Mishra Dhatu Nigam Ltd. (IN:MIDHANI)
:MIDHANI
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Mishra Dhatu Nigam Ltd.
(MIDHANI)
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Rating:55Neutral
Price Target:
₹404.00
▲(13.36% Upside)
Action:ReiteratedDate: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
Strong balance sheet
Conservative leverage and a near-50% equity ratio provide a durable financial buffer, supporting capital expenditure and qualification cycles for defence programs. Low debt reduces refinancing risk and preserves flexibility to fund long-term projects without stressing cash flows.
Negative Factors
Profit margin pressure
Persistent or worsening net margin pressure erodes retained earnings and reduces available cash for R&D and capacity upgrades. Over months, margin compression can weaken ability to bid competitively on large defence contracts and limit returns despite healthy gross margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Conservative leverage and a near-50% equity ratio provide a durable financial buffer, supporting capital expenditure and qualification cycles for defence programs. Low debt reduces refinancing risk and preserves flexibility to fund long-term projects without stressing cash flows.
Read all positive factors
Mishra Dhatu Nigam Ltd. (MIDHANI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹73.77B
Dividend Yield0.24%
Average Volume (3M)36.69K
Price to Earnings (P/E)58.0
Beta (1Y)1.92
Revenue Growth-0.24%
EPS Growth8.70%
CountryIN
Employees770
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)5.73
Shares Outstanding187,340,000
10 Day Avg. Volume28,823
30 Day Avg. Volume36,689
Financial Highlights & Ratios
PEG Ratio2.33
Price to Book (P/B)3.77
Price to Sales (P/S)4.96
P/FCF Ratio40.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹425.00Price Target Upside19.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)9.6
Revenue Forecast (FY)₹14.18B
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, maragin...
How the Company Makes Money
MIDHANI makes money primarily by manufacturing and selling specialty metals and alloy products, with revenues largely driven by supply to India’s strategic sectors. Its key revenue streams include: (1) Sale of special steels and alloy steels: supp...
Mishra Dhatu Nigam Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.21B | 10.74B | 10.73B | 8.72B | 8.59B | 8.13B |
| Gross Profit | 5.81B | 4.38B | 6.06B | 6.54B | 6.36B | 5.66B |
| EBITDA | 2.44B | 2.49B | 2.25B | 2.96B | 2.95B | 2.66B |
| Net Income | 1.08B | 1.11B | 917.82M | 1.56B | 1.77B | 1.66B |
Balance Sheet | ||||||
| Total Assets | 29.50B | 29.15B | 29.05B | 28.63B | 27.79B | 24.59B |
| Cash, Cash Equivalents and Short-Term Investments | 368.30M | 510.18M | 164.77M | 142.91M | 624.77M | 938.70M |
| Total Debt | 3.38B | 3.50B | 4.33B | 4.89B | 3.60B | 1.60B |
| Total Liabilities | 15.08B | 15.00B | 15.86B | 15.77B | 15.90B | 13.88B |
| Stockholders Equity | 14.42B | 14.15B | 13.19B | 12.85B | 11.90B | 10.71B |
Cash Flow | ||||||
| Free Cash Flow | -196.94M | 1.33B | 1.36B | -1.08B | -854.82M | 166.28M |
| Operating Cash Flow | 100.35M | 2.00B | 2.16B | -354.12M | 51.13M | 1.76B |
| Investing Cash Flow | 130.74M | -1.02B | -651.55M | -29.50M | -677.71M | -1.15B |
| Financing Cash Flow | -233.96M | -1.04B | -1.48B | 427.76M | 386.64M | -369.24M |
Mishra Dhatu Nigam Ltd. Technical Analysis
Positive
356.40
Price Trends
335.65
Positive
333.38
Positive
363.92
Positive
Market Momentum
6.31
Negative
67.34
Neutral
93.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MIDHANI, the sentiment is Positive. The current price of 356.4 is above the 20-day moving average (MA) of 315.34, above the 50-day MA of 335.65, and below the 200-day MA of 363.92, indicating a bullish trend. The MACD of 6.31 indicates Negative momentum. The RSI at 67.34 is Neutral, neither overbought nor oversold. The STOCH value of 93.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MIDHANI.
Mishra Dhatu Nigam Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹641.77B | 20.86 | ― | 0.38% | 9.27% | 27.44% | |
69 Neutral | ₹2.65T | 20.88 | ― | 2.11% | 1.84% | 235.71% | |
69 Neutral | ₹327.18B | 11.86 | ― | 0.61% | 12.88% | 30.89% | |
68 Neutral | ₹85.83B | 7.74 | ― | 1.82% | -5.01% | 11.50% | |
68 Neutral | ₹189.71B | 37.97 | ― | 0.60% | 3.17% | 10.59% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | ₹73.77B | 58.02 | ― | 0.24% | -0.24% | 8.70% |
* Basic Materials Sector Average
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Mishra Dhatu Nigam Ltd. Corporate Events
MIDHANI Files SEBI Demat Compliance Certificate for March 2026 Quarter
Apr 18, 2026
Mishra Dhatu Nigam Ltd. has submitted to the stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by its registr...
MIDHANI posts record sales and deepens shift to high-value defence alloys
Mar 31, 2026
Mishra Dhatu Nigam reported a record provisional sales figure of ₹1,206 crore for FY 2025-26, up 12% year-on-year, including ₹85 crore of exports, despite geopolitical disruptions to raw material supplies. The company attributed the gr...
MIDHANI to Meet Investors in Goldman Sachs-Led Group Session
Mar 7, 2026
Mishra Dhatu Nigam Limited has informed the stock exchanges that it will participate in a group meeting with investors and analysts organised by Goldman Sachs (India) Securities on March 12, 2026, in Hyderabad. The company emphasized that no unpub...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.