Mishra Dhatu Nigam Limited Earnings Summary — Q1 FY2027
MIDHANI Records 40% Revenue Surge and Robust Profit Growth in Q1 FY27
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 56.7% sequentially in Q1 FY2027.
- Revenue of ₹239 Cr is 40.5% higher year-on-year.
- Revenue has compounded at -20.9% annualised over the last 10 quarters.
- Net profit of ₹16 Cr is 27.4% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -37.2% annualised across the period.
- Operating margin stands at 15.3% in Q1 FY2027.
- Operating margin compressed by 475 bps year-on-year.
- Over the last two years operating margin has expanded by 103 bps.
- PBT margin is 10.0%.
- Expenses grew 48.8% against revenue growth of 40.5%.
- Operating profit of ₹37 Cr is 7.2% higher year-on-year.
- Operating leverage has been under pressure recently.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 43/100 (Moderate) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Volatile | 239 | 553 | 276 | 210 | 171 | 411 | 238 | 262 | 163 | 406 |
| Expenses | Volatile | 203 | 437 | 221 | 177 | 136 | 317 | 186 | 213 | 140 | 325 |
| Operating Profit | Volatile | 37 | 116 | 55 | 33 | 34 | 93 | 52 | 49 | 23 | 80 |
| Operating Margin | Stable | 15.3% | 21.0% | 19.8% | 15.6% | 20.0% | 22.7% | 22.0% | 18.7% | 14.3% | 19.8% |
| Other Income | Accelerating | 10 | 14 | 8 | 9 | 7 | 8 | 7 | 9 | 8 | 8 |
| Interest | Stable | 6 | 7 | 6 | 6 | 6 | 7 | 7 | 8 | 7 | 8 |
| Depreciation | Stable | 17 | 17 | 17 | 17 | 16 | 16 | 16 | 16 | 15 | 15 |
| Profit Before Tax | Volatile | 24 | 107 | 39 | 19 | 19 | 77 | 36 | 34 | 9 | 65 |
| Tax | Volatile | 8 | 29 | 12 | 6 | 6 | 21 | 11 | 10 | 4 | 18 |
| Net Profit | Volatile | 16 | 78 | 27 | 13 | 13 | 56 | 25 | 24 | 5 | 46 |
| Net Margin | Volatile | 6.8% | 14.1% | 10.0% | 6.1% | 7.5% | 13.7% | 10.6% | 9.0% | 3.1% | 11.4% |
Key Takeaways
- Revenue from operations grew strongly by 40.46% YoY to ₹239.49 Cr compared to ₹170.50 Cr in Q1 FY26.
- Profit After Tax (PAT) increased 27.42% YoY to ₹16.31 Cr, though significantly lower than the seasonally strong Q4 FY26.
- Order book remains robust at ₹2,329 Crore as of July 1, 2026, providing strong revenue visibility for the upcoming quarters.
- Value of Production (VoP) rose by 7.90% YoY to ₹260.36 Cr, indicating continued manufacturing momentum.
- The joint venture Utkarsha Aluminium Dhatu Nigam Limited contributed a small share of profit (₹15.47 Lakhs) but has not yet commenced full operations.
- Finance costs remained relatively stable YoY at ₹6.08 Cr, suggesting controlled borrowing despite the capital-intensive nature of the business.
Management Guidance
Management maintains a strategic focus on national defense and space goals, leveraging its position as India's sole titanium alloy producer. Growth is supported by a solid order pipeline from ISRO, DRDO, and HAL.
Sentiment Shift
Improving
Year-on-year performance shows significant recovery in top-line and profitability growth, moving away from the margin contraction seen in previous fiscal periods.
Outlook
The company's outlook is bolstered by a strong order book of over ₹2,300 Cr. However, management must focus on optimizing working capital cycles and high debtor days to improve cash flow and ROE.
From the Annual Report (Key Quotes)
“Mini-Ratna Defence PSU Mishra Dhatu Nigam Limited (MIDHANI) has achieved a Turnover of Rs. 239.49 Cr during the Quarter Ended 30th June 2026 registering a growth of 40.46%.”
“The order book position of the company as on 1st July 2026 stood at ₹2329 Crore.”
“Value of Production (VoP) during the Quarter Ended 30th June 2026 stood at Rs.260.36 Cr.”
Official Quarterly Documents
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This summary is AI-generated from Mishra Dhatu Nigam Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.