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Raw material import dependence
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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.
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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.
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Order Book
₹2,440 crore
+29% YoY
Order book as on Jan 1, 2026; 72% from defense, 29% titanium alloys.
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.
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Guidance and risk preview
Management expects ~20% incremental revenue growth year-on-year until capex plans are finalized.
Titanium sponge is largely imported from Eastern Europe, exposing the company to geopolitical and supply chain risks.
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