Mishra Dhatu Nigam Ltd
MIDHANIMishra Dhatu Nigam Ltd's earnings have outrun its stock. EPS grew +18.6% in a year against a +11.7% price move.
The sharpest disagreement: Domestic institutions moved −2.0 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (17 weeks in) while the P/E sits at the 75th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +23.1% year on year, and 176% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
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 ₹447, in a confirmed uptrend and 17 weeks into that stage. That is +13.6% against its own 200-day average. It sits at 98% of a 52-week range of ₹287 to ₹450. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.
Today the stock is in a confirmed uptrend — week 17 of stage 2, confirmed. At ₹447 it trades +13.6% versus its 200-day average and sits at 98% of its 52-week range (₹287–₹450).
Against the market, two honest reads. Cumulative: over the last 8.4 years the stock moved +397% while the NIFTY 500 moved +148% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — 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.
Story check
Mishra Dhatu Nigam Ltd's story is not scored yet against the markers our research file set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: Growth guidance oscillated 20%→10%→20%→12–15% over 4 consecutive calls; FY26 revenue guidance missed. Our fortnightly research layers last read it on 27 June 2026.
What is proven. See the research file
What is not proven yet. Growth guidance oscillated 20%→10%→20%→12–15% over 4 consecutive calls; FY26 revenue guidance missed.
🚨 Layer 1 read, 27 June 2026 — DROP. Cyclical-trough defence name whose multiple already re-rated to 71st-percentile RICH while guidance is missing — bottom of KEEP. ROCE is at an 11% trough vs a 15% through-cycle level and cash conversion is strong, but the market has paid up: PE 58.8 at the 71st percentile, normalized PE still 48.4x [C004/C006], with operating_cycle CONTRACTION and a March-seasonal spike inflating TTM EPS. Management also missed its own FY26 guidance, walking export from ₹120-150 Cr to ~₹50 Cr [C011/C012]. Re-rating has run ahead of the earnings, so it ranks last in the batch — P2 by D5, not a DROP.
What would change Layer 1’s mind. Two consecutive non-March quarters of EPS holding above ~₹1.5 with OPM expanding (operating_cycle turning from CONTRACTION to EARLY_EXPANSION) AND order-book guidance being delivered rather than walked back — that would convert the AT_TROUGH ROCE into a real earnings turn that grows into the rich multiple.
🚨 What the surface reading misses. The surface reading is: PE at 71st percentile reads expensive — 1.76x median The research reads it further: PE is high partly because OPM is at 35th percentile (21% vs mid-cycle 24.6%) — trailing EPS understates mid-cycle earnings power. At normalized OPM, PE adjusts to 48x (54th percentile), 19 percentile points lower
🚨 What the surface reading misses. The surface reading is: OPM 21% — below the 30–31% OPM of FY21–22 peak, reads as margin deterioration The research reads it further: The margin collapse from 30% to 20% occurred over FY23–FY25 as revenue ramped but overhead did not delever; OPM in the 35th percentile of history, not at structural floor. cyclicality_flag=AT_TROUGH per durability atoms
Sources: our stock research file (14 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Mishra Dhatu Nigam Ltd reported ₹239 Cr of revenue in the Jun 26 quarter, +40.6% year on year. That is the 3rd 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 ₹1,278 Cr.
Why this happened. Order book Rs 2,290 Cr as of April 1, 2026 with 2-year execution timeline implies revenue run-rate of approximately Rs 1,145 Cr per year from existing orders alone — virtually current revenue (C020). Defense segment at 79% (approximately Rs 1,810 Cr in defense orders). AMCA program developmental work underway for both superalloys and titanium; production orders expected post-development. Revenue from order-book execution is the primary FY27 earnings driver, not new order wins.
FY26 revenue came in at ₹1,209 Cr (+12.6% on the year), capping 7 years at 7.9% compound. The latest quarter (Jun 26) printed ₹239 Cr, +40.6% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +17.8% growth against the decade's 7.9% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +18.2% over the last 4 quarters against +10.4%/yr over the last 8 — accelerating; TTM profit +13.4% vs +31.6%/yr — rolling over.
FY26-Q4. revenue ₹553 Cr and profit ₹78 Cr as reported.
FY27-Q1. revenue ₹239 Cr and profit ₹16 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
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 15.0% in the Jun 26 quarter, −5.0 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 is running below every full year in that window.
The latest quarter's operating margin is 15.0%, −5.0 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 −4.8 pp year on year while gross margin went −15.3 pp — the loss came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹553 Cr and profit ₹78 Cr as reported.
FY27-Q1. revenue ₹239 Cr and profit ₹16 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
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 ₹16.0 Cr of net profit in the Jun 26 quarter, +23.1% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹131 Cr. The 7-year compound rate is 0.0%. That is 6.7% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr.
Jun 26 profit was ₹16.0 Cr, +23.1% year on year — the 3rd 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 +40.6% and the margin −5.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +6.1% vs revenue +17.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
FY26-Q4. revenue ₹553 Cr and profit ₹78 Cr as reported.
FY27-Q1. revenue ₹239 Cr and profit ₹16 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
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 −4.9 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: 7.1% − 12.0% = a −4.9 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.
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 62.1× P/E, at the pricey end of its own range (75th percentile). Its long-run median P/E is 47.0×, measured across 6.2 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 62.1× is at the pricey end of its own range (75th percentile), against a long-run median of 47.0× measured over 6.2 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 +11.7% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +19.5%/yr price move, ~−6.2%/yr came from earnings growth and ~+25.7 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 29 June 2026 price, Mishra Dhatu Nigam Ltd was paying for profit growth of about 30.7% a year. Profit itself has compounded 0.0% a year over the past 7 years. Today the market pays 62.1× P/E, the 75th percentile of its own 6-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
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 — EPS growth bottomed 8 quarters ago at −41.4% and has held its recovery at +14.1%, 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.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +12.6% | +11.5% | +8.3% | — |
| Profit | +18.0% | −5.7% | −4.6% | — |
| EPS | +18.6% | −5.6% | −4.6% | — |
| Share price | +11.7% | +1.3% | +19.5% | — |
4-Factor Sector Score
45.5/100 — rank 14 of 25 in Aerospace & Defence - Equipments · 100% evidence confidence
Mishra Dhatu Nigam Ltd scores 45.5 out of 100 against the 25 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: 16.6 + 11.5 + 7.5 + 9.9 = 45.5. 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.
Said versus delivered
What Mishra Dhatu Nigam Ltd's management promised, set against what actually arrived — 4 tracked 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 Target Softened · 17 August 2026. In Jun 2026, management explicitly set 20% as its revenue growth target after saying 12%-15% should be maintained. In Aug 2026, it no longer reaffirmed the 20% target, 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% target 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 investment 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.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sigma Advanced System LtdSIGMAADV | 77.9/100Favorable setup82% evidence | LEADER | 28.4/35 Revenue 100% · PAT 20.3% · OPM change 307 pp 95% evidence | 17.2/25 ROCE 60.8% · OPM 16% 76% evidence | 12.5/20 P/E 95.1× · PEG — 50% evidence | 19.8/20 RS sector 113.1% · RS bench 161.3% · 1Y 481.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 28.4 + 17.2 + 12.5 + 19.8 = 77.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Paras Defence and Space Technologies LtdPARAS | 70.7/100Favorable setup82% evidence | LEADER | 25.8/35 Revenue 36.6% · PAT 54.8% · OPM change 2 pp 95% evidence | 17.1/25 ROCE 17.2% · OPM 25% 76% evidence | 9.0/20 P/E 125× · PEG — 50% evidence | 18.8/20 RS sector 29.1% · RS bench 66.5% · 1Y 117.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.8 + 17.1 + 9 + 18.8 = 70.7 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3MTAR Technologies LtdMTARTECH | 67.2/100Favorable setup90% evidence | TURNING | 30.4/35 Revenue 53.5% · PAT 100% · OPM change 6 pp 100% evidence | 15.3/25 ROCE 15.1% · OPM 24% 100% evidence | 8.0/20 P/E 165× · PEG — 50% evidence | 13.5/20 RS sector 29.8% · RS bench 63% · 1Y 419.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 30.4 + 15.3 + 8 + 13.5 = 67.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Azad Engineering LtdAZAD | 64.0/100Mixed-positive evidence93% evidence | LEADER | 24.2/35 Revenue 29% · PAT 41.4% · OPM change 1 pp 100% evidence | 12.8/25 ROCE 11.9% · OPM 37% 100% evidence | 8.2/20 P/E 132× · PEG 2.29 65% evidence | 18.8/20 RS sector 15.1% · RS bench 50.7% · 1Y 80.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.2 + 12.8 + 8.2 + 18.8 = 64 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rossell Techsys LtdROSSTECH | 62.9/100Mixed-positive evidence83% evidence | BREAKING OUT | 28.8/35 Revenue 82.9% · PAT 68.8% · OPM change 1.8 pp 100% evidence | 8.0/25 ROCE 11.5% · OPM 14.4% 100% evidence | 8.9/20 P/E 173× · PEG — 15% evidence | 17.2/20 RS sector 13.1% · RS bench 48.2% · 1Y 69.8%8 of 12 weeks ahead 100% evidence |
| Exact sum: 28.8 + 8 + 8.9 + 17.2 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Sika Interplant Systems LtdSIKA | 62.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 19.1/35 Revenue 0.5% · PAT 9.8% · OPM change 1.1 pp 100% evidence | 21.9/25 ROCE 34.6% · OPM 19.5% 100% evidence | 13.0/20 P/E 66.4× · PEG 1.01 100% evidence | 8.4/20 RS sector -10.2% · RS bench 7.8% · 1Y -4.3%8 of 9 weeks ahead 70% evidence |
| Exact sum: 19.1 + 21.9 + 13 + 8.4 = 62.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Vinyas Innovative Technologies LtdVINYAS | 60.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 21.7/35 Revenue 65% · PAT 100% · OPM change 3 pp 48% evidence | 19.0/25 ROCE 21.4% · OPM 13% 95% evidence | 10.8/20 P/E 63.1× · PEG — 15% evidence | 8.5/20 RS sector -17.6% · RS bench 31.3% · 1Y 24.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 21.7 + 19 + 10.8 + 8.5 = 60 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 8Data Patterns (India) LtdDATAPATTNS | 58.3/100Mixed-positive evidence100% evidence | LEADER | 22.8/35 Revenue 33.9% · PAT 24.2% · OPM change -5 pp 100% evidence | 19.8/25 ROCE 21.9% · OPM 27% 100% evidence | 3.0/20 P/E 100× · PEG 3.94 100% evidence | 12.7/20 RS sector 7.7% · RS bench 40.5% · 1Y 95%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.8 + 19.8 + 3 + 12.7 = 58.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 9Jaykay Enterprises LtdJAYKAY | 54.3/100Mixed-positive evidence74% evidence | ASLEEP | 29.0/35 Revenue 100% · PAT 100% · OPM change 1.8 pp 95% evidence | 8.1/25 ROCE 8.2% · OPM 14.2% 95% evidence | 11.1/20 P/E 61.2× · PEG — 15% evidence | 6.1/20 RS sector -20.9% · RS bench 1.6% · 1Y 13.3%1 of 10 weeks ahead 70% evidence |
| Exact sum: 29 + 8.1 + 11.1 + 6.1 = 54.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20.9% and the one-year return is 13.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 10Astra Microwave Products LtdASTRAMICRO | 53.5/100Mixed-positive evidence100% evidence | LEADER | 16.0/35 Revenue 3.9% · PAT 17.4% · OPM change -1 pp 100% evidence | 17.7/25 ROCE 20.3% · OPM 19% 100% evidence | 4.8/20 P/E 84.4× · PEG 3.3 100% evidence | 15.0/20 RS sector 7.8% · RS bench 39.8% · 1Y 66.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16 + 17.7 + 4.8 + 15 = 53.5 · Decision use: Price leads the evidence: RS versus the benchmark is 39.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 11Hindustan Aeronautics LtdHAL | 52.3/100Mixed-positive evidence100% evidence | BREAKING OUT | 13.9/35 Revenue 7.4% · PAT 12.2% · OPM change 1 pp 100% evidence | 20.4/25 ROCE 32% · OPM 28% 100% evidence | 8.2/20 P/E 35.2× · PEG 3.54 100% evidence | 9.8/20 RS sector -17.1% · RS bench 11.6% · 1Y 11.4%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 20.4 + 8.2 + 9.8 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Apollo Micro Systems LtdAPOLLO | 51.8/100Mixed-positive evidence100% evidence | FADING | 19.6/35 Revenue 68.8% · PAT 74.2% · OPM change -10 pp 100% evidence | 13.4/25 ROCE 14.5% · OPM 21% 100% evidence | 7.2/20 P/E 129× · PEG 1.6 100% evidence | 11.6/20 RS sector 6.4% · RS bench 38.8% · 1Y 38.6%8 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 13.4 + 7.2 + 11.6 = 51.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Dynamatic Technologies LtdDYNAMATECH | 48.5/100Mixed-negative evidence83% evidence | TURNING | 18.3/35 Revenue 17.3% · PAT 0% · OPM change 3 pp 100% evidence | 9.3/25 ROCE 10.2% · OPM 13% 100% evidence | 9.2/20 P/E 140× · PEG — 15% evidence | 11.7/20 RS sector -6.1% · RS bench 25% · 1Y 82.9%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 9.3 + 9.2 + 11.7 = 48.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Mishra Dhatu Nigam Ltdthis pageMIDHANI | 45.5/100Mixed-negative evidence100% evidence | TURNING | 16.6/35 Revenue 18.2% · PAT 13.4% · OPM change -5 pp 100% evidence | 11.5/25 ROCE 11.3% · OPM 15% 100% evidence | 7.5/20 P/E 62.1× · PEG 5.62 100% evidence | 9.9/20 RS sector -9.5% · RS bench 20.5% · 1Y 18.7%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 11.5 + 7.5 + 9.9 = 45.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Electronics LtdBEL | 45.0/100Mixed-negative evidence100% evidence | TURNING | 14.7/35 Revenue 19.8% · PAT 11.8% · OPM change -3 pp 100% evidence | 19.3/25 ROCE 36.4% · OPM 25% 100% evidence | 7.5/20 P/E 48.1× · PEG 3.54 100% evidence | 3.5/20 RS sector -27.8% · RS bench -2.2% · 1Y 9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 19.3 + 7.5 + 3.5 = 45 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Ideaforge Technology LtdIDEAFORGE | 44.5/100Mixed-negative evidence74% evidence | ASLEEP | 26.7/35 Revenue 100% · PAT 100% · OPM change 152.7 pp 74% evidence | 1.3/25 ROCE -2.8% · OPM 3.4% 100% evidence | 8.5/20 P/E 928× · PEG — 15% evidence | 8.0/20 RS sector -3.5% · RS bench 24.1% · 1Y 44.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 1.3 + 8.5 + 8 = 44.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17High Energy Batteries (India) Ltd504176 | 43.3/100Mixed-negative evidence67% evidence | TURNING | 6.7/35 Revenue 1.5% · PAT -3.5% · OPM change -32.1 pp 95% evidence | 14.2/25 ROCE 20.4% · OPM -26.5% 76% evidence | 12.3/20 P/E 38.9× · PEG — 50% evidence | 10.1/20 RS sector — · RS bench 4.7% · 1Y —4 of 4 weeks ahead 25% evidence |
| Exact sum: 6.7 + 14.2 + 12.3 + 10.1 = 43.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Zen Technologies LtdZENTEC | 41.4/100Mixed-negative evidence69% evidence | FADING | 5.1/35 Revenue -23.4% · PAT -27.8% · OPM change -14 pp 95% evidence | 16.7/25 ROCE 16.2% · OPM 27% 76% evidence | 10.2/20 P/E 85.6× · PEG — 15% evidence | 9.4/20 RS sector -6.6% · RS bench 13.1% · 1Y 16.5%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.1 + 16.7 + 10.2 + 9.4 = 41.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19BEML LtdBEML | 40.5/100Mixed-negative evidence91% evidence | BREAKING OUT | 15.9/35 Revenue 12.8% · PAT -40.1% · OPM change 8.2 pp 74% evidence | 3.5/25 ROCE 7.7% · OPM 0.2% 100% evidence | 10.7/20 P/E 94.4× · PEG 1.18 100% evidence | 10.4/20 RS sector -17% · RS bench 12% · 1Y -0.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 3.5 + 10.7 + 10.4 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Bharat Dynamics LtdBDL | 35.2/100Mixed-negative evidence93% evidence | TURNING | 12.1/35 Revenue -18.7% · PAT -7.1% · OPM change 33 pp 100% evidence | 13.3/25 ROCE 13.8% · OPM 15% 100% evidence | 5.9/20 P/E 83.8× · PEG 4.44 65% evidence | 3.9/20 RS sector -35.7% · RS bench -12.4% · 1Y -17.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 12.1 + 13.3 + 5.9 + 3.9 = 35.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 21AXISCADES Technologies LtdAXISCADES | 33.1/100Adverse evidence93% evidence | ASLEEP | 11.9/35 Revenue 3.5% · PAT -55% · OPM change -2.3 pp 100% evidence | 3.9/25 ROCE 3.6% · OPM 4.7% 100% evidence | 10.9/20 P/E 238× · PEG 1.39 65% evidence | 6.4/20 RS sector -12% · RS bench 17% · 1Y 27.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 11.9 + 3.9 + 10.9 + 6.4 = 33.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 22Avantel LtdAVANTEL | 32.1/100Adverse evidence83% evidence | ASLEEP | 9.9/35 Revenue -3.2% · PAT -67.2% · OPM change 4.6 pp 100% evidence | 10.2/25 ROCE 9.6% · OPM 24.8% 100% evidence | 8.6/20 P/E 242× · PEG — 15% evidence | 3.4/20 RS sector -26.5% · RS bench -1.1% · 1Y -11.6%4 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.2 + 8.6 + 3.4 = 32.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23NIBE LtdNIBE | 24.1/100Adverse evidence66% evidence | FADING | 3.0/35 Revenue -5.2% · PAT -80% · OPM change -24 pp 95% evidence | 5.4/25 ROCE 4.8% · OPM -15% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -29.8% · RS bench 4.7% · 1Y 7.1%7 of 11 weeks ahead 70% evidence |
| Exact sum: 3 + 5.4 + 10 + 5.7 = 24.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24DCX Systems LtdDCXINDIA | 24.0/100Adverse evidence71% evidence | BASING | 5.9/35 Revenue -46.5% · PAT -80% · OPM change -10.9 pp 95% evidence | 4.2/25 ROCE 0.9% · OPM -10.4% 95% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.9/20 RS sector -27.1% · RS bench -12.3% · 1Y -37.9%1 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 4.2 + 10 + 3.9 = 24 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 25Aequs LtdAEQUS | 39.1/100Thin evidence · provisional35% evidence | BREAKING OUT | 14.9/35 Revenue — · PAT — · OPM change -7.3 pp 45% evidence | 4.2/25 ROCE 1.7% · OPM 3.7% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 14.9 + 4.2 + 10 + 10 = 39.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Mishra Dhatu Nigam Ltd's share price today?
Mishra Dhatu Nigam Ltd trades at ₹447, +11.7% over the past year. The company is valued at ₹8,382 Cr. The stock sits at 98% of its 52-week range of ₹287–₹450, +13.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 17 weeks in. — as of 11 September 2026.
What were Mishra Dhatu Nigam Ltd's latest quarterly results?
Mishra Dhatu Nigam Ltd reported revenue of ₹239 Cr and net profit of ₹16.0 Cr for the Jun 26 quarter. Revenue rose 40.6% and profit rose 23.1% year on year. Earnings per share were ₹0.88. The operating margin was 15.0%, 5.0 pp lower than a year earlier. — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's revenue?
Mishra Dhatu Nigam Ltd reported revenue of ₹239 Cr in the Jun 26 quarter, +40.6% year on year. For the full FY26 fiscal year, revenue was ₹1,209 Cr (+12.6%). Over the last 7 years revenue compounded at 7.9% a year. — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's profit?
Mishra Dhatu Nigam Ltd earned ₹16.0 Cr of net profit in the Jun 26 quarter, +23.1% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹131 Cr. The operating margin ran 15.0% in the latest quarter. — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's market cap?
Mishra Dhatu Nigam Ltd's market capitalisation is ₹8,382 Cr at a share price of ₹447. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's P/E ratio?
Mishra Dhatu Nigam Ltd trades at a P/E of 62.1×, at the 75th percentile of its own 6-year range, against a long-run median of 47.0×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Mishra Dhatu Nigam Ltd pay a dividend?
Yes — Mishra Dhatu Nigam Ltd's dividend payout was 18% of profit in FY26, and it recorded a payout in each of its last 8 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd overvalued?
On its own history, Mishra Dhatu Nigam Ltd looks expensive: its P/E of 62.1× sits at the 75th percentile of its 6-year range (long-run median 47.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd growing?
Yes — Mishra Dhatu Nigam Ltd is growing: latest-quarter revenue +40.6% year on year, profit +23.1%, and the margin −5.0 pp at 15.0%. The 7-year compound rates are 7.9% (revenue) and 0.0% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Mishra Dhatu Nigam Ltd performing?
Mishra Dhatu Nigam Ltd is in a confirmed uptrend, 17 weeks in. Its latest quarter's revenue rose 40.6% and profit rose 23.1% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Mishra Dhatu Nigam Ltd in?
Improving — EPS growth bottomed 8 quarters ago at −41.4% and has held its recovery at +14.1%, ROCE holding at 9.1%. The read comes from the last 12 quarters of growth (revenue growth +18.2% latest, profit growth +13.4% latest, eps growth +14.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 17 of stage 2), trading +13.6% versus its 200-day average and at 98% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd beating the market?
On recent form, yes — Mishra Dhatu Nigam Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.4 years the stock moved +397% against the NIFTY 500's +148% — ahead of the index over the full window. — as of 11 September 2026.
Will Mishra Dhatu Nigam Ltd's share price go up?
This page publishes no price forecast for Mishra Dhatu Nigam Ltd. What it measures instead: the share price is ₹447, the price is in a confirmed uptrend 17 weeks in. Its P/E of 62.1× sits at the 75th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Mishra Dhatu Nigam Ltd?
Promoters hold 74.0% of Mishra Dhatu Nigam Ltd, foreign institutions 2.6%, domestic institutions 7.4% and the public 16.1% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 2.0 points over 8 quarters. — as of 11 September 2026.
Does Mishra Dhatu Nigam Ltd have too much debt?
No — Mishra Dhatu Nigam Ltd's debt-to-equity is 0.27, and operating profit covers the interest bill 10×. FY26 borrowings were ₹407 Cr against equity of ₹1,532 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's capex?
Mishra Dhatu Nigam Ltd spent ₹174 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹49.0 Cr, with ₹16.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Mishra Dhatu Nigam Ltd's cash flow?
Mishra Dhatu Nigam Ltd generated ₹155 Cr of operating cash flow in FY26 and ₹106 Cr of free cash flow after ₹49.0 Cr of capital spending. Reported profit that year was ₹131 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd's profit real cash?
Yes — over the last 3 fiscal years, 176% of Mishra Dhatu Nigam Ltd's reported profit arrived as operating cash. Though the latest year ran at 118% — the trend is the thing to watch. In FY26, operating cash was ₹155 Cr against reported profit of ₹131 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Mishra Dhatu Nigam Ltd in its business cycle?
Mishra Dhatu Nigam Ltd's FY26 operating margin was 20.0%, against a 8-year band of 18.0%–31.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 15.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Mishra Dhatu Nigam Ltd's price assume?
At its price on 29 June 2026, Mishra Dhatu Nigam Ltd was priced for profit growth of about 30.7% a year. Profit itself has compounded 0.0% a year over the past 7 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Mishra Dhatu Nigam Ltd story?
The sharpest disagreement: Domestic institutions moved −2.0 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Mishra Dhatu Nigam Ltd a stock worth studying right now?
This is not investment advice. The machine read: Mishra Dhatu Nigam Ltd's earnings have outrun its stock. EPS grew +18.6% in a year against a +11.7% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!