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 MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	JSWSTEEL	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	MIDHANI	447.80	62.16	8389.09	0.47	16.47	27.00	239.49	42.08	12.17	15.35

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	182	223	233	393	156	256	234	406	169	208	275	531	239
	146	191	216	325	140	213	186	317	136	177	221	437	226
Operating Profit	36	32	17	68	16	43	49	89	32	31	54	94	14
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%
	8	8	6	8	8	9	7	8	7	9	8	14	10
Interest	9	9	9	8	7	8	7	7	6	6	6	7	6
Depreciation	14	14	14	15	15	16	16	16	16	17	17	17	17
Profit before Tax	27	21	19	65	9	34	36	77	19	19	39	107	24
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 Profit	19	14	12	46	5	24	25	56	13	13	27	78	16
	0.99	0.74	0.67	2.48	0.27	1.26	1.35	3.00	0.68	0.68	1.47	4.15	0.87

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	773	662	711	713	813	859	872	1,073	1,074	1,209	1,253
	588	470	526	514	567	596	613	878	855	970	1,060
Operating Profit	185	191	185	199	246	263	259	195	219	239	193
OPM %	23.98%	28.93%	25.96%	27.92%	30.24%	30.64%	29.67%	18.18%	20.39%	19.74%	15.38%
	24	36	37	36	20	31	38	30	31	38	41
Interest	5	9	7	7	13	23	27	35	30	26	25
Depreciation	18	20	23	26	27	33	53	59	63	66	67
Profit before Tax	186	198	191	202	226	239	217	131	156	184	189
Tax %	32.22%	33.79%	31.66%	20.96%	26.45%	26.27%	28.02%	30.31%	29.46%	28.96%	28.94%
Net Profit	126	131	131	160	166	176	156	91	110	131	134
EPS	6.74	7.01	6.97	8.53	8.88	9.41	8.32	4.87	5.88	6.98	—
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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	187	187	187	187	187	187	187	187	187	187
	517	602	647	771	885	1,003	1,099	1,132	1,227	1,343
	140	214	522	844	871	991	1,035	1,009	935	1,035
Trade Payables	66	96	128	129	86	176	146	120	93	114
	191	266	340	467	432	423	397	457	471	541
Total Liabilities	1,101	1,365	1,825	2,398	2,461	2,781	2,864	2,906	2,914	3,220
	327	344	425	441	429	938	1,016	1,032	1,074	1,066
Capital Work in Progress	6	65	175	405	549	132	80	83	25	16
	2	2	2	22	22	22	22	22	25	23
	206	241	509	911	801	1,091	1,225	1,310	1,281	1,333
	0	0	0	0	0	0	0	323	410	554
Cash & Bank	208	180	198	111	94	63	14	17	51	192
	351	532	516	509	566	534	507	120	48	36
Total Assets	1,101	1,365	1,825	2,398	2,461	2,781	2,864	2,906	2,914	3,220

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	180	60	348	249	224	75	17	216	217	155
Cash from Investing	-65	-78	-205	-195	-115	-68	-3	-65	-96	-150
Cash from Financing	-43	25	-78	-13	-37	39	43	-148	-126	16
	12	-33	13	-4	24	-24	4	2	-6	21

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.00	74.00	74.00	74.00	74.00	74.00	74.00	74.00	74.00
	1.27	1.42	1.26	1.65	1.34	1.37	1.25	1.32	2.57
	9.33	8.44	8.48	8.79	8.98	8.83	7.92	7.81	7.37
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	15.40	16.13	16.25	15.56	15.68	15.80	16.82	16.86	16.06

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 .".

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