Mishra Dhatu Nigam Limited

BSE: MIDHANI541195ISIN INE099Z01011

Industrials
Aerospace & Defense
BSE 1000

Share price

₹389.25+16.35 (+4.38%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹481.90
52W low: ₹266.70
Off 52W high: -19.23%
1M return: -11.49%
3M return: -6.35%
6M return: -1.93%
1Y return: +2.38%
20D avg volume: 36,688
50 DMA: ₹415.12
200 DMA: ₹390.85

Key ratios Consolidated

Market cap: ₹7,292 Cr
Current price: ₹389.25
52W high / low: ₹481.90 / ₹266.70
Face value: ₹10.00
P/E: 54.03
P/B: 4.76
EPS (TTM): ₹7.20
Book value / share: ₹81.78
ROE: —
ROCE: 8.80%
Operating margin: —
Net margin: —
Debt / equity: 0.19
Net debt: ₹91.93 Cr
Interest cover: 8.35
Dividend yield: 0.54%
Dividend / share (TTM): ₹2.10
Payout: 29.17%
Cash conversion cycle: 535.4 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	239.49	552.75	275.66	209.73	170.50	410.56	237.97	262.12	163.45	405.50	251.97	227.49
	9.98	14.40	7.56	8.93	7.12	7.60	7.01	8.54	7.77	8.13	6.22	7.57
	249.47	567.15	283.22	218.66	177.61	418.16	244.98	270.65	171.23	413.63	258.19	235.06
	225.56	460.15	244.25	199.53	158.61	341.00	208.98	236.73	162.27	348.96	239.27	214.42
	112.16	145.11	132.44	118.36	109.69	110.83	100.44	116.61	94.33	75.26	141.94	148.67
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	37.31	41.12	38.16	33.40	32.22	39.96	36.07	35.06	31.25	36.16	35.04	32.44
	6.08	6.75	6.34	5.79	6.17	7.43	7.29	7.88	6.84	8.40	8.74	8.79
	16.60	16.67	16.89	16.77	16.12	16.35	16.18	15.69	15.27	15.46	14.46	14.44
	74.28	89.94	78.82	71.86	65.21	85.02	—	—	—	—	—	—
	23.92	107.00	38.97	19.13	19.00	77.16	36.00	33.92	8.96	64.67	18.92	20.64
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.92	107.00	38.97	19.13	19.00	77.16	36.00	33.92	8.96	64.67	18.92	20.64
	7.60	29.25	11.51	6.35	6.20	21.02	10.73	10.37	3.85	18.29	6.43	6.79
	16.47	77.90	27.64	12.96	12.97	56.20	25.52	23.82	5.29	46.34	12.80	13.93
	0.88	4.16	1.48	0.69	0.69	3.00	1.36	1.27	0.28	2.47	0.68	0.74
Key metrics
	46.60	130.42	62.20	41.69	41.29	100.94	59.47	57.49	31.07	88.53	42.12	43.87
	19.50%	23.60%	22.60%	19.90%	24.20%	24.60%	25.00%	21.90%	19.00%	21.80%	16.70%	19.30%
	6.90%	14.10%	10.00%	6.20%	7.60%	13.70%	10.70%	9.10%	3.20%	11.40%	5.10%	6.10%
	—	4.80%	—	1.10%	—	3.80%	—	—	—	—	—	—
	40.50%	34.60%	15.80%	-20.00%	4.30%	1.20%	-5.60%	15.20%	—	—	—	—
	27.00%	38.60%	8.30%	-45.60%	145.20%	21.30%	99.40%	71.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,278	1,209	1,074	1,073	871.94	859.49
	40.87	38.01	30.92	29.93	37.78	31.31
	1,319	1,247	1,105	1,103	909.72	890.80
	1,129	1,063	948.98	971.65	693.17	651.68
	508.07	505.61	422.22	523.47	391.18	320.05
	0.00	0.00	0.00	—	—	—
	149.99	144.90	142.34	133.83	125.82	122.54
	24.96	25.05	29.45	34.58	25.73	21.50
	66.93	66.44	63.48	58.55	53.01	32.99
	314.90	305.83	283.02	—	—	283.83
	189.02	184.09	156.04	130.96	216.55	239.12
	0.00	0.00	0.00	0.00	0.00	0.00
	189.02	184.09	156.04	130.96	216.55	239.12
	54.71	53.31	45.97	39.70	60.67	62.81
	134.97	131.47	110.84	91.78	156.26	176.62
	7.21	7.02	5.92	4.90	8.34	9.43
Key metrics
	280.91	275.58	248.97	224.09	295.29	293.61
	21.99%	22.80%	23.20%	20.90%	33.90%	34.20%
	10.56%	10.90%	10.30%	8.60%	17.90%	20.50%
	—	8.80%	8.30%	—	—	—
	18.17%	12.50%	0.10%	23.00%	1.40%	—
	13.89%	18.60%	20.80%	-41.30%	-11.50%	—
	—	105.36	149.27	—	—	—
	—	1.18	1.96	—	—	—
	—	0.19	0.17	—	—	—
	—	91.93	183.20	—	—	—
	—	535.4	543.0	—	—	—
Balance sheet
	—	3,221	2,915	—	—	—
	—	2,115	1,787	—	—	—
	—	192.09	50.88	—	—	—
	—	554.23	410.31	—	—	—
	—	1,333	1,281	—	—	—
	—	15.46	23.70	—	—	—
	—	1,064	1,071	—	—	—
	—	113.87	93.27	—	—	—
	—	840.95	685.56	—	—	—
	—	284.02	234.08	—	—	—
	—	264.96	195.00	—	—	—
	—	19.06	39.08	—	—	—
	—	1,532	1,415	—	—	—
Cash flow
	—	154.67	216.96	—	—	—
	—	-149.58	-96.17	—	—	—
	—	16.12	-126.38	—	—	—
	—	49.31	67.69	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	239.49	552.75	275.66	209.73	170.50	410.56	237.97	262.12	163.45	405.50	251.97	227.49
	9.98	14.40	7.56	8.93	7.12	7.60	7.01	8.54	7.77	8.13	6.22	7.57
	249.47	567.15	283.22	218.66	177.61	418.16	244.98	270.65	171.23	413.63	258.19	235.06
	225.56	460.15	244.25	199.53	158.61	341.00	208.98	236.73	162.27	348.96	239.27	214.42
	112.16	145.11	132.44	118.36	109.69	110.83	100.44	116.61	94.33	75.26	141.94	148.67
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	37.31	41.12	38.16	33.40	32.22	39.96	36.07	35.06	31.25	36.16	35.04	32.44
	6.08	6.75	6.34	5.79	6.17	7.43	7.29	7.89	6.84	8.40	8.74	8.79
	16.60	16.67	16.89	16.77	16.12	16.35	16.18	15.69	15.27	15.46	14.46	14.44
	74.28	89.94	78.82	71.86	65.21	85.02	—	—	—	—	—	73.43
	23.92	107.00	38.97	19.13	19.00	77.16	36.00	33.92	8.96	64.67	18.92	20.64
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	23.92	107.00	38.97	19.13	19.00	77.16	36.00	33.92	8.96	64.67	18.92	20.64
	7.60	29.25	11.51	6.35	6.20	21.02	10.73	10.37	3.85	18.29	6.43	6.79
	16.31	77.75	27.46	12.77	12.80	56.14	25.27	23.55	5.11	46.38	12.49	13.85
	0.87	4.15	1.47	0.68	0.68	3.00	1.35	1.26	0.27	2.48	0.67	0.74
Key metrics
	46.60	130.42	62.20	41.69	41.29	100.94	59.47	57.50	31.07	88.53	42.12	43.87
	19.50%	23.60%	22.60%	19.90%	24.20%	24.60%	25.00%	21.90%	19.00%	21.80%	16.70%	19.30%
	6.80%	14.10%	10.00%	6.10%	7.50%	13.70%	10.60%	9.00%	3.10%	11.40%	5.00%	6.10%
	—	4.80%	—	1.10%	—	3.80%	—	—	—	—	—	—
	40.50%	34.60%	15.80%	-20.00%	4.30%	1.20%	-5.60%	15.20%	—	—	—	—
	27.40%	38.50%	8.70%	-45.80%	150.50%	21.00%	102.30%	70.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,278	1,209	1,074	1,073	871.94	859.49
	40.87	38.01	30.92	29.93	37.78	31.31
	1,319	1,247	1,105	1,103	909.72	890.80
	1,129	1,063	948.98	971.65	693.17	651.68
	508.07	505.61	422.22	523.47	391.18	320.04
	0.00	0.00	0.00	—	—	—
	149.99	144.90	142.34	133.83	125.82	122.54
	24.96	25.05	29.45	34.58	25.73	21.50
	66.93	66.44	63.48	58.55	53.00	33.00
	314.90	305.83	283.02	—	—	283.83
	189.02	184.09	156.04	130.96	216.55	239.12
	0.00	0.00	0.00	—	—	—
	189.02	184.09	156.04	130.96	216.55	239.12
	54.71	53.31	45.97	39.70	60.67	62.81
	134.29	130.79	110.07	91.26	155.88	176.31
	7.17	6.98	5.88	4.87	8.32	9.41
Key metrics
	280.91	275.58	248.97	224.09	295.28	293.62
	21.99%	22.80%	23.20%	20.90%	33.90%	34.20%
	10.51%	10.80%	10.20%	8.50%	17.90%	20.50%
	—	8.80%	8.30%	—	—	—
	18.17%	12.50%	0.10%	23.00%	1.40%	—
	14.04%	18.80%	20.60%	-41.50%	-11.60%	—
	—	105.36	149.27	—	—	—
	—	1.18	1.97	—	—	—
	—	0.19	0.17	—	—	—
	—	91.93	183.20	—	—	—
	—	535.4	543.0	—	—	—
Balance sheet
	—	3,220	2,914	—	—	—
	—	2,115	1,787	—	—	—
	—	192.09	50.88	—	—	—
	—	554.23	410.31	—	—	—
	—	1,333	1,281	—	—	—
	—	15.46	23.70	—	—	—
	—	1,064	1,071	—	—	—
	—	113.87	93.27	—	—	—
	—	840.95	685.56	—	—	—
	—	284.02	234.08	—	—	—
	—	264.96	195.00	—	—	—
	—	19.06	39.08	—	—	—
	—	1,531	1,414	—	—	—
Cash flow
	—	154.67	216.96	—	—	—
	—	-149.58	-96.17	—	—	—
	—	16.12	-126.38	—	—	—
	—	49.31	67.69	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +11.50%
Sales CAGR 5Y: —
Profit CAGR 3Y: -5.68%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.17%
Profit YoY (TTM): +14.04%

Consolidated

Sales CAGR 3Y: +11.50%
Sales CAGR 5Y: —
Profit CAGR 3Y: -5.60%
Profit CAGR 5Y: —
Sales YoY (TTM): +18.17%
Profit YoY (TTM): +13.89%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 74.00%

Quarter	September 2026	June 2026
Promoter %	74.00%	74.00%

Holder	Type	Holding	Previous	Change
President of India	Promoter	74.00%	74.00%	0.00%
HDFC TRUSTEE COMPANY LTD. A/C HDFC BALANCED ADVANTAGE FUND	Public	3.44%	3.44%	0.00%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA SMALL CAP FUND	Public	1.73%	1.73%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Hindustan Aeronautics Limited	3,39,403	5,075.00	36.41	13.70%	+7.42% TTM	+12.16% TTM	+8.35%
Bharat Electronics Ltd.	2,90,271	397.10	43.46	31.90%	+20.28% TTM	+12.40% TTM	-4.34%
Bharat Dynamics Limited S	39,479	1,077.00	70.10	7.20%	-18.69% TTM	-7.13% TTM	-27.34%
Garden Reach Shipbuilders & Engineers Limited S	24,610	2,148.40	30.74	36.80%	+39.64% TTM	+42.86% TTM	-15.96%
Data Patterns (India) Limited S	22,853	4,082.00	85.29	21.00%	+33.81% TTM	+24.90% TTM	+51.15%
SIGMA ADVANCED SYSTEMS LIMITED S	17,815	940.15	254.78	46.60%	+32.27% TTM	-51.48% TTM	+325.02%
Apollo Micro Systems Limited	16,157	434.80	123.30	13.50%	+77.12% TTM	+63.98% TTM	+56.46%
Zen Technologies Ltd.	15,581	1,725.70	65.83	15.60%	+4.17% TTM	-12.80% TTM	+22.66%
Astra Microwave Products Ltd.	14,988	1,578.60	79.28	21.00%	+4.02% TTM	+16.28% TTM	+48.95%
Aequs Limited	14,741	219.80	-72.97	1.10%	—	—	—
Paras Defence and Space Technologies Limited	10,201	1,265.85	95.31	16.30%	+41.68% TTM	+56.45% TTM	+82.52%
Unimech Aerospace and Manufacturing Limited	9,014	1,770.80	102.28	12.30%	+40.00% TTM	+10.76% TTM	+77.46%
AXISCADES TECHNOLOGIES LIMITED	8,126	1,910.60	222.97	15.70%	+4.61% TTM	-54.09% TTM	+23.11%
TONBO IMAGING INDIA LIMITED	7,321	1,278.05	—	—	—	—	—
Mishra Dhatu Nigam Limited	7,292	389.25	54.03	8.80%	+18.17% TTM	+13.89% TTM	+2.38%
Centum Electronics Ltd	6,282	4,255.65	126.60	20.70%	-2.14% TTM	+525.07% TTM	+72.77%
Cyient DLM Limited	5,981	753.40	71.22	10.50%	-1.51% TTM	+2.85% TTM	+65.78%
Rossell Techsys Limited	5,487	1,455.70	213.25	32.70%	+82.66% TTM	+68.79% TTM	+132.87%
Avantel Limited	3,686	138.70	186.92	8.60%	+14.57% TTM	-41.41% TTM	-17.29%
IDEAFORGE TECHNOLOGY LIMITED	3,555	715.00	118.44	-2.60%	+263.51% TTM	+132.30% TTM	+50.34%
Jaykay Enterprises Limited	2,757	211.60	15.97	30.00%	+117.55% TTM	+818.57% TTM	—
CFF FLUID CONTROL LIMITED S	2,062	983.00	—	19.80%	—	—	+41.69%
Sika Interplant Systems Ltd.	1,902	897.00	54.88	30.60%	+0.45% TTM	+9.69% TTM	-23.60%
NIBE LIMITED	1,821	1,174.40	-140.29	4.60%	-5.17% TTM	-163.01% TTM	-1.09%
MILLWORKS TECHNOLOGIES LIMITED	1,732	983.30	—	—	—	—	—

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Mishra Dhatu Nigam Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 11/11/2026 ,inter alia, to consider and approve the Audited Financial Results ....3 Nov 2026 · Board Meeting / Board Meeting
Press Release27 Oct 2026 · Company Update / Press Release / Media Release
Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026.9 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Retirement for General Manager (Engineering Services).1 Oct 2026 · Company Update / Change in Management
Voting Results and Scrutinizer''s Report for 52nd AGM.30 Sep 2026 · AGM/EGM / AGM
Proceedings of 52nd AGM.30 Sep 2026 · AGM/EGM / AGM
Investor Meet scheduled on Sept 28, 202622 Sep 2026 · Company Update / Analyst / Investor Meet
Closure of Trading Window22 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Copy of Newspaper advertisement22 Sep 2026 · Company Update / Newspaper Publication
Addendum to Notice of 52nd Annual General Meeting of MIDHANI scheduled on Wednesday - September 30, 2026 at 11:00 (IST) through VC/OAVM.21 Sep 2026 · AGM/EGM / AGM
Appointment and tenure end of Government Nominee Director on the Board of MIDHANI.17 Sep 2026 · Company Update / Change in Directorate
Re-appointment of Statutory Auditors for FY 2026-27.9 Sep 2026 · Company Update / Appointment of Statutory Auditor/s
Copy of Newspapers Publication for 52nd AGM- MIDHANI9 Sep 2026 · Company Update / Newspaper Publication
BRSR for FY 2025-268 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
The 52nd Annual General Meeting of MIDHANI is scheduled to be held on Wednesday - September 30, 2026 through Video Conferencing at 1100 hrs.8 Sep 2026 · AGM/EGM / AGM
The record date for final dividend for FY 2025-26 is fixed as Wednesday, September 23, 2026.8 Sep 2026 · Corp. Action / Record Date
Annual Report for FY 2025-26 along with Notice of Annual General Meeting.8 Sep 2026 · Others / Reg. 34 (1) Annual Report
Fine imposed by BSE and National Stock Exchange of India Limited (NSE) on MIDHANI26 Aug 2026 · Company Update / General
Transcript of Investor Conference call held on August 17, 2026 for Q1- MIDHANI22 Aug 2026 · Company Update / Earnings Call Transcript
Appointment of Non-executive Independent Directors on the Board of MIDHANI21 Aug 2026 · Company Update / Change in Management
Outcome of Investor Conference Call17 Aug 2026 · Company Update / Analyst / Investor Meet
Press Release titled '' MIDHANI secures S400 approval from GE Aerospace''13 Aug 2026 · Company Update / Press Release / Media Release
Copy of Newspaper publication - MIDHANI13 Aug 2026 · Company Update / Newspaper Publication
Q1 Investor Conference call intimation12 Aug 2026 · Company Update / Analyst / Investor Meet
Results for Q1 FY 27.12 Aug 2026 · Result / Financial Results
Results Q1 FY 27.12 Aug 2026 · Board Meeting / Outcome of Board Meeting
Mishra Dhatu Nigam Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve Consider and approve the ....4 Aug 2026 · Board Meeting / Board Meeting
Shri Anand Kumar Kaluvala - GM (Production) has retired from MIDHANI w.e.f. August 1, 2026.2 Aug 2026 · Company Update / Change in Management
Copy of IEPF Newspaper Advertisement.18 Jul 2026 · Company Update / Newspaper Publication
Certificate under SEBI (Depositories and Participants) Regulations, 20186 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation regarding closure of Trading window for Q1 FY 2026-2725 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Investor Meet organised by Antique Stock Broking Limited on June 11, 2026 at 1600 hrs.8 Jun 2026 · Company Update / Analyst / Investor Meet
Transcript of Investor Concall held on June 3, 2026.6 Jun 2026 · Company Update / Earnings Call Transcript
MIDHANI will be attending Group Meeting with Investors/Analysts (Participants) organised by DAM Capital scheduled to be held at 1200 hours on June 11, 2026 at Hyderabad6 Jun 2026 · Company Update / Analyst / Investor Meet
Change in Management (Directors)5 Jun 2026 · Company Update / Change in Management
Audio Recording of Investor Conference Call held on June 3, 2026 at 1100 hrs.3 Jun 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication - Financial Result extract (FY 2025-26)30 May 2026 · Company Update / Newspaper Publication
Intimation for Investor Conference call of MIDHANI29 May 2026 · Company Update / Analyst / Investor Meet
Approved Financial Results for FY 2025-26 and recommended final dividend.29 May 2026 · Result / Financial Results
Approved Audited Financial Results for FY 2025-26 and recommended final dividend for FY 2025-26.29 May 2026 · Board Meeting / Outcome of Board Meeting

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 1.2500	23 Sep 2026	23 Sep 2026	—
Interim Dividend - Rs. - 0.8500	18 Mar 2026	19 Mar 2026	—
Interim Dividend - Rs. - 0.7500	25 Mar 2025	25 Mar 2025	—

Board meetings

11 Nov 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results