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Mishra Dhatu Nigam Ltd.

•
midhani-india-inBSE: 541195NSE: MIDHANI
Market Cap₹ 8,389 Cr.
Current Price
High / Low₹ 482 / 267
Stock P/E62.5
Book Value₹ 83
Price to Book3.32
Dividend Yield0.47 %
ROCE12.1 %
ROE8.9 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Latest quarter profit grew 27.4% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.77x)
  • Company has been maintaining a healthy dividend payout of 30.1%
  • Company generates healthy free cash flow
  • Company comfortably covers its interest (8.1x coverage)
  • Company has a consistent dividend-paying track record

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 8.0% over last 3 years
  • Company has a low return on capital employed of 11.2%
  • Company has delivered a poor profit growth of -4.7% over past five years
  • Operating margins have contracted to 19.7% from 34.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsIron & SteelSteel & Iron Products
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.JSWSTEEL1267.5012.51309961.290.564696.00112.5847364.0011.5520.6719.60
2.TATASTEEL182.8520.69228259.992.192385.2418.8260794.2915.2612.7015.40
3.SAIL179.0017.3173936.401.311644.05120.8026245.671.257.0815.92
4.WELCORP2676.2530.5770596.970.191047.88200.114081.1214.9123.9432.17
5.JSL755.2019.1662260.170.53768.667.5611278.5410.5019.1912.09
6.APLAPOLLO2153.0048.6459779.850.39263.1110.945606.7112.0731.837.34
7.SHYAMMETL1074.3526.7029988.530.423507.301106.6354550.901133.3513.8814.03
8.JINDALSAW311.8530.5219943.060.6490.79-78.154452.319.0010.388.79
9.RATNAMANI2808.1545.4719682.880.36107.03-15.82971.63-15.6318.0116.69
10.SARDAEN524.7516.3718491.210.38478.139.501608.04-1.0717.7641.59
11.GPIL244.5020.4116460.690.41222.372.751750.4732.2920.2019.36
12.MIDHANI447.8062.168389.090.4716.4727.00239.4942.0812.1715.35
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
182223233393156256234406169208275531239
146191216325140213186317136177221437226
Operating Profit36321768164349893231549414
OPM %19.68%14.28%7.30%17.30%10.18%16.87%20.79%21.88%19.12%14.82%19.50%17.78%5.82%
886889787981410
Interest9998787766676
Depreciation14141415151616161617171717
Profit before Tax27211965934367719193910724
Tax %30.64%32.90%33.99%28.28%42.97%30.57%29.81%27.24%32.63%33.19%29.53%27.34%31.79%
Net Profit1914124652425561313277816
0.990.740.672.480.271.261.353.000.680.681.474.150.87

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7736627117138138598721,0731,0741,2091,253
5884705265145675966138788559701,060
Operating Profit185191185199246263259195219239193
OPM %23.98%28.93%25.96%27.92%30.24%30.64%29.67%18.18%20.39%19.74%15.38%
2436373620313830313841
Interest597713232735302625
Depreciation1820232627335359636667
Profit before Tax186198191202226239217131156184189
Tax %32.22%33.79%31.66%20.96%26.45%26.27%28.02%30.31%29.46%28.96%28.94%
Net Profit12613113116016617615691110131134
EPS6.747.016.978.538.889.418.324.875.886.98—
Dividend Payout %28.03%29.97%31.42%30.02%31.32%32.94%40.26%28.94%12.77%30.08%—

COMPOUNDED SALES GROWTH

10 Years:
5%
5 Years:
8%
3 Years:
11%

COMPOUNDED PROFIT GROWTH

10 Years:
1%
5 Years:
-5%
3 Years:
-6%

STOCK PRICE CAGR

10 Years:
—
5 Years:
19%
3 Years:
4%
1 Year:
15%

RETURN ON EQUITY

10 Years:
14%
5 Years:
10%
3 Years:
8%
Last Year:
9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 23

₹ 0.13

Rs.1.2500 per share(12.5%)Final Dividend

2026

Mar 18

₹ 0.08

Rs.0.8500 per share(8.5%)Interim Dividend

2025

Mar 25

₹ 0.07

Interim Dividend

2024

Mar 22

₹ 0.14

Interim Dividend

2023

Sep 22

₹ 0.16

Rs.1.6700 per share(16.7%)Final Dividend

2023

Mar 23

₹ 0.16

Interim Dividend

2022

Sep 21

₹ 0.15

Rs.1.5400 per share(15.4%)Final Dividend

2022

Mar 22

₹ 0.15

Interim Dividend

2021

Sep 21

₹ 0.15

Rs.1.5800 per share(15.8%)Final Dividend

2021

Mar 22

₹ 0.12

Interim Dividend

2018

Sep 19

₹ 0.21

Rs.2.1000 per share(21%)Final Dividend

2026

Sep 10

₹ 0.13

Rs.1.2500 per share(12.5%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital187187187187187187187187187187
5176026477718851,0031,0991,1321,2271,343
1402145228448719911,0351,0099351,035
Trade Payables66961281298617614612093114
191266340467432423397457471541
Total Liabilities1,1011,3651,8252,3982,4612,7812,8642,9062,9143,220
3273444254414299381,0161,0321,0741,066
Capital Work in Progress66517540554913280832516
22222222222222523
2062415099118011,0911,2251,3101,2811,333
0000000323410554
Cash & Bank2081801981119463141751192
3515325165095665345071204836
Total Assets1,1011,3651,8252,3982,4612,7812,8642,9062,9143,220

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
180603482492247517216217155
Cash from Investing-65-78-205-195-115-68-3-65-96-150
Cash from Financing-4325-78-13-373943-148-12616
12-3313-424-2442-621

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.0074.0074.0074.0074.0074.0074.0074.0074.00
1.271.421.261.651.341.371.251.322.57
9.338.448.488.798.988.837.927.817.37
Government0.000.000.000.000.000.000.000.000.00
15.4016.1316.2515.5615.6815.8016.8216.8616.06

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Change in Management

2026-09-09 - Mishra Dhatu Nigam Limited has informed the Exchange about re-appointment of Statutory Auditors for FY 2026-27.

2026-09-09
Copy of Newspaper Publication

2026-09-09 - Mishra Dhatu Nigam Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08
Record Date

2026-09-08 - Mishra Dhatu Nigam Limited has informed the Exchange that Record date for the purpose of Dividend is 23-Sep-2026.

2026-09-08
Shareholders meeting

2026-09-08 - Mishra Dhatu Nigam Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-08-26
General Updates

2026-08-26 - Mishra Dhatu Nigam Limited has informed the Exchange about Fine imposed by BSE and National Stock Exchange of India Limited (NSE) on MIDHANI

2026-08-22
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-22 - Mishra Dhatu Nigam Limited has informed the Exchange about Transcript

2026-08-21
Change in Director(s)

2026-08-21 - Mishra Dhatu Nigam Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Mishra Dhatu Nigam Limited has informed the Exchange about Link of Recording

2026-08-13
Press Release

2026-08-13 - Mishra Dhatu Nigam Limited has informed the Exchange regarding a press release dated August 13, 2026, titled "Press Release titled MIDHANI secures S400 approval from GE Aerospace .".

News

Recent coverage and analyst commentary for MIDHANI

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