Mishra Dhatu Nigam Ltd

₹ 247 1.82%
05 Dec 4:10 p.m.
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 various 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]

Materials/ products manufactured by the company are basically import substitutes which were scarcely available in the country.[2]

  • Market Cap 4,619 Cr.
  • Current Price 247
  • High / Low 269 / 156
  • Stock P/E 26.4
  • Book Value 66.3
  • Dividend Yield 1.26 %
  • ROCE 19.4 %
  • ROE 15.6 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 31.4%

Cons

  • The company has delivered a poor sales growth of 2.14% over past five years.

* 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.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
170 207 204 114 164 190 346 114 188 234 323 115 181
117 150 154 108 114 104 243 89 136 171 201 82 122
Operating Profit 53 57 50 6 50 86 103 26 52 63 122 33 59
OPM % 31% 28% 25% 5% 30% 45% 30% 22% 28% 27% 38% 29% 32%
6 9 14 4 4 4 8 8 2 5 16 7 9
Interest 1 1 2 3 3 3 3 2 2 3 15 5 6
Depreciation 6 7 7 7 7 7 7 7 7 7 12 12 13
Profit before tax 52 58 56 -0 44 81 102 25 45 58 110 23 49
Tax % 31% -4% 28% -117% 27% 26% 26% 25% 26% 26% 27% 24% 31%
Net Profit 36 60 40 -1 33 60 75 19 34 43 81 18 34
EPS in Rs 1.91 3.23 2.16 -0.05 1.74 3.20 3.98 1.00 1.80 2.29 4.32 0.94 1.79
Raw PDF

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 TTM
363 555 647 716 773 662 711 713 813 859 853
309 448 518 565 587 470 526 514 567 596 577
Operating Profit 54 106 129 152 186 191 185 199 246 263 277
OPM % 15% 19% 20% 21% 24% 29% 26% 28% 30% 31% 32%
19 26 23 29 23 36 37 36 20 31 38
Interest 2 5 8 5 5 9 7 7 13 23 29
Depreciation 3 6 10 14 18 20 23 26 27 33 45
Profit before tax 68 121 134 162 186 198 191 202 226 239 241
Tax % 34% 32% 26% 26% 32% 34% 32% 21% 26% 26%
Net Profit 45 82 99 119 126 131 131 160 166 176 175
EPS in Rs 304.91 440.16 529.31 637.18 674.23 7.01 6.97 8.53 8.88 9.41 9.34
Dividend Payout % 20% 45% 38% 28% 30% 30% 31% 30% 31% 33%
Compounded Sales Growth
10 Years: %
5 Years: 2%
3 Years: 7%
TTM: 2%
Compounded Profit Growth
10 Years: %
5 Years: 7%
3 Years: 11%
TTM: -6%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 18%
1 Year: 32%
Return on Equity
10 Years: %
5 Years: 17%
3 Years: 17%
Last Year: 16%

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 Sep 2022
146 187 187 187 187 187 187 187 187 187 187
Reserves 128 258 353 432 517 602 647 771 885 1,003 1,055
44 57 59 13 21 93 107 134 160 268 318
514 849 564 488 375 483 883 1,306 1,228 1,322 1,340
Total Liabilities 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,901
37 115 244 263 327 344 425 441 429 938 984
CWIP 16 118 9 7 6 65 175 405 549 132 104
Investments 2 2 2 2 2 2 2 22 22 22 22
778 1,115 907 849 765 954 1,223 1,530 1,461 1,688 1,791
Total Assets 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,901

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
119 20 296 204 176 52
-65 -78 -205 -195 -115 -103
-43 25 -78 -13 -37 27
Net Cash Flow 12 -33 13 -4 24 -24

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
Debtor Days 108 160 124 106 136 228 181 152 173 130
Inventory Days 875 886 704 372 277 749 984 2,784 1,381 2,088
Days Payable 115 190 158 68 89 299 248 394 148 336
Cash Conversion Cycle 868 857 670 410 324 678 916 2,542 1,407 1,882
Working Capital Days 61 241 167 144 134 194 277 430 393 447
ROCE % 26% 27% 28% 25% 22% 21% 21% 19%

Shareholding Pattern

Numbers in percentages

2 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00 74.00
0.59 0.72 0.83 0.65 0.52 0.44 0.24 0.20 0.25 0.31 0.51 0.52
18.58 18.78 17.06 16.59 16.76 14.19 14.19 13.66 14.27 14.74 14.59 15.57
6.83 6.50 8.11 8.76 8.72 11.37 11.57 12.14 11.48 10.95 10.91 9.90

* The XBRL reporting format changed from Sep'2022 onwards. The new format added details about banks and foreign portfolio investors. These were not available earlier.
The sudden increase in FII or DII might be because of these changes.

Please click on the line-items to see the names of individual entities.

Documents

Concalls