Mishra Dhatu Nigam Limited — Investor Meet, 19-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Midhani reported H1 FY26 turnover of INR 380.22 Cr and PAT of INR 25.58 Cr, with EBITDA margin at 21.82%. Despite a H1 dip in revenue (due to inventory buildup expected to liquidate in Q3/Q4), management remains confident of achieving INR 1,300 Cr turnover and 23% EBITDA margin for FY26.

Order book stands robust at INR 2,220 Cr, with INR 500 Cr pipeline. Strategic initiatives include a customer-owned metal bank for raw material security and new 'ABHED' bulletproof jacket technology. Midhani is also setting up a metal powder plant for additive manufacturing and aiming for NADCAP certification for exports. Long-term growth is targeted at 10-20% CAGR supported by future capex, with significant potential in defense, space, and energy sectors.