Order Book
₹2,440 crore
+29% YoY
Order book as on Jan 1, 2026; 72% from defense, 29% titanium alloys.
MISHRADHATUNIGAM
Other
10 Feb 2026
Mishra Dhatu Nigam Ltd — Q3 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Titanium Production Volume
465 tonnes
+19% YoY
Titanium melted in 9M FY26 vs 390 tonnes in 9M FY25.
Defense Revenue Share
28%
flat
Defense sector contributed 28% of 9M FY26 revenue.
Superalloy & Titanium Revenue Share
40%
flat
Combined contribution of superalloys and titanium alloys to 9M revenue.
Management Guidance
20% revenue growth expected in FY27
Management expects ~20% incremental revenue growth year-on-year until capex plans are finalized.
Management guidance revenueCapex plan to be announced by Q4 FY26 end
A detailed capex plan to double revenue to ₹2,000 crore is under preparation and will be shared by end of Q4 FY26.
Management guidance capexMetal bank operational by Q1 FY27
Customer-owned metal bank for six critical raw materials will be fully operational within 6 months, i.e., by Q1 FY27.
Management guidance otherNadcap certification expected by Q4 FY26
International heat treatment certification (Nadcap) audit completed; certification expected by end of Q4 FY26.
Management guidance otherKey Risks
Raw material import dependence
Titanium sponge is largely imported from Eastern Europe, exposing the company to geopolitical and supply chain risks.
high · management_commentaryExecution of capex plan
The ambitious capex plan to double revenue is still in DPR stage; delays or cost overruns could impact growth trajectory.
medium · analyst_questionUtkarsh Dhatu Nigam JV closure
The JV with NALCO for aluminium alloys has been recommended for closure due to viability issues, limiting diversification.
low · management_commentaryCompetition in bulletproof jackets
Multiple players are vying for the ₹10,000 crore AB jacket tender; Midhani's win rate is uncertain.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Mishra Dhatu Nigam's revenue in Q3 FY26?
Mishra Dhatu Nigam reported revenue of ₹276 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did Mishra Dhatu Nigam management give for FY27?
20% revenue growth expected in FY27: Management expects ~20% incremental revenue growth year-on-year until capex plans are finalized. Capex plan to be announced by Q4 FY26 end: A detailed capex plan to double revenue to ₹2,000 crore is under preparation and will be shared by end of Q4 FY26. Metal bank operational by Q1 FY27: Customer-owned metal bank for six critical raw materials will be fully operational within 6 months, i.e., by Q1 FY27. Nadcap certification expected by Q4 FY26: International heat treatment certification (Nadcap) audit completed; certification expected by end of Q4 FY26.
What are the key risks for Mishra Dhatu Nigam in FY27?
Key risks include Raw material import dependence — Titanium sponge is largely imported from Eastern Europe, exposing the company to geopolitical and supply chain risks.; Execution of capex plan — The ambitious capex plan to double revenue is still in DPR stage; delays or cost overruns could impact growth trajectory.; Utkarsh Dhatu Nigam JV closure — The JV with NALCO for aluminium alloys has been recommended for closure due to viability issues, limiting diversification.; Competition in bulletproof jackets — Multiple players are vying for the ₹10,000 crore AB jacket tender; Midhani's win rate is uncertain..
Did Mishra Dhatu Nigam meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Mishra Dhatu Nigam Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.