# Mishra Dhatu Nigam share price today (Mishra Dhatu Nigam Ltd, NSE: MIDHANI)

> Mishra Dhatu Nigam share price today: ₹372.50 at the NSE close on 3 November 2026, down 3.3% in a year. Mishra Dhatu Nigam (NSE: MIDHANI) is worth ₹6,973 crore, trades at a P/E of 51.7 and has closed between ₹287.05 and ₹450.35 over the past 52 weeks. > Mishra Dhatu Nigam Ltd's earnings have grown faster than its share price. Earnings per share grew +18.6% in a year while the price moved −3.3%. MIDHANI · Aerospace & Defence - Equipments · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd

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## Key numbers

- Business trend: Getting better, from the last 12 quarters
- Price: ₹372.50 (−3.3% in a year)
- P/E: 51.7× (higher than 56% of the last 6.3 years)
- Revenue (Jun 2026): ₹239 Cr (+40.6% on a year ago)
- Profit (Jun 2026): ₹16.0 Cr (+23.1% on a year ago)
- Operating margin: 15.0% (−5.0 points on a year ago)
- ROCE: 11%, FY26
- ROIC: 7.1%, against a 12.0% cost of capital: −4.9 points

Biggest thing to watch: the price has already been rising for 24 weeks, so timing is the risk more than the business. ## What is the Mishra Dhatu Nigam share price today? Mishra Dhatu Nigam Ltd's share price was ₹372.50 at the close on 3 November 2026. It has been rising for 24 weeks. That is 6.5% 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 52% of the way up from that low. 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 +314% 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. ## What changed at Mishra Dhatu Nigam this quarter? 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. ## What dividend does Mishra Dhatu Nigam pay? Mishra Dhatu Nigam paid ₹2.10 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.56% at the ₹372.50 close on 3 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

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 23 Sep 2026 | ₹1.25 | Dividend | same day |
| 18 Mar 2026 | ₹0.85 | Interim | 19 Mar 2026 |
| 25 Mar 2025 | ₹0.75 | Interim | same day |
| 22 Mar 2024 | ₹1.41 | Interim | same day |
| 22 Sep 2023 | ₹1.67 | Dividend | same day |
| 23 Mar 2023 | ₹1.68 | Interim | same day |
| 21 Sep 2022 | ₹1.54 | Dividend | 22 Sep 2022 |
| 22 Mar 2022 | ₹1.56 | Interim | 23 Mar 2022 |
| 21 Sep 2021 | ₹1.58 | Dividend | 22 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What are Mishra Dhatu Nigam's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹239 crore | ₹170 crore | +40.6% |
| Profit | ₹16.0 crore | ₹13.0 crore | +23.1% |
| Earnings per share | ₹0.88 | ₹0.69 | +27.5% |
| Operating margin | 15.0% | 20.0% | −5.0 points |

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.)

## What is the Mishra Dhatu Nigam share price history? Mishra Dhatu Nigam closed at ₹372.50 on 3 November 2026, down 3.3% from ₹385.15 a year earlier (31 October 2025) and up 87.0% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹361.65 | +3.0% |
| 1 month ago · 1 Oct 2026 | ₹433.60 | −14.1% |
| 6 months ago · 30 Apr 2026 | ₹389.90 | −4.5% |
| 1 year ago · 31 Oct 2025 | ₹385.15 | −3.3% |
| 3 years ago · 3 Nov 2023 | ₹397.70 | −6.3% |
| 5 years ago · 4 Nov 2021 | ₹199.25 | +87.0% |
| Earliest and lowest weekly close in our records · 6 Apr 2018 | ₹90.05 | +313.7% |
| Highest weekly close since April 2018 · 2 Feb 2024 | ₹525.30 | −29.1% |
| 52-week high (weekly close) · 9 Jun 2026 | ₹450.35 | −17.3% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹287.05 | +29.8% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (455 weekly closes from 6 April 2018 to 3 November 2026.)

## What is the latest news on Mishra Dhatu Nigam? 3 Nov 2026: Mishra Dhatu Nigam closed at ₹372.50, up 3.0% on the week and down 14.1% 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.)

## What did Mishra Dhatu Nigam management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/5673/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 17 August 2026.)

## What is the future of Mishra Dhatu Nigam? What is changing in the business? 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.)

## What is Mishra Dhatu Nigam's order book? 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.)

## What could change the Mishra Dhatu Nigam story? What are the risks? 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.)

## What to watch in Mishra Dhatu Nigam's next results? 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. - What to check (from the call)
- Operating margin recovery in later quarters - check whether LPG and raw-material pressure has normalised in the next print. - Metal Bank moves from customer-specific procurement to operating stock - check first receipt and working-capital treatment. - Modernisation proposal reaches Board and Ministry approval stage - check whether formal project detail and an execution timeline emerge. - Abhed qualification and aerospace certification progress - check test certificates and customer conversion beyond completed fabrication. ## Which stock lists is Mishra Dhatu Nigam on? Mishra Dhatu Nigam is on 2 of our India lists: Multibagger study list and Defence stocks. - [Multibagger study list Study stage: middle](https://www.sectoralpha.in/multibagger-stocks-india)
- [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Mishra Dhatu Nigam profitable? 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. 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. ## How much revenue does Mishra Dhatu Nigam make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Mishra Dhatu Nigam keep? 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. 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. ## Is Mishra Dhatu Nigam's profit turning into cash? 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. 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. ## Where does Mishra Dhatu Nigam's cash go? 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. 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. ## What is Mishra Dhatu Nigam's P/E ratio, and how does it compare with its own history? Mishra Dhatu Nigam Ltd's P/E is 51.7×, in the middle of its own history: higher than 56% 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. Why the multiple is where it is: over the past year earnings per share moved +18.6% while the price moved −3.3%. 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 +13.3% a year; about −6.3% a year came from earnings growth and about +19.6 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. ## What growth does the Mishra Dhatu Nigam share price assume? 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 51.7×, higher than 56% of its own last 6.3 years. 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 3 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. ## Is the Mishra Dhatu Nigam business getting better or worse? 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. Why it matters: a lasting rise from a low is what this page is built to show. ## What is the Mishra Dhatu Nigam story, and has it been checked? 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. 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. The test written in advance. 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. 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. 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. ## Did Mishra Dhatu Nigam management deliver what it promised? 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. ## How much does Mishra Dhatu Nigam earn on its capital? 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. 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. ## Does Mishra Dhatu Nigam have too much debt? 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. ## What is the Mishra Dhatu Nigam shareholding pattern? Domestic institutions cut their stake in Mishra Dhatu Nigam Ltd by 1.1 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 7.3% of the company. Foreign institutions moved +0.7 points over the same period, to 2.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −1.1 points over 8 quarters, to 7.3%; Foreign institutions: +0.7 points over 8 quarters, to 2.1%; Promoters: +0.0 points over 8 quarters, to 74.0%. Why the owners changed: domestic institutions drove it (−1.1 points), with the other side taken by foreign institutions (+0.7 points). They reduced their stake. ## How far is Mishra Dhatu Nigam from balance-sheet trouble? For Mishra Dhatu Nigam Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Mishra Dhatu Nigam rank in its industry? 42.5 out of 100, rank 16 of 25 in Aerospace & Defence - Equipments, with 96% of the evidence available. Mishra Dhatu Nigam Ltd scores 42.5 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 16. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 17.5 + 11.6 + 7.7 + 5.7 = 42.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Mishra Dhatu Nigam compared with? Mishra Dhatu Nigam ranks 16 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 42.5 out of 100. 1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) APOLLO · turning · Most evidence points up · 100% evidence 70.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.8/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.8 + 9.2 + 16.4 = 70.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.6/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.6 + 7.4 + 14.9 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.2/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.2 + 8.8 + 19.5 = 64 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) AZAD · leader · Evidence leans up · 89% evidence 57.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.6/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.6 + 9 + 14.9 = 57.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.4 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.8 out of 100 Growth Capital Valuation Relative
14. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. Mishra Dhatu Nigam Ltd this page MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Revenue 18.2% · Profit 13.4% · Operating margin change -5 points · 88% evidence Capital efficiency 11.6/25 · ROCE 11.4% · Operating margin 15% · 100% evidence Valuation 7.7/20 · P/E 50.1× · PEG 5.62 · 100% evidence Relative strength 5.7/20 · Lead over its industry -18.2% · Lead over NIFTY 500 0.1% · 1 year -6.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 17.5 + 11.6 + 7.7 + 5.7 = 42.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.6 out of 100 Growth Capital Valuation Relative
18. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.9 out of 100 Growth Capital Valuation Relative
19. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) IDEAFORGE · quiet · Evidence leans down · 71% evidence 39.8 out of 100 Growth Capital Valuation Relative
20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.6 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.7 out of 100 Growth Capital Valuation Relative
22. [Aequs Ltd](https://www.sectoralpha.in/stocks/aequs-ltd) AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative
23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.8 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Aerospace & Defence - Equipments](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to Mishra Dhatu Nigam in size? Mishra Dhatu Nigam is the 16th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Paras Defence and Space Technologies, AXISCADES Technologies and Dynamatic Technologies. Just below it: Rossell Techsys, Avantel and Ideaforge Technology. ### Aerospace & Defence - Equipments companies close in size

1. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) ₹10,071 crore
2. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) ₹7,979 crore
3. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) ₹7,878 crore
4. Mishra Dhatu Nigam Ltd ₹6,758 crore
5. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ₹5,128 crore
6. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) ₹3,583 crore
7. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) ₹3,125 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [NDR INVIT Trust](https://www.sectoralpha.in/stocks/ndr-invit-trust) ₹6,779 crore · Infrastructure Investment Trusts
2. [ISGEC Heavy Engineering Ltd](https://www.sectoralpha.in/stocks/isgec-heavy-engineering-ltd) ₹6,762 crore · Infra - Engineering - General
3. Mishra Dhatu Nigam Ltd ₹6,758 crore
4. [Spectrum Electrical Industries Ltd](https://www.sectoralpha.in/stocks/spectrum-electrical-industries-ltd) ₹6,757 crore · Capital Goods - Electric General
5. [Transport Corporation of India Ltd](https://www.sectoralpha.in/stocks/transport-corporation-of-india-ltd) ₹6,745 crore · Logistics

## What else do people ask about Mishra Dhatu Nigam? ### What is Mishra Dhatu Nigam's share price today? Mishra Dhatu Nigam Ltd's share price is ₹372.50, −3.3% over the past year. The whole company is worth ₹6,973 Cr on the market. In the last 52 weeks it traded between ₹287 to ₹450; today it is 52% of the way up from the low, 6.5% below its 200-day average (as of 3 November 2026). ### What were Mishra Dhatu Nigam's latest quarterly results? Mishra Dhatu Nigam Ltd reported revenue of ₹239 Cr and net profit of ₹16.0 Cr for the Jun 2026 quarter. Revenue rose 40.6% and profit rose 23.1% compared with a year earlier. Earnings per share were ₹0.88. The operating margin was 15.0%, 5.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is Mishra Dhatu Nigam's market cap? Mishra Dhatu Nigam Ltd's market capitalisation is ₹6,973 Cr at a share price of ₹372.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Mishra Dhatu Nigam performing? Mishra Dhatu Nigam Ltd's share price has been rising for 24 weeks. In its latest quarter, revenue rose 40.6% and profit rose 23.1% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 3 weeks running (as of 3 November 2026). ### Will Mishra Dhatu Nigam's share price go up? This page does not forecast Mishra Dhatu Nigam Ltd's share price. What it shows instead: the share price is ₹372.50, and it has been rising for 24 weeks. Its P/E of 51.7× is higher than 56% of its own last 6 years (as of 3 November 2026). ### Who owns Mishra Dhatu Nigam? Promoters own 74.0% of Mishra Dhatu Nigam Ltd, foreign institutions 2.1%, domestic institutions 7.3% and the public 16.6% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 1.1 percentage points over 8 quarters (as of 3 November 2026). ### Where is Mishra Dhatu Nigam in its business cycle? Mishra Dhatu Nigam Ltd's FY26 operating margin was 20.0%, against a 8-year range of 18.0% to 31.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 15.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Mishra Dhatu Nigam story? Biggest thing to watch: the price has already been rising for 24 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Mishra Dhatu Nigam a stock worth studying right now? What the numbers show: Mishra Dhatu Nigam Ltd's earnings have grown faster than its share price. Earnings per share grew +18.6% in a year while the price moved −3.3%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Mishra Dhatu Nigam share price forecast for 2026? What management itself guided: FY27 growth expected above FY26, but the Q1 run rate was not considered practicable for the full year. 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. What would change the story: 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. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

This is research, not advice. We’re not SEBI-registered.