Mishra Dhatu Nigam
- P/E
- 54.24
Key Fundamentals
MicrocapAerospace & DefenseCapital GoodsPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 11.40%
- Debt to Equity
- 0.27
- EPS (TTM)
- ₹7.17
- Book Value
- ₹81.78
- Market Cap
- —
- P/E (TTM)
- 54.24
- P/B
- 4.76
- ROE
- 8.88%
- Dividend Yield
- 0.23%
- EBITDA
- ₹276 Cr
- 52W High
- ₹482.40
- 52W Low
- ₹266.65
- Day Range
- ₹369.00 – ₹390.00
- Volume
- 5,05,351
Peer Comparison
Industrials › Aerospace & Defense › Engineering › Aerospace & Defense
| ₹5,079.10 | 36.44 | ₹3,35,230 Cr | 8.28 | 0.91% | 24.00% | 32.00% | ₹33,785 Cr | ₹9,322 Cr | |
| ₹398.00 | 45.49 | ₹2,84,935 Cr | 11.08 | 0.66% | 27.40% | 36.40% | ₹30,253 Cr | ₹6,401 Cr | |
| ₹1,075.00 | 75.65 | ₹37,987 Cr | 9.29 | 0.48% | 10.20% | 13.90% | ₹2,766 Cr | ₹521 Cr | |
| ₹2,143.40 | 30.66 | ₹24,395 Cr | 9.35 | 0.92% | 31.60% | 42.80% | ₹7,507 Cr | ₹801 Cr | |
| ₹4,078.00 | 85.21 | ₹22,179 Cr | 13.15 | 0.25% | 15.20% | 21.90% | ₹941 Cr | ₹267 Cr | |
| ₹938.70 | 103.38 | ₹17,375 Cr | 18.90 | 0.00% | −4.03% | 11.70% | ₹861 Cr | ₹166 Cr | |
| ₹219.59 | — | ₹14,236 Cr | 10.57 | 0.00% | −9.96% | 1.69% | ₹1,370 Cr | −₹171 Cr | |
| Mishra Dhatu Nigam (this company) | ₹388.90 | 54.24 | ₹7,098 Cr | 4.76 | 0.23% | 8.88% | 11.40% | ₹1,278 Cr | ₹134 Cr |
| Median 8 companies | ₹1,006.85 | 54.24 | ₹23,287 Cr | 9.96 | 0.37% | 12.70% | 17.90% | ₹2,068 Cr | ₹394 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 62
- Good
- Returns, margins, earnings quality 22% weight
- Valuation
- 41
- Weak
- Cheap vs sector & own history 24% weight
- Growth
- 52
- Average
- Sales & profit trajectory 9% weight
- Financial Health
- 42
- Weak
- Solvency, leverage, coverage 9% weight
- Momentum
- 32
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 37
- Weak
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 28.2%
Weaknesses
5- Stock is trading at 5.39 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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 11 | 6 | 2 |
| Oscillators | Bearish | 3 | 6 | 0 |
| Moving Averages | Strong Bearish | 8 | 0 | 2 |
Oscillators
Bearish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 46.21
- Neutral
- MACD (12,26,9)
- −14.25
- Bearish
- SMA (50)
- 415.06
- Bearish
- SMA (200)
- 390.89
- Bearish
As of
Analyst Rating
3 of 3 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +5.38% |
|---|---|
| 5Y | +8.26% |
| 3Y | +11.51% |
| 1Y | +12.57% |
| TTM | +18.22% |
Net profit
| 10Y | +0.97% |
|---|---|
| 5Y | −4.63% |
| 3Y | −5.66% |
| 1Y | +19.09% |
| TTM | +13.56% |
Operating cash flow
| 10Y | — |
|---|---|
| 5Y | −2.51% |
| 3Y | Turned positive |
| 1Y | −28.57% |
| TTM | — |
10Y: The statements do not go back far enough for this window.
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −1.46 pp |
|---|---|
| 5Y | −10.49 pp |
| 3Y | −9.93 pp |
| 1Y | −0.62 pp |
| TTM | −2.23 pp |
Revenue by year
| Mar 2017 | ₹773 Cr |
|---|---|
| Mar 2018 | ₹662 Cr |
| Mar 2019 | ₹711 Cr |
| Mar 2020 | ₹713 Cr |
| Mar 2021 | ₹813 Cr |
| Mar 2022 | ₹859 Cr |
| Mar 2023 | ₹872 Cr |
| Mar 2024 | ₹1,073 Cr |
| Mar 2025 | ₹1,074 Cr |
| Mar 2026 | ₹1,209 Cr |
Net profit by year
| Mar 2017 | ₹126 Cr |
|---|---|
| Mar 2018 | ₹131 Cr |
| Mar 2019 | ₹131 Cr |
| Mar 2020 | ₹160 Cr |
| Mar 2021 | ₹166 Cr |
| Mar 2022 | ₹176 Cr |
| Mar 2023 | ₹156 Cr |
| Mar 2024 | ₹91.00 Cr |
| Mar 2025 | ₹110 Cr |
| Mar 2026 | ₹131 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Mishra Dhatu Nigam Ltd (MIDHANI) is a defence PSU trading at a market cap of ₹8,203 Cr with a PE of 60.9x and PB of 5.23x. TTM sales growth has accelerated to 13% and profit growth to 19%, but the 3-year and 5-year compounded profit growth remains negative at -6% and -5% respectively, reflecting an uneven earnings trajectory.
- TTM revenue growth has accelerated to 13%, up from the 5-year CAGR of 8% and 10-year CAGR of 5%, signalling improving order execution
- TTM profit growth of 19% marks a sharp recovery from the negative 3-year compounded profit growth of -6%
- Stock has delivered a 3-year price CAGR of 12% and 5-year CAGR of 16%, reflecting sustained investor interest in the defence theme
- Company maintains a consistent dividend payout ratio of 24.1%, providing some capital return discipline as a PSU
- As a niche monopoly supplier of superalloys and special steels to ISRO, DRDO, and defence establishments, MIDHANI benefits from import substitution tailwinds in India's defence spending push
- 10-year compounded sales CAGR of 5% has now doubled to 12% on a 3-year basis, indicating structural demand improvement from defence capex
- Last year ROE of 9% shows marginal improvement from the 3-year average of 8%, suggesting gradual return profile recovery
- PE ratio of 60.9x is extremely elevated for a company with only 8% five-year sales CAGR and negative 5-year profit CAGR of -5%
- Price-to-book of 5.23x is very high for a PSU with 3-year ROE of just 8%, implying the market is pricing in significant future improvement
- 3-year compounded profit growth is -6% and 5-year is -5%, indicating the company has struggled to translate revenue into consistent earnings
- Debtor days stand at 167 days, reflecting significant working capital stress and delayed receivables typical of government-dependent businesses
- 5-year sales CAGR of only 8.25% is modest for a company commanding a 60.9x PE multiple
- 3-year ROE of 8% and last year ROE of 9% are well below cost of equity, indicating poor capital efficiency at current book value
- Potential capitalisation of interest costs raises questions about the true operating profitability of the business
- Dividend yield of just 0.2% offers negligible income support at current elevated valuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Limited recent news flow for MIDHANI. The company is pursuing a strategic pivot toward rare earth independence through alloy innovation and infrastructure investment, which could strengthen its positioning as a critical domestic supplier for defence and aerospace. No near-term headwinds or concrete catalysts are visible from current coverage; the trend is steady but lacks momentum signals.
- Rare earth self-reliance push Jun 9
Midhani is developing advanced alloys and expanding manufacturing infrastructure to reduce dependence on imported rare earth materials, targeting defence, aerospace, and high-tech applications aligned with India's self-reliance priorities.
Quarterly Results
₹ Cr| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 188 | 227 | 252 | 406 | 163 | 262 | 238 | 411 | 170 | 210 | 276 | 553 | 239 |
| Expenses | 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% |
| Other Income | 8 | 8 | 6 | 8 | 8 | 9 | 7 | 8 | 7 | 9 | 8 | 14 | 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 |
| PBT | 27 | 21 | 19 | 65 | 9 | 34 | 36 | 77 | 19 | 19 | 39 | 107 | 24 |
| Tax % | 31% | 33% | 34% | 28% | 43% | 31% | 30% | 27% | 33% | 33% | 30% | 27% | 32% |
| Net Profit | 19 | 14 | 12 | 46 | 5 | 24 | 25 | 56 | 13 | 13 | 27 | 78 | 16 |
| EPS (₹) | 0.99 | 0.74 | 0.67 | 2.48 | 0.27 | 1.26 | 1.35 | 3 | 0.68 | 0.68 | 1.47 | 4.15 | 0.87 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 647 | 716 | 773 | 662 | 711 | 713 | 813 | 859 | 872 | 1,073 | 1,074 | 1,209 | 1,278 |
| Expenses | 518 | 565 | 587 | 470 | 526 | 514 | 567 | 596 | 613 | 878 | 855 | 970 | 1,038 |
| Operating Profit | 129 | 152 | 186 | 191 | 185 | 199 | 246 | 263 | 259 | 195 | 219 | 239 | 240 |
| OPM % | 20% | 21% | 24% | 29% | 26% | 28% | 30% | 31% | 30% | 18% | 20% | 20% | 19% |
| Other Income | 23 | 29 | 23 | 36 | 37 | 36 | 20 | 31 | 38 | 30 | 31 | 38 | 41 |
| Interest | 8 | 5 | 5 | 9 | 7 | 7 | 13 | 23 | 27 | 35 | 30 | 26 | 25 |
| Depreciation | 10 | 14 | 18 | 20 | 23 | 26 | 27 | 33 | 53 | 59 | 63 | 66 | 67 |
| PBT | 134 | 162 | 186 | 198 | 191 | 202 | 226 | 239 | 217 | 131 | 156 | 184 | 189 |
| Tax % | 26% | 26% | 32% | 34% | 32% | 21% | 26% | 26% | 28% | 30% | 29% | 29% | — |
| Net Profit | 99 | 119 | 126 | 131 | 131 | 160 | 166 | 176 | 156 | 91 | 110 | 131 | 134 |
| EPS (₹) | 529 | 637 | 674 | 7.01 | 6.97 | 8.53 | 8.88 | 9.41 | 8.32 | 4.87 | 5.88 | 6.98 | 7.17 |
| Div. Payout % | 38% | 28% | 30% | 30% | 31% | 30% | 31% | 33% | 40% | 29% | 26% | 30% | — |
Balance Sheet
₹ Cr| Particulars | 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 |
| Borrowings | 59 | 13 | 21 | 93 | 107 | 134 | 160 | 360 | 489 | 433 | 350 | 407 |
| Other Liabilities | 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 |
| Fixed Assets | 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 |
| Other Assets | 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 Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | 119 | 20 | 296 | 204 | 176 | 5 | −35 | 216 | 217 | 155 |
| Investing | — | — | −65 | −78 | −205 | −195 | −115 | −68 | −3 | −65 | −96 | −150 |
| Financing | — | — | −43 | 25 | −78 | −13 | −37 | 39 | 43 | −148 | −126 | 16 |
| Net Cash Flow | — | — | 12 | −33 | 13 | −4 | 24 | −24 | 4 | 2 | −6 | 21 |
| Free Cash Flow | — | — | 37 | −75 | 82 | −67 | 17 | −85 | −108 | 136 | 149 | 105 |
| CFO/OP | — | — | 97 | 31 | 188 | 125 | 91 | 28 | 6 | 128 | 116 | 84 |
Ratios
| Particulars | 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 | — | — | 1,086 | 935 |
| Days Payable | 158 | 68 | 89 | 299 | 248 | 394 | 148 | 336 | — | — | 79 | 80 |
| Cash Conversion Cycle | 670 | 410 | 324 | 678 | 916 | 2,542 | 1,407 | 1,882 | 132 | 110 | 1,146 | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mishra Dhatu Nigam insights
63 extracted metrics across FY10–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript Recording
- Q4 FY26 concall · Jun 2026Transcript Recording
- Q3 FY26 concall · Feb 2026Transcript
- Q2 FY26 concall · Nov 2025Transcript Recording
- Q1 FY26 concall · Aug 2025Transcript
- 12 Aug 2026
- 12 Feb 2026
- 30 Jan 2026
- 10 Sep 2025
- 21 May 2025
- 4 Feb 2025
- 28 Feb 2024
- General announcements 27 Oct 2026
- General announcements 9 Oct 2026
Frequently Asked Questions about Mishra Dhatu Nigam
What does Mishra Dhatu Nigam Ltd do?
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What is the PE ratio of Mishra Dhatu Nigam Ltd?
What is the 52-week high and low of Mishra Dhatu Nigam Ltd?
Does Mishra Dhatu Nigam Ltd pay dividends?
What is the Return on Equity (ROE) of Mishra Dhatu Nigam Ltd?
Company Information
Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals. It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence. GoI still owns ~74% stake in the company after its IPO in 2018.
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