Mishra Dhatu Nigam Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mishra Dhatu Nigam Ltd trades at ₹396, in a confirmed uptrend and 11 weeks into that stage. That is +3.6% against its own 200-day average. It sits at 67% of a 52-week range of ₹287 to ₹450. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹396 it trades +3.6% versus its 200-day average and sits at 67% of its 52-week range (₹287–₹450).

Against the market, two honest reads. Cumulative: over the last 8.3 years the stock moved +340% while the NIFTY 500 moved +154% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mishra Dhatu Nigam Ltd trades at 56.4× P/E, mid-range by its own standards (64th percentile). Its long-run median P/E is 43.6×, measured across 6.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 56.4× is mid-range by its own standards (64th percentile), against a long-run median of 43.6× measured over 6.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +18.6% against a +2.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +15.9%/yr price move, ~−4.5%/yr came from earnings growth and ~+20.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mishra Dhatu Nigam Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −41.4% and has held its recovery at +18.9%, ROCE holding at 9.1%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

4-Factor Sector Score

45.7/100 — rank 14 of 24 in Aerospace & Defence - Equipments · 96% evidence confidence

Mishra Dhatu Nigam Ltd scores 45.7 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.3 + 13.7 + 7.4 + 8.3 = 45.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mishra Dhatu Nigam Ltd reported ₹553 Cr of revenue in the Mar 26 quarter, +34.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 7 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹1,209 Cr. The last four reported quarters add to ₹1,209 Cr.

FY26 revenue came in at ₹1,209 Cr (+12.6% on the year), capping 7 years at 7.9% compound. The latest quarter (Mar 26) printed ₹553 Cr, +34.5% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +8.8% growth against the decade's 7.9% — the current year is running in line with its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +12.6% over the last 4 quarters against +6.1%/yr over the last 8 — accelerating; TTM profit +18.9% vs +19.8%/yr — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mishra Dhatu Nigam Ltd's operating margin is 21.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 18.0% to 31.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, −2.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 18.0%–31.0%.

🚨 Why the margin moved: operating margin went −1.7 pp year on year while gross margin went −8.5 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mishra Dhatu Nigam Ltd earned ₹78.0 Cr of net profit in the Mar 26 quarter, +39.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹131 Cr. The 7-year compound rate is 0.0%. That is 14.1% of the quarter's revenue. The same quarter a year earlier earned ₹56.0 Cr.

Mar 26 profit was ₹78.0 Cr, +39.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹131 Cr (+18.0%), and the 7-year compound rate is 0.0%.

Why profit moved: revenue contributed +34.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +40.3% vs revenue +8.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 176% of Mishra Dhatu Nigam Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹155 Cr of operating cash against ₹131 Cr of profit. After ₹49.0 Cr of capital spending, ₹106 Cr was left as free cash.

FY26: operating cash of ₹155 Cr against reported profit of ₹131 Cr, leaving free cash of ₹106 Cr after ₹49.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 176% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 176%: the cash cycle tightened 385 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mishra Dhatu Nigam Ltd's cash conversion cycle runs 1,022 days in FY26, down from 1,407 days in FY21. Capital spending ran ₹174 Cr over the last 3 years. At FY26 sales of ₹1,209 Cr each day of that cycle holds about ₹3.3 Cr, so roughly ₹3,385 Cr sits inside the business at any moment.

FY26: debtors at 167 days, inventory at 935 days — roughly 30.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 1,022 days, tighter than FY21's 1,407.

The full loop: cash goes out to suppliers and production on day 0; stock waits 935 days to sell; customers pay about 167 days after that; and suppliers themselves are paid at 80 days — netting out to the 1,022-day cycle.

In money terms: at FY26 sales of ₹1,209 Cr, each day of the cycle holds about ₹3.3 Cr — so the 1,022-day loop keeps roughly ₹3,385 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹174 Cr over the last 3 fiscal years against ₹188 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹16.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mishra Dhatu Nigam Ltd earns a ROCE of 11% in FY26. That is up from a trough of 9% in FY24. Return on invested capital clears the cost of that capital by −5.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 10.8% net margin on 0.38× asset turns.

FY26 ROCE is 11%, recovered from a FY24 trough of 9% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 10.8% net margin × 0.38× asset turns × 2.10× balance-sheet leverage ≈ 8.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 6.9% − 12.0% = a −5.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Mishra Dhatu Nigam Ltd carries total debt of ₹407 Cr against shareholder equity of ₹1,532 Cr as of Mar 26, a debt-to-equity of 0.27 — effectively unlevered. On the annual view that ratio went from 0.30 in FY22 to 0.27 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹407 Cr against shareholder equity of ₹1,532 Cr — a debt-to-equity of 0.27. On the annual view, debt-to-equity went from 0.30 (FY22) to 0.27 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.0 points of Mishra Dhatu Nigam Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 7.4% of the company. Foreign institutions moved +1.3 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.0 points over 8 quarters to 7.4%; Foreign institutions: +1.3 points over 8 quarters to 2.6%; Promoters: +0.0 points over 8 quarters to 74.0%.

🚨 Why the register moved: domestic institutions drove it (−2.0 points), absorbed on the other side by foreign institutions (+1.3 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mishra Dhatu Nigam Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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