Over 81% of the company's booked orders are from critical Defence, Space, and Energy sectors. The Government of India owns approximately 74% stake in the company after its IPO in 2018. Founded in 1973, MIDHANI is a premier manufacturer of special steels, superalloys, and titanium alloys as a Central Public Sector Undertaking.
Cyborg Score Rationale
MIDHANI reports Q3 FY26 turnover growth of 15.8% with an order book of Rs.2,440 Cr. However, the company has delivered poor sales growth of 8.54% over past five years and has a low return on equity of 9.14% over last 3 years. Strong government backing and strategic importance support growth potential.
Top Insights
Q3 FY26 net profit rose 8.2% to ₹27.6 crore with revenue up 15.8% to ₹275.6 crore, though EBITDA margins compressed to 19.7% from 22% YoY.
The company targets a 20% YoY revenue increase in the coming period.
MIDHANI is the only manufacturer of Titanium alloys in India.
Company has been maintaining a healthy dividend payout of 31.6%.
Named Competitors
Titanium Alloys — International titanium and aerospace materials
Special Steels Manufacturing — Indian specialty steel producers
Superalloys — International superalloy and aerospace suppliers
Recent Developments
(Feb 2026) Q3 FY26 analyst meet held with revenue growth of 15.8% and order book of Rs.2,440 Cr
(Jan 2026) MIDHANI secures Rs. 158 crore order, increasing open order book to approximately Rs. 2,520 Cr
(Nov 2025) Q2 FY26 results discussed with aims for INR 1,300 Cr revenue by FY26
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