MIDHANI

Mishra Dhatu Nigam Limited

Superalloys, titanium alloys, armour and special steels for defence and space applications

Industrials›Capital Goods›Aerospace & Defense›Aerospace & Defense

midhani-india.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹419.65
Market cap
7,853 Cr
Stock P/E
58.2
P/B
5.13
Dividend yield
0.2%
ROE (FY26)
8.6%
ROCE (FY26)
11.6%
Operating margin (FY26)
14.2%
Debt / equity (FY26)
0.19
OCF / EBITDA (FY26)
65.1%
OCF / EBITDA (3Y)
90.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

MIDHANI (Mishra Dhatu Nigam) is a government-owned Indian company that melts and processes special steels, super alloys and titanium alloys for defence, space and energy customers.

Company snapshot

14thBy market cap

Ranked among 25 companies in Aerospace & Defense.

What we see

Positives
  • ✓90% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales227 Cr252 Cr405 Cr163 Cr262 Cr238 Cr411 Cr170 Cr210 Cr276 Cr553 Cr239 Cr
Operating expenses (approx.)191 Cr216 Cr325 Cr140 Cr213 Cr186 Cr317 Cr136 Cr177 Cr221 Cr437 Cr203 Cr
EBITDA36 Cr36 Cr80 Cr23 Cr49 Cr52 Cr93 Cr34 Cr33 Cr55 Cr116 Cr37 Cr
OPM %16.0%14.2%19.8%14.3%18.7%22.0%22.7%20.0%15.6%19.8%21.0%15.3%
Other income8 Cr6 Cr8 Cr8 Cr9 Cr7 Cr8 Cr7 Cr9 Cr8 Cr14 Cr10 Cr
Interest9 Cr9 Cr8 Cr7 Cr8 Cr7 Cr7 Cr6 Cr6 Cr6 Cr7 Cr6 Cr
Depreciation14 Cr14 Cr15 Cr15 Cr16 Cr16 Cr16 Cr16 Cr17 Cr17 Cr17 Cr17 Cr
Profit before tax21 Cr19 Cr65 Cr9 Cr34 Cr36 Cr77 Cr19 Cr19 Cr39 Cr107 Cr24 Cr
Tax %32.8%33.4%28.3%42.1%30.3%29.6%27.2%32.3%32.9%29.4%27.3%31.6%
Net profit14 Cr13 Cr46 Cr5 Cr24 Cr26 Cr56 Cr13 Cr13 Cr28 Cr78 Cr16 Cr
EPS (₹)₹0.74₹0.68₹2.47₹0.28₹1.27₹1.36₹3.00₹0.69₹0.69₹1.48₹4.16₹0.88

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales711 Cr713 Cr813 Cr859 Cr872 Cr1,073 Cr1,074 Cr1,209 CrSign in free for the trailing twelve months
Operating expenses (approx.)527 Cr515 Cr568 Cr597 Cr614 Cr879 Cr856 Cr971 CrSign in free for the trailing twelve months
EBITDA184 Cr198 Cr245 Cr262 Cr258 Cr194 Cr218 Cr238 CrSign in free for the trailing twelve months
OPM %25.8%27.7%30.2%30.5%29.5%18.1%20.3%19.7%Sign in free for the trailing twelve months
Other income37 Cr36 Cr20 Cr31 Cr38 Cr30 Cr31 Cr38 CrSign in free for the trailing twelve months
Interest6 Cr6 Cr12 Cr21 Cr26 Cr35 Cr29 Cr25 CrSign in free for the trailing twelve months
Depreciation23 Cr26 Cr27 Cr33 Cr53 Cr59 Cr63 Cr66 CrSign in free for the trailing twelve months
Profit before tax191 Cr200 Cr226 Cr239 Cr217 Cr131 Cr157 Cr185 CrSign in free for the trailing twelve months
Tax %31.7%21.1%26.4%26.2%28.0%30.2%29.3%28.9%Sign in free for the trailing twelve months
Net profit131 Cr158 Cr166 Cr177 Cr156 Cr92 Cr111 Cr131 CrSign in free for the trailing twelve months
EPS (₹)₹6.97₹8.44₹8.88₹9.43₹8.34₹4.90₹5.92₹7.02Sign in free for the trailing twelve months
Dividend payout %——31.1%33.3%38.6%62.9%12.7%12.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital187 Cr187 Cr187 Cr187 Cr187 Cr187 Cr187 Cr187 Cr
Reserves647 Cr769 Cr884 Cr1,002 Cr1,098 Cr1,132 Cr1,228 Cr1,345 Cr
Borrowings107 Cr134 Cr160 Cr268 Cr387 Cr324 Cr234 Cr284 Cr
Other liabilities883 Cr1,306 Cr1,228 Cr1,322 Cr1,190 Cr1,262 Cr1,266 Cr1,405 Cr
Total liabilities1,825 Cr2,396 Cr2,459 Cr2,779 Cr2,863 Cr2,905 Cr2,915 Cr3,221 Cr
Fixed assets (net)424 Cr440 Cr428 Cr937 Cr1,011 Cr1,028 Cr1,071 Cr1,064 Cr
CWIP175 Cr405 Cr549 Cr132 Cr80 Cr83 Cr25 Cr16 Cr
Investments2 Cr20 Cr21 Cr21 Cr21 Cr22 Cr25 Cr24 Cr
Inventories509 Cr911 Cr801 Cr1,091 Cr1,225 Cr1,310 Cr1,281 Cr1,333 Cr
Trade receivables352 Cr297 Cr386 Cr306 Cr316 Cr323 Cr410 Cr554 Cr
Cash & bank140 Cr73 Cr94 Cr62 Cr14 Cr16 Cr51 Cr192 Cr
Other assets223 Cr251 Cr181 Cr229 Cr196 Cr124 Cr51 Cr39 Cr
Total assets1,825 Cr2,396 Cr2,459 Cr2,779 Cr2,863 Cr2,905 Cr2,915 Cr3,221 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity296 Cr204 Cr176 Cr52 Cr-35 Cr216 Cr217 Cr155 Cr
Cash from investing-205 Cr-195 Cr-115 Cr-103 Cr-3 Cr-65 Cr-96 Cr-150 Cr
Cash from financing-78 Cr-13 Cr-37 Cr27 Cr43 Cr-148 Cr-126 Cr16 Cr
Net cash flow13 Cr-4 Cr24 Cr-24 Cr4 Cr2 Cr-6 Cr21 Cr
Free cash flow (OCF − Capex)82 Cr-67 Cr17 Cr-74 Cr-108 Cr137 Cr149 Cr105 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.0%18.9%19.3%17.9%14.5%10.1%11.3%11.6%
ROE %15.6%16.5%15.5%14.8%12.2%7.0%7.8%8.6%
Debtor days180152173130132110139167
Inventory days6338821714124111409131104959
Days payable160125183200148848082
Cash conversion cycle65391017041171112393911631044
OCF / EBITDA %161.1%103.4%71.7%19.9%-13.8%111.1%99.5%65.1%
OCF / EBITDA % (3 years)——107.9%61.3%25.2%32.5%59.3%90.4%
Debt / equity0.130.140.150.220.300.250.170.19
Current ratio2.192.172.262.092.182.282.612.52
Net debt / EBITDA-0.180.310.270.781.451.580.840.39