Mishra Dhatu Nigam Limited (MIDHANI) submitted the transcript of its Q1 FY27 analysts and investors conference call, held on August 17, 2026, through a BSE filing dated August 22. The management reported turnover of Rs 239.49 crore for the quarter, up 40.46% from the corresponding period of the previous year.

Value of production stood at Rs 260.36 crore, representing year-on-year growth of 7.9%. Profit before tax increased 25.89% to Rs 23.92 crore, while profit after tax rose 27.42% to Rs 16.31 crore. Quarterly EBITDA was Rs 46.6 crore, up 12.89% year on year.

Order book provides revenue visibility

MIDHANI said its order book as of July 1, 2026, stood at Rs 2,329 crore. During the discussion, management indicated that defence accounted for 66% of the order book, followed by space at 21%, energy at 9% and other segments at 4%. Titanium orders were estimated at about Rs 600 crore.

Management said the 40% growth rate achieved in the first quarter was not practicable at the full-year level, but it expects FY27 performance to be better than the previous financial year. It also indicated that EBITDA margins could return to the 20%-21% range from the third quarter, subject to normalisation of raw-material and LPG-related pressures.

Higher prices of nickel, molybdenum, tungsten and other inputs resulted in an adverse price variance of around Rs 13 crore during the quarter. LPG prices also affected profitability because MIDHANI uses LPG-fired reheating furnaces. Management expects some pressure to continue in the second quarter.

Certification, products and capital expenditure

MIDHANI received General Electric’s S400 certification on August 13 for mechanical, chemical and metallographic testing of specimens. Management said the approval enables its laboratory to test samples for domestic and overseas customers without sharing revenue with GE. It did not quantify the potential income and said visibility should improve after a couple of quarters.

  • The company plans to pursue Nadcap certification for non-destructive testing during FY27.
  • It successfully completed isothermal forging of a nickel-based superalloy for a fighter-aircraft programme.
  • ABHED bulletproof jackets developed using technology from DRDO and IIT Delhi remain under testing.
  • A metal bank procurement programme is at an advanced stage for one customer, with further clarity expected by the end of the second quarter.

MIDHANI discussed capital expenditure of about Rs 1,000 crore over two to three years, though the proposal remains subject to the formal evaluation and approval process. FY27 spending is expected at around Rs 50 crore to Rs 60 crore, largely normal capital expenditure.

Source: BSE corporate announcement.