Mishra Dhatu Nigam Ltd logo

Mishra Dhatu Nigam Ltd

MIDHANI NSE

Key Fundamentals

MicrocapEngineeringAerospace & Defense
Market Cap
₹8,102 Cr
Volatility
Moderate
P/E Ratio
61.02
EBITDA
₹211 Cr
Return on Equity
7.83%
Debt to Equity
0.27
Book Value
₹81.78
EPS
₹4.18
52W High
₹456.6
52W Low
₹266.65

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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46 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 24.1%

Weaknesses

5
  • Stock is trading at 5.25 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.

Growth Rate

Revenue Growth
6.97% ↗
Net Income Growth
22.45% ↗
Cash Flow Change
0.61% ↗
ROE
12.50% ↗
ROCE
7.32% ↗
EBITDA Margin (Avg.)
-23.30% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk high

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.

Bull Case 7
  • 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
Bear Case 8
  • 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

Anthropic anthropic claude-opus-4.6 42d ago
Neutral 1
  • 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.

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.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 in Rs
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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
971
1,038
Operating Profit
129
152
186
191
185
199
246
263
259
195
219
238
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
25
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 in Rs
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%
18%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Promoters 74.00%
Public 13.86%
DIIs 7.37%
FIIs 2.56%
Others 2.20%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
74.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.08%
1.27%
1.42%
1.26%
1.65%
1.34%
1.37%
1.25%
1.32%
2.56%
DIIs
14.18%
14.18%
13.65%
14.27%
14.74%
14.59%
15.55%
13.77%
13.82%
13.12%
12.48%
11.76%
11.04%
9.33%
8.45%
8.49%
8.79%
8.98%
8.83%
7.92%
7.82%
7.37%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
9.62%
9.68%
10.54%
9.82%
9.27%
9.30%
8.35%
9.84%
9.84%
9.99%
10.25%
11.13%
11.91%
13.14%
13.94%
14.35%
13.74%
13.76%
13.86%
14.83%
14.71%
13.86%
Others
2.21%
2.13%
1.81%
1.90%
1.99%
2.12%
2.09%
2.39%
2.34%
2.89%
3.26%
3.12%
1.98%
2.26%
2.18%
1.90%
1.82%
1.92%
1.93%
1.99%
2.15%
2.20%
No. of Shareholders
87,620
90,146
93,754
87,553
86,505
85,599
78,813
81,201
82,463
78,588
93,631
1,01,808
1,23,007
1,42,559
1,53,279
1,56,888
1,57,106
1,64,891
1,62,111
1,66,811
1,64,331
1,54,762

Documents

Frequently Asked Questions about Mishra Dhatu Nigam Ltd

What does Mishra Dhatu Nigam Ltd do?
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]
Where is Mishra Dhatu Nigam Ltd (MIDHANI) listed?
Mishra Dhatu Nigam Ltd is listed on the Indian stock exchanges. It is listed on NSE: MIDHANI and BSE: 541195. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Mishra Dhatu Nigam Ltd belong to?
Mishra Dhatu Nigam Ltd operates in the Aerospace & Defense sector within the Engineering industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Mishra Dhatu Nigam Ltd?
Mishra Dhatu Nigam Ltd has a market capitalisation of approximately ₹8102.45 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Mishra Dhatu Nigam Ltd?
The Price-to-Earnings (PE) ratio of Mishra Dhatu Nigam Ltd is 61.02. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Mishra Dhatu Nigam Ltd?
Over the past 52 weeks, Mishra Dhatu Nigam Ltd has traded between a low of ₹266.65 and a high of ₹456.6. This range helps investors understand the stock's price volatility and recent trading levels.
Does Mishra Dhatu Nigam Ltd pay dividends?
Yes, Mishra Dhatu Nigam Ltd has a dividend yield of 0.20%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Mishra Dhatu Nigam Ltd?
Mishra Dhatu Nigam Ltd has a Return on Equity (ROE) of 7.83%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Mishra Dhatu Nigam Ltd on Tapetide?
On Tapetide, you can view Mishra Dhatu Nigam Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website midhani-india.in
CEO Mr. Paul Antony
Employees 786
Listed 2018-04-04
Face Value ₹ 10
Issued Size 18,73,40,000

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