Mumbai: Mishra Dhatu Nigam Limited (MIDHANI), a Mini-Ratna defence PSU and India’s only manufacturer of titanium alloys, has reported a strong set of financial results for the quarter and year ended March 31, 2026. The company achieved its highest-ever quarterly and annual turnover, supported by solid growth in profitability, production milestones, and a strong order book.
The Board has approved the audited financial results and recommended a final dividend, marking another year of consistent operational and financial expansion.
Q4 FY26 Results: Strong Growth Across Key Financial Metrics
MIDHANI delivered a record performance in the fourth quarter of FY26, driven by higher production and improved margins.
- Highest-ever quarterly turnover: ₹552.75 crore, up 34.63% YoY
- Value of production: ₹392.19 crore, up 19.15% YoY
- Profit Before Tax (PBT): ₹107.00 crore, up 38.67% YoY
- Profit After Tax (PAT): ₹77.75 crore, up 38.49% YoY
- Quarterly EPS: ₹4.15 per share
The strong quarterly growth reflects increased demand for MIDHANI’s high-performance alloys across defence, aerospace, and energy sectors.
FY26 Annual Performance: Record Revenue and Profit Growth
For the full financial year FY26, MIDHANI reported its strongest-ever annual performance.
- Annual turnover: ₹1,208.63 crore, up 12.52% YoY
- Value of production: ₹1,193.92 crore, up 12.04% YoY
- EBITDA: ₹275.59 crore, up 10.69% YoY
- PBT: ₹184.09 crore, up 17.98% YoY
- PAT: ₹130.79 crore, up 18.82% YoY
- EPS: ₹6.98 per share
This performance highlights steady revenue growth and improving profitability supported by operational efficiency.
Strong Order Book and Financial Position
MIDHANI continues to maintain a healthy pipeline of future revenue.
- Order book (as on April 1, 2026): ₹2,290 crore
- Total assets: ₹3,220 crore
- Net worth: ₹1,531 crore
- Total borrowings: ₹284 crore
- Cash and equivalents: ₹192 crore
- Debt-to-equity ratio: 0.19
The company’s strong balance sheet reflects low leverage and stable financial health.
Dividend Announcement for FY26
MIDHANI has rewarded shareholders with a total dividend of ₹2.10 per equity share for FY26.
- Interim dividend: ₹0.85 per share
- Final dividend recommended: ₹1.25 per share (subject to AGM approval)
Key Operational Achievements in FY26
MIDHANI achieved several strategic and technological milestones during the year:
- Record titanium alloy production of 700 tonnes
- Supplied titanium windows for Shri Ram Janmabhoomi, Ayodhya
- Delivered 90 tonnes of armour-grade steel for Presidential Dais construction
- Developed cast superalloy single crystal blade material for aero engines
- Received airworthiness certification for 10 alloys from CEMILAC
- Supplied over 700 rolled rings for aero engines
- Commissioned aerospace fasteners facility and received NADCAP certification
These developments strengthen MIDHANI’s position in India’s defence and aerospace manufacturing ecosystem.
Financial Ratios and Stability Indicators
The company reported strong financial discipline and stable operational efficiency:
- Operating margin: 14%
- Interest coverage ratio: 11.0
- Current ratio: 2.52
- Asset turnover ratio: 0.39
- No outstanding defaults on debt obligations
Management Assurance and Audit Status
MIDHANI’s CFO confirmed that statutory auditors have issued an unmodified audit opinion for both standalone and consolidated results, underlining transparency and compliance with SEBI regulations.
About MIDHANI
MIDHANI is a Mini-Ratna public sector enterprise under the Government of India and is the country’s only producer of titanium alloys. The company specializes in advanced metallurgical products including special steels, superalloys, and titanium-based materials used in defence, aerospace, space, and energy sectors. With increasing production capabilities and a strong order book, MIDHANI plays a critical role in supporting India’s strategic material requirements.
read also: MIDHANI Board Update: Tenure of Three Independent Directors Concludes on April 2026
