Mishra Dhatu Nigam share price
NSE: MIDHANIBSE: 541195Aerospace & DefenseSmall Cap
Mishra Dhatu Nigam Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Apr 2018 · Issue price ₹90
Last close ₹360.75down ₹17.75 (4.69%)BSE ₹360.75
Share price at the NSE close on 30 Oct 2026. Previous close ₹378.50.
30 Oct: open ₹377.00, high ₹377.55, low ₹359.00
52-week range of traded prices to 29 Oct 2026
₹266.65Low, 30 Mar 2026₹482.40High, 8 Sep 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹6,758 Cr681st largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 50.07
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.41
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.58%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 9.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 9.5%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.19
- Volume, NSEVolume. Shares traded on the last trading day. Volume in the glossary
- 4,26,356
About Mishra Dhatu Nigam
Mishra Dhatu Nigam Limited (MIDHANI) makes superalloys (metals that keep their strength at very high temperatures), titanium alloys and special steels, with products ranging from forgings and rolled products to precision fasteners.1 Most of its customers are in strategic sectors such as defence, space, aerospace and energy.2 It is a Government of India enterprise under the Ministry of Defence, headquartered in Hyderabad.34
MIDHANI operates 2 plants, in Hyderabad, Telangana and Rohtak, Haryana.56 It reports a single business segment, manufacturing superalloys and other special metals.7 The company says it is the only manufacturer of titanium alloys and maraging steels (very high-strength steels) in India, and the largest domestic producer of nickel-based superalloys.8 Its portfolio spans more than 500 alloy grades.9
Its armour brands are Bhabha Kavach, ballistic armour panels using technology transferred from the Bhabha Atomic Research Centre, and ABHED bullet-proof jackets, a technology developed jointly by DRDO and IIT Delhi.10 Its other products include welding consumables and biomedical implants.11 It was incorporated in 1973, listed on BSE and NSE in 2018 and set up its Rohtak armour unit in 2021.1213 It holds 20% of Advanced Materials (Defence) Testing Foundation, a joint venture with Hindustan Aeronautics, Bharat Dynamics, Yantra India and PTC Industries that is setting up a materials testing facility at Lucknow.14
Mishra Dhatu Nigam key points
Results
- In the quarter to Jun 2026, turnover was ₹239.49 crore, up 40.46% on the same quarter a year earlier, and profit after tax was ₹16.31 crore, up 27.42%.15
- EBITDA (earnings before interest, tax, depreciation and amortisation, a measure of operating profit) was ₹46.6 crore in the quarter to Jun 2026, up 12.89%.16
- In the year to Mar 2026, the company's highest-ever revenue was ₹1,20,862.59 lakh, up 12.52%, and EBITDA was ₹27,558.83 lakh, up 10.69%.17
- Profit after tax for the year to Mar 2026 was ₹13,078.62 lakh, up 18.82%. The board recommended a final dividend of ₹1.25 per equity share; with the interim dividend of ₹0.85, the total is ₹2.10.1819
Revenue mix
Plants and capacity
- The armour unit at Rohtak, Haryana is a 10-acre facility, separate from the Hyderabad plant, with a hydraulic ballistic press, autoclaves and composite moulding presses for making personnel and vehicle armour.22
- The Rohtak unit makes helical compression springs for railway wagons, coaches and locomotives, with capacity of more than 60,000 springs a year.23
- The aerospace fasteners facility was inaugurated in the year to Mar 2026 to produce aerospace-grade fasteners from steel, titanium and superalloys.24
- Titanium production nearly doubled in the year to Mar 2026, supported by the commissioning of a new vacuum arc remelting furnace (a furnace that refines metal by remelting it under vacuum).25
Order book
- The order book (orders received but not yet delivered) was ₹2,329 crore on 1 Jul 2026.26
- In the year to Mar 2026, the company secured contracts worth ₹1,81,726 lakh, added 30 new customers and received orders for over 18 new grades.27
- Orders secured by customer sector in the year to Mar 2026, ₹ lakh28
Item year to Mar 2026 Defence 1,04,556 Space 45,740 Energy 15,260 Others 16,170
Research and development
- In the year to Mar 2026, the company spent ₹2,215.23 lakh on research and development.29
- In the year to Mar 2026, the company developed cast single-crystal superalloy material (metal grown as one crystal, for aero-engine blades) for the first time, and it passed the customer-mandated tests.30
- In the year to Mar 2026, the company received airworthiness certificates for 10 alloys from CEMILAC, the Centre for Military Airworthiness and Certification.31
- In the year to Mar 2026, the company secured NADCAP accreditation (an aerospace industry quality approval) for heat treatment, which lets aircraft and engine makers buy material directly from it.32
Expansion and capital spending
- The company stated in its annual report for the year to Mar 2026 that it is preparing detailed project reports for a capital expenditure programme of approximately ₹1,000 crore over the next few years.33
- On its earnings call of 17 Aug 2026, the company said it may spend around ₹50 crore to ₹60 crore on normal capital expenditure in the year to Mar 2027, as it did the year before.34
- As of its annual report of 8 Sep 2026, the company was building sheds for a Metal Bank, a reserve of 6 critical raw materials. On its call of 17 Aug 2026, it said the stock is customer-owned and not in its books.353637
What the company expects
- On its earnings call of 17 Aug 2026, the company said it expects growth in the year to Mar 2027 to be higher than in the year to Mar 2026.38
- On its earnings call of 17 Aug 2026, the company said it plans to export about 10% of total turnover.39
- The company stated in its annual report for the year to Mar 2026 that it expects the first signs of commercial supply to global aero-engine makers toward the end of the year to Mar 2027.40
Recent events
- On 27 Oct 2026, the company signed a memorandum of understanding with the Heavy Water Board and the Bhabha Atomic Research Centre to produce and recover cobalt and nickel from plant reverts (leftover metal from its own production).41
- On 13 Aug 2026, the company said it became the first company in India to secure S400 approval, as an independent metallic material laboratory, from GE Aerospace for chemical, mechanical and metallurgical testing.42
- On 4 Feb 2026, the company reported securing an order worth ₹158 crore.43
Last updated
All 43 sources, each with its page
- 1. Annual report, 8 Sep 2026, page 27
- 2. Annual report, 8 Sep 2026, page 155
- 3. Annual report, 8 Sep 2026, page 27
- 4. Annual report, 8 Sep 2026, page 130
- 5. Annual report, 8 Sep 2026, page 155
- 6. Annual report, 8 Sep 2026, page 27
- 7. Annual report, 8 Sep 2026, page 320
- 8. Annual report, 8 Sep 2026, page 130
- 9. Annual report, 8 Sep 2026, page 133
- 10. Annual report, 8 Sep 2026, page 52
- 11. Annual report, 8 Sep 2026, page 130
- 12. Annual report, 8 Sep 2026, page 130
- 13. Annual report, 8 Sep 2026, page 32
- 14. Annual report, 8 Sep 2026, page 75
- 15. Earnings call, 17 Aug 2026, page 3
- 16. Earnings call, 17 Aug 2026, page 4
- 17. Annual report, 8 Sep 2026, page 40
- 18. Annual report, 8 Sep 2026, page 40
- 19. Annual report, 8 Sep 2026, page 42
- 20. Annual report, 8 Sep 2026, page 80
- 21. Annual report, 8 Sep 2026, page 155
- 22. Annual report, 8 Sep 2026, page 52
- 23. Annual report, 8 Sep 2026, page 130
- 24. Annual report, 8 Sep 2026, page 75
- 25. Annual report, 8 Sep 2026, page 40
- 26. Earnings call, 17 Aug 2026, page 4
- 27. Annual report, 8 Sep 2026, page 79
- 28. Annual report, 8 Sep 2026, page 79
- 29. Annual report, 8 Sep 2026, page 76
- 30. Annual report, 8 Sep 2026, page 40
- 31. Annual report, 8 Sep 2026, page 46
- 32. Annual report, 8 Sep 2026, page 46
- 33. Annual report, 8 Sep 2026, page 41
- 34. Earnings call, 17 Aug 2026, page 10
- 35. Annual report, 8 Sep 2026, page 57
- 36. Annual report, 8 Sep 2026, page 76
- 37. Earnings call, 17 Aug 2026, page 13
- 38. Earnings call, 17 Aug 2026, page 7
- 39. Earnings call, 17 Aug 2026, page 16
- 40. Annual report, 8 Sep 2026, page 42
- 41. Exchange filing, 27 Oct 2026, page 2
- 42. Exchange filing, 13 Aug 2026, page 2
- 43. Exchange filing, 4 Feb 2026, page 1
Results
Standalone, as consolidated accounts are on record for only 7 of the last ten years; ₹ crore.Mishra Dhatu Nigam quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +18.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +13.9%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹239 Crdown 56.67%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹16 Crdown 79.02%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 6.8%
Revenue by quarter
Peak revenue ₹553 Cr, quarter to Mar 2026; lowest ₹170 Cr, quarter to Jun 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 262 | 238 | 411 | 170 | 210 | 276 | 553 | 239 |
| Net profit | 24 | 25 | 56 | 13 | 13 | 27 | 78 | 16 |
| Net margin | 9.0% | 10.6% | 13.7% | 7.5% | 6.1% | 10.0% | 14.1% | 6.8% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,209 Crup 12.52%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹131 Crup 18.82%
- Net margin
- 10.8%
Revenue by year
Peak revenue ₹1,209 Cr, year to Mar 2026; lowest ₹666 Cr, year to Mar 2018
Net profit by year, a loss in red
| ₹ crore | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 666what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹4.39 crore, a tax on the goods the company makes that it collects and pays to the government. | 711 | 713 | 813 | 859 | 872 | 1,073 | 1,074 | 1,209 |
| Net profit | 131 | 131 | 160 | 166 | 176 | 156 | 91 | 110 | 131 |
| Net margin | 19.7% | 18.4% | 22.4% | 20.4% | 20.5% | 17.9% | 8.5% | 10.2% | 10.8% |
Standalone. Years to March. The latest is shaded.
Business segments
In the year to Mar 2026 the company reports one business segment, Super Alloys Plant, which carries all its revenue.
Valuation
Today, against the company's own history.Mishra Dhatu Nigam PE ratio and valuation
Price to earnings
At or below today's level on 62% of 1,908 trading days since Feb 2019.
LowestHighest
Its median27.12Industry median70.92
Price to book
At or below today's level on 63% of 1,969 trading days since Nov 2018.
LowestHighest
Its median3.84Industry median8.45
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 30% of 2,111 trading days since Apr 2018.
LowestHighest
Its median1.00%Industry median0.15%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +0.2% | +18.7% | −16.2% | 0.8% |
| 3 years | +14.0% | −5.7% | +20.4% | 0.5% |
| 5 years | +9.9% | −4.7% | +14.2% | 1.0% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
18 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 12 of the 12 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 18 funds holding Mishra Dhatu Nigam
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 4
- CutCut. Funds that held fewer shares than at the end of the month before.
- 8
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 5
| Fund | |||
|---|---|---|---|
 HDFC Balanced Advantage FundHDFC Mutual Fund | 64,50,000 | 0.28% | ₹282.3 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 25,89,175 | 0.14% | ₹113.3 Cr |
 Motilal Oswal Nifty India Defence Index FundMotilal Oswal Mutual Fund | 6,58,630 | 0.53% | ₹28.8 Cr |
| Nippon India Retirement Fund- Wealth Creation SchemeNippon India Mutual Fund | 6,42,358 | 0.96% | ₹28.1 Cr |
 Bank of India Small Cap FundBank of India Mutual Fund | 2,66,639 | 0.32% | ₹11.7 Cr |
 Aditya Birla Sun Life Nifty India Defence Index FundAditya Birla Sun Life Mutual Fund | 1,70,806 | 0.53% | ₹7.48 Cr |
| Motilal Oswal Nifty India Defence ETFMotilal Oswal Mutual Fund | 1,56,190 | 0.53% | ₹6.84 Cr |
| Motilal Oswal Nifty Microcap 250 Index FundMotilal Oswal Mutual Fund | 1,32,179 | 0.24% | ₹5.78 Cr |
 Axis Nifty India Defence Index FundAxis Mutual Fund | 44,651 | 0.53% | ₹1.95 Cr |
 Groww Nifty India Defence ETFGroww Mutual Fund | 43,635 | 0.53% | ₹1.91 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Mishra Dhatu Nigam competitors and peers
Aerospace & Defense, 35 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to Mishra Dhatu Nigam in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Paras Defence and Space TechnologiesPARAS | 10,071 | 96.73 | 13.07 | +41.7% | +48.2% | 14.4% | 15.9% | 0.08% |
 Unimech Aerospace and ManufacturingUNIMECH | 8,039 | 91.22 | 10.07 | +40.0% | +10.8% | 11.7% | 9.8% | 0.00% |
 AXISCADES TechnologiesAXISCADES | 7,979 | 219.58 | 10.97 | +4.6% | −53.8% | 5.3% | 10.7% | 0.00% |
 Tonbo Imaging IndiaTONBO | 7,472 | – | – | – | – | – | – | 0.00% |
 Cyient DLMCYIENTDLM | 5,955 | 70.92 | 5.58 | −1.5% | +2.9% | 8.2% | 8.3% | 0.00% |
 Centum ElectronicsCENTUM | 5,894 | 107.81 | 17.17 | −1.4% | – | – | – | 0.13% |
 Rossell TechsysROSSTECH | 5,128 | 199.29 | 33.12 | +82.7% | +68.8% | 17.8% | 9.9% | 0.02% |
 AvantelAVANTEL | 3,583 | 181.69 | 10.30 | +14.6% | −41.4% | 5.9% | 8.3% | 0.15% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Mishra Dhatu Nigam dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹3.35 a share, year to Mar 2023.
| Ex-date | Type | Per share |
|---|---|---|
| 23 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹1.25 |
| 18 Mar 2026 | Interim | ₹0.85 |
| 25 Mar 2025 | Interim | ₹0.75 |
| 22 Mar 2024 | Interim | ₹1.41 |
| 22 Sep 2023 | Final | ₹1.67 |
| 23 Mar 2023 | Interim | ₹1.68 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Mishra Dhatu Nigam announcements
Oct 2026
1 Oct
Sep 2026
30 Sep · Meeting
22 Sep · Analysts
21 Sep · Addendum
Mishra Dhatu Nigam share price by year
Each calendar year to 2025.Mishra Dhatu Nigam share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 343.45 | +1.8% | 463.60 | 233.73 |
| 2024 | 337.40 | −19.3% | 531.15 | 306.40 |
| 2023 | 418.15 | +92.7% | 456.90 | 173.75 |
| 2022 | 217.00 | +19.8% | 262.80 | 158.10 |
| 2021 | 181.15 | −9.6% | 216.65 | 175.00 |
| 2020 | 200.35 | +28.1% | 252.75 | 145.30 |
| 2019 | 156.40 | +17.1% | 174.20 | 108.25 |
| 2018 | 133.60 | – | 170.50 | 89.25 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2018 is from its first session, 4 Apr 2018.
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 373.30 | 380.80 | 368.75 | 378.50 | 373.51 | 3,55,964 | 36.0% |
| 28 Oct 2026 | 371.70 | 378.60 | 366.85 | 372.25 | 372.42 | 4,73,389 | 29.7% |
| 27 Oct 2026 | 366.25 | 377.70 | 365.80 | 368.70 | 371.75 | 6,25,133 | 33.2% |
| 26 Oct 2026 | 360.05 | 367.40 | 356.40 | 362.00 | 361.86 | 8,35,638 | 40.4% |
| 23 Oct 2026 | 380.00 | 381.80 | 356.90 | 361.65 | 363.27 | 6,39,684 | 37.3% |
| 22 Oct 2026 | 393.00 | 393.00 | 380.55 | 381.80 | 384.30 | 4,32,721 | 38.2% |
| 21 Oct 2026 | 403.80 | 407.15 | 385.80 | 393.75 | 394.38 | 6,92,610 | 47.7% |
| 19 Oct 2026 | 419.65 | 420.50 | 402.15 | 405.15 | 409.15 | 5,54,937 | 49.5% |
| 16 Oct 2026 | 418.15 | 426.90 | 415.30 | 419.65 | 422.08 | 4,80,975 | 38.4% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- MIDHANI
- BSE code
- 541195
- ISIN
- INE099Z01011
- Industry
- Aerospace & Defense
- Website
- www.midhani.com
- CIN
- L14292TG1973GOI001660
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1973
- Registered office
- P.O. Kanchanbagh, Hyderabad 500058, Telangana
- Share registrar
- Alankit Assignments Ltd
- Keeps the register of shareholders and handles transfers and dividend payments