Mishra Dhatu Nigam Ltd (NSE:MIDHANI) Q3 2026 Earnings Call Highlights: Strong Revenue Growth …

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Wed, February 18, 2026 at 10:05 AM GMT+9 4 min read

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**Revenue (Q3 FY '26):** INR 275.66 crore, a 31.44% increase from Q2 FY '26.

**Value of Production (Q3 FY '26):** INR 304.05 crore, up 18.6% from Q2 FY '26.

**Profit Before Tax (Q3 FY '26):** INR 39 crore, compared to INR 19.11 crore in Q2 FY '26.

**Profit After Tax (Q3 FY '26):** INR 27.46 crore, compared to INR 12.76 crore in Q2 FY '26.

**Revenue (9 months ended Dec 2025):** INR 655.88 crore, compared to INR 663.54 crore in the previous year.

**Value of Production (9 months ended Dec 2025):** INR 801.73 crore, an 8.86% increase.

**Profit Before Tax (9 months ended Dec 2025):** INR 77.1 crore.

**Profit After Tax (9 months ended Dec 2025):** INR 53.04 crore.

**Order Book (as of Jan 1, 2026):** INR 2,440 crore.

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Release Date: February 17, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Mishra Dhatu Nigam Ltd (NSE:MIDHANI) reported a robust 31.44% growth in turnover for the third quarter, reaching INR275.66 crore.

The company achieved a significant milestone by supplying titanium alloy windows for the Ram Janmabhoomi at Ayodhya, marking the first architectural use of titanium in India.

MIDHANI's order book as of January 1, 2026, stands at INR2,440 crore, indicating strong future demand.

The company has been certified by CEMILAC for its super alloys, showcasing its capability in supplying high-quality materials.

MIDHANI is actively engaged in discussions with international aerospace companies, including Safran, to supply performance-critical materials, indicating potential future growth in exports.

Negative Points

Despite the growth in turnover, the nine-month period turnover was slightly lower at INR655.88 crore compared to INR663.54 crore last year.

The Utkarsha Dhatu Nigam Limited joint venture with NALCO has been recommended for closure due to non-viability, impacting future aluminum alloy production plans.

The company faces challenges in sourcing titanium sponge domestically, leading to reliance on imports from East European nations.

MIDHANI's metal bank initiative, while underway, will not impact the company's working capital as the inventory is held in the books of customers.

The company is still in the process of obtaining NADCAP certification, with some minor queries pending, which could delay international business opportunities.

Q & A Highlights

Q: How is MIDHANI prepared for the growing aerospace opportunities in India, particularly with the potential domestic manufacturing of engines and co-development projects? A: Dr. S.V.S. Murty, Chairman and Managing Director, explained that MIDHANI has been supplying critical alloys for aerospace applications for decades, including to ISRO and HAL. The company is well-equipped to meet future demands, with a significant portion of their order book dedicated to titanium and super alloys. They are also in advanced discussions with international partners like Safran.

Story Continues  

Q: What is the current capacity utilization of MIDHANI’s titanium plant? A: Dr. S.V.S. Murty stated that the titanium plant is operating near full capacity, with about 29% of the order book dedicated to titanium alloys. The company has multiple melting facilities to meet the demand.

Q: Can you explain the drivers behind the improved margins this quarter and provide a revenue breakdown by material? A: Dr. S.V.S. Murty noted that the margin improvement was due to the execution of high-margin contracts and a favorable product mix. For the nine months, super alloys contributed 20%, titanium alloys 19%, maraging steel 15%, and special steel 37% to the revenue.

Q: What is the status of the NADCAP certification, and how does it impact MIDHANI’s operations? A: Dr. S.V.S. Murty confirmed that the NADCAP audit is complete, with minor queries being addressed. The certification is expected by the end of Q4, which will enhance MIDHANI’s credibility in international markets.

Q: How does the establishment of a metal bank affect MIDHANI’s working capital and inventory management? A: Dr. S.V.S. Murty clarified that the metal bank is customer-owned and will not impact MIDHANI’s working capital. It is designed to mitigate supply chain disruptions, with inventory held in the customers’ books.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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