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Mishra Dhatu Nigam Limited (MIDHANI)

₹419.65 +0.38% last close, 16 Oct

📊 NSE: MIDHANI 🏢 Aerospace & Defense 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Mishra Dhatu's revenue was ₹239 Cr (+40.5% year on year, -56.7% on the previous quarter), and net profit ₹16.5 Cr (+28.6% year on year); the operating margin was 15.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹239	+40.5%	-56.7%
Operating profit	₹36.6	+7.1%	-68.4%
Net profit	₹16.5	+28.6%	-78.9%
EPS (₹)	0.88	+29.4%	-78.8%
Operating margin	15.3%	—	—

Full quarterly financials → Results calendar →

MIDHANI delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 38.4% of the MIDHANI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 37.42%. That is close to its usual level. Volume was 0.2 times its average, well below normal.

38.4%Delivery, 16 Oct

37.42%Own 20-session average

0.2×Volume vs its average

₹419.65NSE close · +0.38%

Delivery in the last 5 sessions: 41.4% · 31.2% · 40.7% · 54.4% · 38.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

MIDHANI Announces Retirement of GM (Engineering Services) Venkateshwar Rathod

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 01 Oct 2026, 08:54 PM

Mishra Dhatu Nigam Limited (MIDHANI) has disclosed that Mr. Venkateshwar Rathod, General Manager (Engineering Services), has retired from the company effective October 1, 2026. The announcement is a statutory disclosure under Regulation 30 of SEBI LODR. Given that this is a routine retirement of an operational general manager, there is no direct impact on MIDHANI's financials, where TTM revenue stands at ₹1,278 Cr and market cap is ₹8,124 Cr.

Mr. Venkateshwar Rathod retired as General Manager (Engineering Services)
Retirement effective date: October 1, 2026
Filing submitted under Regulation 30 (7) of SEBI LODR

💡 No investor action required; track upcoming quarterly financial results and order book execution for operational performance.

MIDHANI Appoints Meera Mohanty as Government Nominee Director Replacing Prakash Rajpurohit

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Sep 2026, 05:01 PM

Mishra Dhatu Nigam Limited (MIDHANI) has announced a change in its Board of Directors following a directive from the Ministry of Defence. Ms. Meera Mohanty, IAS (Joint Secretary, Defence Production), has been appointed as Government Nominee Director effective September 17, 2026. She replaces Shri Prakash Rajpurohit, whose tenure ceased on the same date. The change is routine administrative restructuring standard for defence PSUs, where the Government of India holds a 74.0% stake.

Appointment of Ms. Meera Mohanty (DIN: 03379561) effective September 17, 2026
Cessation of tenure for Shri Prakash Rajpurohit (DIN: 06895578) w.e.f. September 17, 2026
Appointee is a 2005-batch IAS officer currently serving as Joint Secretary (P&C), Ministry of Defence
Term of appointment runs until further orders of the Administrative Ministry

💡 Track upcoming quarterly financial execution and defence contract order inflows. No governance or operational disruption is expected from this routine PSU board nominee rotation.

MIDHANI Re-Appoints Anjaneyulu & Co as Statutory Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Sep 2026, 06:15 PM

Mishra Dhatu Nigam Limited (MIDHANI) announced that the Comptroller and Auditor General of India (C&AG) has re-appointed M/s Anjaneyulu & Co, Chartered Accountants, as its Statutory Auditor for FY 2026-27. The appointment was confirmed via C&AG letter dated September 9, 2026. This is a regular statutory appointment required annually for public sector enterprises. The development carries no impact on MIDHANI's ongoing business operations, revenue trajectory, or profitability.

C&AG letter dated September 9, 2026 confirms the re-appointment of statutory auditors
M/s Anjaneyulu & Co (FRN: 000180S) re-appointed as Statutory Auditor for FY 2026-27
Routine annual statutory compliance for a central public sector enterprise

💡 Track the upcoming Q2 FY27 earnings releases and order execution in defence/aerospace contracts, as this auditor appointment is purely procedural.

MIDHANI Fixes Sep 23, 2026 as Record Date for Rs 1.25 Final Dividend; AGM on Sep 30

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 08 Sep 2026, 10:39 PM

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.

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

💡 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 Notices 52nd AGM on Sept 30, 2026; Proposes Rs 1.25/Share Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 10:30 PM

MIDHANI has issued the notice for its 52nd Annual General Meeting scheduled for September 30, 2026. The company proposes a final dividend of Rs 1.25 per share (12.50%), in addition to an interim dividend of Re 0.85 per share already paid for FY 2025-26. Other agenda items include the ratification of appointments of Whole-time, Government Nominee, and Independent Directors. The report notes that government and PSU entities accounted for approximately 90% of orders booked during FY 2025-26.

52nd Annual General Meeting scheduled for September 30, 2026, via Video Conferencing
Proposed final dividend of Rs 1.25 per equity share of Rs 10 face value (12.50%)
Interim dividend of Re 0.85 per equity share (8.50%) confirmed for FY 2025-26
Government, defence, energy, and space PSUs accounted for ~90% of total orders booked in FY 2025-26
Appointment approvals for Director (Production & Marketing), Government Nominee Director, and two Independent Directors

💡 Track voting outcomes at the AGM on September 30, 2026, and watch for announcements regarding the dividend record date.

BSE and NSE Impose Fine of ₹12.59 Lakh Each on MIDHANI Over Board Composition Norms

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Aug 2026, 11:57 AM

Stock exchanges BSE and NSE have imposed a fine of ₹12,59,060 each (inclusive of GST) on MIDHANI for the quarter ended June 30, 2026, citing non-compliance with SEBI LODR board composition and committee regulations (Regulations 17, 18, 19, 20, and 21). MIDHANI stated that it has not paid the fine, noting that the authority to appoint directors vests entirely with the Government of India (Ministry of Defence). The company intends to submit a fine waiver request citing impossibility of compliance. The financial impact is negligible relative to MIDHANI's TTM PAT of ₹135 Cr.

Fine of ₹12,59,060 each (inclusive of GST) imposed by BSE and NSE on August 25, 2026
Non-compliance relates to SEBI LODR Regulations 17(1), 17(2A), 18(1), 19(1)/19(2), 20(2)/(2A), and 21(2) for the quarter ended June 30, 2026
MIDHANI to apply for a fine waiver citing lack of board authority over director appointments as per NSE circular dated March 31, 2022
Total combined fine of ~₹25.18 lakh represents <0.02% of TTM revenue of ₹1,278 Cr

💡 Track the outcome of the exchange fine waiver requests and upcoming Ministry of Defence notifications regarding independent director appointments.

MIDHANI Q1 FY27 Concall: Order Book at ₹2,329 Cr, Secures GE S400 Certification

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 22 Aug 2026, 10:06 AM

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.

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

💡 Track execution pace in subsequent quarters, margin impact from supply chain normalizations (LPG/raw materials), and progress toward Nadcap accreditation by FY27 end.

MIDHANI Appoints 2 Non-Executive Independent Directors for a 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Aug 2026, 05:48 PM

Mishra Dhatu Nigam Limited (MIDHANI) has announced the appointment of two Non-Executive Independent Directors on its Board following a directive from the Ministry of Defence dated August 21, 2026. Shri Sameer Mundra has been appointed effective August 21, 2026, while Shri A. Pugazhenthi's appointment takes effect upon the allotment of his DIN. Both appointments are for a period of 3 years or until further orders from the Ministry of Defence. This is a routine board reconstitution ensuring compliance with corporate governance norms.

Department of Defence Production conveyed appointments via letter dated August 21, 2026
Shri Sameer Mundra appointed as Independent Director effective August 21, 2026 for a 3-year term
Shri A. Pugazhenthi appointed as Independent Director for 3 years, effective upon DIN allotment
Neither director is related to existing board members or debarred by SEBI

💡 Track subsequent filings for DIN allotment confirmation and the composition of board audit/governance committees.

MIDHANI Releases Audio Recording Link for Q1 FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 02:25 PM

Mishra Dhatu Nigam Limited (MIDHANI) has submitted the audio recording link for its Q1 FY27 analysts and institutional investors conference call. The earnings call was conducted on August 17, 2026, between 11:00 hrs and 12:00 hrs IST. The recording has been made available on the company's official website under the investor section. This is a statutory disclosure in accordance with SEBI listing regulations.

Conference call on Q1 results held on August 17, 2026
Meeting duration was 1 hour (conducted from 11:00 hrs to 12:00 hrs IST)
Audio recording uploaded to the company website under Investor Meet 2026-27 Quarter 1 section

💡 Investors can listen to the audio recording or track the upcoming release of the written transcript to evaluate management commentary on order book execution and delivery ramp-ups.

MIDHANI Becomes First Indian Firm to Secure GE Aerospace S400 Lab Approval

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 13 Aug 2026, 12:56 PM

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.

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.

💡 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.

MIDHANI Schedules Q1FY27 Earnings Conference Call for August 17, 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 12 Aug 2026, 04:29 PM

Mishra Dhatu Nigam Limited (MIDHANI) has scheduled its Q1FY27 earnings and business update conference call for August 17, 2026, at 11:00 IST. This follows the Board meeting held on August 12, 2026, to approve financial results for the quarter ended June 30, 2026. Investors will be looking for updates on the execution of the Rs 1,869 Cr order book (as of Oct 2025) and the progress of the new Vacuum Arc Remelting (VAR) furnace. Management, including the CMD and Director of Finance, will represent the company during the call.

Conference call for Q1FY27 results scheduled for August 17, 2026, at 11:00 hrs IST
Board meeting to approve financial results for the quarter ended June 30, 2026, held on August 12, 2026
Order book stood at Rs 1,869 Cr as of October 2025, representing approximately 1.55x TTM revenue
Management representation includes CMD Dr. S. V. S. Narayana Murty and Director (Finance) Mrs. Madhubala Kalluri
Company historically generates over 60% of annual revenue in the second half of the fiscal year

💡 Monitor the Q1FY27 financial results for execution efficiency and listen to the conference call for updates on the Tejas Mark-2 project and export market penetration.

27.4% PAT growth in Q1; Order book reaches ₹2,329 Cr (1.9x TTM Revenue)

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 01:24 PM

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.

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.

💡 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 Announces Retirement of GM (Production) Shri Anand Kumar Kaluvala

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 02 Aug 2026, 12:22 PM

Mishra Dhatu Nigam Limited (MIDHANI) has informed the exchanges regarding the retirement of Shri Anand Kumar Kaluvala, General Manager (Production), effective August 1, 2026. This is a routine administrative disclosure for a senior management position. Given the company's TTM revenue of ₹1,209 Cr and its status as a PSU, such transitions are typically part of standard succession planning. The announcement does not indicate any immediate impact on the company's operational execution or its ₹1,869 Cr order book.

Shri Anand Kumar Kaluvala, General Manager (Production), retired effective August 1, 2026
The company maintains a robust order book of ₹1,869 Cr as of October 2025
MIDHANI reported a TTM revenue of ₹1,209 Cr and TTM PAT of ₹131 Cr
The retirement is a scheduled administrative event under SEBI LODR Regulation 30

💡 No action is required as this is a routine retirement; investors may look for future disclosures regarding the appointment of a successor to ensure production continuity.

MIDHANI submits quarterly share dematerialization certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 03:48 PM

MIDHANI has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. The certificate, issued by Alankit Assignments Limited (Registrar and Share Transfer Agent), confirms that share certificates received for dematerialization have been processed and the names of the depositories have been substituted in the records. This is a standard administrative filing required for all listed companies in India. It has no impact on the company's financial health, which currently features a TTM revenue of Rs 1,209 Cr and a robust order book of Rs 1,869 Cr.

Compliance certificate submitted for the quarter ended June 30, 2026
Confirmation received from Registrar and Share Transfer Agent, Alankit Assignments Limited
Filing submitted to BSE and NSE on July 06, 2026, as per SEBI regulations
Maintains the integrity of the company's shareholding records in electronic format

💡 This is a routine regulatory filing. Investors should focus on the company's execution of its Rs 1,869 Cr order book and the commissioning of the new VAR furnace for high-value specialty alloys.

MIDHANI Trading Window to Close from July 1, 2026, for Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 12:31 PM

Mishra Dhatu Nigam Limited (MIDHANI) has announced that its trading window will be closed starting Wednesday, July 1, 2026. This closure is in compliance with SEBI Insider Trading regulations for the purpose of finalizing financial results for the quarter ending June 30, 2026. The window will remain shut for all designated persons and their immediate relatives until 48 hours after the results are declared. The specific date for the Board Meeting to approve these results is yet to be announced.

Trading window closure commences on July 1, 2026, for the Q1 period ending June 30, 2026.
Restriction applies to all designated persons and their immediate relatives as per the Company's Code of Conduct.
The window will reopen 48 hours after the official declaration of the quarterly financial results.
The date for the Board Meeting to approve the financial results will be intimated separately in due course.

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals; investors should wait for the announcement of the Board Meeting date to assess Q1 performance.

View All MIDHANI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The Defence sector dominates the order book with a share of over 80% as of January 2025. Total turnover for H1 FY26 was INR 380.22 Cr, representing a 10.65% decrease from INR 425.57 Cr in H1 FY25. Q2 FY26 turnover was INR 209.73 Cr, down 19.98% from INR 262.12 Cr YoY. Despite the revenue dip, the Value of Production (VoP) for H1 FY26 grew 3.9% to INR 497.67 Cr, indicating high work-in-progress that is expected to convert to revenue in Q3 and Q4.

Geographic Revenue Split

The company is primarily domestic-focused due to its strategic importance to the Government of India, with exports/income from overseas totaling INR 94.19 Cr in FY25 against a target of INR 150 Cr. Domestic revenue is heavily concentrated in government-led projects for Defence and Space (ISRO).

Profitability Margins

Net Profit Margin improved to 10.25% in FY25 from 8.51% in FY24, a 20.45% increase. However, H1 FY26 PAT margin stood at 6.73%. Operating Profit Margin for FY25 was 11.65%, up 23.67% from 9.42% in FY24. Margins are sensitive to product mix shifts, particularly the ratio of super alloys to higher-margin titanium alloys.

EBITDA Margin

EBITDA margin for H1 FY26 was 21.82%. The management has guided for a full-year FY26 EBITDA margin of approximately 23%, aiming for a 200-300 bps expansion over previous levels through better operating leverage and a favorable product mix in the second half of the fiscal year.

Capital Expenditure

MIDHANI invested INR 49.92 Cr in CAPEX during FY25, focusing on modernization and commissioning new facilities like the high-capacity VAR furnace. The company plans a sustained annual CAPEX of approximately INR 100 Cr over the medium term to upgrade existing facilities and R&D projects.

Credit Rating & Borrowing

The company maintains a strong financial risk profile with a gearing of 0.25 times as of March 31, 2024. Interest coverage was healthy at 8.45x in FY25 (up from 6.48x in FY24). Total debt is low, and liquidity is supported by a fund-based working capital limit of INR 350 Cr, utilized at 78% through December 2024.

⚙️ Operational Drivers

Raw Materials

Key raw materials include specialized metals for Superalloys (nickel, cobalt-based) and Titanium alloys. These materials are critical for high-temperature applications in aerospace and defense engines.

Import Sources

MIDHANI imports 50-60% of its raw materials, exposing it to global trade policy fluctuations and material price volatility. Specific sources are not named but are described as global suppliers.

Capacity Expansion

Current modernization includes the commissioning of a new high-capacity Vacuum Arc Remelting (VAR) furnace. This expansion is designed to scale production for high-value specialty alloys required by the aerospace and energy sectors.

Raw Material Costs

Raw material consumption as a percentage of revenue is significant, with the company aiming to reduce total imports consumed as a percentage of revenue from 36.98% in FY25 toward a target of 25.52%. Volatility in these costs directly impacts the operating margin, which fluctuated from 31.6% in FY23 to 19% in FY24.

Manufacturing Efficiency

Value added per employee was INR 81.86 Lakh in FY25. The company is focusing on improving operating leverage by ramping up deliveries in the second half of the fiscal year, which typically accounts for over 60% of annual revenue.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth will be driven by a robust order book of INR 1,869 Cr (as of Oct 2025), modernization of manufacturing facilities (VAR furnace), and expansion into the export market for aerospace alloys. The company is also implementing a 'Metal Bank' strategy to ensure material availability for strategic projects like the Kaveri engine and Tejas Mark-2 without straining its own balance sheet.

Products & Services

Superalloys, Titanium alloys, and Special Steels sold for use in Tejas fighter jets (Mark-2 project), ISRO space programs, and ultra-high temperature supercritical power plants.

Brand Portfolio

MIDHANI (Mishra Dhatu Nigam Limited).

New Products/Services

Development of materials for the Kaveri engine power program and ultra-high temperature supercritical power plants. R&D expenditure was 15.42% of PBT in FY25.

Market Expansion

Expanding into non-defence sectors and increasing export market penetration in the aerospace sector for high-value specialty alloys.

Market Share & Ranking

Leading manufacturer of Titanium alloys in India and a key player in the superalloys segment with strategic importance to the GoI.

Strategic Alliances

MoU-based partnerships for the establishment of a customer-owned, MIDHANI-operated Metal Bank on the company's campus.

🌍 External Factors

Industry Trends

The industry is shifting toward 'Atmanirbhar Bharat' (Self-Reliant India), driving demand for domestic strategic materials. The aerospace and defence sectors are growing, but require high capital investment in new technologies to stay competitive.

Competitive Landscape

Competes with both domestic and foreign industries in the specialty steel and alloy segments, though it holds a preferred status for strategic government projects.

Competitive Moat

MIDHANI's moat is built on its status as a primary supplier for 'crucial' and 'strategic' GoI projects (Tejas, ISRO) and its specialized technical capability to manufacture superalloys that have high entry barriers. This is highly sustainable as long as GoI maintains its 'Buy Indian' policy.

Macro Economic Sensitivity

Highly sensitive to national security policies and government capital expenditure in the aerospace and defence sectors.

Geopolitical Risks

Global trade policies and supply chain disruptions for specialty metals are identified as medium-probability risks that could delay operations.

⚖️ Regulatory & Governance

Industry Regulations

Subject to DIPAM guidelines on capital restructuring and dividend distribution (minimum 30% of PAT or 5% of Net Worth). Also governed by Ministry of Defence and DPE guidelines.

Taxation Policy Impact

Effective tax rate is approximately 29.4% (based on FY25 PBT of INR 156.04 Cr and PAT of INR 110.07 Cr).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of revenue recognition; while production (VoP) grew 3.9%, turnover fell 10.65% in H1 FY26 due to products being in 'final stages' but not yet invoiced.