Mishra Dhatu Nigam Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,753 Cr
- P/E
- 50.27
- ROE
- 8.88%
- PEG
- -8.85
- Price to sales
- 5.28
- Debt to equity
- 0.27
- 52W high / low
- ₹477 / ₹270
- Sales growth (5Y)
- 8.25%
- EBITDA margin
- 18.79%
- Net profit margin
- 10.82%
- Promoter holding
- 74.00%
- Sales (last year)
- ₹1,278 Cr
Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals.[1] It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence.[2] GoI still owns ~74% stake in the company after its IPO in 2018.[3]
Guidance scorecard · Q1 FY27 call
What Mishra Dhatu Nigam Ltd's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ1 FY27 call
20–40%- MIDHANI expects to continue growth beyond FY25-26 levels, aiming higher despite some raw material and LPG challenges.
- Q1 FY27 saw 40% YoY growth, but such high run rate may not be fully sustainable for the whole year; still, growth will be better than last year.
- The company plans to increase titanium production and utilization, expecting significant incremental orders contributing to revenue.
- CapEx of around Rs. 1,000 crore planned over 2-3 years to modernize equipment, improve yield, productivity, and enable higher top-line growth, with benefits expected to start materializing after 3-4 years.
- Metal bank establishment expected to stabilize raw material availability and cost, supporting growth and margin improvement from Q3 onwards.
2 more points from Mishra Dhatu Nigam Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Mishra Dhatu Nigam Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- MIDHANI is planning a major CapEx of around Rs. 1,000 crores over the next 2-3 years, primarily for replacing aging equipment with advanced automated machinery to improve yield, productivity, and competitiveness.
- Current year FY '27 CapEx is modest, around Rs. 50-60 crores, mostly for maintenance purposes.
- The major CapEx involving the Rs. 1,000 crore proposal is in the approval and evaluation stage with the Ministry, with formal Board/government approvals pending.
- Benefits from the CapEx are expected after a 4-year stabilization period, contributing to higher asset turns and top-line growth.
- A metal bank initiative is underway to secure raw material supply and manage cost volatility, expected to be implemented by Q2.
2 more points from Mishra Dhatu Nigam Ltd's call on capex
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FundraisingQ1 FY27 call
See what Mishra Dhatu Nigam Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book as of August 2026 stands at approximately Rs. 2,300 crore.
- Defense sector constitutes about 66% of the order book.
- Space sector (ISRO) orders make up around 21%.
- Energy sector orders constitute about 9%.
- Others make up the remaining 4%.
- Orders are primarily secured through competitive bidding, with no nomination-based orders currently.
- Titanium-related orders are significant, with around Rs. 600 crore worth of titanium orders in the book.
2 more points from Mishra Dhatu Nigam Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingFinancials of Mishra Dhatu Nigam Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Mishra Dhatu Nigam Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 231 | 345 | 188 | 227 | 252 | 406 | 163 | 262 | 238 | 411 | 170 | 210 | 276 |
| Expenses + | 166 | 244 | 146 | 191 | 216 | 325 | 140 | 213 | 186 | 317 | 136 | 177 | 221 |
| Operating Profit | 66 | 100 | 42 | 36 | 36 | 80 | 23 | 49 | 52 | 93 | 34 | 33 | 55 |
| OPM % | 28% | 29% | 22% | 16% | 14% | 20% | 14% | 19% | 22% | 23% | 20% | 16% | 20% |
| Other Income + | 9 | 12 | 8 | 8 | 6 | 8 | 8 | 9 | 7 | 8 | 7 | 9 | 8 |
| Interest | 7 | 8 | 9 | 9 | 9 | 8 | 7 | 8 | 7 | 7 | 6 | 6 | 6 |
| Depreciation | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 16 | 16 | 16 | 17 | 17 |
| Profit before tax | 54 | 90 | 27 | 21 | 19 | 65 | 9 | 34 | 36 | 77 | 19 | 19 | 39 |
| Tax % | 28% | 27% | 31% | 33% | 34% | 28% | 43% | 31% | 30% | 27% | 33% | 33% | 30% |
| Net Profit + | 38 | 66 | 19 | 14 | 12 | 46 | 5 | 24 | 25 | 56 | 13 | 13 | 27 |
| EPS in Rs | 2.06 | 3.53 | 0.99 | 0.74 | 0.67 | 2.48 | 0.27 | 1.26 | 1.35 | 3.00 | 0.68 | 0.68 | 1.47 |
Financials of Mishra Dhatu Nigam Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 555 | 647 | 716 | 773 | 662 | 711 | 713 | 813 | 859 | 872 | 1,073 | 1,074 | 1,066 |
| Expenses + | 448 | 518 | 565 | 587 | 470 | 526 | 514 | 567 | 596 | 613 | 878 | 855 | 852 |
| Operating Profit | 106 | 129 | 152 | 186 | 191 | 185 | 199 | 246 | 263 | 259 | 195 | 219 | 215 |
| OPM % | 19% | 20% | 21% | 24% | 29% | 26% | 28% | 30% | 31% | 30% | 18% | 20% | 20% |
| Other Income + | 26 | 23 | 29 | 23 | 36 | 37 | 36 | 20 | 31 | 38 | 30 | 31 | 31 |
| Interest | 5 | 8 | 5 | 5 | 9 | 7 | 7 | 13 | 23 | 27 | 35 | 30 | 26 |
| Depreciation | 6 | 10 | 14 | 18 | 20 | 23 | 26 | 27 | 33 | 53 | 59 | 63 | 66 |
| Profit before tax | 121 | 134 | 162 | 186 | 198 | 191 | 202 | 226 | 239 | 217 | 131 | 156 | 154 |
| Tax % | 32% | 26% | 26% | 32% | 34% | 32% | 21% | 26% | 26% | 28% | 30% | 29% | |
| Net Profit + | 82 | 99 | 119 | 126 | 131 | 131 | 160 | 166 | 176 | 156 | 91 | 110 | 109 |
| EPS in Rs | 440.16 | 529.31 | 637.18 | 674.23 | 7.01 | 6.97 | 8.53 | 8.88 | 9.41 | 8.32 | 4.87 | 5.88 | 5.83 |
| Dividend Payout % | 45% | 38% | 28% | 30% | 30% | 31% | 30% | 31% | 33% | 40% | 29% | 26% |
Financials of Mishra Dhatu Nigam Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 | 187 |
| Reserves | 258 | 353 | 432 | 517 | 602 | 647 | 771 | 885 | 1,003 | 1,099 | 1,132 | 1,227 | 1,254 |
| Borrowings + | 57 | 59 | 13 | 21 | 93 | 107 | 134 | 160 | 360 | 489 | 433 | 350 | 338 |
| Other Liabilities + | 849 | 564 | 488 | 375 | 483 | 883 | 1,306 | 1,228 | 1,230 | 1,089 | 1,154 | 1,150 | 1,170 |
| Total Liabilities | 1,350 | 1,163 | 1,121 | 1,101 | 1,365 | 1,825 | 2,398 | 2,461 | 2,781 | 2,864 | 2,906 | 2,914 | 2,949 |
| Fixed Assets + | 115 | 244 | 263 | 327 | 344 | 425 | 441 | 429 | 938 | 1,016 | 1,032 | 1,074 | 1,072 |
| CWIP | 118 | 9 | 7 | 6 | 65 | 175 | 405 | 549 | 132 | 80 | 83 | 25 | 24 |
| Investments | 2 | 2 | 2 | 2 | 2 | 2 | 22 | 22 | 22 | 22 | 22 | 25 | 25 |
| Other Assets + | 1,115 | 907 | 849 | 765 | 954 | 1,223 | 1,530 | 1,461 | 1,688 | 1,746 | 1,769 | 1,790 | 1,828 |
| Total Assets | 1,350 | 1,163 | 1,121 | 1,101 | 1,365 | 1,825 | 2,398 | 2,461 | 2,781 | 2,864 | 2,906 | 2,914 | 2,949 |
Financials of Mishra Dhatu Nigam Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 119 | 20 | 296 | 204 | 176 | 5 | -35 | 216 | 217 | |||
| Cash from Investing Activity + | -65 | -78 | -205 | -195 | -115 | -68 | -3 | -65 | -96 | |||
| Cash from Financing Activity + | -43 | 25 | -78 | -13 | -37 | 39 | 43 | -148 | -126 | |||
| Net Cash Flow | 12 | -33 | 13 | -4 | 24 | -24 | 4 | 2 | -6 | |||
| Free Cash Flow | 37 | -75 | 82 | -67 | 17 | -85 | -108 | 136 | 149 | |||
| CFO/OP | 97% | 31% | 188% | 125% | 91% | 28% | 6% | 128% | 116% |
Financials of Mishra Dhatu Nigam Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 160 | 124 | 106 | 136 | 228 | 181 | 152 | 173 | 130 | 132 | 110 | 139 |
| Inventory Days | 886 | 704 | 372 | 277 | 749 | 984 | 2,784 | 1,381 | 2,088 | |||
| Days Payable | 190 | 158 | 68 | 89 | 299 | 248 | 394 | 148 | 336 | |||
| Cash Conversion Cycle | 857 | 670 | 410 | 324 | 678 | 916 | 2,542 | 1,407 | 1,882 | 132 | 110 | 139 |
| Working Capital Days | 223 | 144 | 144 | 128 | 144 | 223 | 362 | 321 | 346 | 389 | 332 | 357 |
| ROCE % | 26% | 27% | 28% | 25% | 22% | 21% | 21% | 19% | 15% | 9% | 11% |
Guidance history
How Mishra Dhatu Nigam Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | — | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −6.1% | 55% |
| Last 6 months | −7.5% | 43% |
| Last 3 months | −8.9% | 48% |
The price is 31.3% below its all-time high of ₹525.3 (2 Feb 2024). Stocks more than 20% below their peak have their score halved, so 49 became 25.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mishra Dhatu Nigam Ltd: 0.4 × 55 + 0.4 × 43 + 0.2 × 48 = 49, halved to 25 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Mishra Dhatu Nigam Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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