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MIDHANI - Mishra Dhatu Nig

📊 NSE: MIDHANI 🏢 Steel - Medium / Small 📅 Last Updated: 12/14/2025 9:53

📢 Recent Corporate Announcements

MIDHANI Submits Quarterly SEBI Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Apr 2026, 12:30 PM

Mishra Dhatu Nigam Limited (MIDHANI) has filed its quarterly compliance certificate for the period ended March 31, 2026, as required under SEBI (Depositories and Participants) Regulations. The certificate, issued by Alankit Assignments Limited, confirms that all securities received for dematerialization were processed and listed on the stock exchanges. This filing ensures that the company is maintaining proper records and adhering to regulatory timelines for share processing. As a routine administrative matter, it has no direct impact on the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended March 31, 2026.
Adherence confirmed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Registrar Alankit Assignments Limited verified the processing and cancellation of physical share certificates.
Confirmation that dematerialized securities are listed on the BSE and NSE.

💡 No action is required from investors as this is a standard regulatory filing. Investors should focus on upcoming quarterly earnings for material updates.

MIDHANI Announces Conclusion of Tenure for Three Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Apr 2026, 10:36 AM

Mishra Dhatu Nigam Limited (MIDHANI) has reported the conclusion of the tenure for three Part-time Non-official (Independent) Directors effective April 17, 2026. The directors exiting the board are Smt. V.T. Rema, Shri Ajay Kumar Chauhan, and Ms. Aruna Sarap. This change follows the directives issued by the Ministry of Defence in April 2025 regarding board compositions. As a Public Sector Undertaking (PSU), such rotations are routine and governed by government appointments.

Tenure of 3 Independent Directors concluded on April 17, 2026.
Outgoing directors include Smt. V.T. Rema, Shri Ajay Kumar Chauhan, and Ms. Aruna Sarap.
The transition is in accordance with Ministry of Defence Letter No. 11(70)/2021/Misc./D(NS).
Compliance disclosure made under Regulation 30 of SEBI (LODR) Regulations 2015.

💡 This is a routine administrative update regarding board rotation and requires no immediate action. Investors should monitor for future announcements regarding the appointment of new independent directors to ensure board compliance.

MIDHANI Submits Annual Disclosure Under SEBI Takeover Regulations

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Apr 2026, 04:16 PM

Mishra Dhatu Nigam Limited (MIDHANI) has filed a routine disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing, submitted on behalf of the Administrative Ministry (Promoter), confirms that no encumbrances were made on the promoter's shareholding during the financial year. This is a standard annual compliance requirement for listed Indian companies to ensure transparency regarding promoter pledges. The disclosure indicates that the promoter's stake remains free of any new undisclosed liens or charges.

Compliance with Regulation 31(4) of SEBI (SAST) Regulations, 2011 for the financial year.
Declaration confirms no new encumbrances or pledges were created by the Promoter (Government of India).
The filing was submitted to both BSE and NSE on April 2, 2024.
Ensures transparency regarding the stability of the promoter's shareholding structure.

💡 No action is required as this is a routine regulatory filing. Investors can take comfort in the fact that the promoter's holdings remain unencumbered.

MIDHANI Reports Record Sales of ₹1,206 Cr for FY 2025-26, Up 12% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 31 Mar 2026, 11:20 PM

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.

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.

💡 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 Announces Trading Window Closure from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 04:06 PM

Mishra Dhatu Nigam Limited (MIDHANI) has informed the exchanges that its trading window will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, for the purpose of declaring financial results for the quarter and year ending March 31, 2026. The window will remain closed for designated persons and their relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be announced at a later date.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the financial results for the quarter and year ending March 31, 2026.
Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
Trading window to reopen 48 hours after the official declaration of financial results.
Board meeting date for result approval is yet to be finalized and communicated.

💡 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 track the company's Q4 and full-year performance.

MIDHANI Secures Prestigious NADCAP Accreditation for Heat Treatment Facility

🟢 POSITIVE ⭐ 6/10

OTHER 📅 17 Mar 2026, 11:48 AM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 13 Mar 2026, 01:18 PM

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.

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

💡 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

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 13 Mar 2026, 01:15 PM

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.

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

💡 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 Schedules Group Investor Meeting with Goldman Sachs for March 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Mar 2026, 05:05 PM

Mishra Dhatu Nigam Limited (MIDHANI) has announced a group meeting with institutional investors and analysts scheduled for March 12, 2026. The meeting is organized by Goldman Sachs (India) Securities Private Limited and will be held in Hyderabad at 13:00 hours. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction. This is a standard regulatory disclosure regarding investor engagement activities.

Group meeting with investors and analysts scheduled for March 12, 2026, at 13:00 hours.
The event is organized by Goldman Sachs (India) Securities Private Limited in Hyderabad.
Compliance filing made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Company confirmed that no unpublished price sensitive information (UPSI) will be discussed.

💡 No immediate action is required as this is a routine meeting announcement; however, investors should monitor for any post-event transcripts or presentations for updates on the order book.

MIDHANI Q3 FY26 PAT Jumps 115% QoQ to ₹27.46 Cr; Order Book Strong at ₹2,440 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Feb 2026, 02:51 PM

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.

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.

💡 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 Releases Audio Recording of Q3 FY26 Analyst and Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 04:31 PM

Mishra Dhatu Nigam Limited (MIDHANI) has officially released the audio recording of its Q3 FY26 earnings conference call held on February 17, 2026. The call, which lasted for one hour, provided a platform for management to discuss the company's quarterly performance with institutional investors and analysts. The recording is now accessible to the public via the company's official website under the 'Investor Meet' section. This disclosure is a standard regulatory requirement to ensure transparency for all shareholders.

Q3 FY26 Analyst and Institutional Investor Meet conducted on February 17, 2026.
The conference call was held between 11:00 hrs and 12:00 hrs.
Audio recording is available on the company's website under the 2025-26 Quarter 3 path.
Filing confirms compliance with SEBI disclosure norms following financial result announcements.

💡 Investors should listen to the recording to gain insights into management's commentary on the order book and execution pipeline. No immediate action is required as this is a procedural compliance update.

MIDHANI to Host Q3FY26 Earnings Conference Call on February 17, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 05:37 PM

Mishra Dhatu Nigam Limited (MIDHANI) has scheduled its Q3FY26 earnings conference call for February 17, 2026, at 11:00 AM IST. This follows the Board meeting held on February 12, 2026, where the financial results for the quarter ended December 31, 2025, were approved. The call will feature the Chairman & Managing Director along with Directors of Finance and Production & Marketing. Investors can expect detailed discussions on the company's financial performance and future business outlook.

Conference call scheduled for February 17, 2026, at 11:00 hrs IST.
Board approved Q3FY26 standalone and consolidated financial results on February 12, 2026.
Senior management including CMD Dr. S. V. S. Narayana Murty will lead the discussion.
The call is coordinated by ICICI Securities with universal and international access numbers provided.

💡 Investors should monitor the conference call for management commentary on order book execution and margin sustainability. Review the Q3FY26 financial results to assess the company's performance against market expectations.

MIDHANI Q3 Net Profit Surges 96% YoY to ₹53.92 Crore; Revenue Up 15.8%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 05:08 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 7/10

OTHER 📅 04 Feb 2026, 04:09 PM

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.

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

💡 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 Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jan 2026, 05:16 PM

Mishra Dhatu Nigam Limited (MIDHANI) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Alankit Assignments Limited, confirms that all dematerialization requests received during the quarter ended December 31, 2025, were processed correctly. This includes the cancellation of physical certificates and the substitution of the depository's name in the company's records. This is a standard administrative filing required for all listed companies in India.

Compliance certificate submitted for the quarter ended December 31, 2025
Registrar Alankit Assignments Limited confirmed processing of dematerialization requests
Physical share certificates were mutilated and cancelled as per SEBI regulations
Securities comprised in the certificates are listed on the relevant stock exchanges

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

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.