AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 17 Sep - Ms. Meera Mohanty appointed Government Nominee Director at MIDHANI from September 17, 2026, replacing Shri Prakash Rajpurohit.
Source: Bse
Mishra Dhatu Nigam Limited (MIDHANI)
Micro CapIndustrials stocks · Micro cap · NSE
Mishra Dhatu Nigam Limited (MIDHANI) is an Indian state-owned enterprise specializing in manufacturing superalloys, titanium alloys, and special steels for strategic sectors like defense, space, and energy. It focuses on high-tech metallurgical processing and indigenization of critical materials.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 01:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
50NeutralMACD −
Stock trend: 53
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MIDHANID candles · FIT view+3.0%Latest close ₹393.75 on 2026-10-21
Bar
-2.5%
RSI
36
MACD hist
-4.78
52W pos
59%
2026-10-21O ₹403.80H ₹407.15L ₹385.80C ₹393.75Vol 6.9L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MIDHANINifty India ManufacturingNifty 500
- MIDHANI
- -4.2%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +2.3 pp
Chart stats
21 Oct 2026- From 52W high
- -18.4%
- 52W range position
- 59%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.85x
- Avg traded value
- ₹34 Cr
- 20D price channel
- ₹385.8 - ₹465.9
₹482.4
₹266.7 - ₹482.4
₹17.1
Latest completed session
20-session average
37.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +40.6% · PAT +23.1% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model-964.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +41% YoY · PAT +23% YoY
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹239 Cr | +40.6% | -56.8% |
| EBITDA | ₹37 Cr | +8.8% | -68.1% |
| Operating margin | 15.0% | -500 bps | -600 bps |
| PAT | ₹16 Cr | +23.1% | -79.5% |
| PAT margin | 6.7% | -96 bps | -741 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 58.20
- P/B
- 5.13
- EV/EBITDA
- 26.94
- Market Cap
- 7863.00Cr
Profitability
- ROE
- 8.92%
- ROCE
- 11.40%
- ROA
- 4.19%
- Dividend Y
- 0.20%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- -5.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 9.60×
- Altman Z
- 4.19
- Book Value
- 81.80
Cash Flow
- FCF Yield
- 0.06%
- FCF Positive Y
- 6/5
- OCF
- 155.00 Cr
- EPS TTM
- 7.21
Shareholding
- Promoter Hold
- 74.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 239-56.8% vs prev
Net Profit
₹ CrLatest: 16.0-79.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 48% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 1 Base / Transition
1M return
-5.9%
3M return
-4.2%
6M return
+2.0%
1Y return
+2.0%
RS 1D
-2
RS 20D
-2
Sector rank
#2
Industry rank
-
Stage evidence
- Price is within 2.4% of the 30-week proxy.
- The 30-week proxy changed +3.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 110.39-1.91%
RS vs Nifty 500110
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth5/25
Quality2/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -964.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
58.2
PB
5.1
EV/EBITDA
26.9
ROE
8.9%
ROCE
11.4%
FCF Yield
0.1%
Debt/Equity
0.3
MoS
-964.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-964.5%
Previous: -995.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹115.2
-241.8% MoS
Growth-justified P/E
5.1
Growth-justified Value
₹36.99
-964.5% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
INNOMET
SME
Innomet Advanced Materials Ltd.
Specialty Metals
match 32
27
232.0
3.7%
-568%
OVERVALUED
DYNAMATECH
Micro
Dynamatic Technologies Limited
Aerospace & Defence
match 19
25
149.0
6.7%
-386%
OVERVALUED
AXISCADES
Micro
AXISCADES Technologies Limited
Engineering R&D Services
match 18
32
271.0
11.5%
-524%
WATCHLIST
KRN
Micro
KRN Heat Exchanger and Refrigeration Limited
Industrial Machinery
match 18
36
93.2
14.1%
-84%
WATCHLIST
FINPIPE
Micro
Finolex Industries Limited
Plastics
match 17
37
15.3
8.6%
-237%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:13:16.121Z
Management commentary snapshot
Q1 FY27 turnover surged 40.46% YoY to Rs. 239.49 crore, with PAT up 27.42% to Rs. 16.31 crore. EBITDA grew 12.89% to Rs. 46.6 crore, but margins were compressed by elevated fuel and raw material costs. Order book stands at Rs. 2,329 crore.
MIDHANI delivered strong top-line growth in Q1 FY27, supported by a robust order book. However, profitability was notably impacted by external cost pressures from LPG and raw materials. While management expects margin normalization from Q3, the long-term growth hinges on significant CapEx approval and successful global OEM certifications, which remain uncertain in their timelines.
Current business mix
Order Book by Sector
Latest issuer-disclosed distribution across 4 reported categories.
Defense66.0%
Space (ISRO)21.0%
Energy9.0%
Others4.0%
Growth engines
Strategic Sector Demand
A lot of programs are coming out from Ministry of Defense for like AMCA and many other engine programs, expecting materials to be made within the country.
Indigenization Push
Government's offset policy will compel companies to buy from India; MIDHANI is in the front queue for orders as a leading aerospace manufacturer supplier.
New Certifications
Received S400 certification from General Electric USA for testing mechanical, chemical, and metallography of test specimens, enabling revenue generation.
Titanium Capacity Utilization
Planned to fully utilize the additional capacity as well as the existing capacity for titanium, expecting significant increase in production.
Capacity and execution
Titanium Melting Facility
New titanium melting facility inaugurated last year, increased production capacity. Last year, we made around 750 tons of melting.
Spring Plant
The spring plant that we have in our campus, we have started working. And we have received sample order from BEML.
Metal Powder Equipment
Preliminary license from BAFA (German Export License Clearing Agency) for metal powder obtained; equipment expected in campus by next year.
Tailwinds
S400 Certification Benefits
S400 certificate enables MIDHANI to test specimens for customers, generating revenue and reducing reliance on foreign labs for testing.
Nuclear Program Growth
Government’s push towards 100 Gigawatt of energy by 2047, expecting many orders for nuclear power plant materials where MIDHANI is a key supplier.
Metal Bank Initiative
Metal bank will certainly help in taking care of delayed raw material supplies as well as abnormally high costs, improving operational efficiency.
Headwinds
Fuel Price Hike
LPG prices almost doubled because of war crisis, which was one major factor for the reduction in percentage of profit in Q1.
Raw Material Price Volatility
Raw material prices like nickel, moly, and tungsten increased abnormally, impacting Q1 by around Rs. 13 crores in adverse price variance.
Increased Competition
Earlier orders were nomination-based, but now everything is competition only, which could impact margins going forward.
Risk radar
Raw Material Price Volatility
Volatility in key raw material prices (titanium, nickel, cobalt) has impacted margins, particularly on fixed-price defense contracts.
CapEx Project Delays
Proposed CapEx projects have long lead times for supply and installation, with real benefits expected only after four or five years post-stabilization.
Global OEM Certification Timelines
Certification process by global OEMs (Rolls-Royce, Boeing, Airbus) is time-consuming, potentially delaying export growth and market access.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Q1 results are typically seasonal for manufacturing businesses, making year-over-year comparisons more relevant for assessing underlying business performance and growth trends, rather than sequential momentum.
Sector KPIs management disclosed
Turnover
Turnover of Rs. 239.49 crore during the quarter, registering a growth of 40.46% over the same quarter last year.
Value of Production
Value of production during the quarter stood at Rs. 260.36 crore with a growth of 7.9% against the corresponding quarter of previous year.
EBITDA
EBITDA for the quarter stood at Rs. 46.6 crore, showing a healthy growth of 12.89% over the corresponding quarter of the previous year.
EBITDA Margin
UNDER_STRESSEBITDA margin for Q1 FY27 was 19.46% (Rs. 46.6 cr / Rs. 239.49 cr). Management noted it was 'little lower' due to LPG and raw material costs.
Management forward view
FY27 Growth Outlook
We will be maintaining the FY '25-'26 growth and we'll be looking for higher only. We expect it to be higher than what we have achieved last financial year.
Margin Normalization Expectation
From Q3, we will get stabilized, and we hope that we will be achieving the same margin (20-21% EBITDA) as before, barring raw material and LPG issues.
Strategic CapEx Proposal
A proposal for significant CapEx to replace aging equipment and improve productivity has been submitted to the ministry for evaluation and approval.
Export Target
We plan to export about 10% of total turnovers, with an expectation to increase at least 10% to 15% in the coming three to four years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 19.46% (Q1 FY27) | Normalization to 20-21% from Q3 FY27 onwards, as expected by management, indicating stabilization of fuel and RM costs. |
| Strategic CapEx Approval | Proposed to ministry, awaiting evaluation and approval. | Formal Board and government approval for the significant CapEx proposal, which is crucial for long-term growth and competitiveness. |
| Metal Bank Implementation | Advanced stage of procurement for one customer. | Further clarity and procurements of metal bank stocks by the end of Q2, indicating effective mitigation of supply chain risks. |
| Global OEM Certifications | Working with OEMs, time-taking process. | Specific approvals and initial export orders from global OEMs within the next year, validating efforts to expand international market access. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 79th percentile within Industrials. Main check: financial discipline is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
50 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Industrials: 79th pctile, median 68 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
50 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 74%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸6 years of positive FCF.
Trust risks
- ▸Revenue CAGR is 12% but EPS CAGR is -6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mishra Dhatu Nigam Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - MIDHANI to attend investor/analyst meeting with Elara Capital and Dam Capital on September 28, 2026 in Hyderabad.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG re-appointed M/s Anjaneyulu & Co as statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Copy of Newspapers Publication for 52nd AGM- MIDHANI
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 21 Aug - MoD appoints A. Pugazhenthi and Sameer Mundra as MIDHANI independent directors for three years from August 21, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - MIDHANI becomes first Indian company to secure GE Aerospace S400 approval for metallic material testing.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May - Newspaper Publication - Financial Result extract (FY 2025-26)
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.