Mishra Dhatu Nigam Limited (MIDHANI)
Micro CapIndustrials stocks · Micro cap · NSE
Mishra Dhatu Nigam Limited (MIDHANI) is a Miniratna Defence public sector undertaking specializing in advanced metallurgical products. It manufactures superalloys, titanium alloys, and special steels for critical applications in aerospace, defence, and other sectors, focusing on niche, high-performance materials.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +41% YoY · PAT +23% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MIDHANI achieved highest ever quarterly turnover of INR552.7 crores in Q4 FY26, up 34.63% YoY, and highest ever annual turnover of INR1,208.63 crores in FY26, up 12.52% YoY. PAT for Q4 FY26 grew 38.49% YoY to INR77.75 crores, and for FY26 grew 18.82% YoY to INR130.79 crores.
MIDHANI delivered strong Q4 and full-year FY26 results, driven by robust execution and increased Titanium production. The company is strategically positioning itself in high-value aerospace and defence segments with new certifications and facilities. While raw material supply chain and energy costs remain headwinds, planned capex and a metal bank initiative aim to mitigate these risks and support future growth targets.
Niche Aerospace & Defence Markets
MIDHANI is looking at niche markets of Aerospace and Defence for manufacture of very complex alloys, positioning itself as a supplier of these materials.
Increased Titanium Production Capacity
Installed a new vacuum arc remelting furnace, providing sufficient capacity to produce much more than the 700 tons achieved in FY26.
NADCAP Certification
Obtained NADCAP certification for heat treatment, allowing OEMs to directly procure materials from MIDHANI, opening new customer orders.
Aerospace Fastener Manufacturing
Inaugurated a world-class aerospace fastener manufacturing facility (INR40 crores) for superalloy, titanium alloy, and special steel fasteners.
New Vacuum Arc Remelting Furnace
A new vacuum arc remelting furnace has been installed, contributing to the doubling of Titanium production.
Aerospace Fastener Manufacturing Facility
A world-class facility worth about INR40 crores for aerospace fastener manufacturing was inaugurated in FY26.
Planned Capex for Downstream Operations
Planning capex of around INR1,000 crores in the coming 3 years, primarily for replacing aging equipment with state-of-the-art facilities in downstream operations.
Powder Manufacturing Facility
Purchase order for the facility was placed long back, but installation is pending due to clearance issues for this dual-use equipment.
Airworthiness Certificates
Received airworthiness certificates for 10 critical Aerospace grade super alloys and steel from CEMILAC, enabling production of advanced aero engines.
NADCAP Certification
Obtaining NADCAP certification for heat treatment is one of the highest level certifications in aerospace and defence, allowing direct OEM procurement.
Metal Bank Initiative
Signed an MOU for the creation of a metal bank to ensure uninterrupted supply of critical raw materials for Defence projects, insulating against supply chain disruptions.
Raw Material Supply Chain Disruptions
Anticipating certain turbulences and supply chain disruptions for procurement of critical raw materials like nickel, cobalt, moly, tungsten, vanadium, chromium.
Energy Supply Constraints
Issues related to LPG and energy supply can impact the ability to maintain targeted revenue growth.
Powder Facility Clearance Issues
Clearance issues for the dual-use powder manufacturing equipment have delayed its installation and commissioning.
Dependence on Imported Raw Materials
India is not bestowed with minerals like nickel, cobalt, moly, tungsten, vanadium, chromium, making MIDHANI reliant on imports for superalloy production.
Delayed Commercial Supplies to Engine Majors
Auditing of facilities by engine majors is a long-drawn process, with commercial supplies expected only towards the end of FY27.
Raw Material Volatility and Forex Swings
Analyst raised concerns about building buffers against forex swings and raw material volatility in long-term contracts.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Q4 and full-year results are presented with year-on-year comparisons, reflecting the annual business cycle and long-term project execution typical for the industrials sector.
Q4 FY26 Turnover
Achieved highest ever quarterly turnover of INR552.7 crores, registering a growth of 34.63% against INR410.56 crores in Q4 FY25.
FY26 Turnover
Achieved highest ever turnover of INR1,208.63 crores, registering a growth of 12.52% against INR1,074.1 crores in FY25.
Order Book Position
Order book position as on April 1, 2026, is INR2,290 crores. Open order book is currently INR2,249 crores.
Q4 FY26 PBT
PBT during Q4 FY26 stood at INR107 crores, with a growth of 38.67% against INR77.16 crores in Q4 FY25.
Establishing Metal Bank
In the short term, establishing a metal bank for 6 critical raw materials to insulate against supply chain disruptions.
Capex Plans
Planning capex of around INR1,000 crores in the coming 3 years, primarily for replacing aging downstream equipment to improve efficiency and yield.
Revenue and Margin Targets
Targeting 20% revenue growth and expecting EBITDA margins to be between 23% to 25% when revenue goes up.
Order Booking Expectation
Expects to book about INR1,500 crores worth of orders in FY27, with an export target of at least INR100 crores.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Position | INR2,249 crores (open order book) | Booking of INR1,500 crores worth of orders in FY27. |
| Revenue Growth | 12.52% YoY in FY26 | Achieving the targeted 20% revenue growth in FY27, contingent on raw material and energy stability. |
| EBITDA Margins | Not explicitly stated for FY26, but PBT grew 38.67% in Q4. | Achieving expected EBITDA margins of 23% to 25%. |
| Capex Project Approvals/Commissioning | DPRs for INR1,000 crores capex in development, clarity expected by end of FY27. | Board approval and commencement of planned capex projects for downstream operations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
58NeutralSMA20 +3.7% / mo · MACD −
Technical chart
MIDHANIdaily · 1Y · AUTO+21.9%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.5% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 8% off 52W high · 57% 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.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -1032.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 74%. Key concern: Revenue CAGR is 12% but EPS CAGR is -6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 79th pctile, median 68 · Micro: 66th pctile, median 73
50 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 58.10
- P/B
- 5.12
- EV/EBITDA
- 26.88
- Market Cap
- 7846.00Cr
Profitability
- ROE
- 8.92%
- ROCE
- 11.30%
- 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
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.