Mishra Dhatu Nigam
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Mishra Dhatu Nigam (MIDHANI) is strategically positioned to capitalize on the growing demand in India's aerospace and defense sectors, bolstered by a robust order book of ₹2,329 crore and a multi-year ₹1,000 crore capex plan aimed at modernizing facilities. Management's focus on indigenization and technological self-reliance, alongside recent GE Aerospace S400 certification, enhances its competitive position and opens new revenue streams. However, the company faces near-term margin pressures due to raw material inflation and execution risks associated with long-cycle projects. Vista's financial outlook anticipates accelerating revenue growth, although margins may remain under pressure in the short term. The favorable industry backdrop, characterized by strong government support and increasing demand for indigenous capabilities, supports this outlook. Over the next 12-24 months, key opportunities include expanding into higher-margin products and securing global OEM certifications, while watchpoints include potential supply chain bottlenecks and geopolitical risks affecting raw material imports
Why We Like This Stock
- Strong order book of ₹2,329 crore supports revenue growth
- Multi-year ₹1,000 crore capex plan aimed at modernization enhances operational efficiency
- Recent GE Aerospace S400 certification opens new high-value market opportunities
Things To Watch Out For
- Margin pressures due to raw material inflation and LPG price spikes
- Execution risks associated with long-cycle projects may impact revenue recognition
- Geopolitical tensions could affect raw material imports and supply chain stability
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 1,073 | 1,074 | 1,209 | 1,405 | 1,586 |
| Profit Before Tax (Cr.) | 131 | 156 | 184 | 216 | 248 |
| PBT Margin | 12.2% | 14.5% | 15.2% | 15.4% | 15.6% |
| Net Profit (Cr.) | 96 | 117 | 135 | 158 | 182 |
| Earnings Per Share | 5.1 | 6.3 | 7.2 | 8.5 | 9.7 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| ICICI Securities | ▲ Buy | 510 | 19-Aug-2026 |
| Moneycontrol | ▲ Overweight | nan | 18-Aug-2026 |
Company Overview
Show Company Profile
Mishra Dhatu Nigam Limited manufactures and sells super alloys, titanium, special purpose steel, and other special metals in India and internationally. The company provides special steels, including martensitic, special, austenitic, and precipitation hardening steels for use in aerospace, power generation, nuclear, defence, cryogenic, and other general engineering industries. It also offers nickel, cobalt, and iron-based superalloys; titanium and titanium alloys, soft magnetic, controlled expansion alloys; investment castings products; bars, bright bars, and wires/fine wires; and hot and cold rolled sheets, and strips, as well as open die forging products. In addition, the company offers welding consumables, fasteners, biomedical implants, and armour products. Mishra Dhatu Nigam Limited was incorporated in 1973 and is based in Hyderabad, India.