Mishra Dhatu Nigam Ltd doubled its bottom line in the second quarter of FY27 as core manufacturing throughput accelerated. Net profit leaped to ₹28 crore for the quarter ended September 30, up from ₹13 crore in the corresponding quarter last year. Consolidated net profit reached ₹27.84 crore compared with ₹12.96 crore a year earlier, according to the company's exchange filing.
Revenue from operations jumped 41.1% year-on-year to ₹296 crore, up from ₹210 crore during the same three-month window in the previous fiscal year. Operational earnings outpaced top-line expansion. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) surged 51.6% to ₹50 crore from ₹33 crore. Operating margin expanded 120 basis points to 16.8%, compared with 15.6% a year ago.
The Hyderabad-based specialised metals producer entered the second half of the fiscal year backed by significant commercial visibility. Its order book stood at ₹2,164 crore as of October 1, 2026. The pipeline was further strengthened by a recent contract win valued at ₹136 crore.
Shares of Mishra Dhatu Nigam ended flat on Wednesday, November 11, inching up 0.1% to close at ₹396.10 on the National Stock Exchange. The counter has shed roughly 10% over the past 30 days amid broader capital goods consolidation. Yet it maintains an approximate 16% advance across the calendar year 2026.
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹296 crore | ₹210 crore | +41.1% |
| EBITDA | ₹50 crore | ₹33 crore | +51.6% |
| EBITDA Margin | 16.8% | 15.6% | +120 bps |
| Net Profit (Standalone) | ₹28.00 crore | ₹13.00 crore | +115.4% |
| Consolidated Net Profit | ₹27.84 crore | ₹12.96 crore |
Beyond standard mill fabrication, the state-run enterprise is branching directly into strategic mineral recovery. On October 27, MIDHANI entered into a tripartite memorandum of understanding with the Heavy Water Board and the Bhabha Atomic Research Centre. Both partner entities operate under the administrative control of the Department of Atomic Energy.
Under the agreement, the three bodies will pool engineering infrastructure, specialized laboratories, and technical personnel to extract commercial-grade nickel and cobalt directly from industrial manufacturing residues. The pact targets reduced import reliance on newly mined foreign ores while establishing closed-loop supply chains for aerospace-grade superalloys, electric vehicle battery chemistries, and specialized stainless steel fabrication.
Market Context: Critical mineral sovereignty has emerged as a top operational mandate for India's strategic industrial sector. Extracting secondary metals from metallurgical waste secures essential feedstocks internally, insulating public defence contractors against global raw-material pricing shocks.
WITH execution accelerating across its ₹2,164 crore pipeline and the critical mineral partnership underway, MIDHANI heads into the second half of FY27 tracking delivery timelines for scheduled aerospace and defence supplies.
| +114.8% |
| Order Book (as of Oct 1) | ₹2,164 crore | — | — |