Mishra Dhatu Nigam Ltd
NSE: MIDHANI · Aerospace & Defense · sector
₹362.00NSE close 2026-10-26
Key numbers
Market cap₹6,782 cr
Price₹362.00
52w high / low₹482 / ₹267
P/E50.2xSector median 75.3x
P/B4.4xSector median 8.2x
Book value₹81.8
Dividend yield0.23%Sector median 0.15%
ROE9.2%Sector median 12.6%
ROCE11.8%Sector median 13.7%
OPM18.8%Sector median 20.9%
Debt / equity0.19xSector median 0.11x
EV/EBITDA28.6xSector median 59.6x
Interest cover8.6x
Current ratio2.52x
Sales growth 3y+11.5%Sector median +15.9%
Profit growth 3y-5.6%Sector median +32.2%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Aerospace & Defense (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹192 cr vs borrowings ₹284 cr (FY26): borrowings are higher by ₹92 cr.
- Operating profit covered interest 8.6x in the last 12 months.
- Operating cash flow was below net profit in 2 of the last 5 years (FY23, FY22).
- Revenue was higher than a year earlier in 3 of the last 4 quarters.
- Other income was 30% of net profit in the last 12 months.
- Debtor days went from 110 (FY24) to 167 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹362.00 on 2026-10-26: -25.0% from the 52-week high, +35.8% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹463.80 · low ₹233.73
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 262 | 238 | 411 | 170 | 210 | 276 | 553 | 239 |
| EBITDA | 49 | 52 | 93 | 34 | 33 | 55 | 116 | 37 |
| OPM % | 18.7% | 22.0% | 22.7% | 20.0% | 15.6% | 19.8% | 21.0% | 15.3% |
| Other income | 9 | 7 | 8 | 7 | 9 | 8 | 14 | 10 |
| Net profit | 24 | 26 | 56 | 13 | 13 | 28 | 78 | 16 |
| EPS (₹) | 1.27 | 1.36 | 3.00 | 0.69 | 0.69 | 1.48 | 4.16 | 0.88 |
| Revenue YoY | -20.0% | +15.8% | +34.6% | +40.5% | ||||
| Profit YoY | -45.6% | +8.3% | +38.6% | +27.0% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 859 | 872 | 1,073 | 1,074 | 1,209 | 1,278 |
| EBITDA | 262 | 258 | 194 | 218 | 238 | 240 |
| Net profit | 177 | 156 | 91 | 111 | 131 | 135 |
| EPS (₹) | 9.43 | 8.34 | 4.90 | 5.92 | 7.02 | 7.21 |
| Revenue growth | +1.4% | +23.0% | +0.1% | +12.5% | +18.2% | |
| Profit growth | -11.6% | -41.4% | +21.2% | +18.6% | +13.9% | |
| Dividend / share (₹) | 3.14 | 3.22 | 3.08 | 0.75 | 0.85 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.5% | +8.2% | +18.2% |
| Net profit | -5.6% | -4.6% | +13.9% |
| EPS | -5.6% | -4.6% | – |
| Share price | – | +4.3% (2y) | +3.0% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,285 | 1,319 | 1,415 | 1,532 |
| Borrowings | – | 387 | 324 | 234 | 284 |
| Cash & equivalents | – | 14 | 17 | 51 | 192 |
| Total assets | – | 2,863 | 2,905 | 2,915 | 3,221 |
| Fixed assets | – | 1,011 | 1,028 | 1,071 | 1,064 |
| Capital work in progress | – | 80 | 83 | 25 | 16 |
| Investments | – | 21 | 22 | 25 | 24 |
| Receivables | – | 316 | 323 | 410 | 554 |
| Inventory | – | 1,225 | 1,310 | 1,281 | 1,333 |
| Payables | – | 159 | 120 | 93 | 114 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 52 | -35 | 216 | 217 | 155 |
| Cash from investing | -103 | -3 | -65 | -96 | -150 |
| Cash from financing | 27 | 43 | -148 | -126 | 16 |
| Capex | 126 | 73 | 79 | 68 | 49 |
| Free cash flow | -74 | -108 | 137 | 149 | 105 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 12.2% | 6.9% | 7.8% | 8.6% |
| ROCE % | – | 14.5% | 10.1% | 11.2% | 11.5% |
| Debtor days | – | 132 | 110 | 139 | 167 |
| Inventory days | – | 2,745 | 1,066 | 1,086 | 935 |
| Payable days | – | 357 | 98 | 79 | 80 |
| Cash conversion cycle (days) | – | 2,520 | 1,078 | 1,146 | 1,022 |
| Working capital days | – | 395 | 338 | 374 | 385 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 74.00% |
| FIIs | 2.09% |
| DIIs | 7.30% |
| of which Mutual funds | 5.91% |
| of which Insurance | 1.23% |
| Public (non-institutions) | 16.61% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 74.00% | 74.00% | 74.00% | 74.00% | 74.00% | 74.00% | 74.00% | 74.00% |
| Promoter group | % |
|---|---|
| President of India | 74.00% |
| Public holders above 1% | % |
|---|---|
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund | 3.44% |
| Nippon Life India Trustee Ltd-a/c Nippon India Small CAP Fund | 1.73% |
1,56,612 shareholders. Pledged: – of promoter shares.
Peers in Aerospace & Defense
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HAL | ₹3,19,342 cr | 34.3x | 7.8x | 24.5% | 30.2% | 29.6% | +7.1% | 1.05% |
| BEL | ₹2,65,346 cr | 43.2x | 11.1x | 28.0% | 34.1% | 28.6% | +15.9% | 0.79% |
| BDL | ₹37,719 cr | 72.4x | 8.9x | 12.6% | 16.8% | 12.7% | -0.6% | 0.51% |
| GRSE | ₹21,411 cr | 26.7x | 8.2x | 34.0% | 41.2% | 11.1% | +39.8% | 0.95% |
| DATAPATTNS | ₹21,133 cr | 78.8x | 12.2x | 16.5% | 21.4% | 39.3% | +26.8% | 0.21% |
| AEQUS | ₹16,257 cr | – | 10.9x | -7.6% | 1.1% | 7.6% | – | – |
| APOLLO | ₹15,269 cr | 118.8x | 11.6x | 12.7% | 11.6% | 22.6% | +44.9% | 0.06% |
| ASTRAMICRO | ₹14,226 cr | 75.3x | 10.8x | 15.7% | 18.6% | 28.6% | +12.6% | 0.15% |
| ZENTEC | ₹13,947 cr | 77.1x | 7.4x | 10.3% | 14.6% | 32.6% | +46.5% | 0.13% |
| MIDHANI | ₹6,782 cr | 50.2x | 4.4x | 9.2% | 11.8% | 18.8% | +11.5% | 0.23% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-23 | Dividend | Dividend - Rs 1.25 Per Share |
| 2026-03-18 | Dividend | Interim Dividend - Re 0.85 Per Share |
| 2025-03-25 | Dividend | Interim Dividend - Re 0.75 Per Share |
| 2024-03-22 | Dividend | Interim Dividend - Rs 1.41 Per Share |
| 2023-09-22 | Dividend | Dividend - Rs 1.67 Per Share |
| 2023-03-23 | Dividend | Interim Dividend - Rs 1.68 Per Share |
| 2022-09-21 | Dividend | Dividend - Rs 1.54 Per Share |
| 2022-03-22 | Dividend | Interim Dividend - Rs 1.56 Per Share |
| 2021-09-21 | Dividend | Dividend - Rs 1.58 Per Share |
| 2021-03-22 | Dividend | Interim Dividend - Rs 1.20 Per Share |
| 2020-09-21 | Dividend | Annual General Meeting/Dividend - Rs 1.56 Per Share |
| 2020-03-12 | Dividend | Interim Dividend - Re 1 Per Share |
| 2019-09-17 | Dividend | Annual General Meeting/Dividend - Rs 0.51 Per Share |
| 2019-03-25 | Dividend | Interim Dividend - Rs 1.68 Per Share |
| 2018-09-19 | Dividend | Annual General Meeting/Dividend- Rs 2.10 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacturing of Special Metals and Alloys/ Metal and Metal Products
| Sector | Industrials |
| Industry | Aerospace & Defense |
| Sub-industry | Aerospace & Defense |
| Symbol | MIDHANI |
| BSE code | 541195 |
| ISIN | INE099Z01011 |
| Face value | ₹10.0 |
| Incorporated | 1973-11-20 |
| Website | https://midhani-india.in |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.