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MIDHANI Fixes Sep 23, 2026 as Record Date for Rs 1.25 Final Dividend; AGM on Sep 30
Mishra Dhatu Nigam Limited (MIDHANI) has set September 23, 2026, as the record date for determining shareholder eligibility for a final dividend of Rs 1.25 per equity share (12.50%) for FY26. This follows an interim dividend of Re 0.85 per share paid earlier, bringing total FY26 dividend to Rs 2.10 per share. The 52nd Annual General Meeting (AGM) will be conducted via video conferencing on September 30, 2026. The company reported FY26 revenue from operations growth of 12.56% year-on-year.
Confidence: HIGH
What changedMIDHANI announced the record date of September 23, 2026, for its final dividend of Rs 1.25 per share and issued notice for its 52nd AGM on September 30, 2026.
Why it mattersConfirms the timeline for distribution of the FY26 final payout of Rs 1.25 per share, representing routine cash distribution to shareholders with government and defence orders dominating 90% of order bookings.
Final Dividend per share: Rs. 1.25Interim Dividend per share: Re. 0.85Record Date: 23-Sep-202652nd AGM Date: 30th day of September 2026Govt/PSU share in FY26 orders: approximately 90%
📅 Short termStock is expected to trade ex-dividend shortly before September 23, 2026, reflecting the Rs 1.25 per share dividend adjustment.
📈 Long termLimited; this is a scheduled corporate action reflecting standard dividend distribution.
⚠ Risk flags
- Client concentration risk with defence, energy, and space PSUs/government accounting for ~90% of order bookings
Key Highlights
Record date set for September 23, 2026, for final dividend entitlement
Final dividend proposed at Rs 1.25 per share (12.50%) in addition to Re 0.85 interim dividend already paid
52nd Annual General Meeting scheduled for September 30, 2026
FY26 revenue from operations grew by 12.56% year-on-year
Government and PSU customers accounted for approximately 90% of total orders booked in FY 2025-26
👀 What to Watch
Investors seeking dividend eligibility must hold shares before the ex-dividend date prior to September 23, 2026, and track AGM voting outcomes scheduled for September 30, 2026.
MIDHANI Q1 FY27 Concall: Order Book at ₹2,329 Cr, Secures GE S400 Certification
MIDHANI reported a 40.5% YoY revenue growth in Q1 FY27 to ₹239.49 crore, with PAT rising 27.4% YoY to ₹16.31 crore. The order book stood at ₹2,329 crore as of July 1, 2026, representing ~1.82x of TTM revenue (₹1,278 crore) and providing strong medium-term visibility. The company received the GE S400 certification for testing materials and executed its first commercial rolling order for 7000-series aluminum alloy. Meanwhile, the joint venture aluminum plant at Nellore with NALCO is set to be formally closed.
Confidence: HIGH
What changedMIDHANI published its Q1 FY27 earnings conference call transcript, discussing operating performance, order book status, and progress on aerospace certifications and alloy rolling.
Why it mattersA robust order book of ₹2,329 crore provides solid revenue visibility, while certifications like GE S400 position MIDHANI to monetize testing services and capture indigenization offset orders.
Order book (as of July 1, 2026): ₹2,329 croreOrder book vs TTM revenue: ~182%Q1 FY27 Revenue: ₹239.49 croreQ1 FY27 PAT: ₹16.31 croreQ1 FY27 EBITDA: ₹46.6 crore
📅 Short termStable operational performance and order backlog support sentiment; management highlighted easing of LPG and raw material supply chain disruptions.
📈 Long termIndigenization tailwinds in aerospace, specialized alloy certifications (GE S400, Nadcap), and isothermal forging capabilities support structural growth.
⚠ Risk flags
- High client concentration in Defence and Space (>80% of orders)
- Supply chain vulnerabilities regarding specialty raw materials and fuel costs
- Closure of the proposed Nellore JV with NALCO
Key Highlights
Q1 FY27 turnover grew 40.46% YoY to ₹239.49 crore, while PAT rose 27.42% to ₹16.31 crore
Order book stood at ₹2,329 crore as of July 1, 2026 (~1.82x of TTM revenue of ₹1,278 crore)
Value of production reached ₹260.36 crore in Q1 FY27, up 7.9% YoY
EBITDA increased 12.89% YoY to ₹46.6 crore during the quarter
Secured S400 testing certification from General Electric USA on August 13, 2026
👀 What to Watch
Track execution pace in subsequent quarters, margin impact from supply chain normalizations (LPG/raw materials), and progress toward Nadcap accreditation by FY27 end.
MIDHANI Becomes First Indian Firm to Secure GE Aerospace S400 Lab Approval
MIDHANI has achieved a significant technical milestone by becoming the first Indian company to secure the S400 Independent and International Metallic Material Laboratory approval from GE Aerospace. This certification covers chemical, mechanical, and metallurgical testing, which is a critical prerequisite for supplying advanced materials to global aerospace supply chains. While no immediate contract value was announced, this approval validates MIDHANI's technical capabilities and supports its strategy to expand beyond its current 80% defense-sector concentration. The company currently maintains a robust order book of ₹1,869 Cr as of October 2025.
Confidence: HIGH
What changedMIDHANI's internal laboratory has been formally certified by GE Aerospace, allowing it to independently qualify metallic materials for international aerospace standards.
Why it mattersThis certification is a major entry barrier for global aerospace supply chains; securing it allows MIDHANI to bid for high-value international projects and reduces its reliance on domestic government-led defense contracts.
Order Book (Oct 2025): ₹1,869 CrTTM Revenue: ₹1,209 CrR&D Expenditure (% of PBT): 15.42%Defense Sector Concentration: >80%Order Book vs TTM Revenue: 154.5%
📅 Short termThe news is likely to be viewed positively by the market as a validation of MIDHANI's technical excellence and its 'Make in India' credentials.
📈 Long termThis is a structural positive that enables the company to transition from a domestic strategic supplier to a global player in the aerospace materials ecosystem over the next 3-5 years.
⚠ Risk flags
- High client concentration with Ministry of Defence and ISRO
- Execution risk in meeting global delivery timelines
Key Highlights
First company in India to receive S400 approval from GE Aerospace for metallic material testing.
Approval encompasses three critical domains: chemical, mechanical, and metallurgical testing.
Positions the company to better serve its ₹1,869 Cr order book (as of Oct 2025) and target global exports.
Aligns with the company's high R&D focus, which stood at 15.42% of PBT in FY25.
Facilitates potential diversification from the current 80% revenue concentration in the Ministry of Defence.
👀 What to Watch
Investors should monitor for subsequent announcements regarding direct supply contracts or purchase orders from GE Aerospace or other global OEMs that may follow this certification. Track the growth in export revenue as a percentage of total sales in upcoming quarterly results.
27.4% PAT growth in Q1; Order book reaches ₹2,329 Cr (1.9x TTM Revenue)
MIDHANI reported a strong start to FY27 with Q1 turnover growing 40.46% YoY to ₹239.49 Cr. Net profit (PAT) increased by 27.42% to ₹16.31 Cr, while EBITDA rose 12.89% to ₹46.60 Cr. The order book remains robust at ₹2,329 Cr, representing approximately 1.93x the TTM revenue, providing strong revenue visibility. Total financial indebtedness was reported at ₹209.02 Cr as of June 30, 2026.
Confidence: HIGH
What changedMIDHANI has delivered a significant YoY improvement in both top-line (40%+) and bottom-line (27%+) for the first quarter of the new fiscal year.
Why it mattersThe results demonstrate improved execution capabilities and delivery of high-value specialty alloys for defense and aerospace, maintaining a healthy order-to-revenue ratio.
Turnover (Q1 FY27): ₹239.49 CrPAT (Q1 FY27): ₹16.31 CrOrder Book: ₹2,329 CrOrder Book vs TTM Revenue: 1.93xTotal Indebtedness: ₹209.02 CrEBITDA Growth (YoY): 12.89%
📅 Short termThe stock may react positively to the strong YoY growth in revenue and profit, alongside a stable and large order book.
📈 Long termStructural growth is supported by strategic importance to GoI defense and space programs, though high client concentration remains a key factor to watch.
⚠ Risk flags
- High client concentration (80% order book from Defense)
- Revenue skew towards H2
- Supply chain risks for imported specialty metals
Key Highlights
Turnover grew 40.46% YoY to ₹239.49 Cr from ₹170.50 Cr in the previous year's corresponding quarter.
Order book position as of July 1, 2026, stood at ₹2,329 Cr, providing nearly two years of revenue visibility.
Profit After Tax (PAT) increased 27.42% YoY to ₹16.31 Cr.
Value of Production (VoP) reached ₹260.36 Cr, a 7.90% increase over the previous year.
Total financial indebtedness stood at ₹209.02 Cr as of June 30, 2026.
👀 What to Watch
Monitor the execution of the ₹2,329 Cr order book and the ramp-up of the new Vacuum Arc Remelting (VAR) furnace. Investors should note that the second half of the fiscal year typically accounts for over 60% of annual revenue.
MIDHANI Recommends ₹1.25 Final Dividend and Approves FY 2025-26 Audited Results
Mishra Dhatu Nigam Limited (MIDHANI) has approved its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026. The Board recommended a final dividend of ₹1.25 per equity share (12.5% of face value) for FY 2025-26, pending shareholder approval at the upcoming AGM. The auditors have issued an unmodified opinion on the financial statements, confirming the reliability of the reported figures. The consolidated results include the performance of its joint venture, Utkarsha Aluminium Dhatu Nigam Limited.
Key Highlights
Recommended a final dividend of ₹1.25 per equity share of ₹10 each for FY 2025-26.
Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
Statutory auditors issued an unmodified opinion, indicating no material discrepancies in financial reporting.
Consolidated financial statements incorporate the performance of the JV company, Utkarsha Aluminium Dhatu Nigam Limited.
The Board meeting was held on May 29, 2026, concluding with the approval of the annual financial statements and investor presentation.
👀 What to Watch
Investors should monitor the detailed investor presentation for insights into the order book and execution timelines. The dividend recommendation offers a steady yield, but the focus should remain on the company's growth in the strategic defense and aerospace sectors.
MIDHANI Q4 PAT Jumps 38.5% to ₹77.75 Cr; Recommends ₹1.25 Final Dividend
MIDHANI reported a robust performance for Q4 FY26, with quarterly turnover growing 34.63% YoY to ₹552.75 Cr and Profit After Tax (PAT) increasing 38.49% to ₹77.75 Cr. For the full fiscal year 2025-26, the company achieved its highest-ever turnover of ₹1,208.63 Cr and a PAT of ₹130.79 Cr, marking an 18.82% annual growth. The Board has recommended a final dividend of ₹1.25 per equity share (12.5% of face value). The company maintains a strong order book of ₹2,290 Cr as of April 1, 2026, ensuring future revenue visibility.
Key Highlights
Q4 FY26 turnover reached ₹552.75 Cr, a growth of 34.63% compared to the previous year.
Full-year FY26 PAT stood at ₹130.79 Cr, up 18.82% from ₹110.07 Cr in FY25.
EBITDA for the full year grew by 10.69% to reach ₹275.59 Cr.
Order book position remains healthy at ₹2,290 Cr as of April 1, 2026.
Recommended a final dividend of ₹1.25 per share for the financial year ended March 31, 2026.
👀 What to Watch
Investors should take note of the record-breaking turnover and strong profit growth, which reflect efficient execution and demand in the defense and space sectors. The robust order book provides a clear growth trajectory, making this a positive development for long-term shareholders.
MIDHANI Q4 PAT Jumps 38.5% to ₹77.75 Cr; Recommends ₹1.25 Final Dividend
MIDHANI reported a strong performance for Q4 FY26, with net profit rising 38.5% YoY to ₹77.75 crore, driven by a 34.6% surge in quarterly turnover to ₹552.75 crore. For the full year FY26, the company achieved its highest-ever turnover of ₹1,208.63 crore and a PAT of ₹130.79 crore. The board recommended a final dividend of ₹1.25 per share, reflecting steady shareholder returns. With a robust order book of ₹2,290 crore as of April 2026, the company maintains strong revenue visibility in the defense and space sectors.
Key Highlights
Q4 FY26 PAT increased by 38.49% YoY to ₹77.75 Cr compared to ₹56.14 Cr in the previous year.
Highest ever annual turnover of ₹1,208.63 Cr achieved in FY26, representing a growth of 12.52% YoY.
Order book position remains healthy at ₹2,290 Cr as of April 1, 2026.
Final dividend of ₹1.25 per share (12.5%) recommended for the financial year 2025-26.
Full-year EBITDA grew by 10.69% to reach ₹275.59 Cr, while PBT grew by 17.98% to ₹184.09 Cr.
👀 What to Watch
Investors should view the record-high turnover and strong PAT growth as a positive signal of MIDHANI's execution capabilities in the niche defense and aerospace segments. The robust order book provides clear revenue visibility, making it a strong candidate for long-term portfolios focused on the Indian defense indigenization theme.
MIDHANI Reports Record Sales of ₹1,206 Cr for FY 2025-26, Up 12% YoY
Mishra Dhatu Nigam Limited (MIDHANI) achieved its highest-ever annual sales of ₹1,206 crore in FY 2025-26, representing a 12% growth over the previous year's ₹1,074 crore. The company successfully navigated geopolitical supply chain disruptions by focusing on high-value superalloys and titanium alloys for aerospace, naval, and space sectors. Notably, titanium production surged by 40% YoY, and the company is transitioning from a raw material supplier to an integrated product manufacturer. Strategic initiatives like the creation of a 'Metal Bank' and new technology transfers for bulletproof jackets strengthen its long-term growth profile.
Key Highlights
Achieved record provisional sales of ₹1,206 Cr, a 12% increase from ₹1,074 Cr in the previous fiscal year.
Titanium production increased by approximately 40% YoY, supported by successful export order execution of ₹85 Cr.
Received critical CEMILAC and NADCAP certifications for superalloy castings and heat treating processes.
Diversified into high-value integrated products including aerospace fasteners and ABHED bulletproof jackets.
Established a 'Metal Bank' via MoU to ensure uninterrupted availability of critical raw materials for defense projects.
👀 What to Watch
Investors should note the strong growth in high-margin titanium and superalloy segments and the company's successful transition toward integrated products. The stock remains a robust long-term play in India's defense indigenization and aerospace sectors.
MIDHANI Secures Prestigious NADCAP Accreditation for Heat Treatment Facility
Mishra Dhatu Nigam Limited (MIDHANI) has successfully obtained the NADCAP accreditation for its Heat Treatment facility as of March 17, 2026. This accreditation is a globally recognized quality standard essential for suppliers in the aerospace and defense industries. By meeting these rigorous international requirements, MIDHANI enhances its eligibility for high-value global contracts and critical domestic programs. This milestone validates the company's metallurgical processing capabilities and strengthens its position in the global supply chain.
Key Highlights
MIDHANI's Heat Treatment facility awarded the prestigious NADCAP accreditation on March 17, 2026.
Accreditation ensures compliance with stringent global aerospace industry requirements and process controls.
Strengthens the company's capability to support critical aerospace and defense programs with world-class processing.
Positions MIDHANI as a qualified supplier for international aerospace OEMs, potentially boosting export opportunities.
👀 What to Watch
Investors should view this as a positive long-term development that improves MIDHANI's competitive edge in the aerospace sector. Monitor for new order inflows from global aerospace companies following this certification.
MIDHANI Declares Interim Dividend of Rs 0.85 Per Share; Sets Record Date for March 19, 2026
Mishra Dhatu Nigam Limited (MIDHANI) has announced an interim dividend of Rs 0.85 per equity share for the financial year 2025-26. This dividend represents 8.50% of the face value of Rs 10 per share. The Board of Directors approved the payout during their meeting held on March 13, 2026. The company has established March 19, 2026, as the record date to identify eligible shareholders for the distribution.
Key Highlights
Interim dividend of Rs 0.85 per equity share declared for FY 2025-26
Dividend rate is 8.50% based on the face value of Rs 10 per share
Record date for determining shareholder entitlement is March 19, 2026
Board meeting concluded at 12:50 hrs on March 13, 2026
👀 What to Watch
Investors seeking dividend income should ensure they hold the stock before the ex-dividend date to qualify for the Rs 0.85 per share payout. This move reflects the company's commitment to returning value to shareholders.
MIDHANI Declares Interim Dividend of Rs. 0.85 Per Share for FY 2025-26
Mishra Dhatu Nigam Limited (MIDHANI) has announced an interim dividend of Rs. 0.85 per equity share for the financial year 2025-26. This payout represents 8.50% of the face value of Rs. 10 per share. The Board of Directors approved the dividend in a meeting held on March 13, 2026. The company has established March 19, 2026, as the record date to identify eligible shareholders for the payment.
Key Highlights
Interim dividend of Rs. 0.85 per equity share declared for FY 2025-26
Dividend payout is 8.50% based on a face value of Rs. 10 per share
Record date for dividend entitlement is set for March 19, 2026
Board meeting concluded on March 13, 2026, at 1250 hrs
👀 What to Watch
Investors interested in the dividend should ensure they hold the stock before the ex-dividend date. Long-term investors should evaluate this payout in the context of the company's overall yield and performance in the defense sector.
MIDHANI Board to Consider Interim Dividend for FY 2025-26 on March 13
Mishra Dhatu Nigam Limited (MIDHANI) has scheduled a Board Meeting for March 13, 2026, to consider a proposal for an interim dividend for the financial year 2025-26. In accordance with SEBI insider trading regulations, the company has also announced a trading window closure for designated persons from March 6 to March 15, 2026. This move indicates the company's intent to distribute surplus cash to its shareholders. Investors should await the specific dividend amount and record date which will be determined during the meeting.
Key Highlights
Board meeting scheduled for March 13, 2026, to discuss interim dividend for FY 2025-26
Trading window for designated persons closed from March 6, 2026, to March 15, 2026
Proposal is being considered under Regulation 29 of SEBI (LODR) Regulations, 2015
The announcement pertains to the financial performance and cash distribution for the 2025-26 fiscal year
👀 What to Watch
Investors should monitor the outcome of the March 13 meeting for the dividend payout ratio and the record date to ensure eligibility. The stock may see positive sentiment leading up to the announcement as income-seeking investors position themselves.
MIDHANI Q3 FY26 PAT Jumps 115% QoQ to ₹27.46 Cr; Order Book Strong at ₹2,440 Cr
MIDHANI reported a robust sequential recovery in Q3 FY26, with revenue growing 31.44% QoQ to ₹275.66 crores and PAT more than doubling to ₹27.46 crores. While 9-month revenue remained flat YoY at ₹655.88 crores, the value of production increased by 8.86%, indicating strong internal manufacturing activity. The company maintains a healthy order book of ₹2,440 crores as of January 2026, with high-margin super alloys and titanium alloys contributing 39% of total revenue. Management highlighted technical milestones, including CEMILAC certifications and upcoming NADCAP certification, positioning the firm for major aerospace contracts.
Key Highlights
Q3 FY26 PAT rose 115% QoQ to ₹27.46 crores, while PBT increased to ₹39 crores from ₹19.11 crores in Q2.
Order book remains robust at ₹2,440 crores as of January 1, 2026, providing strong multi-year revenue visibility.
Titanium and Super Alloys together contribute 39% of the 9-month revenue, driving margin improvements.
Titanium production volume increased by approximately 20% compared to the previous year's levels.
Achieved technical milestones including CEMILAC certification for 10 super alloys and completion of NADCAP audit.
👀 What to Watch
Investors should focus on the strong sequential recovery and the high-margin product mix as indicators of operational efficiency. The company remains a critical beneficiary of India's defense indigenization, particularly in the aerospace and aero-engine segments.
MIDHANI Q3 FY26 Consolidated Net Profit Rises 9.4% YoY to ₹27.64 Crore
MIDHANI reported a steady performance for the quarter ended December 31, 2025, with consolidated net profit growing to ₹27.64 crore from ₹25.27 crore in the previous year. Revenue from operations saw a healthy increase of 15.8% YoY, reaching ₹275.66 crore. However, the nine-month (9M) standalone performance remains slightly behind the previous year, with a PAT of ₹53.04 crore compared to ₹53.92 crore. The company's joint venture, Utkarsha Aluminium Dhatu Nigam Limited, contributed positively to the consolidated results this quarter.
Key Highlights
Consolidated Net Profit for Q3 FY26 increased to ₹27.64 crore versus ₹25.27 crore in Q3 FY25.
Revenue from operations grew 15.8% YoY to ₹275.66 crore in the December quarter.
Standalone EPS for the quarter improved to ₹1.47 from ₹1.35 in the corresponding period last year.
Nine-month (9M) standalone total income stood at ₹679.49 crore, slightly lower than ₹686.86 crore in 9M FY25.
Cost of materials consumed for the quarter rose to ₹132.44 crore from ₹100.44 crore YoY.
👀 What to Watch
The quarterly recovery in revenue and profit is a positive sign for this defense PSU; however, investors should monitor the flat nine-month growth trajectory. Hold positions while watching for order book execution updates in the final quarter.
MIDHANI Q3 Net Profit Surges 96% YoY to ₹53.92 Crore; Revenue Up 15.8%
Mishra Dhatu Nigam Limited (MIDHANI) reported a robust 96.3% year-on-year increase in consolidated net profit to ₹53.92 crore for the quarter ended December 31, 2025. Revenue from operations grew by 15.8% to ₹275.66 crore compared to ₹237.97 crore in the corresponding quarter of the previous year. For the nine-month period, while revenue remained relatively flat, net profit more than doubled to ₹110.07 crore. This performance highlights significant margin expansion and improved operational efficiency during the quarter.
Key Highlights
Consolidated Net Profit surged 96.3% YoY to ₹53.92 crore in Q3 FY26.
Revenue from operations grew 15.8% YoY to ₹275.66 crore from ₹237.97 crore.
Earnings Per Share (EPS) nearly doubled to ₹2.88 from ₹1.47 in the year-ago quarter.
Nine-month consolidated net profit reached ₹110.07 crore, a 107.5% increase from ₹53.04 crore YoY.
Profit Before Tax (PBT) for the quarter stood at ₹78.88 crore compared to ₹38.97 crore YoY.
👀 What to Watch
The strong bottom-line growth and significant margin improvement are highly positive indicators for the company. Investors should maintain a positive outlook while monitoring the execution of the order book and the performance of the Utkarsha Aluminium joint venture.
MIDHANI Secures New Order Worth Rs. 158 Crore; Total Order Book Reaches Rs. 2,590 Crore
Mishra Dhatu Nigam Limited (MIDHANI) has successfully secured a new contract valued at Rs. 158 crore. This acquisition further strengthens the company's order pipeline, bringing the total open order position to approximately Rs. 2,590 crore as of February 4, 2026. The steady inflow of orders highlights the sustained demand for the company's specialized metallurgical products in strategic sectors. This development provides significant revenue visibility for the company over the coming fiscal periods.
Key Highlights
Secured a fresh order worth Rs. 158 crore
Total open order position as of February 4, 2026, stands at approximately Rs. 2,590 crore
Order win complies with Regulation 30 of SEBI (LODR) Regulations, 2015
Strengthens the company's market position in specialized metal manufacturing
👀 What to Watch
Investors should maintain a positive outlook as the growing order book provides strong revenue visibility. Focus on the company's execution efficiency to translate these orders into bottom-line growth.
MIDHANI Secures Rs. 121.75 Cr Order; Total Order Book Reaches Rs. 2,520 Cr
Mishra Dhatu Nigam Limited (MIDHANI) has successfully secured a new order valued at Rs. 121.75 crore. This acquisition has boosted the company's total open order position to approximately Rs. 2,520 crore as of December 18, 2025. The steady inflow of orders highlights the sustained demand for the company's specialized metallurgical products in strategic sectors like defense and aerospace. This provides significant revenue visibility for the company over the medium term.
Key Highlights
Secured a fresh contract worth Rs. 121.75 crore
Total open order book position stands at approximately Rs. 2,520 crore
Order win strengthens the company's position in the high-end metallurgy market
Announcement made in compliance with Regulation 30 of SEBI LODR
👀 What to Watch
Investors should view this as a positive development that reinforces revenue visibility. Maintain a watch on the company's execution pace to ensure these orders translate into bottom-line growth.
