Mishra Dhatu Nigam share price today

Mishra Dhatu Nigam Ltd's share price was ₹388.90 at the close on 4 November 2026. It has been rising for 24 weeks. That is 2.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹287 and ₹450, and at that close it sat 62% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Mishra Dhatu Nigam Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 3 weeks running.

Over the last 8.6 years the share price moved +332% while the NIFTY 500 moved +137%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 16 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: indian funds and insurers (DIIs) cut their stake for 5 quarters in a row and lowest operating margin in 8 quarters.

1. Indian funds and insurers (DIIs) cut their stake for 5 quarters in a row

   From 9% to 7.3% of the company by the September 2026 quarter.

2. Lowest operating margin in 8 quarters

   Operating margin was 15% in the June 2026 quarter, against 20% a year earlier.

   Why: Margins fell because raw material and fuel cost more, and fixed price contracts meant the company could not pass all of the increase to customers.

   Next results: check whether LPG and raw material costs have eased and whether the margin gets back to the 20% to 21% management expects from Q3.

   From the earnings call on 17 Aug 2026.

Mishra Dhatu Nigam paid ₹2.10 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 0.54% at the ₹388.90 close on 4 November 2026. The last was a dividend of ₹1.25 a share, ex-date 23 September 2026.

Mishra Dhatu Nigam dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Mishra Dhatu Nigam Ltd paid out 30% of its profit as dividends in FY26, and it paid a dividend in each of its last 8 reported years.

From the NSE corporate-actions record, read 5 November 2026.

For April to June 2026 (the quarter ended 30 June 2026), Mishra Dhatu Nigam reported revenue of ₹239 crore, up 40.6% from ₹170 crore a year earlier, and a profit of ₹16.0 crore, up 23.1% from ₹13.0 crore.

Mishra Dhatu Nigam results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Mishra Dhatu Nigam's management discussed these results on a call held on 17 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Mishra Dhatu Nigam closed at ₹388.90 on 4 November 2026, up 3.7% from ₹374.85 a year earlier (7 November 2025) and up 95.2% over five years. Its highest weekly close since April 2018 was ₹525.30 on 2 February 2024.

Mishra Dhatu Nigam share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

455 weekly closes from 6 April 2018 to 4 November 2026.

4 Nov 2026: Mishra Dhatu Nigam closed at ₹388.90, up 7.8% on the week and down 10.3% on the month. Our read, 10 Oct 2026: India’s sole maker of many defence-grade superalloys and titanium alloys, at trough margins, but growth is capped by full melting capacity, the expansion plan keeps slipping, and management just lowered its margin goal.

Earlier

• 23 Sep 2026: ex-date for a dividend of ₹1.25 a share.
• 17 Aug 2026: Mishra Dhatu Nigam held its results call for April to June 2026. Management guided: FY27 growth expected above FY26, but the Q1 run rate was not considered practicable for the full year.
• Results for April to June 2026: Revenue up 40.6% and profit up 23.1% on a year earlier.
• 18 Mar 2026: ex-date for an interim dividend of ₹0.85 a share, record date 19 Mar 2026.

Our read of the business

Profit margins are near the bottom of their history because of raw-material and fuel costs on fixed-price contracts. The recovery is real but smaller than hoped: management now guides 20 to 21% margins instead of 23 to 25%, and the capacity expansion that would lift growth has no approval date.

April to June 2026: Sales up 40.6% on stock drawdown; margin squeezed to 15% by raw material and fuel costs.

Our read after the April to June 2026 results, written 10 October 2026.

On the call for April to June 2026, held on 17 August 2026, Mishra Dhatu Nigam's management guided: FY27 growth expected above FY26, but the Q1 run rate was not considered practicable for the full year.

“With this, Midhani can conduct testing for all our customers, including our own testing requirements, for whatever material we are supplying.”Dr. S.V.S. Narayana Murthy, CMD, on the call for April to June 2026

What management guided

• Operating margin expected at 20%-21% from Q3, with some LPG impact potentially continuing in Q2.
• Customer-owned Metal Bank implementation expected by next quarter, with further procurement clarity by the end of Q2.
• NADCAP non-destructive testing planned by year-end; ISO 27001 and ISO 50001 during FY27; Abhed test certificates by next quarter.
• Exports planned at around 10% of turnover, with 10%-15% annual growth over 3-4 years; ₹100 crore to ₹120 crore cited and approvals possible within about a year.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 17 August 2026.

What is changing at Mishra Dhatu Nigam, from the latest results and calls: order book execution, ₹2,329 crore, about 1.8x last 12 months revenue, margin recovery from the raw-material and lpg squeeze and qualification moat converting to new markets, engines, amca, exports, testing services.

• Order book execution, ₹2,329 crore, about 1.8x last 12 months revenue. Existing orders cover roughly 1.8 years of sales, but Q1 inflow ran at about a fifth of the yearly goal. ⚠ estimate
• Margin recovery from the raw-material and LPG squeeze. Operating margin 15% in April to June 2026; management guides 20 to 21% from Q3. ⚠ estimate
• Qualification moat converting to new markets, engines, AMCA, exports, testing services. Nadcap, GE S400, isothermal forging and AMCA development orders widen the moat; revenue timing is undated. ⚠ estimate
• Capacity unlock, ₹1,000 crore modernisation. Melting runs near full; the plan that lifts the cap is unapproved and would pay off only from year four. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 10 October 2026.

Order book ₹2,329 crore on 1 July 2026; defence 66%, space 21%, energy 9%, others 4%.

• Order book ₹2,290 crore on 1 April 2026, defence 79%. ✓ fact
• Feb 2026: order book ₹2,594 crore with 2-year execution. ✓ fact
• Order inflow is running below the ₹1,500 crore FY27 goal: order book moved from ₹2,290 crore (April) to ₹2,329 crore (July) while ₹239 crore was billed, implying about ₹278 crore of new orders in Q1, about 19% of the full-year goal; the book covers about 1.8x last 12 months revenue. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

If the Sep 2026 and Dec 2026 quarters print operating margin at or above 20% with value of production growing above 15% on a year earlier, or the board approves the ₹1,000 crore capital spending with a dated phase plan, the growth cap and margin reset are lifting and the case turns constructive.

Each change stops working if

• Order book execution, ₹2,329 crore, about 1.8x last 12 months revenue: Order book falls below ₹2,000 crore (about 1.5x revenue) by the Jan 2027 disclosure.
• Margin recovery from the raw-material and LPG squeeze: Dec 2026 quarter operating margin prints below 18% after the promised Q3 recovery.
• Qualification moat converting to new markets, engines, AMCA, exports, testing services: FY27 exports finish below ₹85 crore (no growth over FY26) despite the certifications.
• Capacity unlock, ₹1,000 crore modernisation: No board approval by the Feb 2027 call.

The main risks

• Guidance credibility, four dated promises missed or moved: Revenue, margin, capital spending-approval and Metal Bank promises have each slipped within one or two calls. ⚠ estimate
• Input-cost pass-through on fixed-price contracts: Raw-material and LPG shocks cost about ₹19 crore in Q1 because fixed-price contracts cannot pass them on. ✓ fact
• Earnings quality, other income and receivables: Other income is 22% of last 12 months profit before tax; debtor days rose from 110 to 167 in two years. ✓ fact
• Growth cap from full melting capacity: Production grew 7.9% in Q1; without the capital spending, growth stays near capacity creep. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

When Mishra Dhatu Nigam reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Operating margin recovery in later quarters - check whether LPG and raw-material pressure has normalised in the next print.

Mishra Dhatu Nigam is on 2 of our India lists: Multibagger study list and Defence stocks.

Mishra Dhatu Nigam Ltd earned ₹16.0 Cr of net profit in the Jun 2026 quarter, +23.1% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was ₹131 Cr. Over 7 years profit has grown 0.0% a year on average. That is 6.7% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹13.0 Cr.

For the full year, FY26 profit was ₹131 Cr (+18.0% on the year before).

Why profit moved: revenue changed +40.6% on a year earlier and the margin moved −5.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +6.1% and revenue +17.8%. Profit is growing slower than sales: rising costs are taking part of the growth.

Mishra Dhatu Nigam Ltd reported ₹239 Cr of revenue in the Jun 2026 quarter, +40.6% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 7 years it has grown 7.9% a year on average. The last full year, FY26, came in at ₹1,209 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The order book was Rs 2,329 Cr on 1 July 2026 against TTM revenue of Rs 1,278 Cr. That floor of visibility is what supports a premium multiple (the visibility-premium floor). The weak link is inflow: the book went from Rs 2,594 Cr in February to Rs 2,290 Cr in April and only Rs 2,329 Cr in July, implying about Rs 278 Cr of new orders in Q1 against a Rs 1,500 Cr FY27 goal. Defence share fell from 79% to 66% as space rose to 21%.

The last four reported quarters add to ₹1,278 Cr.

FY26 revenue was ₹1,209 Cr, +12.6% on the year before.

Recent pace: the last four quarters grew +17.8% on average, against 7.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +18.2%, against +10.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +13.4%, against +31.6% a year (rolling over).

Mishra Dhatu Nigam Ltd's operating margin was 15.0% in the Jun 2026 quarter, 5.0 percentage points lower than the same quarter a year ago. Across 8 years it has been between 18.0% and 31.0%. The latest quarter is below every full year in that period.

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

Why this happened. The Q1 margin loss is in gross margin (77% to 62% YoY), matching management’s Rs 13 to 14 Cr raw-material variance and Rs 5 Cr LPG hit on fixed-price contracts. If input costs settle, OPM returns toward 20 to 21%, which on TTM revenue is roughly Rs 60 to 75 Cr more operating profit a year than the Q1 pace. Mix toward superalloys and titanium, which earn more than special steel, is the second lever. The ceiling is lower than before: management cut its view from 23 to 25% to 20 to 21%.

Why the margin moved: operating margin changed −4.8 percentage points on the year while gross margin changed −15.3 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 176% of Mishra Dhatu Nigam Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹155 Cr of operating cash against ₹131 Cr of profit. After ₹49.0 Cr of spending on assets, ₹106 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

Mishra Dhatu Nigam Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹1,209 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹174 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Melting runs near full capacity, and management has called infrastructure the main growth bottleneck. The Rs 1,000 Cr modernisation over 2 to 3 years is the only lever that lifts growth above the high-single-digit throughput pace seen in Q1 production. It is not approved, management could give no timeline in August, FY27 capex is only Rs 50 to 60 Cr, and benefits start only in the fourth year. CWIP of Rs 16 Cr confirms nothing large is being built.

Averaged over those years that is 4.8% of FY26 revenue a year.

Spending on assets: ₹174 Cr over the last 3 years, against ₹188 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹16.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Mishra Dhatu Nigam Ltd's P/E is 54.0×, in the middle of its own history: higher than 59% of past readings. Its usual P/E (the middle reading) is 48.1×, over 6.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +18.6% while the price moved +3.7%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +14.3% a year; about −6.3% a year came from earnings growth and about +20.6 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Mishra Dhatu Nigam Ltd's share price assumed profit growth of about 31.5% a year. Over the past 7 years its profit actually grew 0.0% a year. Today its P/E is 54.0×, higher than 59% of its own last 6.3 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Mishra Dhatu Nigam Ltd's business is getting better. EPS growth hit its low 8 quarters ago at −41.4% and has recovered to +14.1%, with ROCE steady at 9.3%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: a lasting rise from a low is what this page is built to show.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Mishra Dhatu Nigam Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

Our read, 10 October 2026. India’s sole maker of many defence-grade superalloys and titanium alloys, at trough margins, but growth is capped by full melting capacity, the expansion plan keeps slipping, and management just lowered its margin goal.

What is proven. India’s sole maker of many defence-grade superalloys and titanium alloys, at trough margins, but growth is capped by full melting capacity, the expansion plan keeps slipping, and management just lowered its margin goal.

What is not proven yet. If the Sep 2026 and Dec 2026 quarters print OPM at or above 20% with value of production growing above 15% YoY, or the board approves the Rs 1,000 Cr capex with a dated phase plan, the growth cap and margin reset are lifting and the case turns constructive.

What would change our mind. If the Sep 2026 and Dec 2026 quarters print OPM at or above 20% with value of production growing above 15% YoY, or the board approves the Rs 1,000 Cr capex with a dated phase plan, the growth cap and margin reset are lifting and the case turns constructive.

The test written in advance. Guidance credibility, four dated promises missed or moved. Measured by: Guidance credibility, four dated promises missed or moved Any further cut to FY27 growth or margin guidance on the Nov 2026 call. by the next result.

What the company does. Midhani supplies special metals for fighter engines, missiles and rockets, with an order book of about 1.8 times a year’s sales. Profit margins are near the bottom of their history because of raw-material and fuel costs on fixed-price contracts. The recovery is real but smaller than hoped: management now guides 20 to 21% margins instead of 23 to 25%, and the capacity expansion that would lift growth has no approval date.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: PAT grew 23% YoY in Jun 2026 and TTM PAT is up, so earnings look to be compounding. The research reads it further: About a fifth of pre-tax profit is non-operating other income that runs at Rs 7 to 15 Cr every quarter regardless of operations. In the weak first and second quarters it is 40 to 47% of PBT, so the reported profit in seasonally light quarters is held up by treasury-style income, not by the metal business.

What the surface reading misses. The surface reading is: OPM at 15% in Jun 2026, the lowest in four quarters, reads as a business losing pricing power. The research reads it further: The fall is in gross margin (about 15 points), which matches management attributing roughly Rs 14 Cr to adverse raw-material price variance and Rs 5 Cr to LPG on fixed-price contracts. Overheads as a share of sales actually fell because revenue rose 40%. It is an input-cost squeeze on contracts that cannot pass costs through, not a demand problem.

• 1 · Operating leveragequiet
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 6 · Order-book wins: building. Existing orders cover roughly 1.8 years of sales, but Q1 inflow ran at about a fifth of the yearly goal. What proves it keeps working: Order book execution, Rs 2,329 Cr, about 1.8x TTM revenue. It stops working if Order book falls below Rs 2,000 Cr (about 1.5x revenue) by the Jan 2027 disclosure.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Mishra Dhatu Nigam Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Revenue Growth Goal Softened · 17 August 2026. In Jun 2026, management explicitly set 20% as its revenue growth goal after saying 12%-15% should be maintained. In Aug 2026, it no longer reaffirmed the 20% goal, said the Q1 growth rate was not practicable for the full year, and provided only a non-quantified expectation of growth above the prior year; management cited LPG and raw material issues but did not explain whether the 20% goal remained achievable.

EBITDA Margin Outlook Reduced · 17 August 2026. Prior calls consistently indicated sustainable EBITDA margins of approximately 23%-25%. In Aug 2026, management endorsed a 20%-21% EBITDA margin from Q3, a material reduction from the prior range, while attributing the current weakness to LPG and raw material costs without explaining why normalized margins would remain lower.

1000 Crore Capex Approval Timeline Slipped · 17 August 2026. The 1000 crore capex plan was expected to have greater clarity by the end of Q4 in Feb 2026 and Board approval within one or two months in Jun 2026. In Aug 2026, management said the formal approval process still had to take place, provided no timeline, and indicated that FY27 capex would be only approximately 50-60 crores, leaving the major spending plan unresolved.

Metal Bank Implementation Deferred · 17 August 2026. In Feb 2026, management expected a fully fledged six-material Metal Bank to be in place by the end of Q1 FY27, and in Jun 2026 it expected establishment within approximately four months. In Aug 2026, the initiative was still at the procurement stage for only one customer, with the remaining process ongoing and further clarity deferred to the end of Q2, indicating that the previously expected implementation milestone was not achieved.

Every quote above is taken word for word from the company’s own earnings calls.

Mishra Dhatu Nigam Ltd earned a ROCE of 11% in FY26. That is up from a low of 9% in FY24. Its return on capital used (ROIC) is 4.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 10.8% net margin and 0.38× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 10.8% net margin × 0.38× asset turnover × 2.10× leverage (assets divided by equity) ≈ 8.6% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 7.1% − 12.0% = −4.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Mishra Dhatu Nigam Ltd has total debt of ₹407 Cr against shareholder equity of ₹1,532 Cr as of Jun 2026, so its debt is 0.27× its equity, which is very little. Year by year, that ratio went from 0.30 in FY22 to 0.27 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.