Mishra Dhatu Nigam Ltd - Stock Valuation and Financial Performance

BSE: 541195 | NSE: MIDHANI | Steel & Iron Products | Small Cap

Mishra Dhatu Nigam Share Price

393.20 20.45 5.49%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on Mishra Dhatu Nigam

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

Mishra Dhatu Nigam stock performance -

mw4me loader
P/E Ratio (CD):
66.05
Market Cap:
7,377.5 Cr.
52-wk low:
173.1
52-wk high:
547.5

Is Mishra Dhatu Nigam Ltd an attractive stock to invest in?

1. Is Mishra Dhatu Nigam Ltd a good quality company?

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

2. Is Mishra Dhatu Nigam Ltd undervalued or overvalued?

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.

3. Is Mishra Dhatu Nigam Ltd a good buy now?

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

10 Year X-Ray of Mishra Dhatu Nigam:

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0%0%0%0%0%14.4%16.1%15.1%14.3%11.3%-
Value Creation
Index
NANANANANA0.00.20.10.0-0.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 00000711713813859872971
Sales YoY Gr.-NANANANANA0.3%14.1%5.7%1.5%-
Adj EPS 0000078.58.99.48.46
YoY Gr.-NANANANANA21.7%5.1%5.9%-10.8%-
BVPS (₹) 0000044.651.157.263.568.671.1
Adj Net
Profit
00000130158167176157112
Cash Flow from Ops. 000002962041765.1-35.4-
Debt/CF from Ops. 000000.40.70.952.3-10.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA6.9%1.5%
Adj EPS NANA-0.3%-10.8%
BVPSNANA10.3%8.1%
Share Price - 22.8% 30.4% 115.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
0000015.617.716.415.612.78.5
Op. Profit
Mgn %
00000262830.330.629.822
Net Profit
Mgn %
0000018.322.220.520.51811.5
Debt to
Equity
000000.10.10.20.20.3-
Working Cap
Days
000000626625635703318
Cash Conv.
Cycle
000000440468471528165

Recent Performance Summary

Sales growth is good in last 4 quarters at 24.53%

Return on Equity has declined versus last 3 years average to 8.50%

Sales growth has been subdued in last 3 years 6.94%

Net Profit has been subdued in last 3 years -0.28%

Latest Financials - Mishra Dhatu Nigam Ltd.

Standalone Consolidated
TTM EPS (₹) 5.9 6
TTM Sales (₹ Cr.) 971 971
BVPS (₹.) 71.1 71.1
Reserves (₹ Cr.) 1,144 1,144
P/BV 5.54 5.54
PE 66.47 66.05
From the Market
52 Week Low / High (₹) 173.10 / 547.45
All Time Low / High (₹) 86.35 / 547.45
Market Cap (₹ Cr.) 7,377
Equity (₹ Cr.) 187.3
Face Value (₹) 10
Industry PE 25.1

Management X-Ray of Mishra Dhatu Nigam:

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 (%)

Event Update

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Analyst's Notes

Key Ratios of Mishra Dhatu Nigam

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Sales711713813859872
Operating Expenses 526514567596613
Manufacturing Costs182221195231268
Material Costs189119212191163
Employee Cost 107121120121124
Other Costs 4953415358
Operating Profit 185199246263259
Operating Profit Margin (%) 26.0%27.9%30.2%30.6%29.7%
Other Income 3736203138
Interest 77132327
Depreciation 2326273353
Exceptional Items 00000
Profit Before Tax 191200226239217
Tax 6042606361
Profit After Tax 131158166177156
PAT Margin (%) 18.4%22.2%20.5%20.5%17.9%
Adjusted EPS (₹)7.08.48.99.48.3
Dividend Payout Ratio (%)31%30%31%33%40%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 8359571,0711,1901,285
Share Capital 187187187187187
Reserves 6477698841,0021,098
Minority Interest00000
Debt107134160268367
Long Term Debt1002867
Short Term Debt106133160240300
Trade Payables12812986176159
Others Liabilities 7551,1771,1421,1461,051
Total Liabilities 1,8252,3962,4592,7792,863

Fixed Assets

Gross Block4995415561,0981,228
Accumulated Depreciation74100127160213
Net Fixed Assets4254414299381,016
CWIP 17540554913280
Investments 220212121
Inventories5099118011,0911,225
Trade Receivables352297386306316
Cash Equivalents 198111946314
Others Assets163212180228191
Total Assets 1,8252,3962,4592,7792,863

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 2962041765-35
PBT 192199226240216
Adjustment 1619353764
Changes in Working Capital 14031-37-202-263
Tax Paid -52-45-48-70-52
Cash Flow From Investing Activity -205-195-115-68-3
Capex -214-272-159-90-73
Net Investments -56340753
Others 141341517
Cash Flow From Financing Activity -78-13-373943
Net Proceeds from Shares 00000
Net Proceeds from Borrowing 00000
Interest Paid -6-6-12-21-26
Dividend Paid -71-28-52-59-60
Others -12127119129
Net Cash Flow 13-424-244
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)15.6417.6516.4115.6312.63
ROCE (%)21.0620.4520.5819.4915.58
Asset Turnover Ratio0.390.340.330.330.31
PAT to CFO Conversion(x)2.261.291.060.03-0.22
Working Capital Days
Receivable Days181166153147130
Inventory Days261363384401485
Payable Days248393185250376

Mishra Dhatu Nigam Ltd Stock News

Mishra Dhatu Nigam Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Mishra Dhatu Nigam on 28-Mar-2024 16:01 is ₹393.2.
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 28-Mar-2024 16:01 the market cap of Mishra Dhatu Nigam stood at ₹7,377.5.
The latest P/E ratio of Mishra Dhatu Nigam as of 28-Mar-2024 16:01 is 66.47.
The latest P/B ratio of Mishra Dhatu Nigam as of 28-Mar-2024 16:01 is 5.54.
The 52-week high of Mishra Dhatu Nigam is ₹547.5 and the 52-week low is ₹173.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mishra Dhatu Nigam is ₹970.9 ( Cr.) .

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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