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

₹ 292 -1.27%
09 Dec 9:43 a.m.
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 ₹ 5,462 Cr.
  • Current Price ₹ 292
  • High / Low ₹ 469 / 217
  • Stock P/E 50.8
  • Book Value ₹ 77.0
  • Dividend Yield 0.25 %
  • ROCE 10.6 %
  • ROE 8.10 %
  • Face Value ₹ 10.0
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Pros

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

Cons

  • Stock is trading at 3.84 times its book value
  • The company has delivered a poor sales growth of 8.54% over past five years.
  • Company has a low return on equity of 9.18% over last 3 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

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE SmallCap BSE CPSE BSE Allcap BSE Industrials Nifty Microcap 250

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
181 231 345 188 227 252 406 163 262 238 411 170 210
122 166 244 146 191 216 325 140 213 186 317 136 177
Operating Profit 59 66 100 42 36 36 80 23 49 52 93 34 33
OPM % 32% 28% 29% 22% 16% 14% 20% 14% 19% 22% 23% 20% 16%
9 9 12 8 8 7 8 8 9 7 8 7 9
Interest 6 7 8 9 9 9 8 7 8 7 7 6 6
Depreciation 13 14 14 14 14 14 15 15 16 16 16 16 17
Profit before tax 49 54 91 27 21 19 65 9 34 36 77 19 19
Tax % 31% 28% 27% 30% 33% 33% 28% 42% 30% 30% 27% 32% 33%
34 39 66 19 14 13 46 5 24 26 56 13 13
EPS in Rs 1.79 2.06 3.54 1.00 0.74 0.68 2.47 0.28 1.27 1.36 3.00 0.69 0.69
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
711 713 813 859 872 1,073 1,074 1,029
526 515 567 596 613 878 855 816
Operating Profit 185 197 246 263 259 195 219 213
OPM % 26% 28% 30% 31% 30% 18% 20% 21%
37 36 20 32 38 30 32 31
Interest 7 7 13 23 27 35 30 27
Depreciation 23 26 27 33 53 59 63 65
Profit before tax 191 200 226 239 217 131 157 152
Tax % 32% 21% 26% 26% 28% 30% 29%
131 158 166 177 156 92 111 108
EPS in Rs 6.97 8.44 8.88 9.43 8.34 4.90 5.92 5.74
Dividend Payout % 31% 30% 31% 33% 40% 29% 25%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 8%
TTM: -5%
Compounded Profit Growth
10 Years: %
5 Years: -7%
3 Years: -14%
TTM: 22%
Stock Price CAGR
10 Years: %
5 Years: 8%
3 Years: 8%
1 Year: -25%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 9%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 187 187 187 187 187 187 187 187
Reserves 647 769 884 1,002 1,098 1,132 1,228 1,254
107 134 160 268 489 433 350 338
883 1,306 1,228 1,322 1,089 1,154 1,150 1,170
Total Liabilities 1,825 2,396 2,459 2,779 2,863 2,905 2,915 2,950
425 441 429 938 1,016 1,032 1,074 1,072
CWIP 175 405 549 132 80 83 25 24
Investments 2 20 21 21 21 22 25 26
1,223 1,530 1,461 1,688 1,746 1,769 1,790 1,828
Total Assets 1,825 2,396 2,459 2,779 2,863 2,905 2,915 2,950

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
296 204 176 52 -35 216 217
-205 -195 -115 -103 -3 -65 -96
-78 -13 -37 27 43 -148 -126
Net Cash Flow 13 -4 24 -24 4 2 -6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 181 152 173 130 132 110 139
Inventory Days 984 2,784 1,381 2,088
Days Payable 248 394 148 336
Cash Conversion Cycle 916 2,542 1,407 1,882 132 110 139
Working Capital Days 223 362 321 346 389 332 357
ROCE % 20% 21% 19% 15% 9% 11%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00%
0.52% 0.58% 0.95% 1.19% 0.96% 1.07% 1.27% 1.42% 1.26% 1.65% 1.34% 1.37%
13.76% 13.82% 13.11% 12.48% 11.84% 11.04% 9.33% 8.44% 8.48% 8.79% 8.98% 8.83%
11.71% 11.61% 11.93% 12.33% 13.20% 13.88% 15.40% 16.13% 16.25% 15.55% 15.69% 15.80%
No. of Shareholders 81,20182,46378,58893,6311,01,8081,23,0071,42,5591,53,2791,56,8881,57,1061,64,8911,62,111

* 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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