Mishra Dhatu Nigam LimitedMetals & MiningMIDHANI
Q1 FY27 earnings callMishra Dhatu Nigam Limited
Strong revenue growth of 40% was driven by order execution, but margins were pressured by high LPG and raw material costs, which management expects to normalize later in the year.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Turnover | Rs. 239.49 crore | 40.46% | |
| Value of Production | Rs. 260.36 crore | 7.9% | |
| PBT | Rs. 23.92 crore | 25.89% | |
| PAT | Rs. 16.31 crore | 27.42% | |
| EBITDA | Rs. 46.6 crore | 12.89% | |
| Order Book | Rs. 2,329 crore | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹237.97 Cr-5.6% YoY-9.2% QoQ | ₹25.52 Cr+99.4% YoY+7.1% QoQ | ₹1.36+100% YoY+7.1% QoQ |
| Q2 FY25 | ₹262.12 Cr+15.2% YoY+60.4% QoQ | ₹23.82 Cr+71% YoY+350.3% QoQ | ₹1.27+71.6% YoY+353.6% QoQ |
| Q1 FY25 | ₹163.45 Cr-12.9% YoY-59.7% QoQ | ₹5.29 Cr-71.7% YoY-88.6% QoQ | ₹0.28-72% YoY-88.7% QoQ |
| Q4 FY24 | ₹405.50 Cr+17.7% YoY+60.9% QoQ | ₹46.34 Cr-30.1% YoY+262% QoQ | ₹2.47-30.2% YoY+263.2% QoQ |
| Q3 FY24 | ₹251.98 Cr+8.8% YoY+10.8% QoQ | ₹12.80 Cr-66.9% YoY-8.1% QoQ | ₹0.68-67% YoY-8.1% QoQ |
TL;DR
- Q1 turnover grew 40.46% YoY to Rs. 239.49 crore.
- PBT increased 25.89% and PAT increased 27.42%.
- EBITDA grew 12.89% to Rs. 46.6 crore.
- Order book stands at Rs. 2,329 crore as of July 1, 2026.
- Received key S400 certification from GE for testing services.
- Margins were hit by Rs. 14 crore raw material price variance and Rs. 5 crore LPG cost increase.
Said on the call
“This particular certificate enables MIDHANI to test the specimens... Now, it can be done within the country. So, it is a very good opportunity to MIDHANI to generate revenue.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Compression | Attributed to a Rs. 14 crore adverse raw material price variance and a Rs. 5 crore LPG cost increase; normalization expected from Q3. |
| S400 Certification | GE approval allows MIDHANI to conduct mechanical, chemical, and metallography testing for customers, opening a new revenue stream without revenue sharing with GE. |
| Metal Bank | Advanced stage of procurement with a customer; expected to help with raw material supply and cost volatility by Q2 end. |
| Growth Outlook | Management expects FY27 growth to be higher than last year, though the 40% Q1 run rate is not expected to continue for the full year. |
| Product Mix & Margins | Margins vary by product (super alloy and titanium are higher than steel); order execution mix and external cost pressures affect quarterly margins; EBITDA margin was 20% in Q1. |
| Scrap Inventory | Reduced scrap inventory by Rs. 17 crore in Q1; scrap is viewed as strategic ('gold mine') for production and is managed based on order pipeline. |
| Order Book Composition | Order book of Rs. 2,300 crore is 66% defense, 21% space (ISRO), 9% energy, and 4% others; all orders are now secured through competition, not nomination. |
| CapEx Plans | Normal maintenance CapEx of Rs. 50-60 crore expected for FY27; a larger Rs. 1,000 crore modernization proposal is under evaluation by the ministry. |
Guidance
- Expect margin situation to normalize from Q3 onwards.
- Aim for FY27 growth to be higher than last financial year.
- Plan for exports to be 10% of total turnover.
- Target to obtain Nadcap and other certifications (ISO 27001, ISO 50001) within the financial year.
- Metal bank implementation expected by end of Q2.
- CapEx proposal for modernization is under ministry evaluation.
Source
Summary written from the transcript filed by Mishra Dhatu Nigam Limited for the call held on 17 Aug 2026; published 22 Aug 2026, 10:25 IST.