Mishra Dhatu Nigam Ltd (MIDHANI)

📊 Quarterly Results (₹ Cr)

The recent revenue surge to ₹239.49 crore in Q1 FY27 marks a sharp inflection from prior quarters, including a record ₹1,209 crore FY26 revenue and 38.67% YoY PAT growth in Q4 FY26, indicating accelerating demand in defense and aerospace. However, margin pressure from raw material inflation (nickel, LPG) and lower operational efficiency in lower-turnover quarters (e.g., 7.6% OPM in Sep 2025) contrast with improved 8.4% OPM in Jun 2026, suggesting progress but not yet structural margin recovery.

🔮 Management Outlook & What's Next

Management targets 20-21% EBITDA margins by Q3 FY27 and 25-28% overall margins through higher-margin titanium and superalloy orders, while expecting raw material cost pressures to ease. They project export revenue of ₹100-120 crore and emphasize strategic growth in defense (AMCA, nuclear), supported by metal bank procurement and equipment modernization, with CapEx of ₹1,000 crore over 2-3 years to enable downstream expansion.

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

🏦 Balance Sheet (₹ Cr)

The balance sheet shows stable equity of ₹187 crore and growing reserves (₹1,345 crore as of Mar 2026), with borrowings at ₹407 crore, indicating prudent capital structure management. Total assets have risen to ₹3,221 crore, reflecting investments in capacity and capabilities, while consistent dividend discipline and working capital strategies suggest financial stability amid expansion.

💰 Cash Flow Statement (₹ Cr)

👥 Shareholding Pattern

FII holding has declined slightly from 1.37% (Q2FY26) to 2.56% (Q1FY27), while DII rose from 7.81% to 7.37%, and promoter holding remains steady at 74%. The growing number of public shareholders (1,54,762 in Q1FY27) and stable promoter stake suggest broadening retail interest, but limited institutional accumulation may constrain large-scale inflows.

⚖️ Peer Comparison — Aerospace & Defence

🔗 Peer Stock Analyses

⚠️ Risk Factors

1) Raw material cost volatility (nickel, LPG) continues to pressure near-term margins despite management's easing expectations. 2) Export revenue target of ₹100-120 crore lacks near-term visibility and depends on global demand and geopolitical stability. 3) The shelved aluminum plant JV and delayed capacity upgrades may limit long-term growth if approvals remain pending. 4) High promoter pledging risk is absent, but low FII/DII ownership could reduce liquidity and investor interest.

📋 Recent Filings

• Announcement2026-09-22Mishra Dhatu Nigam Limited announced the closure of its insider trading window effective 15 October 2026, covering designated persons and their immedi…
• 🔴 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 …
• 🟡 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 …
• 🟡 sustainability report2026-09-08Mishra Dhatu Nigam Limited (MIDHANI) submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 to BSE on September 8, 2026…
• 🔴 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…
• 🔴 annual report2026-09-08Mishra Dhatu Nigam Ltd (MIDHANI) reported a 12.56% revenue growth to ₹1,20,862.59 lakh in FY 2025-26, driven by record defence production of 178,000 u…
• 🟡 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…
• 🔴 Financial Results2026-08-22Mishra Dhatu Nigam Limited reported a 40.46% YoY revenue jump to **₹239.49 crore** in Q1 FY27, driven by strong defense and aerospace demand, with PAT…

🧠 Analyst's Read

MIDHANI is transitioning into a high-growth defense and nuclear play with improving order book and margin ambitions, but near-term profitability remains sensitive to input costs and execution of export plans. Watch for margin recovery trajectory, export order inflow, and progress on CapEx utilization to assess sustainability of growth.

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