Mishra Dhatu Nigam Ltd (MIDHANI)

📊 Quarterly Results (₹ Cr)

Quarterly revenue shows pronounced seasonality, with the March 2026 quarter reporting the highest revenue at ₹553 crore, followed by a sharp decline to ₹239 crore in June 2026, suggesting project-based or cyclical order execution typical of the capital goods sector. Despite this volatility, operating performance remains resilient, with operating margins holding steady around 8-18% and net profit margins improving in line with revenue spikes. The company posted a net profit of ₹78 crore in Q4FY26 (Dec 2025) and ₹16 crore in Q1FY27 (Jun 2026), reflecting both scale and execution sensitivity. Cash flow trends indicate improving operational cash generation, with ₹155 crore operating cash flow in March 2026 compared to ₹217 crore in March 2025, despite higher investing outflows.

🔮 Management Outlook & What's Next

During the AGM on September 30, 2026, the Chairman reviewed FY2026 results and future outlook but did not provide specific forward guidance on revenue, margins, or capital expenditure. The company emphasized governance enhancements, including director appointments and auditor ratification, signaling continuity in leadership and compliance focus. No strategic roadmap or growth targets were disclosed in the filing, and management refrained from commenting on market conditions or order pipeline specifics.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

The balance sheet as of March 2026 shows stable capital structure with equity and reserves at ₹1,532 crore and borrowings at ₹407 crore, indicating moderate leverage (D/E of 0.17). Total assets grew to ₹3,221 crore from ₹2,950 crore a year earlier, reflecting asset base expansion. The company maintained a healthy cash position through operating cash flows of ₹155 crore in March 2026, supporting financial stability without aggressive capital deployment. No major disinvestment or deleveraging was observed, suggesting a conservative and steady capital allocation approach.

💰 Cash Flow Statement (₹ Cr)

👥 Shareholding Pattern

Promoter holding remains steady at 74% across all recent quarters, indicating long-term commitment. Institutional interest is gradually increasing, with FII allocation rising from 1.25% in Q3FY26 to 2.56% in Q1FY27, while DII holdings remain stable around 7.3-8.8%. The number of shareholders has slightly declined from 1,66,811 in Q3FY26 to 1,54,762 in Q1FY27, suggesting consolidation rather than retail exit. Overall, the shareholding pattern reflects growing institutional confidence without significant promoter dilution.

⚖️ Peer Comparison — Aerospace & Defence

🔗 Peer Stock Analyses

⚠️ Risk Factors

1. High revenue volatility due to project-based order execution, as evidenced by sharp quarterly swings from ₹553 crore to ₹239 crore. 2. Elevated P/E ratio of 60.9 relative to peers, implying market expectations may already be priced in. 3. Limited forward guidance from management, reducing visibility into future growth trajectory. 4. Dependence on government and defence contracts, which are subject to policy and budgetary changes, though not explicitly detailed in filings.

📋 Recent Filings

• 🔴 Announcement2026-10-01Mishra Dhatu Nigam Ltd announced the retirement of General Manager (Engineering Services) Venkateshwar Rathod effective October 1, 2026, as required u…
• 🟡 voting results2026-09-30Mishra Dhatu Nigam Limited held its 52nd AGM on September 30, 2026 via video conferencing. Shareholders approved all eight resolutions including audit…
• 🟡 Board Meeting2026-09-30Mishra Dhatu Nigam held its 52nd AGM on September 30, 2026 via video conference, confirming quorum and reviewing financials. Chairman highlighted FY20…
• 🔴 Announcement2026-09-22Mishra Dhatu Nigam Limited announced it will attend an investor relations meeting organized by Elara Capital and Dam Capital on September 28, 2026 at …
• Announcement2026-09-22Mishra Dhatu Nigam Limited announced the closure of its insider trading window effective 15 October 2026, covering designated persons and their immedi…
• 🟡 Board Meeting2026-09-21Mishra Dhatu Nigam Limited issued an addendum to its AGM notice dated August 28, 2026, withdrawing Item No. 5 concerning the appointment of Shri Praka…
• 🟡 Board Meeting2026-09-17Mishra Dhatu Nigam Limited announced the appointment of Ms. Meera Mohanty as Government Nominee Director effective September 17, 2026, succeeding Shri…
• 🔴 Announcement2026-09-09Mishra Dhatu Nigam Limited announced the re-appointment of Anjaneyulu & Co as its statutory auditor for FY 2026-27 following CAG approval, confirming …
• 🔴 Corporate Action2026-09-08Mishra Dhatu Nigam Limited announced a final dividend of Rs 1.25 per share (12.50% yield) for FY 2025-26, payable to shareholders on record as of Sept…
• 🟡 Board Meeting2026-09-08MIDHANI held its 52nd AGM on September 30, 2026, approving FY2026 financial statements, declaring a final dividend of Rs.1.25 per share, and appointin…

🧠 Analyst's Read

MIDHANI exhibits stable governance and improving institutional interest, but its financial performance is inherently cyclical. Investors should monitor order intake, execution timelines, and management commentary on the defence and aerospace pipeline in upcoming investor interactions to assess sustainability of margins and growth.

Based on filing content and financial data. Not a recommendation.