New Delhi: Mishra Dhatu Nigam Limited (MIDHANI), a defence public sector undertaking (PSU), has reported strong financial results for the second quarter and first half of FY 2026-27, driven by higher turnover and improved profitability.
According to the company’s financial results released on November 11, 2026, its standalone profit after tax (PAT) more than doubled to Rs 27.69 crore in Q2 FY27, compared to Rs 12.77 crore in the corresponding quarter of the previous financial year.
Turnover increased 41.09% to Rs 295.91 crore from Rs 209.73 crore in Q2 FY26. Profit before tax (PBT) also registered significant growth, rising 102.56% to Rs 38.75 crore against Rs 19.13 crore in the year-ago quarter.
The company’s value of production (VoP) increased 21.23% to Rs 310.80 crore during the quarter, compared to Rs 256.38 crore in the corresponding period of the previous year.
MIDHANI Q2 FY27 Financial Performance
MIDHANI’s second-quarter results reflected growth across key financial parameters, with profitability increasing at a faster pace than turnover.
Key highlights of the standalone financial performance include:
- Turnover: Rs 295.91 crore, up 41.09% from Rs 209.73 crore.
- Profit After Tax (PAT): Rs 27.69 crore, compared to Rs 12.77 crore.
- Profit Before Tax (PBT): Rs 38.75 crore, up 102.56% from Rs 19.13 crore.
- Value of Production (VoP): Rs 310.80 crore, up 21.23% from Rs 256.38 crore.
The company’s total expenses increased at a slower pace than revenue during the quarter, contributing to the improvement in profitability.
Read also: MIDHANI Signs MoU with HWB and BARC to Recover Nickel and Cobalt from Plant Reverts
MIDHANI Consolidated Results Show Improvement in Operating Performance
The company’s consolidated financial results also recorded growth during Q2 FY27.
Consolidated revenue from operations stood at Rs 295.91 crore, while consolidated profit increased to Rs 27.84 crore from Rs 12.96 crore in the corresponding quarter of the previous financial year.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rose to approximately Rs 49.63 crore, compared to Rs 32.75 crore in Q2 FY26.
The EBITDA margin improved to 16.77% from 15.62% in the year-ago quarter, indicating an improvement in operating profitability.
MIDHANI H1 FY27 Turnover Rises 40.81%
MIDHANI also reported strong financial growth during the first half of FY 2026-27.
The company’s turnover increased 40.81% to Rs 535.40 crore in H1 FY27, compared to Rs 380.22 crore in the corresponding period of FY26.
Value of production rose 14.76% to Rs 571.15 crore from Rs 497.67 crore. Profit before tax increased 64.40% to Rs 62.67 crore, while profit after tax grew 72.05% to Rs 44.01 crore from Rs 25.58 crore.
The key H1 FY27 financial highlights are:
- Turnover: Rs 535.40 crore, up 40.81%.
- Value of Production: Rs 571.15 crore, up 14.76%.
- Profit Before Tax: Rs 62.67 crore, up 64.40%.
- Profit After Tax: Rs 44.01 crore, up 72.05%.
The difference between turnover growth and value of production growth during the first half highlights the variation in their respective growth rates. However, the quarterly results show a strong improvement in both revenue and profitability.
MIDHANI Order Book Stands at Rs 2,164 Crore
MIDHANI’s order book stood at Rs 2,164 crore as of October 1, 2026, providing visibility for future business and revenue generation.
The order book is approximately four times the company’s H1 FY27 turnover. Its conversion into revenue will depend on the execution and delivery of the projects and orders in the coming quarters.
The company manufactures specialised materials and alloys for strategic sectors, including defence, aerospace, space, nuclear energy and other critical applications.
MIDHANI Signs MoU with Heavy Water Board and BARC
During the quarter, MIDHANI also continued its work on strategic material development and recovery.
In October 2026, the company signed a Memorandum of Understanding (MoU) with the Heavy Water Board and the Bhabha Atomic Research Centre (BARC) for the recovery of nickel and cobalt from plant reverts.
The initiative is aimed at recovering valuable strategic materials and supporting their efficient utilisation.
With strong growth in turnover and profitability, a sizeable order book and continued progress on strategic material initiatives, MIDHANI enters the second half of FY27 with a significant base of business orders to execute.
About Mishra Dhatu Nigam Limited (MIDHANI)
Mishra Dhatu Nigam Limited (MIDHANI) is a Government of India enterprise under the Ministry of Defence. Headquartered in Hyderabad, the company specialises in the manufacture of superalloys, special steels, titanium alloys and other advanced materials. Its products serve critical sectors such as defence, aerospace, space, nuclear energy and other strategic industries, supporting India’s indigenous manufacturing capabilities.
Read also: MIDHANI Boosts Indigenous Aero-Engine Development With Critical Alloys and Advanced Materials
