Mishra Dhatu Nigam LtdNSE:MIDHANI
Current view Q4 2026
India's near-monopoly maker of strategic defence metals, riding a large import-substitution opportunity. But management repeatedly promises high growth and delivers less; profit margins have also halved over the years. Story steady, execution disappoints.
Latest exchange filings last 5 · 5 after Q4 2026
- 17 Sep ’26Ms. Meera Mohanty appointed Government Nominee Director at MIDHANI from September 17, 2026, replacing Shri Prakash Rajpurohit. ↗
- 9 Sep ’26CAG re-appointed M/s Anjaneyulu & Co as statutory auditor for FY 2026-27. ↗
- 9 Sep ’26Copy of Newspapers Publication for 52nd AGM- MIDHANI ↗
- 8 Sep ’26Submitted Business Responsibility and Sustainability Report for FY 2025-26 under SEBI Regulation 34(2)(f). ↗
- 8 Sep ’26Reg. 34 (1) Annual Report. 8 Sep ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +34.5% | +100.4% | +11.5% | +8.3% |
| Operating profit | ▲ +24.7% | +110.9% | −2.3% | +0.8% |
| EPS | ▲ +38.7% | +181.1% | −5.6% | −4.6% |
| PAT | ▲ +39.3% | +178.6% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +34.5%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Poor31/100
Earnings are shrinking, not growing. Profit per share fell 6% a year over the window measured. Nothing compounds from here until that turns, whatever the price does.
No forward view — earnings are not compounding, so there is nothing to project.
Multiple moved without the earnings — the return sits in sentiment.
How this is calculated
Band capped: earnings are not growing over the measured window.
Growth rate used: -5.6% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 39%.
How it compares with its rivals Steel · 6 of 33 listed
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Mishra Dhatu Nig | ₹421 | 58.4× | ₹7,878 Cr | 11.3% | +27.0% | +40.5% |
| Hind.Aeronautics | ₹4,862 | 34.8× | ₹3.25 L Cr | 32.0% | +14.9% | +14.4% |
| Bharat Electron | ₹398 | 47.3× | ₹2.91 L Cr | 36.4% | +8.7% | +24.9% |
| Bharat Dynamics | ₹1,176 | 82.8× | ₹43,089 Cr | 13.9% | +547.4% | +130.8% |
| Garden Reach Sh. | ₹2,390 | 34.2× | ₹27,377 Cr | 42.8% | +43.8% | +38.5% |
| Data Pattern | ₹4,533 | 93.9× | ₹25,377 Cr | 21.9% | −13.5% | +16.8% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | no — margins have been squeezed | operating margin 22% → 15% over 3 years |
|---|---|---|
| Did the profit turn into cash? | more than all of it — reserves released cash too | 84% last year, 109% over three · free cash flow ₹105 cr, positive in 3 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹407 cr — 0.27× its own equity (was 0.25×) |
| Is it being collected? | customers are taking longer to pay | 167 days to collect, up 28 in a year · cash cycle 1,022 days |
| Who has been buying? | the promoters have held steady | promoters 74.0%, 74.0% → 74.0% over 2.8 years · FIIs 2.6% (+1.2) · DIIs 7.4% (−1.6) · shareholders 93,631 → 1,54,762 |
| What does it earn on its capital? | earns little on its capital | ROCE 11.3% · ROE 8.9% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company has been maintaining a healthy dividend payout of 24.0%
Against it
- Stock is trading at 5.02 times its book value
- The company has delivered a poor sales growth of 8.25% over past five years.
- Company has a low return on equity of 8.06% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 167 days.
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.