New Delhi: Mishra Dhatu Nigam Limited (MIDHANI), a Mini-Ratna defence PSU, reported strong financial performance for the quarter ended June 30, 2026. The company’s standalone revenue from operations increased 40.46% year-on-year to ₹239.49 crore, compared with ₹170.50 crore in Q1 FY26.
Standalone profit after tax (PAT) rose 27.42% to ₹16.31 crore from ₹12.80 crore in the corresponding quarter last year.
The Board of Directors, chaired by Dr. S.V.S. Narayana Murthy, approved the unaudited standalone and consolidated financial results at its meeting held on August 12, 2026.
MIDHANI Q1 FY27 Financial Performance
The company recorded growth across key financial parameters during the quarter.
- Revenue from Operations: ₹239.49 crore, up 40.46%
- Total Income: ₹249.47 crore
- Value of Production: ₹260.36 crore, up 7.90%
- EBITDA: ₹46.60 crore, up 12.89%
- Profit Before Tax: ₹23.92 crore, up 25.89%
- Profit After Tax: ₹16.31 crore, up 27.42%
- Basic EPS: ₹0.87, compared with ₹0.68 in Q1 FY26
The strong increase in revenue and profitability was supported by robust demand from the defence and aerospace sectors.
Read also: MIDHANI Becomes First Indian Company to Secure S400 Approval from GE Aerospace
EBITDA Rises, But Margin Comes Under Pressure
MIDHANI’s EBITDA increased 12.89% to ₹46.60 crore from ₹41.28 crore in Q1 FY26.
However, the company’s EBITDA margin declined to around 15.3% from 20% in the year-ago quarter.
The divergence between strong revenue growth and lower margins indicates pressure from higher input costs and operational expenses, along with possible changes in product mix.
Despite the margin pressure, the company managed to maintain healthy growth in profit before tax and profit after tax.
MIDHANI Order Book Stands at ₹2,329 Crore
MIDHANI’s order book remained a key strength. As of July 1, 2026, the company’s order book stood at ₹2,329 crore.
The strong order book provides revenue visibility for the coming quarters and supports the company’s position as a key supplier to India’s defence and aerospace ecosystem.
Consolidated Financial Performance
On a consolidated basis, MIDHANI’s net profit increased to ₹16.47 crore in Q1 FY27 from ₹12.97 crore in the corresponding quarter last year.
Consolidated revenue stood at ₹239.49 crore, compared with ₹170.50 crore in Q1 FY26.
Consolidated EBITDA increased to ₹46.60 crore from ₹41.28 crore, representing growth of 12.89%.
The consolidated results include the company’s 50% share in joint venture Utkarsha Aluminium Dhatu Nigam Limited.
The joint venture contributed a share of profit of ₹15.47 lakh during Q1 FY27, compared with ₹16.55 lakh in the same quarter last year.
Strategic Defence Initiatives
MIDHANI continues to strengthen its position in India’s defence manufacturing ecosystem through strategic partnerships and advanced materials initiatives.
The company is a lead member of the Advanced Materials (Defence) Testing Foundation, a Section 8 company established in June 2024.
The venture includes:
- Mishra Dhatu Nigam Limited
- Bharat Dynamics Limited
- Hindustan Aeronautics Limited
- Yantra India Limited
- PTC Industries Limited
Each partner holds a 20% stake in the venture, which focuses on developing advanced testing infrastructure in the Uttar Pradesh Defence Industrial Corridor.
Auditor’s Review
Statutory auditors M/s Anjaneyulu & Co. issued an unmodified limited review report on MIDHANI’s standalone and consolidated financial results.
The interim financial information was reviewed in accordance with applicable accounting standards, including Ind AS 34.
The company also disclosed the financial results in English, Hindi and Telugu newspapers on August 13, 2026, in compliance with Regulation 47 of the SEBI LODR Regulations.
The results were filed with the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
MIDHANI Q1 FY27: Key Takeaways
The key highlights from the quarter include:
- Revenue from operations increased 40.46% year-on-year.
- PAT rose 27.42% to ₹16.31 crore.
- EBITDA increased 12.89% to ₹46.60 crore.
- EBITDA margin declined to 15.3% from 20%.
- Order book stood at ₹2,329 crore as of July 1, 2026.
- Consolidated PAT increased to ₹16.47 crore.
- Strong defence and aerospace demand supported revenue growth.
About Mishra Dhatu Nigam Limited
Mishra Dhatu Nigam Limited (MIDHANI) is a Mini-Ratna defence PSU under the Government of India. The company specialises in the manufacture of advanced materials, including superalloys, titanium alloys and special steels, primarily for defence, aerospace and other strategic applications. MIDHANI plays an important role in supporting India’s indigenous defence manufacturing capabilities.
