Mishra Dhatu Nigam Ltd

Mishra Dhatu Nig Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Mishra Dhatu Nigam Ltd

₹ 408 -3.05%
01 Jun - close price
midhani-india.in BSE: 541195 NSE: MIDHANI
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

Company Overview
The company was set up by the Govt. with a view to achieve self-reliance in the production and supply of various super alloys, special steels, and soft magnetic alloys to Defence and other Strategic Sectors such as Energy, Space, and Aeronautical applications. It is the only manufacturer of Titanium alloys in India. [1]

Website BSE NSE
  • Market Cap ₹ 7,640 Cr.
  • Current Price ₹ 408
  • High / Low ₹ 469 / 267
  • Stock P/E 58.4
  • Book Value ₹ 81.7
  • Dividend Yield 0.21 %
  • ROCE 11.3 %
  • ROE 8.88 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 24.1%

Cons

  • Stock is trading at 4.99 times its book value
  • The company has delivered a poor sales growth of 8.25% over past five years.
  • Company has a low return on equity of 8.02% over last 3 years.
  • Company might be capitalizing the interest cost
  • Company has high debtors of 167 days.

* 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

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE CPSE BSE Industrials Nifty Microcap 250 Nifty Total Market Nifty India Defence

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
345 188 227 252 406 163 262 238 411 170 210 276 553
244 146 191 216 325 140 213 186 317 136 177 221 437
Operating Profit 100 42 36 36 80 23 49 52 93 34 33 55 116
OPM % 29% 22% 16% 14% 20% 14% 19% 22% 23% 20% 16% 20% 21%
12 8 8 6 8 8 9 7 8 7 9 8 14
Interest 8 9 9 9 8 7 8 7 7 6 6 6 7
Depreciation 14 14 14 14 15 15 16 16 16 16 17 17 17
Profit before tax 90 27 21 19 65 9 34 36 77 19 19 39 107
Tax % 27% 31% 33% 34% 28% 43% 31% 30% 27% 33% 33% 30% 27%
66 19 14 12 46 5 24 25 56 13 13 27 78
EPS in Rs 3.53 0.99 0.74 0.67 2.48 0.27 1.26 1.35 3.00 0.68 0.68 1.47 4.15
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
647 716 773 662 711 713 813 859 872 1,073 1,074 1,209
518 565 587 470 526 514 567 596 613 878 855 971
Operating Profit 129 152 186 191 185 199 246 263 259 195 219 238
OPM % 20% 21% 24% 29% 26% 28% 30% 31% 30% 18% 20% 20%
23 29 23 36 37 36 20 31 38 30 31 38
Interest 8 5 5 9 7 7 13 23 27 35 30 25
Depreciation 10 14 18 20 23 26 27 33 53 59 63 66
Profit before tax 134 162 186 198 191 202 226 239 217 131 156 184
Tax % 26% 26% 32% 34% 32% 21% 26% 26% 28% 30% 29% 29%
99 119 126 131 131 160 166 176 156 91 110 131
EPS in Rs 529.31 637.18 674.23 7.01 6.97 8.53 8.88 9.41 8.32 4.87 5.88 6.98
Dividend Payout % 38% 28% 30% 30% 31% 30% 31% 33% 40% 29% 26% 18%
Compounded Sales Growth
10 Years: 5%
5 Years: 8%
3 Years: 12%
TTM: 13%
Compounded Profit Growth
10 Years: 1%
5 Years: -5%
3 Years: -6%
TTM: 19%
Stock Price CAGR
10 Years: %
5 Years: 16%
3 Years: 21%
1 Year: -4%
Return on Equity
10 Years: 13%
5 Years: 10%
3 Years: 8%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 187 187 187 187 187 187 187 187 187 187 187 187
Reserves 353 432 517 602 647 771 885 1,003 1,099 1,132 1,227 1,343
59 13 21 93 107 134 160 360 489 433 350 407
564 488 375 483 883 1,306 1,228 1,230 1,089 1,154 1,150 1,282
Total Liabilities 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 2,906 2,914 3,220
244 263 327 344 425 441 429 938 1,016 1,032 1,074 1,066
CWIP 9 7 6 65 175 405 549 132 80 83 25 16
Investments 2 2 2 2 2 22 22 22 22 22 25 23
907 849 765 954 1,223 1,530 1,461 1,688 1,746 1,769 1,790 2,115
Total Assets 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 2,906 2,914 3,220

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
119 20 296 204 176 5 -35 216 217
-65 -78 -205 -195 -115 -68 -3 -65 -96
-43 25 -78 -13 -37 39 43 -148 -126
Net Cash Flow 12 -33 13 -4 24 -24 4 2 -6
Free Cash Flow 37 -75 82 -67 17 -85 -108 136 149
CFO/OP 97% 31% 188% 125% 91% 28% 6% 128% 116%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 124 106 136 228 181 152 173 130 132 110 139 167
Inventory Days 704 372 277 749 984 2,784 1,381 2,088 935
Days Payable 158 68 89 299 248 394 148 336 80
Cash Conversion Cycle 670 410 324 678 916 2,542 1,407 1,882 132 110 139 1,022
Working Capital Days 144 144 128 144 223 362 321 346 389 332 357 327
ROCE % 26% 27% 28% 25% 22% 21% 21% 19% 15% 9% 11% 11%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Employee Strength
Number

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Productivity per Employee
Rs. Lakh
Value of Production (VOP)
Rs. Cr
Order Book Position
Rs. Cr
Average Receivables Collection Period
Days
Inventory Levels
Days
Gross Current Assets (GCA)
Days

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00%
0.95% 1.19% 0.96% 1.07% 1.27% 1.42% 1.26% 1.65% 1.34% 1.37% 1.25% 1.32%
13.11% 12.48% 11.84% 11.04% 9.33% 8.44% 8.48% 8.79% 8.98% 8.83% 7.92% 7.81%
11.93% 12.33% 13.20% 13.88% 15.40% 16.13% 16.25% 15.55% 15.69% 15.80% 16.82% 16.85%
No. of Shareholders 78,58893,6311,01,8081,23,0071,42,5591,53,2791,56,8881,57,1061,64,8911,62,1111,66,8111,64,331

* 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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