Mishra Dhatu Nigam Ltd
NSE:MIDHANI
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Mishra Dhatu Nigam Ltd
Mishra Dhatu Nigam Ltd. engages in the manufacturing of steel, superalloys and titanium alloys. The company is headquartered in Hyderabad, Telangana. The company went IPO on 2018-04-04. The firm is in the business of manufacturing superalloys and other special metals. Its business includes the manufacture of Other Alloy Steel in semi-finished forms, manufacture of Titanium and Titanium base Alloy and Manufacture of Nickel-based alloy in semi-finished forms. The company offers various products and services such as Other Alloy Steel in semi-finished forms, Special Stainless Steel and superalloys and Titanium and Titanium base Alloys. The company also offers superalloys, titanium and titanium alloys, special steel, other metal and alloys. Its products include long products, flat products, open die forgings and investment casting. Its Special products include Biomedical implants, Fasteners, Armour Products and Welding consumables. The firm also provides testing, evaluation and consultancy services.
Mishra Dhatu Nigam Ltd. engages in the manufacturing of steel, superalloys and titanium alloys. The company is headquartered in Hyderabad, Telangana. The company went IPO on 2018-04-04. The firm is in the business of manufacturing superalloys and other special metals. Its business includes the manufacture of Other Alloy Steel in semi-finished forms, manufacture of Titanium and Titanium base Alloy and Manufacture of Nickel-based alloy in semi-finished forms. The company offers various products and services such as Other Alloy Steel in semi-finished forms, Special Stainless Steel and superalloys and Titanium and Titanium base Alloys. The company also offers superalloys, titanium and titanium alloys, special steel, other metal and alloys. Its products include long products, flat products, open die forgings and investment casting. Its Special products include Biomedical implants, Fasteners, Armour Products and Welding consumables. The firm also provides testing, evaluation and consultancy services.
Revenue Decline: Q2 turnover fell to INR 209.73 crores from INR 262.1 crores YoY, with H1 turnover at INR 380.22 crores versus INR 425.57 crores last year.
Order Book Strength: The order book remains robust at INR 2,220 crores, with an additional INR 500 crores in the pipeline, ensuring business visibility through FY '26.
Margin Stability: Despite lower revenue, EBITDA and PAT margins for H1 remained healthy at 21.82% and 6.73%, respectively. Management maintains a 23% EBITDA margin target for the year.
FY '26 Guidance Reaffirmed: Management reiterated confidence in achieving INR 1,300 crores in revenue and 23–25% EBITDA margin for FY '26, expecting a strong H2 driven by super alloy and titanium orders.
Production & WIP: Increased WIP and inventory due to long processing cycles for super alloys and titanium delayed revenue recognition, but expected to boost Q3/Q4 figures.
Metal Bank Initiative: A new MoU for a metal bank aims to ensure uninterrupted raw material supply and production, addressing past supply chain issues.
Strategic Projects & CapEx: Company is investing in capex, including new equipment, targeting at least 10% annual growth (potentially higher with further investment), and is developing new products like metal powders and advanced bulletproof jackets.
Diversification & Export: Share of non-defense revenue is expected to grow, with export potential supported by NADCAP certification and efforts to increase overseas orders.
