Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals. It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence. GoI still owns ~74% stake in the company after its IPO in 2018. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Revenue from Operations: ₹170.5 crore, up 4.2% year-over-year (YoY) from ₹163.45 crore in Q1 FY25.
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Profit Before Tax (PBT): ₹19.0 crore, up 112% YoY from ₹8.96 crore.
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Net Profit (PAT): ₹12.8 crore, a 160% jump from ₹5.11 crore in Q1 FY25.
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EBITDA: ₹41.28 crore, up 32.9% YoY (₹31.07 crore last year).
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Value of Production (VoP): ₹241.29 crore, up 14.5% YoY.
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EBITDA Margin: Expanded to 20.05% from 14.28% YoY, indicating stronger operational efficiency.
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Order Book: Stood at ₹1,827 crore as of July 1, 2025, securing future growth visibility.
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Finance Cost: Declined 10% YoY, supporting improved margins.
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Share Performance: Despite robust earnings, shares traded marginally lower on results day, reflecting the seasonally small contribution of Q1 to annual results.
Management Commentary & Strategic Highlights
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Management highlighted strong demand momentum in defence and strategic materials, with particular focus on indigenization, cost control, and expanding production capabilities.
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Operational efficiency and capacity utilization remained core drivers for profit growth and margin expansion.
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The company continues to align with India’s “Make in India” initiative, serving defence, aerospace, and nuclear energy with advanced alloys and specialty metals.
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New leadership appointments and strengthening of financial controls were mentioned, ensuring further governance and strategic alignment.
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Future outlook remains positive: a healthy order pipeline, rising export opportunities, and a commitment to value creation for stakeholders.
Q4 FY25 Earnings Results
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Revenue: ₹411 crore, nearly 2.5x Q1 FY26 (reflecting high seasonality of business).
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Net Profit: ₹56.2 crore, much higher than Q1 due to the nature of annual order execution cycles.
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EBITDA: ₹101 crore, up 69% sequentially; strong finish to previous fiscal year.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.
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