Mishra Dhatu Nigam Ltd. (MIDHANI) AI Stock Analysis

• Market Cap: ₹67.61B
• Dividend Yield: 0.2%
• Average Volume (3M): 28.88K
• Price to Earnings (P/E): 57.0
• Beta (1Y): 1.86
• Revenue Growth: 3.12%
• EPS Growth: 51.24%
• Country: IN
• Employees: 770
• Sector: Basic Materials
• Sector Strength: 73
• Industry: Steel
• EPS (TTM): 0.69
• Shares Outstanding: 187,340,000
• 10 Day Avg. Volume: 29,410
• 30 Day Avg. Volume: 28,884
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: ₹405.00
• Price Target Upside: 6.80% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 57 Neutral
• Price Target: ₹405.00 ▲(6.80% Upside)

The overall stock score of 57 reflects a solid financial performance with strong revenue growth and effective cost management. However, the stock faces challenges with declining net profit margins and a high P/E ratio, suggesting potential overvaluation. Technical indicators point to bearish momentum, further impacting the score.

Mishra Dhatu Nigam Ltd. Business Overview & Revenue Model

Company Description

Mishra Dhatu Nigam Ltd. (MIDHANI) is an Indian public sector company under the Ministry of Defence, specializing in the manufacturing of superalloys, titanium, special purpose steels, and other high-performance metals. These materials are integral to the defense, aerospace, nuclear, and commercial sectors. With its expertise in metallurgy and material science, MIDHANI serves a critical role in supplying advanced materials for strategic sectors, ensuring self-reliance and technological advancement within the country.

How the Company Makes Money

MIDHANI generates revenue primarily through the manufacturing and sale of high-grade metal products, including superalloys, titanium alloys, and special steels. The company's key customers are Indian defense organizations, such as DRDO and ISRO, as well as other sectors like aerospace and nuclear energy, which require advanced and specialized materials. MIDHANI's revenue streams include government contracts, export sales, and collaboration with various research and development agencies to produce customized materials. The company's strategic partnerships with defense and aerospace entities, along with its focus on innovation and self-sufficiency in critical materials, significantly contribute to its earnings.

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	Dec 2025	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	10.60B	10.74B	10.73B	8.72B	8.59B	8.13B
Gross Profit	5.71B	4.38B	6.06B	6.54B	6.36B	5.66B
EBITDA	2.37B	2.49B	2.25B	2.96B	2.95B	2.66B
Net Income	1.01B	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	504.20M	510.18M	164.77M	236.39M	624.77M	938.70M
Total Debt	0.00	3.50B	4.33B	4.89B	3.60B	1.60B
Total Liabilities	-13.48B	15.00B	15.86B	15.77B	15.90B	13.88B
Stockholders Equity	13.48B	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	-1.03B	-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: Negative
• Last Price: 379.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 Negative. The current price of 379.2 is below the 20-day moving average (MA) of 388.70, below the 50-day MA of 408.25, and above the 200-day MA of 349.12, indicating a neutral trend. The MACD of -8.60 indicates Positive momentum. The RSI at 42.78 is Neutral, neither overbought nor oversold. The STOCH value of 30.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	73 Outperform	₹36.28B	13.59		1.21%	2.03%	10.83%
IMFA	68 Neutral	₹46.51B	12.99		2.31%	-7.18%	-9.88%
SANDUMA	66 Neutral	₹70.44B	14.94		0.23%	146.02%	43.05%
SUNFLAG	63 Neutral	₹47.87B	24.99		―	3.63%	35.19%
Sector *	61 Neutral	$10.24B	6.18	0.71%	2.90%	3.45%	-36.02%
MIDHANI	57 Neutral	₹67.61B	57.05		0.20%	3.12%	51.24%
MOIL	―	₹67.16B	23.92		1.95%	―	―