Mishra Dhatu Nigam Ltd

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Mishra Dhatu Nigam Ltd

₹ 418 -1.45%
27 Aug - 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 ₹ 7,834 Cr.
  • Current Price ₹ 418
  • High / Low ₹ 457 / 267
  • Stock P/E 58.0
  • Book Value ₹ 81.8
  • Dividend Yield 0.20 %
  • ROCE 11.3 %
  • ROE 8.92 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 24.0%

Cons

  • Stock is trading at 5.12 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 8.06% 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 India Defence BSE 1000 BSE India Defence

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
188 227 252 406 163 262 238 411 170 210 276 553 239
146 191 216 325 140 213 186 317 136 177 221 437 203
Operating Profit 42 36 36 80 23 49 52 93 34 33 55 116 37
OPM % 22% 16% 14% 20% 14% 19% 22% 23% 20% 16% 20% 21% 15%
8 8 7 8 8 9 7 8 7 9 8 15 10
Interest 9 9 9 8 7 8 7 7 6 6 6 7 6
Depreciation 14 14 14 15 15 16 16 16 16 17 17 17 17
Profit before tax 27 21 19 65 9 34 36 77 19 19 39 107 24
Tax % 30% 33% 33% 28% 42% 30% 30% 27% 32% 33% 29% 27% 32%
19 14 13 46 5 24 26 56 13 13 28 78 16
EPS in Rs 1.00 0.74 0.68 2.47 0.28 1.27 1.36 3.00 0.69 0.69 1.48 4.16 0.88
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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 Mar 2026 TTM
711 713 813 859 872 1,073 1,074 1,209 1,278
526 515 567 596 613 878 855 971 1,038
Operating Profit 185 197 246 263 259 195 219 238 240
OPM % 26% 28% 30% 31% 30% 18% 20% 20% 19%
37 36 20 32 38 30 32 39 42
Interest 7 7 13 23 27 35 30 25 25
Depreciation 23 26 27 33 53 59 63 66 67
Profit before tax 191 200 226 239 217 131 157 185 190
Tax % 32% 21% 26% 26% 28% 30% 29% 29%
131 158 166 177 156 92 111 131 135
EPS in Rs 6.97 8.44 8.88 9.43 8.34 4.90 5.92 7.02 7.21
Dividend Payout % 31% 30% 31% 33% 40% 29% 25% 18%
Compounded Sales Growth
10 Years: %
5 Years: 8%
3 Years: 12%
TTM: 18%
Compounded Profit Growth
10 Years: %
5 Years: -5%
3 Years: -6%
TTM: 14%
Stock Price CAGR
10 Years: %
5 Years: 18%
3 Years: 1%
1 Year: 10%
Return on Equity
10 Years: %
5 Years: 10%
3 Years: 8%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
Reserves 647 769 884 1,002 1,098 1,132 1,228 1,345
107 134 160 268 489 433 350 407
883 1,306 1,228 1,322 1,089 1,154 1,150 1,282
Total Liabilities 1,825 2,396 2,459 2,779 2,863 2,905 2,915 3,221
425 441 429 938 1,016 1,032 1,074 1,066
CWIP 175 405 549 132 80 83 25 16
Investments 2 20 21 21 21 22 25 24
1,223 1,530 1,461 1,688 1,746 1,769 1,790 2,115
Total Assets 1,825 2,396 2,459 2,779 2,863 2,905 2,915 3,221

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
296 204 176 52 -35 216 217 155
-205 -195 -115 -103 -3 -65 -96 -150
-78 -13 -37 27 43 -148 -126 16
Net Cash Flow 13 -4 24 -24 4 2 -6 21
Free Cash Flow 82 -67 17 -74 -108 136 149 105
CFO/OP 188% 126% 91% 46% 6% 128% 116% 84%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 181 152 173 130 132 110 139 167
Inventory Days 984 2,784 1,381 2,088 935
Days Payable 248 394 148 336 80
Cash Conversion Cycle 916 2,542 1,407 1,882 132 110 139 1,022
Working Capital Days 223 362 321 346 389 332 357 327
ROCE % 20% 21% 19% 15% 9% 11% 11%

Insights

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Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Oct 2022 Jan 2024 Nov 2025
Sales Tonnage
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Order Book Position
Rs Crore ・Standalone data
Order Inflow
Rs Crore ・Standalone data
Defence share of Order Book
% ・Standalone data
Space share of Order Book
% ・Standalone data
Export Revenue
Rs Crore ・Standalone data
Superalloy share of Revenue
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

2 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
1.19% 0.96% 1.07% 1.27% 1.42% 1.26% 1.65% 1.34% 1.37% 1.25% 1.32% 2.57%
12.48% 11.84% 11.04% 9.33% 8.44% 8.48% 8.79% 8.98% 8.83% 7.92% 7.81% 7.37%
12.33% 13.20% 13.88% 15.40% 16.13% 16.25% 15.55% 15.69% 15.80% 16.82% 16.85% 16.06%
No. of Shareholders 93,6311,01,8081,23,0071,42,5591,53,2791,56,8881,57,1061,64,8911,62,1111,66,8111,64,3311,54,762

* 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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