MarketFriction

Mishra Dhatu Nigam Ltd

NSE MIDHANI · BSE 541195 · Aerospace & Defense
₹433.60 -0.93%
NSE close2026-10-01
52 week range266.65 - 482.40
Market cap₹7,851 Cr.
P/E58.5
IPO 2018 · +382% since Microcap 250Nifty India Defence Price band 20% Delivery 37.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales227252406163262238411170210276553239
Expenses191216325140213186317136177221437203
Operating Profit3636802349529334335511637
OPM %16%14%20%14%19%22%23%20%16%20%21%15%
Other Income86889787981410
Interest998787766676
Depreciation141415151616161617171717
Profit before tax211965934367719193910724
Tax %33%34%28%43%31%30%27%33%33%30%27%32%
Net Profit14124652425561313277816
EPS in Rs0.740.672.480.271.261.353.000.680.681.474.150.87
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7167736627117138138598721,0731,0741,2091,278
Expenses5655874705265145675966138788559701,038
Operating Profit152186191185199246263259195219239240
OPM %21%24%29%26%28%30%31%30%18%20%20%19%
Other Income292336373620313830313841
Interest5597713232735302625
Depreciation141820232627335359636667
Profit before tax162186198191202226239217131156184189
Tax %26%32%34%32%21%26%26%28%30%29%29%
Net Profit11912613113116016617615691110131134
EPS in Rs637.18674.237.016.978.538.889.418.324.875.886.987.17
Dividend Payout %28%30%30%31%30%31%33%40%29%26%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth5%8%12%18%
Compounded Profit Growth1%-5%-6%14%
Stock Price CAGR%17%1%11%
Return on Equity13%10%8%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital187187187187187187187187187187187187
Reserves3534325176026477718851,0031,0991,1321,2271,343
Borrowings59132193107134160360489433350407
Other Liabilities5644883754838831,3061,2281,2301,0891,1541,1501,282
Total Liabilities1,1631,1211,1011,3651,8252,3982,4612,7812,8642,9062,9143,220
Fixed Assets2442633273444254414299381,0161,0321,0741,066
CWIP9766517540554913280832516
Investments2222222222222222523
Other Assets9078497659541,2231,5301,4611,6881,7461,7691,7902,115
Total Assets1,1631,1211,1011,3651,8252,3982,4612,7812,8642,9062,9143,220
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity119202962041765-35216217155
Cash from Investing Activity-65-78-205-195-115-68-3-65-96-150
Cash from Financing Activity-4325-78-13-373943-148-12616
Net Cash Flow12-3313-424-2442-621
Free Cash Flow37-7582-6717-85-108136149105
CFO/OP97%31%188%125%91%28%6%128%116%84%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days124106136228181152173130132110139167
Inventory Days7043722777499842,7841,3812,0881,086935
Days Payable15868892992483941483367980
Cash Conversion Cycle6704103246789162,5421,4071,8821321101,1461,022
Working Capital Days144144128144223362321346389332357327
ROCE %26%27%28%25%22%21%21%19%15%9%11%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%74.00%
FIIs1.19%0.96%1.07%1.27%1.42%1.26%1.65%1.34%1.37%1.25%1.32%2.57%
DIIs12.48%11.84%11.04%9.33%8.44%8.48%8.79%8.98%8.83%7.92%7.81%7.37%
Public12.33%13.20%13.88%15.40%16.13%16.25%15.55%15.69%15.80%16.82%16.85%16.06%
No. of Shareholders93,6311,01,8081,23,0071,42,5591,53,2791,56,8881,57,1061,64,8911,62,1111,66,8111,64,3311,54,762

Fundamentals

Market Cap₹ 7,851 Cr.
Current Price₹ 419
Stock P/E58.5
Book Value₹ 81.7
ROCE11.4 %
ROE8.88 %
Dividend Yield0.20 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)18%
Compounded Profit Growth (TTM)14%
Standalone figures.
Valuation
Market capRs 8,123 Cr
Enterprise valueRs 8,338 Cr
P/E (TTM)60.49x
Price to book5.31x
Price to sales6.36x
EV / EBITDA29.68x
EV / EBIT38.97x
EV / sales6.53x
Price to cash flow52.52x
Earnings yield1.65%
Dividend yield0.48%
P/E, 3-year average55.32x
P/B, 3-year average4.17x
P/E, 5-year average41.15x
P/B, 5-year average3.56x
Profitability
Operating margin (excl. other income)19.74%
Operating margin (incl. other income)22.89%
EBITDA margin21.99%
Pre-tax margin14.79%
Net profit margin10.51%
Net margin, latest quarter6.81%
ROE8.88%
ROCE11.36%
ROA4.26%
ROE, 3-year average7.98%
ROCE, 3-year average10.47%
ROA, 3-year average3.74%
ROE, 5-year average10.42%
ROCE, 5-year average12.97%
ROA, 5-year average4.69%
ROIC (approx.)8.71%
Tax rate28.96%
Other income / net worth2.48%
Growth
Sales growth (latest year)12.52%
Profit growth (latest year)18.82%
Sales CAGR, 3 years11.50%
Sales CAGR, 5 years8.25%
Profit CAGR, 3 years-5.68%
Profit CAGR, 5 years-4.69%
Sales growth QoQ-56.67%
Profit growth QoQ-79.02%
Sales growth YoY (latest quarter)40.46%
Profit growth YoY (latest quarter)27.42%
Per share
EPS (TTM)Rs 7.17
EPS (latest year)Rs 6.98
EPS (latest quarter)Rs 0.87
EPS, 3-year averageRs 5.91
EPS, 5-year averageRs 7.09
Book value per shareRs 81.71
Sales per shareRs 68.20
Cash flow per shareRs 8.26
Free cash flow per shareRs 5.60
Dividend per share (latest year)Rs 2.10
Dividend per share, 3-year averageRs 1.67
Dividend per share, 5-year averageRs 2.29
Dividends
Dividend payout30.08%
Dividend payout, 3-year average28.18%
Dividend payout, 5-year average31.55%
Efficiency
Asset turnover0.38x
Fixed asset turnover1.13x
Inventory turnover0.60x
Inventory days609 days
Debtor days167 days
Debtors turnover2.18x
Creditor days80 days
Cash conversion cycle1022 days
Working capital days327 days
Leverage
Total debtRs 407 Cr
Cash and bankRs 192 Cr
Net debtRs 215 Cr
Debt to equity0.27x
Net debt / EBITDA0.76x
Interest coverage8.57x
Current ratio (filing 2026-03-31)2.52x
Quick ratio (filing 2026-03-31)0.93x
Trade payables (filing 2026-03-31)Rs 114 Cr
Owners' fund to total sources47.54%
Debt to assets12.63%
Cash flow
Cash from Operating Activity (latest year)Rs 155 Cr
Cash from Investing Activity (latest year)Rs -150 Cr
Cash from Financing Activity (latest year)Rs 16 Cr
Net Cash Flow (latest year)Rs 21 Cr
Free cash flow (latest year)Rs 105 Cr
FCFE (approx.: FCF + change in debt)Rs 162 Cr
Cash from ops / profit, 5 years0.84x
Sales to cash flow7.81x
Statement figures
Net sales (TTM)Rs 1,278 Cr
Net sales (latest year)Rs 1,209 Cr
Sales (latest quarter)Rs 239 Cr
Operating profit excl. other income (latest year)Rs 239 Cr
Operating profit (latest quarter)Rs 37 Cr
Other income (TTM)Rs 41 Cr
EBITDA (TTM)Rs 281 Cr
PBDT (TTM)Rs 256 Cr
Profit before tax (TTM)Rs 189 Cr
Tax (latest year)Rs 53 Cr
Net profit (TTM)Rs 134 Cr
Net profit (latest year)Rs 131 Cr
Net profit (latest quarter)Rs 16 Cr
Depreciation (TTM)Rs 67 Cr
Depreciation (latest quarter)Rs 17 Cr
Interest (TTM)Rs 25 Cr
Cost of goods sold (latest year)Rs 798 Cr
Total expenditure (latest year)Rs 970 Cr
Total income (latest year)Rs 1,247 Cr
Share capitalRs 187 Cr
ReservesRs 1,343 Cr
Shareholders' fundsRs 1,531 Cr
Total assetsRs 3,220 Cr
Net blockRs 1,066 Cr
Capital work in progressRs 16 Cr
InvestmentsRs 23 Cr
ReceivablesRs 554 Cr
InventoryRs 1,333 Cr
Other liabilitiesRs 1,282 Cr
Shares outstanding (crore)18.73
Ownership
Promoter holding74.00% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 60.5 is at the 83th percentile of its own 8.6-year range (median 23.3, low 16.5, high 100.4).
P/B 5.31 is at the 81th percentile (median 3.75).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMIDHANINifty 50Difference
1 week+6.6%-2.8% +9.3 pts
1 month+3.9%-6.8% +10.7 pts
3 months+1.3%-7.6% +9.0 pts
6 months+60.3%+0.4% +59.9 pts
1 year+10.0%-9.9% +19.9 pts
2 years+9.7%-13.6% +23.2 pts
3 years+6.1%+14.2% -8.1 pts
5 years+130.5%+27.9% +102.6 pts
13 mutual fund schemes hold about ₹443 Cr. Over three months 0 bought more and 3 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Balanced Advantage Fund0.25%267 -3%
Nippon India Small Cap Fund0.13%107 -7%
Motilal Oswal Nifty India Defence Index Fund0.50%28 -4%
Nippon India Retirement Fund-Wealth Creation0.85%27 -4%
Aditya Birla SL Nifty India Defence Index Fund0.50%7 -4%
Motilal Oswal Nifty Microcap 250 Index Fund0.21%5 -9%
Axis Nifty India Defence Index Fund0.50%2 -4%
Nippon India Retirement Fund-Income Generation0.40%1 -1%
Groww Nifty Total Market Index Fund0.01%0 -1%
Angel One Nifty Total Market Index Fund0.01%0 -1%
Motilal Oswal BSE 1000 Index Fund0.01%0 -1%
Mirae Asset Nifty Total Market Index Fund0.01%0 -1%
Bandhan Nifty Total Market Index Fund0.01%0 -11%

Red flags

F-score 6 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹239 Cr +40.6% vs Jun 2025. Net profit ₹16 Cr +23.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-23Dividend - Rs 1.25 Per Share
2026-03-18Interim Dividend - Re 0.85 Per Share
2025-03-25Interim Dividend - Re 0.75 Per Share
2024-03-22Interim Dividend - Rs 1.41 Per Share
2023-09-22Dividend - Rs 1.67 Per Share
2023-03-23Interim Dividend - Rs 1.68 Per Share
2022-09-21Dividend - Rs 1.54 Per Share
2022-03-22Interim Dividend - Rs 1.56 Per Share
2021-09-21 Dividend - Rs 1.58 Per Share
2021-03-22 Interim Dividend - Rs 1.20 Per Share
2020-09-21 Annual General Meeting/Dividend - Rs 1.56 Per Share
2020-03-12 Interim Dividend - Re 1 Per Share
2019-09-17 Annual General Meeting/Dividend - Rs 0.51 Per Share
2019-03-25 Interim Dividend - Rs 1.68 Per Share
2018-09-19 Annual General Meeting/Dividend- Rs 2.10 Per Share
DateTypeWhat it says
2026-10-01RetirementRetirement
2026-09-30Shareholder meetingVoting results.
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-07NCLTPhoton Energy Systems Ltd Vs Mishra Dhatu Nigam Ltd
2021-03-02NCLTPhoton Energy Systems Ltd Vs Mishra Dhatu Nigam Ltd
2020-03-20NCLTPhoton Energy Systems Ltd Vs Mishra Dhatu Nigam Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Mishra Dhatu Nigam Ltd?

Mishra Dhatu Nigam Ltd (MIDHANI) has a market capitalisation of Rs 7,851 Cr. at the 2026-10-01 close.

What is the P/E ratio of Mishra Dhatu Nigam Ltd?

Mishra Dhatu Nigam Ltd trades at a P/E of 58.5 on trailing twelve-month profit, at the 2026-10-01 close.

What were Mishra Dhatu Nigam Ltd's latest quarterly results?

In the Jun 2026 quarter, Mishra Dhatu Nigam Ltd sales was Rs 239 Cr (+40.6% vs Jun 2025) and net profit was Rs 16 Cr.

What is the 52-week high and low of Mishra Dhatu Nigam Ltd?

The 52-week high is Rs 482.40 and the 52-week low is Rs 266.65.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03