Mishra Dhatu Nigam Ltd

Mishra Dhatu Nigam Ltd

₹ 394 5.63%
28 Mar - close price
About

Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals.[1]
It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence.[2] GoI still owns ~74% stake in the company after its IPO in 2018.[3]

Key Points

Product Portfolio
The company's product portfolio includes high-value special steels like Ultra high strength steel, armour-grade plates, martensitic steel, austenitic steel and precipitation hardening steel, superalloys (nickel base, iron base, and cobalt base) and varieties of titanium alloys. It is the only manufacturer of titanium alloys in India. [1]

  • Market Cap 7,386 Cr.
  • Current Price 394
  • High / Low 548 / 182
  • Stock P/E 66.6
  • Book Value 70.4
  • Dividend Yield 0.85 %
  • ROCE 14.6 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

Cons

  • The company has delivered a poor sales growth of 5.67% over past five years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
190 346 114 188 234 323 115 181 231 345 188 227 252
104 243 89 136 171 201 82 122 166 244 146 191 216
Operating Profit 86 103 26 52 63 122 33 59 66 100 42 36 36
OPM % 45% 30% 22% 28% 27% 38% 29% 32% 28% 29% 22% 16% 14%
4 8 8 2 5 16 7 9 9 12 8 8 6
Interest 3 3 2 2 3 15 5 6 7 8 9 9 9
Depreciation 7 7 7 7 7 12 12 13 14 14 14 14 14
Profit before tax 81 102 25 45 58 110 23 49 54 90 27 21 19
Tax % 26% 26% 25% 26% 26% 27% 24% 31% 28% 27% 31% 33% 34%
60 75 19 34 43 81 18 34 38 66 19 14 12
EPS in Rs 3.20 3.98 1.00 1.80 2.29 4.32 0.94 1.79 2.06 3.53 0.99 0.74 0.67
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
363 555 647 716 773 662 711 713 813 859 872 1,012
309 448 518 565 587 470 526 514 567 596 613 798
Operating Profit 54 106 129 152 186 191 185 199 246 263 259 214
OPM % 15% 19% 20% 21% 24% 29% 26% 28% 30% 31% 30% 21%
19 26 23 29 23 36 37 36 20 31 38 34
Interest 2 5 8 5 5 9 7 7 13 23 27 34
Depreciation 3 6 10 14 18 20 23 26 27 33 53 57
Profit before tax 68 121 134 162 186 198 191 202 226 239 217 157
Tax % 34% 32% 26% 26% 32% 34% 32% 21% 26% 26% 28%
45 82 99 119 126 131 131 160 166 176 156 111
EPS in Rs 304.91 440.16 529.31 637.18 674.23 7.01 6.97 8.53 8.88 9.41 8.32 5.93
Dividend Payout % 20% 45% 38% 28% 30% 30% 31% 30% 31% 33% 0%
Compounded Sales Growth
10 Years: %
5 Years: 6%
3 Years: 7%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 4%
3 Years: -1%
TTM: -35%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: 31%
1 Year: 117%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 15%
Last Year: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 146 187 187 187 187 187 187 187 187 187 187 187
Reserves 165 258 353 432 517 602 647 771 885 1,003 1,099 1,132
44 57 59 13 21 93 107 134 160 360 489 498
477 849 564 488 375 483 883 1,306 1,228 1,230 1,089 1,292
Total Liabilities 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 3,109
37 115 244 263 327 344 425 441 429 938 1,016 1,004
CWIP 16 118 9 7 6 65 175 405 549 132 80 88
Investments 2 2 2 2 2 2 2 22 22 22 22 22
778 1,115 907 849 765 954 1,223 1,530 1,461 1,688 1,746 1,995
Total Assets 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 3,109

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
119 20 296 204 176 5 -35
-65 -78 -205 -195 -115 -68 -3
-43 25 -78 -13 -37 39 43
Net Cash Flow 12 -33 13 -4 24 -24 4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 108 160 124 106 136 228 181 152 173 130 132
Inventory Days 875 886 704 372 277 749 984 2,784 1,381 2,088 2,745
Days Payable 115 190 158 68 89 299 248 394 148 336 357
Cash Conversion Cycle 868 857 670 410 324 678 916 2,542 1,407 1,882 2,520
Working Capital Days 61 241 167 144 134 194 277 430 393 453 531
ROCE % 26% 27% 28% 25% 22% 21% 21% 19% 15%

Shareholding Pattern

Numbers in percentages

8 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00%
0.44% 0.24% 0.20% 0.25% 0.31% 0.51% 0.52% 0.52% 0.58% 0.95% 1.19% 0.96%
14.19% 14.19% 13.66% 14.27% 14.74% 14.59% 15.57% 13.76% 13.82% 13.11% 12.48% 11.84%
11.37% 11.57% 12.14% 11.48% 10.95% 10.91% 9.90% 11.71% 11.61% 11.93% 12.33% 13.20%
No. of Shareholders 87,62090,14693,75487,55386,50585,59978,81381,20182,46378,58893,6311,01,808

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Concalls