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Swing Capital

Mishra Dhatu Nigam Ltd

NSE: MIDHANI BSE: 541195Metal

Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals.[1] It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence.[2] GoI still owns ~74% stake in the company after its IPO in 2018.[3]

₹398
52W: ₹267 — ₹469
PE 68.2 · Book ₹76.9 · +418% vs book
Market Cap₹7,454 Cr
Stock P/E68.2Price to Earnings
ROCE10.6%Return on Capital
ROE8.05%Return on Equity
Div. Yield0.21%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company has been maintaining a healthy dividend payout of 31.6%

Weaknesses

  • −Stock is trading at 5.08 times its book value
  • −The company has delivered a poor sales growth of 8.54% over past five years.
  • −Company has a low return on equity of 9.14% over last 3 years.

Shareholding Pattern

Promoters74%
FIIs1.32%
DIIs7.81%
Public16.85%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74%74%74%74%74%74%74%74%
FIIs1.27%1.42%▲0.11.26%▼0.21.65%▲0.41.34%▼0.31.37%▲0.01.25%▼0.11.32%▲0.1
DIIs9.33%8.44%▼0.98.48%▲0.08.79%▲0.38.98%▲0.28.83%▼0.27.92%▼0.97.81%▼0.1
Public15.4%16.13%▲0.716.25%▲0.115.55%▼0.715.69%▲0.115.8%▲0.116.82%▲1.016.85%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales227252406163262238411170210276
Expenses191216325140213186317136177221
Operating Profit36368023495293343355
OPM %16%14%20%14%19%22%23%20%16%20%
Net Profit1412465242556131327
EPS ₹0.740.672.480.271.261.3530.680.681.47

AI Insights

Revenue Trend

TTM revenue at ₹1,066Cr, down 0.7% YoY. OPM at 20%.

Debt Position

Borrowings at ₹338Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹24Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 7.81% (-5.30pp change). FIIs: 1.32% (+0.37pp change). Promoters hold 74%.

Margin & Efficiency

ROCE improving from 0% (Mar 2014) to 11% (Mar 2025). Working capital days: 357.

Valuation

PE 68.2x with 10.6% ROCE. Price is 418% above book value of ₹76.9. Dividend yield: 0.21%.

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