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Mishra Dhatu Nigam Ltd (MIDHANI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541195 NSE: MIDHANI Steel & Iron Products | Small Cap | Mishra Dhatu Nigam Share Price

₹448.05 -15.30 (-3.30%)

As on 11-Sep'26 16:01

Mishra Dhatu Nigam Ltd (MIDHANI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541195 NSE: MIDHANI Steel & Iron Products | Small Cap | Mishra Dhatu Nigam Share Price

₹448.05 -15.30 (-3.30%)

As on 11-Sep'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹8,680 Cr.
Current Price
₹448.1
52-Week Low / High
₹267 / 482
TTM EPS
₹7.2
TTM Sales
₹1,241 Cr.
Book Value per Share
₹82.7
P/E Ratio
64.31
Higher than its 5-year historical median
Industry PE
25.3
Price to Book (P/B)
5.61
Higher than its 5-year historical median
Price to Sales (P/S)
7.00
Higher than its 5-year historical median
EV/EBITDA
31.23
Higher than its 5-year historical median
Dividend Yield
0.47%
Profitability Efficiency
Return on Equity (ROE)
8.92%
In line with industry median
Return on Capital Employed (ROCE)
12.17%
Outperforms industry median
Return on Assets (ROA)
4.29%
Operating Profit Margin
19.9%
Net Profit Margin
10.88%
Gross Profit Margin
20.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.52%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
8.95%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
18.61%
Asset Quality
Promoter Holding
74.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,361 Cr.
Equity
₹187.3 Cr.
Face Value
₹10
All Time Low / High
₹86.35 / 547.45

Mishra Dhatu Nigam stock performance

Key Ratios
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Quality

Somewhat Good
Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Mishra Dhatu Nigam Ltd a good quality company?
Mishra Dhatu Nigam Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Mishra Dhatu Nigam Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mishra Dhatu Nigam Ltd vs industry peers?
Mishra Dhatu Nigam Ltd revenue CAGR is 8.54%, compared to the industry median CAGR of 8.38%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Mishra Dhatu Nigam Ltd?
Promoters hold 74.00% of the Mishra Dhatu Nigam Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mishra Dhatu Nigam Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 20.57% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mishra Dhatu Nigam Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ29.1%25.8%21.8%20.6%20.5%19.5%15.6%10%11.3%12.1%-
Value Creation
Index ⓘ		1.20.90.60.50.50.40.1-0.3-0.2-0.1-

Growth Parameters ⓘ
Sales ⓘ7736627117138138598721,0731,0741,2091,241
Sales YoY Gr.--14.4%7.4%0.3%14.1%5.7%1.5%23%0.1%12.5%-
Adj EPS ⓘ6.76.878.58.99.48.44.95.977.2
YoY Gr.-0.3%2.8%22.9%4%5.9%-11%-41.5%21%18.7%-
BVPS (₹) ⓘ37.642.144.651.257.363.668.770.475.581.782.6
Adj Net
Profit ⓘ		12612713016016617615791.8111132134
Cash Flow from Ops. ⓘ11920.32962041765.1-35.4216217155-
Debt/CF from Ops. ⓘ0.24.60.40.70.952.3-10.91.51.11.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ5.1%8.3%11.5%12.5%
Adj EPS ⓘ0.5%-4.5%-5.6%18.7%
BVPSⓘ9%7.4%6%8.2%
Share Price - 19.5% 1.1% 15.3%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		19.7171617.916.415.612.77.18.198.7
Op. Profit
Mgn % ⓘ		2428.9262830.330.629.818.320.519.919.3
Net Profit
Mgn % ⓘ		16.319.118.322.520.520.5188.610.410.910.8
Debt to
Equity ⓘ		00.10.10.10.20.20.30.30.20.2-
Working Cap
Days ⓘ		258365462626625635703593593553286
Cash Conv.
Cycle ⓘ		185254306440468471532495521500175

Valuation of Mishra Dhatu Nigam - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales7117138138598721,0731,0741,209
Operating Expenses ⓘ + 526514567596613878855970
Manufacturing Costs182221195231268251242264
Material Costs189119212191163449431520
Employee Cost 107121120121124131140142
Other Costs ⓘ 4953415358474343
Operating Profit ⓘ 185199246263259195219239
Operating Profit Margin (%) 26.0%27.9%30.2%30.6%29.7%18.2%20.4%19.7%
Other Income ⓘ + 3736203138303138
Exceptional Items ⓘ 00000000
Interest ⓘ 77132327353026
Depreciation ⓘ 2326273353596366
Profit Before Tax ⓘ 191200226239217131157185
Tax ⓘ 6042606361404653
Profit After Tax 13115816617715692111131
PAT Margin (%) 18.4%22.2%20.5%20.6%17.9%8.6%10.3%10.9%
Adjusted EPS (₹)7.08.48.99.48.34.95.97.0
Dividend Payout Ratio (%)31.40%30.30%31.30%32.90%40.20%28.80%12.70%29.90%
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 8359571,0711,1901,2851,3191,4151,532
Share Capital ⓘ 187187187187187187187187
Reserves ⓘ 6477698841,0021,0981,1321,2281,345
Debt +107134160268367304214264
Long Term Debt1002867593919
Short Term Debt106133160240300245175245
Minority Interest00000000
Trade Payables1281298617614612093114
Others Liabilities ⓘ 7551,1771,1421,1461,0641,1621,1921,311
Total Liabilities ⓘ 1,8252,3962,4592,7792,8632,9052,9153,221

Fixed Assets

Net Fixed Assets ⓘ +4254414299381,0161,0321,0741,066
Gross Block4995415561,0981,2281,3011,4051,463
Accumulated Depreciation74100127160213270331396
CWIP ⓘ 17540554913280832516
Investments ⓘ 220212121222524
Inventories5099118011,0911,2251,3101,2811,333
Trade Receivables352297386306316323410554
Cash Equivalents 1981119463141751192
Others Assets ⓘ 1632121802281911204836
Total Assets ⓘ 1,8252,3962,4592,7792,8632,9052,9153,221
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 2962041765-35216217155
PBT ⓘ 192199226240217131157185
Adjustment ⓘ 1619353763787574
Changes in Working Capital ⓘ 14031-37-202-2634022-58
Tax Paid ⓘ -52-45-48-70-52-34-36-46
Cash Flow From Investing Activity ⓘ + -205-195-115-68-3-65-96-150
Capex -214-272-159-90-73-79-68-49
Net Investments -563407530-43-118
Others ⓘ 141341517141418
Cash Flow From Financing Activity ⓘ + -78-13-373943-148-12616
Net Proceeds from Shares ⓘ 00000000
Net Proceeds from Borrowing ⓘ 00000000
Interest Paid ⓘ -6-6-12-21-26-35-29-25
Dividend Paid ⓘ -71-28-52-59-60-58-14-16
Others ⓘ -12127119129-56-8357
Net Cash Flow ⓘ 13-424-2442-621
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)15.6417.6516.4115.6312.637.058.118.92
ROCE (%)21.0620.4520.5819.4915.5810.0711.3712.17
Asset Turnover Ratio0.390.340.330.330.310.370.370.39
PAT to CFO Conversion(x)2.261.291.060.03-0.222.351.951.18
Working Capital Days
Receivable Days180.90166.30153.40146.80130.20108.70124.60145.60
Inventory Days261.30363.40384.10401.30484.80431.20440.20394.70
Payable Days248.30393.40184.90250.10360.50108.1090.4072.70

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Mishra Dhatu Nigam Ltd FAQs

The current trading price of Mishra Dhatu Nigam on 11-Sep-2026 16:01 is ₹448.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Mishra Dhatu Nigam stood at ₹8,680.4 Cr

The latest P/E ratio of Mishra Dhatu Nigam as of 10-Sep-2026 is 64.63.

The latest P/B ratio of Mishra Dhatu Nigam as of 10-Sep-2026 is 5.61.

The 52-week high of Mishra Dhatu Nigam is ₹481.9 and the 52-week low is ₹266.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mishra Dhatu Nigam is ₹1,241 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mishra Dhatu Nigam Ltd is a average quality company.

The key valuation ratios of Mishra Dhatu Nigam Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Mishra Dhatu Nigam Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Mishra Dhatu Nigam Ltd

Mishra Dhatu Nigam Limited (MIDHANI) was established in the year 1973 under Ministry of Defence as Government of India Enterprise. The production unit of MIDHANI, located at Kanchanbagh, Hyderabad, was commissioned in the year 1982. MIDHANI has been set up with a view to achieve self-reliance in production and supply of various super alloys, special steels, materials to Defence, other Strategic Sectors for Nuclear, aeronautical and Space applications. The guiding factors for setting up of MIDHANI were the demand for Defence oriented technologies, which come under the national priorities.

Business area of the company

The company is engaged in the business of manufacturing of superalloys, titanium, special purpose steel and other special metals.

Products

Alloys

  • Superalloy
  • Titanium & Titanium Alloys
  • Special Steel
  • Other Metal and Alloys

Products

  • Long Products
  • Flat Products
  • Open Die Forgings
  • Investment castings
  • Special Products

Awards

2013-14:

  • MIDHANI was honored with Rajbasha Cup Award

2014-15:

  • Raksha Mantri Award of Excellence Award, 2014-15.

2015-16:

  • MIDHANI has been bestowed with 5th Annual Greentech CSR award under Gold Category
  • MIDHANI has been bestowed with certificate from ELETS for the Project Performance Excellence of MIDHANI

2016-17:

  • Corporate Vigilance Excellence Award
  • Skoch Awards - 2016
  • Excellence Award

2017-18:

  • MIDHANI was awarded Raksha Mantri’s Award for Excellence for the year 2014-15 under the category of innovation. The award was given for development of Nuclear Application Steel Plate.

2018-19:

  • MIDHANI was awarded HR-Excellence Award for Value Growth in the Non-financial category

2019-20:

  • MIDHANI was Conferred “GOLD Award” for “Corporate Excellence” by Skoch Group (Highest Independent Honour in India) for the Project “Modernization & Diversification of Products & Processes at MIDHANI” in June 2019 at New Delhi.
  • MIDHANI was awarded India’s Most Trusted Company 2019 by IBC Media USA in August 2019 at New Delhi.

Milestones

  • 1983-1984: First commercial production started.
  • 1987-1988: Entered into the field of fabrication of special armour panels.
  • 2000-2001: Development of bio implants from Titanium alloys.
  • 2001-2002: Development Niobium alloy required for critical space applications.
  • 2002-2003: Supply of indigenized special fasteners commenced.
  • 2005-2006: Development of large forgings of Chromium -Molybdenum steel in the form of weld neck flanges, blind flanges etc.
  • 2006-2007: Development of gun barrel forgings.
  • 2008-2009: Achieved Mini Ratna category-1 status from MoD.
  • 2009-2010: Commencement of commercial production of 6.5 metric tonnes vacuum induction melting furnace.
  • 2010-2011: Commissioning of critical equipment like 10 tonnes vacuum arc re-melting furnace.
  • 2011-2012: Implementation of the e-Procurement portal for publishing and processing tenders online.
  • 2011-2012: Signatory to UN Global Compact Initiative.
  • 2014-2015: Commissioning of 6000 tonnes forge press and electron beam melting furnace.
  • 2015-2016: Commissioning of in-house designed 20 tonnes electro slag refining furnace and 10 tonnes vacuum arc re-melting furnace.
  • 2015-2016: Awarded “Excellent” rating with a score of 97.06%, which is the best amongst all the defence PSUs and ranks among top 5% of all companies signing such MoUs with the Department of Defence Production.
  • 2016-2017: Commissioning of 20 tonnes electric arc furnace.
  • 2017-2018: NALCO signed MoU with MIDHANI for setting up of Aluminium Alloy Plant. 
  • 2018-2019: MIDHANI and TUBACEX Sign MoU 
  • 2019-2020: Midhani Delivers Ultra High Strength Steel & Cobalt Alloys For 'Gaganyaan' Of ISRO
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