Any current/future new fundraising through debt or equity?

As of the information available up to February 17, 2026, Mishra Dhatu Nigam Limited (MIDHANI) is working on capex plans to enhance capacity and growth, targeting becoming a INR 2,000 crore company in the next 10 years. The capex plans are currently under evaluation and DPR (Detailed Project Report) stage, with clarity expected by the end of Q4 FY '26. No explicit mention of new fundraising through debt or equity is made in the call transcripts. Any major investment, including capex, would require board approval and possibly ministry approval. The company is focusing on internal growth plans an

Any current/future capex/capital investment/strategic investment?

MIDHANI is working on a capex plan aimed at doubling capacity to become a INR 2,000 crores company in the next 10 years. Current projects are under evaluation, with details and approvals expected by end of Q4 FY26. Capex includes installing additional capacity in critical areas and upgrading or substituting older equipment nearing end of life for higher productivity. The powder plant capex is in progress but pending foreign export licenses; equipment arrival is awaited. Capex projects are primarily brownfield expansions; details to be shared post-DPR completion. Metal Bank establishment to ins

Future growth expectations in sales/revenue/volumes?

MIDHANI aims to become a INR2,000 crores company in the next 10 years by upgrading facilities and adding capacity. Current growth guidance is around 20% year-on-year increment in revenues for FY '26/'27 and '27/'28 based on existing capacity. Capex plans to enhance capacity are underway, with details expected by end of Q4 FY '26 after DPR approvals. Focus on increasing production of aeronautical grades, super alloys, and titanium alloys to drive growth. Efforts to reduce imports through indigenous manufacturing and metal bank establishment to ensure raw material availability. Export market exp

Future growth expectations in earnings/operating earnings/profits/EPS?

MIDHANI expects around 20% incremental revenue growth year-over-year for FY '27 and FY '28 based on current capacity and utilization, until capex plans are finalized. Once the capex is implemented, further revenue growth and capacity expansion will be possible, with a goal to scale from INR 1,000+ crore to INR 2,000 crore company in the next 10 years. Profitability improved significantly in Q3 FY '26 due to execution of super alloys and titanium alloy orders, which are key margin drivers. EBITDA margins of around 23% were guided in prior calls, supported by ultrahigh-strength steels with

Current/ Expected Orderbook/ Pending Orders?

As of February 17, 2026, MIDHANI's current order book stands at INR 2,594 crores. The timeline for executing the current order book is approximately 2 years. The company expects a year-over-year revenue growth of around 20% for FY '26/'27 and FY '27/'28, subject to capex finalization. There are ongoing capex projects aimed at capacity enhancement and supporting growth towards becoming a INR 2,000 crores company. The capex plans are under detailed project report (DPR) stage, with more information expected by the end of Q4 FY '25/'26.

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Mishra Dhatu Nigam LtdQ4 FY27Aerospace & Defense

Mishra Dhatu Nigam Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹435P/E: 70.0Market Cap: ₹7.6K CrSector: Aerospace & Defense

Management growth scorecard

Revenue

Category 2

Margin

N/A

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→MIDHANI aims to become a INR2,000 crores company in the next 10 years by upgrading facilities and adding capacity.
→Current growth guidance is around 20% year-on-year increment in revenues for FY '26/'27 and '27/'28 based on existing capacity.
→Capex plans to enhance capacity are underway, with details expected by end of Q4 FY '26 after DPR approvals.
→Focus on increasing production of aeronautical grades, super alloys, and titanium alloys to drive growth.
→Efforts to reduce imports through indigenous manufacturing and metal bank establishment to ensure raw material availability.
→Export market expansion planned with certifications expected within 2 years to add revenue streams.
→Value-added products like titanium castings, fasteners, and bulletproof jackets also contribute to growth potential.

Margin guidance

→MIDHANI expects around 20% incremental revenue growth year-over-year for FY '27 and FY '28 based on current capacity and utilization, until capex plans are finalized.
→Once the capex is implemented, further revenue growth and capacity expansion will be possible, with a goal to scale from INR 1,000+ crore to INR 2,000 crore company in the next 10 years.
→Profitability improved significantly in Q3 FY '26 due to execution of super alloys and titanium alloy orders, which are key margin drivers.
→EBITDA margins of around 23% were guided in prior calls, supported by ultrahigh-strength steels with higher margins.
→Growth drivers include increased production of aeronautical grades and expanding exports with anticipated certifications in the next 2 years.
→Capex projects under DPR stage will boost production capacity and revenues; detailed figures to be shared post Q4 FY '26.

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Fundraise plans

→As of the information available up to February 17, 2026, Mishra Dhatu Nigam Limited (MIDHANI) is working on capex plans to enhance capacity and growth, targeting becoming a INR 2,000 crore company in the next 10 years.
→The capex plans are currently under evaluation and DPR (Detailed Project Report) stage, with clarity expected by the end of Q4 FY '26.
→No explicit mention of new fundraising through debt or equity is made in the call transcripts.
→Any major investment, including capex, would require board approval and possibly ministry approval.
→The company is focusing on internal growth plans and capacity enhancement before finalizing fundraising details.

Order book

Yes

→As of February 17, 2026, MIDHANI's current order book stands at INR 2,594 crores.
→The timeline for executing the current order book is approximately 2 years.
→The company expects a year-over-year revenue growth of around 20% for FY '26/'27 and FY '27/'28, subject to capex finalization.
→There are ongoing capex projects aimed at capacity enhancement and supporting growth towards becoming a INR 2,000 crores company.
→The capex plans are under detailed project report (DPR) stage, with more information expected by the end of Q4 FY '25/'26.

Capex plans

Yes

→MIDHANI is working on a capex plan aimed at doubling capacity to become a INR 2,000 crores company in the next 10 years.
→Current projects are under evaluation, with details and approvals expected by end of Q4 FY26.
→Capex includes installing additional capacity in critical areas and upgrading or substituting older equipment nearing end of life for higher productivity.
→The powder plant capex is in progress but pending foreign export licenses; equipment arrival is awaited.
→Capex projects are primarily brownfield expansions; details to be shared post-DPR completion.
→Metal Bank establishment to insulate against raw material supply uncertainties is underway.
→Once DPR and approvals are finalized, more clarity on capex and growth will be provided.
→Focus on increasing production to meet growing demand and substitute imported materials through indigenization.

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