Hyderabad: Mishra Dhatu Nigam Limited (MIDHANI), a Mini-Ratna Defence PSU, reported solid financial performance for the third quarter of FY2025-26, with 15.84% growth in turnover and steady improvement in profitability. The company also maintained a robust order book of ₹2,440 crore as of January 1, 2026, highlighting strong business visibility.
The Board of Directors approved the Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025, at its meeting held on February 12, 2026.
Q3 FY26 Financial Highlights (Standalone)
MIDHANI delivered strong operational growth during the quarter:
- Turnover: ₹275.66 crore, up 15.84% from ₹237.97 crore (YoY)
- Value of Production (VoP): ₹304.05 crore, up 18.10%
- Profit Before Tax (PBT): ₹38.97 crore, up 8.25%
- Profit After Tax (PAT): ₹27.46 crore, up 8.67%
- Total Income: ₹28,322.06 lakh
- Earnings Per Share (EPS): ₹1.47 (Not Annualised)
Total expenses for the quarter stood at ₹24,424.62 lakh, resulting in a net profit of ₹2,746.35 lakh.
Nine-Month Performance (April–December 2025)
For the nine months ended December 31, 2025, MIDHANI reported:
- Turnover: ₹655.88 crore (vs. ₹663.54 crore last year)
- Value of Production (VoP): ₹801.73 crore, up 8.86%
- Standalone PAT: ₹53.04 crore
- Standalone PBT: ₹77.09 crore
- EPS: ₹2.83 (Not Annualised)
While turnover was marginally lower compared to the previous year, production value growth reflects strong operational execution.
Consolidated Results
The consolidated results include MIDHANI’s share in its Joint Venture, Utkarsha Aluminium Dhatu Nigam Limited, accounted for under the equity method.
- Q3 FY26 Consolidated PAT: ₹27.64 crore
- Nine-Month Consolidated PAT: ₹53.56 crore
- Share of JV Profit (9M): ₹52.73 lakh
The statutory auditors, M/s. Anjaneyulu & Co., issued a Limited Review Report on the financial results.
Strong Order Book and Financial Position
MIDHANI continues to maintain a strong business pipeline:
- Order Book Position (as on Jan 1, 2026): ₹2,440 crore
- Total Financial Indebtedness (as on Dec 31, 2025): ₹276.81 crore
- No defaults reported on loans or debt securities
The company’s debt primarily consists of bank and financial institution borrowings.
Other Key Developments
- An additional liability of ₹18.23 lakh was assessed due to the impact of newly notified Labour Codes related to employee benefits.
- MIDHANI holds a 20% stake in Advanced Materials (Defence) Testing Foundation, strengthening its role in India’s defence materials ecosystem.
Management Outlook
With a strong order book, stable profitability, and increasing production value, MIDHANI remains well-positioned to support India’s defence and strategic sectors. The company continues to focus on specialty alloys and advanced materials critical for aerospace, defence, and energy applications.
About MIDHANI
Mishra Dhatu Nigam Limited (MIDHANI) is a Mini-Ratna Category-I Defence Public Sector Undertaking under the Ministry of Defence. Headquartered in Hyderabad, the company specializes in manufacturing superalloys, titanium alloys, special steels, and advanced materials used in defence, aerospace, space, and energy sectors. MIDHANI plays a strategic role in strengthening India’s self-reliance in critical materials and defence production.
