Mishra Dhatu Nigam: Business Overview & Financial Analysis
Mishra Dhatu Nigam is a Mini-Ratna Public Sector Undertaking (PSU) under the administrative control of the Ministry of Defence, Government of India, headquartered in Hyderabad, Telangana. Promoted by the Government of India, the enterprise manufactures, processes, and markets superalloys, titanium alloys, special steels, bio-implants, and aerospace fasteners for strategic national sectors including defence, space, aerospace, nuclear energy, and commercial exports.
Order Book Position of Mishra Dhatu Nigam (Q1 FY2027)
Mishra Dhatu Nigam maintains a substantial order backlog providing multi-year revenue visibility across Indian defence and aerospace programs.
- Total Executable Order Book Backlog – Rs 2,329.00 crore
- Order Visibility Scale – ~2.0x annual operating turnover
- Projected Fresh Titanium Orders (FY2027 Target) – ~Rs 1,500.00 crore expected order inflows
- Primary Customer Sectors – Indian Armed Forces, ISRO, DRDO, HAL, and Nuclear Power Corporation
The executable order backlog stood at Rs 2,329.00 crore as of July 1, 2026, offering strong operational visibility for upcoming quarters. Anticipated fresh orders of ~Rs 1,500.00 crore in titanium alloys will further expand the order book throughout FY2027.
Business Segment Revenue Breakdown of Mishra Dhatu Nigam (FY2026)
Mishra Dhatu Nigam categorises its operational turnover across strategic sector end-uses, led by defence and space requirements.
- Defence Sector Revenue Share – ~55.0% of Total Operating Revenue
- Space Sector (ISRO) Revenue Share – ~28.0% of Total Operating Revenue
- Energy, Nuclear & Others Share – ~11.0% of Total Operating Revenue
- Overseas Export Division Share – ~6.0% of Total Operating Revenue (Rs 78.00 crore)
- Total Full Year Revenue from Operations (FY2026) – Rs 1,208.60 crore (+12.5% YoY)
Defence and space applications generate over eight-tenths of total turnover, benefiting from the government's indigenization policies under DFPDS-2026. Direct international exports contributed Rs 78.00 crore during full financial year FY2026.
Product Portfolio & Specialty Metallurgy Capabilities of Mishra Dhatu Nigam (FY2026)
Mishra Dhatu Nigam designs and processes specialized metallurgy suites required for extreme environments in aerospace and defence applications.
- Superalloys Division (Nickel, Iron & Cobalt Based) – High-temperature alloys for jet engines and space turbines
- Titanium & Titanium Alloys Production Volume – ~700 tonnes produced in FY2026 (2x YoY expansion)
- Special Steels & Armour Grade Plates – Bulletproof armour panels, submarine hull steels, and motor casings
- Aerospace Fasteners Plant (Commissioned May 2026) – Rs 20.00 to Rs 30.00 crore annual revenue potential
- Strategic Technological Breakthroughs – Qualified indigenous single-crystal blade material for aero-engines
Titanium alloy production doubled to ~700 tonnes in FY2026, serving critical aerospace and naval requirements. Successfully qualifying indigenous single-crystal blade material marks an advanced metallurgical milestone for indigenous jet engine development.
Manufacturing Facilities & Infrastructure Scale of Mishra Dhatu Nigam (Q1 FY2027)
Mishra Dhatu Nigam operates specialized metallurgical complexes equipped with vacuum induction melting furnaces, forging presses, and rolling mills.
- Main Integrated Manufacturing Complex – Hyderabad (Telangana) main plant
- Armouring Facility Location – Rohtak (Haryana) plant producing composite armour and bulletproof vehicles
- Aerospace Fasteners Facility Location – Hyderabad (Telangana) unit commissioned in May 2026
- Joint Venture Asset – Utkarsha Aluminium Dhatu Nigam (50:50 JV with NALCO for high-end aluminium alloys)
Operating integrated plants in Hyderabad and Rohtak provides end-to-end alloy melting, forging, and secondary processing. The 50:50 joint venture with NALCO expands capabilities into aerospace-grade aluminium alloy plates.
Latest Quarterly Financial Performance of Mishra Dhatu Nigam (Q1 FY2027)
Mishra Dhatu Nigam recorded strong double-digit top-line turnover expansion and net profit growth during the first quarter of FY2027.
- Standalone Revenue from Operations – Rs 239.49 crore (+40.46% YoY vs Rs 170.50 crore in Q1 FY2026)
- Consolidated Revenue from Operations – Rs 239.49 crore (+40.46% YoY)
- Standalone Value of Production (VoP) – Rs 260.36 crore (+7.90% YoY vs Rs 241.29 crore)
- Standalone Operating EBITDA – Rs 46.60 crore (+12.89% YoY vs Rs 41.28 crore in Q1 FY2026)
- Standalone Operating EBITDA Margin – 19.46% (-475 bps YoY)
- Consolidated Net Profit After Tax (PAT) – Rs 16.47 crore (+26.99% YoY vs Rs 12.97 crore in Q1 FY2026)
- Standalone Net Profit After Tax (PAT) – Rs 16.31 crore (+27.42% YoY vs Rs 12.80 crore in Q1 FY2026)
First-quarter standalone revenue rose 40.46% year-on-year to Rs 239.49 crore, supported by higher order dispatches in defence and space alloys. Consolidated Net Profit After Tax reached Rs 16.47 crore, up 26.99% year-on-year.
Consolidated Annual Financial Performance of Mishra Dhatu Nigam (FY2026)
Mishra Dhatu Nigam achieved full-year turnover expansion and bottom-line earnings growth for full financial year FY2026.
- Full Year Revenue from Operations – Rs 1,208.60 crore (+12.5% YoY vs Rs 1,074.10 crore in FY2025)
- Full Year Consolidated Operating EBITDA – Rs 238.10 crore (+9.0% YoY)
- Full Year Operating EBITDA Margin – 19.70% (vs 20.30% in FY2025)
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 131.50 crore (+18.6% YoY vs Rs 110.90 crore in FY2025)
- Direct Export Revenue Realised – Rs 78.00 crore
Full-year operating turnover crossed Rs 1,200.00 crore in FY2026, as consolidated Net Profit After Tax expanded 18.6% to Rs 131.50 crore. Performance was supported by higher capacity utilization, aerospace fastener plant setup, and export orders.
Balance Sheet Structure & Financial Health Ratios of Mishra Dhatu Nigam (Q1 FY2027)
Mishra Dhatu Nigam maintains a conservative balance sheet supported by low debt gearing and government equity backing.
- Financial Debt Base – Rs 209.00 crore (Zero default record on debt facilities)
- Government Shareholding Share – 74.00% (Government of India)
- Total Shareholder Equity Net Worth Base – ~Rs 1,350.00 crore
- Working Capital Management Target – 10%–15% planned reduction in scrap and opening inventory
Total debt stood low at Rs 209.00 crore as of June 30, 2026, with zero defaults reported on loan commitments. A 74% equity holding by the Government of India provides strong financial stability and strategic support.
Capital Expenditure & Modernization Roadmap of Mishra Dhatu Nigam (FY2027–FY2029)
Mishra Dhatu Nigam executes a targeted multi-year capital outlay plan to modernize downstream processing equipment and automate plant operations.
- Planned Multi-Year Capex Outlay Guidance – Rs 1,000.00 crore across FY2027–FY2029
- Modernization & Automation Focus – Replacing ageing equipment, upgrading yields, and enhancing throughput
- Export Revenue Target (FY2027) – Crossing Rs 100.00 crore in direct overseas sales
- Funding Method – 100% funded through internal operational cash accruals and debt lines
The company budgeted Rs 1,000.00 crore over FY2027–FY2029 to modernize downstream machinery and improve alloy recovery yields. Upgrading existing facilities rather than building greenfield plants ensures higher revenue realization from the established infrastructure base.
Management Commentary & Strategic Outlook of Mishra Dhatu Nigam (Q1 FY2027 Concall)
Management guidance outlines strategic growth priorities centered on long-term turnover scaling, import substitution, and export expansion.
- Management targets scaling annual revenue from ~Rs 1,200.00 crore to Rs 2,000.00+ crore over the next 3 to 5 years.
- Direct export sales are projected to cross Rs 100.00 crore in FY2027, aided by global OEM audits and aerospace certifications.
- Titanium alloy order inflows are expected to reach ~Rs 1,500.00 crore during FY2027.
- Modernization capex of Rs 1,000.00 crore will prioritize yield enhancement, throughput scaling, and equipment automation.
- Aerospace fastener unit is targeted to contribute Rs 20.00 to Rs 30.00 crore annually with high gross margins.
- Inventory optimization initiatives target a 10%–15% reduction in opening inventory and scrap levels.
Management anticipates rising domestic defence procurement under DFPDS-2026 to drive structural demand for superalloys and titanium plates. Operational focus centers on executing the Rs 2,329 crore order book, scaling direct exports past Rs 100 crore, and executing the Rs 1,000 crore modernization capex.
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Sources & References
- Mishra Dhatu Nigam Q1 FY2027 Consolidated & Standalone Financial Results Disclosures (August 12, 2026)
- Mishra Dhatu Nigam Press Release & Stock Exchange Announcements (August 12, 2026)
- ICICI Direct Research Report & Management Call Notes for Mishra Dhatu Nigam (June / August 2026)
- BSE Limited & National Stock Exchange of India (NSE) Corporate Filings for Mishra Dhatu Nigam
- Ticker Finology Mishra Dhatu Nigam Page
Disclaimer
The information presented above on Mishra Dhatu Nigam has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Mishra Dhatu Nigam page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.