defense

Ranked on what management guided this quarter

Guidance-ranked
1Rossell Techsys
Rev 1Mar 1
2Shree Refrigerat
Rev 1Mar 2
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 1Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

  • Current order book is approximately INR 2,200 crores.
  • An additional INR 500 crores worth of orders are in the pipeline and expected by March 2026.
  • Total order book including pending orders is around INR 2,700 crores.
  • By April 1, 2026, Midhani expects an opening order book of at least INR 2,000 crores.
  • Production timeline for current order book is estimated between 12 to 18 months.
  • Some development grades may require longer execution time; production grades generally take up to 12 months.

2 more points from Mishra Dhatu Nigam Ltd's call on order book

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Mishra Dhatu Nigam Ltd — Quarterly revenue & net profit

Revenue Net profit
Sep 2024Q2 FY25
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26

Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹276 Cr, net profit ₹27 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Mishra Dhatu Nigam Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Mishra Dhatu Nigam Ltd Q2 FY26 results?

Midhani targets a sales revenue of INR1,300 crores for FY 2025-26, aiming for 10% year-on-year growth currently, with potential higher growth upon capex completion. Midhani targets a revenue growth of at least 10% year-on-year on a conservative basis, with potential for higher growth once new facilities are operational.

What is Mishra Dhatu Nigam Ltd share price analysis?

Mishra Dhatu Nigam Ltd currently shows a neutral. The stock trades at a P/E of 58.6 with a market cap of ₹7,863 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mishra Dhatu Nigam Ltd planning capital expenditure?

Midhani is planning significant capex to upgrade forging line equipment to meet 15-20 years of growth, with detailed figures expected by end of Q3 or Q4 FY26.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.