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Revenue
₹276 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Where this quarter sits.
Quarter read
What the record says.
Mishra Dhatu Nigam reported a strong Q3 FY26 with revenue of ₹275.66 crore, up 31.44% QoQ, driven by execution of titanium and superalloy orders. PAT surged to ₹27.46 crore from ₹12.76 crore in Q2. The order book stands at ₹2,440 crore, with 72% from defense and 29% from titanium alloys. Management guided for ~20% revenue growth in FY27 and a capex plan to double revenue to ₹2,000 crore over 10 years. Key operational highlights include supply of titanium windows for Ram Mandir, certification for 10 superalloys, and progress on bulletproof jacket and spring plants. Risks include raw material import dependence and execution of the capex plan.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ~20% incremental revenue growth year-on-year until capex plans are finalized.
- A detailed capex plan to double revenue to ₹2,000 crore is under preparation and will be shared by end of Q4 FY26.
- Customer-owned metal bank for six critical raw materials will be fully operational within 6 months, i.e., by Q1 FY27.
- International heat treatment certification (Nadcap) audit completed; certification expected by end of Q4 FY26.
Risks flagged
- Titanium sponge is largely imported from Eastern Europe, exposing the company to geopolitical and supply chain risks.
- The ambitious capex plan to double revenue is still in DPR stage; delays or cost overruns could impact growth trajectory.
- The JV with NALCO for aluminium alloys has been recommended for closure due to viability issues, limiting diversification.
- Multiple players are vying for the ₹10,000 crore AB jacket tender; Midhani's win rate is uncertain.
Key quotes
- We are fully geared up at Midhani to supply these critical performance critical materials.
- The strength is that our national programs are protected. There is no necessity for any of these 500 grades to go and import.
- We are looking at very high value products also from this spring plant.
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