Mishra Dhatu Nigam Ltd. (MIDHANI) AI Stock Analysis

• Market Cap: ₹63.39B
• Dividend Yield: 0.24%
• Average Volume (3M): 36.69K
• Price to Earnings (P/E): 57.7
• Beta (1Y): 2.04
• Revenue Growth: -5.01%
• EPS Growth: 21.97%
• Country: IN
• Employees: 770
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 1.48
• Shares Outstanding: 187,340,000
• 10 Day Avg. Volume: 28,823
• 30 Day Avg. Volume: 36,689
• PEG Ratio: 2.33
• Price to Book (P/B): 3.77
• Price to Sales (P/S): 4.96
• P/FCF Ratio: 40.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹425.00
• Price Target Upside: 19.25% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 7.5
• Revenue Forecast (FY): ₹11.81B

• Rating: 55 Neutral
• Price Target: ₹354.00 ▼(-0.67% Downside)
• Action: Reiterated Date: 11/22/25
• Date: Action: Reiterated 11/22/25

The overall stock score of 55 reflects a combination of strong financial stability and growth potential, offset by bearish technical indicators and high valuation concerns. The company's solid balance sheet and improved cash flow management are positive, but declining net profit margins and overvaluation pose risks. The technical analysis suggests caution due to the current downtrend and oversold conditions.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and demand for MIDHANI's specialized metal alloys, supporting long-term business expansion.

Balance Sheet Health

A low debt-to-equity ratio reflects conservative financial management, providing MIDHANI with stability and flexibility for future investments.

Cash Flow Management

Improved cash flow management enhances MIDHANI's ability to fund operations and strategic initiatives, strengthening its financial resilience.

Negative Factors

Profitability Challenges

Declining net profit margins suggest difficulties in maintaining profitability, which could impact MIDHANI's ability to reinvest in growth.

Operating Efficiency Volatility

Fluctuating operating margins indicate inconsistent cost control, potentially affecting MIDHANI's long-term operational stability.

Cash Flow Efficiency

Suboptimal cash flow efficiency may limit MIDHANI's ability to capitalize on growth opportunities and manage financial obligations effectively.

Mishra Dhatu Nigam Ltd. Business Overview & Revenue Model

Company Description

Mishra Dhatu Nigam Limited manufactures and sells super alloys, titanium, special purpose steel, and other special metals in India. The company provides special steels, including high strength special steel, austenitic steel, armour steel, maraging steel, and precipitation hardening martensitic stainless steel for aero and defense applications; and nickel base, iron base, and cobalt base super alloys used in aeronautics, space, nuclear, chemical, petrochemical, power generation, and furnace industries. It also offers titanium and titanium alloys, soft magnetic, controlled expansion alloys, heat resistance alloys, special purpose alloys, refractory metals, and other alloys; bars, bright bars, and wire/fine wire; and hot and cold rolled sheets, and strip, as well as open die forging products. The company offers special weld consumables, fasteners, biomedical implants, and armour products. Mishra Dhatu Nigam Limited was founded in 1973 and is based in Hyderabad, India.

How the Company Makes Money

MIDHANI generates revenue through the production and sale of specialized metal alloys and materials to various sectors, including defense, aerospace, and nuclear energy. Its primary revenue streams consist of direct sales of its core products, which are tailored to meet the stringent requirements of its customers. The company also engages in research and development collaborations and strategic partnerships with both domestic and international organizations, enhancing its product offerings and expanding its market reach. Additionally, MIDHANI benefits from government contracts and initiatives aimed at boosting indigenous manufacturing capabilities in critical sectors, thereby securing a steady flow of income.

Mishra Dhatu Nigam Ltd. Financial Statement Overview

Summary

Mishra Dhatu Nigam Ltd. shows robust revenue growth and effective cost control, contributing to strong gross margins. However, declining net profit margins indicate challenges in sustaining profitability. The balance sheet is solid, characterized by low leverage and healthy equity, providing financial stability. Cash flow management has improved, but further enhancement in cash flow efficiency is needed to bolster financial resilience.

Income Statement

Mishra Dhatu Nigam Ltd. demonstrated stable revenue growth with a 2.9% increase from 2023 to 2024 and a further 0.13% increase in 2025. Gross profit margin for 2025 stands at 40.7%, indicating effective cost management. However, the net profit margin declined to 10.3% in 2025 from 8.6% in 2024, reflecting challenges in maintaining profitability. EBIT and EBITDA margins also showed fluctuations, suggesting volatility in operating efficiency.

Balance Sheet

The company's balance sheet reveals a stable equity position with a debt-to-equity ratio of 0.25 in 2025, indicating conservative financial leverage. The equity ratio remains healthy at 48.5%, providing a solid buffer against liabilities. Return on equity is moderate at 7.8% for 2025, reflecting reasonable returns on shareholders' investments. Overall, the balance sheet shows strength with manageable debt levels and solid equity.

Cash Flow

Free cash flow improved significantly in 2025, suggesting better cash management, with a growth of 4.1% from 2024. The operating cash flow to net income ratio is 1.81, indicating strong cash generation relative to net income. Despite the improvements, free cash flow to net income ratio remains below 1, highlighting room for enhancing cash flow efficiency.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	10.70B	10.74B	10.73B	8.72B	8.59B	8.13B
Gross Profit	5.91B	4.38B	6.06B	6.54B	6.36B	5.66B
EBITDA	2.60B	2.49B	2.25B	2.96B	2.95B	2.66B
Net Income	1.19B	1.11B	917.82M	1.56B	1.77B	1.66B
Balance Sheet
Total Assets	0.00	29.15B	29.05B	28.63B	27.79B	24.59B
Cash, Cash Equivalents and Short-Term Investments	510.18M	510.18M	164.77M	142.91M	624.77M	938.70M
Total Debt	0.00	3.50B	4.33B	4.89B	3.60B	1.60B
Total Liabilities	-14.15B	15.00B	15.86B	15.77B	15.90B	13.88B
Stockholders Equity	14.15B	14.15B	13.19B	12.85B	11.90B	10.71B
Cash Flow
Free Cash Flow	0.00	1.33B	1.36B	-1.08B	-854.82M	166.28M
Operating Cash Flow	0.00	2.00B	2.16B	-354.12M	51.13M	1.76B
Investing Cash Flow	0.00	-1.02B	-651.55M	-29.50M	-677.71M	-1.15B
Financing Cash Flow	0.00	-1.04B	-1.48B	427.76M	386.64M	-369.24M

Mishra Dhatu Nigam Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 356.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIDHANI, the sentiment is Neutral. The current price of 356.4 is below the 20-day moving average (MA) of 359.44, above the 50-day MA of 347.37, and below the 200-day MA of 379.79, indicating a neutral trend. The MACD of -0.82 indicates Positive momentum. The RSI at 49.39 is Neutral, neither overbought nor oversold. The STOCH value of 32.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MIDHANI.

Mishra Dhatu Nigam Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KSL	76 Outperform	₹31.73B	11.91	―	1.36%	-0.46%	4.85%
MOIL	74 Outperform	₹60.72B	20.90	―	2.18%	―	―
SANDUMA	73 Outperform	₹94.81B	16.43	―	0.18%	196.22%	71.39%
IMFA	68 Neutral	₹66.95B	18.18	―	1.05%	-6.18%	-23.70%
SUNFLAG	62 Neutral	₹42.96B	20.33	―	0.28%	6.44%	36.54%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MIDHANI	55 Neutral	₹63.39B	57.75	―	0.24%	-5.01%	21.97%

Mishra Dhatu Nigam Ltd. Corporate Events

MIDHANI Bags Rs 121.75 Crore Order, Order Book Rises to Rs 2,520 Crore

Mishra Dhatu Nigam Limited has announced that it has secured a new order worth Rs 121.75 crore, further strengthening its order book. With this latest win, MIDHANI’s total open order position stands at around Rs 2,520 crore, underscoring strong demand for its specialty metallurgical products and providing solid revenue visibility for the near term, which is likely to support operational stability and reinforce its positioning as a key supplier to strategic sectors.