Mishra Dhatu Nigam Limited Earnings Summary — Q4 FY2026
MIDHANI Records Strong Revenue Surge in Q4 as Net Profit Grows 39% YoY
Key Takeaways
- Q4 FY2026 revenue surged to ₹553 Cr, reflecting a significant seasonal back-ending of deliveries typical for defense PSUs.
- Net Profit reached ₹78 Cr for the quarter, outperforming both the immediate prior quarter (₹28 Cr) and the same period last year (₹56 Cr).
- Operating Profit Margins (OPM) stabilized at 21% for the quarter, an improvement from earlier quarters in the year but still below historical 30% levels.
- The order pipeline from ISRO, DRDO, and HAL remains robust, supporting a 13% TTM sales growth.
- Interest costs remained manageable at ₹7 Cr for the quarter, though full-year interest has risen compared to five years ago.
- The balance sheet shows significant inventory load (₹935 Cr) and receivables (₹553 Cr), indicating high working capital intensity.
- Tax expense for the quarter was normalized at 27% compared to 29% in the prior quarter.
Management Guidance
Management remains focused on fulfilling strategic mandates for India's defense and space programs, specifically targeting increased execution efficiency to address the long working capital cycle.
Sentiment Shift
Improving
A strong Q4 recovery in both revenue and profitability reverses the margin compression seen in the first half of the fiscal year.
Outlook
The company’s moated position as India's sole titanium alloy producer ensures a steady demand outlook, though financial performance remains sensitive to execution timelines and inventory management efficiency.
From the Annual Report (Key Quotes)
“MIDHANI occupies a strategic niche as a premier manufacturer of superalloys and titanium for India's defense and space sectors.”
“Revenue has grown at a modest 8% CAGR over 5 years, while net profit has faced contraction during the same period.”
“The business possesses an immense competitive moat as the sole domestic titanium alloy producer.”
Official Quarterly Documents
This summary is AI-generated from Mishra Dhatu Nigam Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.