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Mishra Dhatu Nigam Limited MIDHANI NSEAIINFRAPSU

Basic Materials · Steel · India
https://www.midhani-india.in
Company Profile ↓
₹393.75
+1.99% 1Y
Mkt Cap₹7,376.51 Cr
P/E54.61
P/B5.38
Div. Yield0.56%
52W High₹475.56
52W Low₹269.64
Book Value₹81.81
EPS (TTM)₹7.21

Company Overview

Mishra Dhatu Nigam Limited manufactures and sells super alloys, titanium, special purpose steel, and other special metals in India and internationally. The company provides high value speciality steels, including ultra-high strength steel, armour grade plates, precipitation hardening steel, and ferritic, martensitic and austenitic stainless steels; cast superalloy single-crystal blade material for aero engines; and Titanium alloys, such as ingots, forged bars, rings, hot rolled plates, cold rolled sheets, hot rolled bars, cold drawn wires, titanium castings, bio implants, and fasteners. It also offers special products comprising personal and vehicle armour, aerospace-grade fasteners, and welding electrodes and precision springs. Mishra Dhatu Nigam Limited was incorporated in 1973 and is based in Hyderabad, India.

Why Investors Should Care

Steady Revenue Expansion

Revenue has grown at a 11.6% CAGR over the past five years.

Conservative Balance Sheet

Carries low leverage with a debt-to-equity ratio of 0.27.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹1,182.03 Cr (+12.3% YoY); net profit ₹131.47 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +40.5%, earnings +27.5%.
  • 5-Year Trend Long-term compounding — revenue CAGR 11.6%, profit CAGR -5.6%.

Growth & Price Performance

Compounded Sales Growth

5 Years:11.62%
1 Year:40.50%

Compounded Profit Growth

5 Years:-5.60%
1 Year:27.50%

Stock Price Performance

1 Year:+1.99%
6 Months:+3.35%
3 Months:+0.09%
1 Month:-5.64%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

AI Exposure AI Defence Materials / AI-led Process
Core Focus

Mishra Dhatu Nigam (MIDHANI) supplies special alloys for defence/aerospace. AI in metallurgy process control.

Key Initiatives
  • AI in advanced-materials processing Mishra Dhatu Nigam (MIDHANI) produces superalloys and special steels for defence, space and aerospace, where AI/ML improves metallurgy process control and yield.
  • Predictive quality & R&D Machine-learning-aided materials R&D and quality control support critical strategic applications.
  • Strategic indigenisation Demand for indigenous advanced materials in AI-enabled defence and space systems supports the order book.
Why Investors Should Care
  • Niche, strategic supplier of advanced materials to AI-enabled defence and space programmes.
  • Captive strategic demand provides revenue stability.
  • Modest returns (ROE ~9%) and a high P/E ~62 limit near-term value.
  • Earnings are sensitive to programme timing and capex cycles.
AI InvestmentProcess AI + capacity expansion.
AI RevenueRevenue ~₹1,200 Cr.
ROI (Now)EBITDA margin ~17%.
ROI (Expected)Defence indigenisation tailwind.

Curated from public filings and analyst commentary; figures are illustrative.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Compounding revenue at 11.6% over 5 years.
  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Trading at a high P/E of 54.6.
  • Earnings shrank at -5.6% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

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Valuation

Stock P/E
54.61
Industry PE
21.09
Forward P/E
31.84
PEG Ratio
-
Book Value
₹81.81
Price to Book
5.38
P/S
6.46
EV/EBITDA
34.85
Dividend Yield
0.56%

Growth (CAGR)

Revenue 5Y
11.62%
Profit 5Y
-5.60%
Revenue (YoY)
40.50%
Earnings (YoY)
27.50%

Profitability & Returns

ROCE
8.82%
ROE
8.59%
ROA
4.08%
Profit Margin
10.56%
Op Margin
8.36%
Gross Margin
55.17%
EPS (Latest Qtr)
₹4.16
EPS (TTM)
₹7.21

Balance Sheet & Liquidity

Debt/Equity
0.27
Quick Ratio
0.93
Current Ratio
2.52
Debt
₹406.85 Cr
Total Assets
₹3,220.13 Cr
Current Assets
₹2,115.30 Cr
Working Capital
₹1,274.35 Cr

Ownership

Promoter Holding
74.00%
Chg in Prom Hold
0.00%
FII / Inst Holding
7.65%
Chg in FII Hold
-0.00%

Financial Snapshot

Enterprise Value
₹7,376.51 Cr
Total Revenue (TTM)
₹1,277.62 Cr
EBITDA
₹243.82 Cr
Free Cash Flow
₹105.33 Cr
Operating Cash Flow
₹154.67 Cr
Shares Outstanding
₹18.73 Cr
Gross Margin
55.17%
Payout Ratio
11.79%

Peer comparison

Peer companies in the same sector (Basic Materials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 MIDHANI Mishra Dhatu Nigam Limited NSEAIINFRAPSU 393.75 54.61 ₹7,376.51 Cr 0.56% 8.82% 8.59% 11.62% -5.60%
2 ULTRACEMCO UltraTech Cement Limited NIFTY50NSEINFRA 10,849.00 37.39 ₹3.19 L Cr 2.25% 11.84% 10.66% 11.92% 17.26%
3 JSWSTEEL JSW Steel Limited NIFTY50NSEAIINFRA 1,222.90 12.07 ₹2.99 L Cr 0.58% 18.75% 22.30% 3.61% 75.28%
4 ASIANPAINT Asian Paints Limited NIFTY50NSEINFRA 2,319.40 46.14 ₹2.22 L Cr 1.19% 24.41% 20.24% 1.10% 1.75%
5 HINDZINC Hindustan Zinc Limited NSEINFRA 525.00 13.00 ₹2.22 L Cr 2.07% 61.97% 61.13% 5.61% 9.58%
6 TATASTEEL Tata Steel Limited NIFTY50NSEAIINFRA 172.45 19.49 ₹2.15 L Cr 2.33% 11.32% 10.56% -1.59% 7.21%
7 HINDALCO Hindalco Industries Limited NIFTY50NSEAIINFRA 892.85 12.11 ₹1.98 L Cr 0.56% 9.42% 9.80% 7.10% 9.87%
8 GRASIM Grasim Industries Limited NIFTY50NSEINFRA 2,889.10 34.46 ₹1.96 L Cr 0.35% 3.98% 4.80% 14.30% -10.06%
9 SOLARINDS Solar Industries India Limited NSEINFRA 19,259.00 87.52 ₹1.74 L Cr 0.06% 29.51% 26.72% 12.39% 30.36%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 345.00 Cr188.00 Cr227.00 Cr252.00 Cr406.00 Cr163.00 Cr262.00 Cr238.00 Cr406.09 Cr168.56 Cr207.76 Cr274.55 Cr531.17 Cr
Cost of Revenue --------192.24 Cr38.89 Cr71.71 Cr104.04 Cr305.67 Cr
Gross Profit --------213.86 Cr129.67 Cr136.05 Cr170.50 Cr225.50 Cr
Operating Expenses 244.00 Cr146.00 Cr191.00 Cr216.00 Cr325.00 Cr140.00 Cr213.00 Cr186.00 Cr136.87 Cr111.61 Cr120.07 Cr132.75 Cr126.15 Cr
Operating Income 86.00 Cr28.00 Cr22.00 Cr22.00 Cr65.00 Cr8.00 Cr33.00 Cr36.00 Cr76.99 Cr18.05 Cr15.98 Cr37.75 Cr99.35 Cr
EBITDA 100.00 Cr42.00 Cr36.00 Cr36.00 Cr80.00 Cr23.00 Cr49.00 Cr52.00 Cr101.00 Cr41.45 Cr41.86 Cr62.38 Cr130.57 Cr
Interest Expense 8.00 Cr9.00 Cr9.00 Cr9.00 Cr8.00 Cr7.00 Cr8.00 Cr7.00 Cr7.43 Cr6.17 Cr5.79 Cr6.34 Cr6.75 Cr
Pretax Income 91.00 Cr27.00 Cr21.00 Cr19.00 Cr65.00 Cr9.00 Cr34.00 Cr36.00 Cr77.22 Cr19.16 Cr19.31 Cr39.15 Cr107.15 Cr
Tax Provision 24.57 Cr8.10 Cr6.93 Cr6.27 Cr18.20 Cr3.78 Cr10.20 Cr10.80 Cr21.02 Cr6.20 Cr6.35 Cr11.51 Cr29.25 Cr
Net Income 66.00 Cr19.00 Cr14.00 Cr13.00 Cr46.00 Cr5.00 Cr24.00 Cr26.00 Cr56.20 Cr12.97 Cr12.96 Cr27.64 Cr77.90 Cr
Diluted EPS 3.541.000.740.682.470.281.271.363.000.690.691.484.16

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 711.00 Cr713.00 Cr813.00 Cr-849.88 Cr1,031.19 Cr1,052.79 Cr1,182.03 Cr
Cost of Revenue ----217.45 Cr505.32 Cr430.70 Cr520.31 Cr
Gross Profit ----632.43 Cr525.86 Cr622.09 Cr661.72 Cr
Operating Expenses 526.00 Cr515.00 Cr567.00 Cr-412.87 Cr376.00 Cr467.52 Cr490.58 Cr
Operating Income 162.00 Cr171.00 Cr219.00 Cr-219.56 Cr149.86 Cr154.57 Cr171.14 Cr
EBITDA 185.00 Cr197.00 Cr246.00 Cr-295.67 Cr224.61 Cr249.74 Cr276.27 Cr
Interest Expense 7.00 Cr7.00 Cr13.00 Cr-25.73 Cr34.58 Cr29.45 Cr25.05 Cr
Pretax Income 191.00 Cr200.00 Cr226.00 Cr-216.94 Cr131.48 Cr156.81 Cr184.77 Cr
Tax Provision 61.12 Cr42.00 Cr58.76 Cr-60.67 Cr39.70 Cr45.97 Cr53.31 Cr
Net Income 131.00 Cr158.00 Cr166.00 Cr-156.26 Cr91.78 Cr110.84 Cr131.47 Cr
Diluted EPS 6.978.448.889.438.344.905.92-

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 1,825.00 Cr2,396.00 Cr2,459.00 Cr-2,862.81 Cr2,905.43 Cr2,914.65 Cr3,220.13 Cr
Current Assets ----1,743.54 Cr1,767.09 Cr1,786.60 Cr2,115.30 Cr
Cash & Equivalents ----14.29 Cr16.48 Cr50.88 Cr192.09 Cr
Inventory ----1,224.84 Cr1,309.72 Cr1,280.98 Cr1,332.61 Cr
Receivables ----315.80 Cr323.00 Cr410.31 Cr554.23 Cr
Total Liabilities ----1,577.41 Cr1,586.26 Cr1,499.68 Cr1,689.32 Cr
Current Liabilities ----800.91 Cr775.14 Cr685.56 Cr840.95 Cr
Long Term Debt ----67.36 Cr59.14 Cr39.08 Cr19.06 Cr
Total Debt 107.00 Cr134.00 Cr160.00 Cr-488.65 Cr432.64 Cr349.76 Cr406.85 Cr
Total Equity 834.00 Cr956.00 Cr1,071.00 Cr-1,285.40 Cr1,319.16 Cr1,414.97 Cr1,530.82 Cr
Shares Outstanding ----18.73 Cr18.73 Cr18.73 Cr18.73 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 296.00 Cr204.00 Cr176.00 Cr--35.41 Cr215.64 Cr216.96 Cr154.67 Cr
Investing Cash Flow -205.00 Cr-195.00 Cr-115.00 Cr--2.95 Cr-65.16 Cr-96.17 Cr-149.58 Cr
Financing Cash Flow -78.00 Cr-13.00 Cr-37.00 Cr-42.78 Cr-148.30 Cr-126.38 Cr16.12 Cr
Capital Expenditure -214.00 Cr-271.00 Cr-159.00 Cr--72.90 Cr-79.32 Cr-67.69 Cr-49.34 Cr
Free Cash Flow 82.00 Cr-67.00 Cr17.00 Cr--108.31 Cr136.32 Cr149.27 Cr105.33 Cr
Net Change in Cash 13.00 Cr-4.00 Cr24.00 Cr-4.41 Cr2.19 Cr-5.59 Cr21.21 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % ----74.4%51.0%59.1%56.0%
Operating Margin % 22.8%24.0%26.9%-25.8%14.5%14.7%14.5%
Net Margin % 18.4%22.2%20.4%-18.4%8.9%10.5%11.1%
ROE % 15.7%16.5%15.5%-12.2%7.0%7.8%8.6%
ROCE % ----10.6%7.0%6.9%7.2%

Shareholding Pattern

Insiders
74.00%
Institutions
7.65%
Public Float
29.43%

Analyst View

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Latest News

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Google News hu, 13 Aug 2026

MIDHANI jumps 11% on securing prestigious S400 approval from GE Aerospace - Business Standard

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MIDHANI — Frequently Asked Questions

What is the current share price of Mishra Dhatu Nigam Limited (MIDHANI)?

As of 2026-10-23 04:58 IST, Mishra Dhatu Nigam Limited (MIDHANI) trades at ₹393.75 on NSE. Its 52-week range is ₹269.64 to ₹475.56.

What is the market capitalisation of MIDHANI?

Mishra Dhatu Nigam Limited (MIDHANI) has a market capitalisation of ₹7,376.51 Cr on NSE.

What is the P/E ratio of MIDHANI?

MIDHANI trades at a trailing price-to-earnings (P/E) ratio of 54.61. The industry average P/E is 21.09. Its price-to-book (P/B) ratio is 5.38.

Does MIDHANI pay a dividend?

Mishra Dhatu Nigam Limited (MIDHANI) currently offers a dividend yield of 0.56%.

What is the return on equity (ROE) of MIDHANI?

MIDHANI has a return on equity (ROE) of 8.59%. Its return on capital employed (ROCE) is 8.82%.

Is MIDHANI a good stock to buy?

This page provides a data-driven analysis of Mishra Dhatu Nigam Limited (MIDHANI), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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