Mishra Dhatu Nigam Ltd

Mishra Dhatu Nig Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Mishra Dhatu Nigam Ltd

₹ 312 0.48%
22 Nov 9:37 a.m.
midhani-india.in BSE: 541195 NSE: MIDHANI
About

Mishra Dhatu Nigam Ltd (MIDHANI) manufactures superalloys, titanium, special purpose steel and other special metals.[1]
It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence.[2] GoI still owns ~74% stake in the company after its IPO in 2018.[3]

Key Points

Company Overview
The company was set up by the Govt. with a view to achieve self-reliance in the production and supply of various super alloys, special steels, and soft magnetic alloys to Defence and other Strategic Sectors such as Energy, Space, and Aeronautical applications. It is the only manufacturer of Titanium alloys in India. [1]

Website BSE NSE
  • Market Cap ₹ 5,846 Cr.
  • Current Price ₹ 312
  • High / Low ₹ 548 / 305
  • Stock P/E 66.8
  • Book Value ₹ 72.0
  • Dividend Yield 0.45 %
  • ROCE 9.44 %
  • ROE 7.00 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 34.0%

Cons

  • Stock is trading at 4.32 times its book value
  • The company has delivered a poor sales growth of 8.58% over past five years.
  • Company has a low return on equity of 11.5% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Steel - Medium / Small

Part of BSE CPSE BSE Allcap BSE Industrials BSE SmallCap BSE PSU

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
188 234 323 115 181 231 345 188 227 252 406 163 262
136 171 201 82 122 166 244 146 191 216 325 140 213
Operating Profit 52 63 122 33 59 66 100 42 36 36 80 23 49
OPM % 28% 27% 38% 29% 32% 28% 29% 22% 16% 14% 20% 14% 19%
2 5 16 7 9 9 12 8 8 6 8 8 9
Interest 2 3 15 5 6 7 8 9 9 9 8 7 8
Depreciation 7 7 12 12 13 14 14 14 14 14 15 15 16
Profit before tax 45 58 110 23 49 54 90 27 21 19 65 9 34
Tax % 26% 26% 27% 24% 31% 28% 27% 31% 33% 34% 28% 43% 31%
34 43 81 18 34 38 66 19 14 12 46 5 24
EPS in Rs 1.80 2.29 4.32 0.94 1.79 2.06 3.53 0.99 0.74 0.67 2.48 0.27 1.26
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
363 555 647 716 773 662 711 713 813 859 872 1,073 1,083
309 448 518 565 587 470 526 514 567 596 613 878 894
Operating Profit 54 106 129 152 186 191 185 199 246 263 259 195 189
OPM % 15% 19% 20% 21% 24% 29% 26% 28% 30% 31% 30% 18% 17%
19 26 23 29 23 36 37 36 20 31 38 30 31
Interest 2 5 8 5 5 9 7 7 13 23 27 35 32
Depreciation 3 6 10 14 18 20 23 26 27 33 53 59 61
Profit before tax 68 121 134 162 186 198 191 202 226 239 217 131 126
Tax % 34% 32% 26% 26% 32% 34% 32% 21% 26% 26% 28% 30%
45 82 99 119 126 131 131 160 166 176 156 91 88
EPS in Rs 304.91 440.16 529.31 637.18 674.23 7.01 6.97 8.53 8.88 9.41 8.32 4.87 4.68
Dividend Payout % 20% 45% 38% 28% 30% 30% 31% 30% 31% 33% 40% 29%
Compounded Sales Growth
10 Years: 7%
5 Years: 9%
3 Years: 10%
TTM: 9%
Compounded Profit Growth
10 Years: 1%
5 Years: -7%
3 Years: -18%
TTM: -36%
Stock Price CAGR
10 Years: %
5 Years: 14%
3 Years: 18%
1 Year: -17%
Return on Equity
10 Years: 15%
5 Years: 13%
3 Years: 12%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 146 187 187 187 187 187 187 187 187 187 187 187 187
Reserves 165 258 353 432 517 602 647 771 885 1,003 1,099 1,132 1,161
44 57 59 13 21 93 107 134 160 360 489 433 440
477 849 564 488 375 483 883 1,306 1,228 1,230 1,089 1,154 1,211
Total Liabilities 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 2,906 2,999
37 115 244 263 327 344 425 441 429 938 1,016 1,032 1,077
CWIP 16 118 9 7 6 65 175 405 549 132 80 83 24
Investments 2 2 2 2 2 2 2 22 22 22 22 22 25
778 1,115 907 849 765 954 1,223 1,530 1,461 1,688 1,746 1,769 1,873
Total Assets 832 1,350 1,163 1,121 1,101 1,365 1,825 2,398 2,461 2,781 2,864 2,906 2,999

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
119 20 296 204 176 5 -35 216
-65 -78 -205 -195 -115 -68 -3 -65
-43 25 -78 -13 -37 39 43 -148
Net Cash Flow 12 -33 13 -4 24 -24 4 2

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 108 160 124 106 136 228 181 152 173 130 132 110
Inventory Days 875 886 704 372 277 749 984 2,784 1,381 2,088
Days Payable 115 190 158 68 89 299 248 394 148 336
Cash Conversion Cycle 868 857 670 410 324 678 916 2,542 1,407 1,882 132 110
Working Capital Days 61 241 167 144 134 194 277 430 393 453 531 431
ROCE % 26% 27% 28% 25% 22% 21% 21% 19% 15% 9%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00% 74.00%
0.25% 0.31% 0.51% 0.52% 0.52% 0.58% 0.95% 1.19% 0.96% 1.07% 1.27% 1.42%
14.27% 14.74% 14.59% 15.57% 13.76% 13.82% 13.11% 12.48% 11.84% 11.04% 9.33% 8.44%
11.48% 10.95% 10.91% 9.90% 11.71% 11.61% 11.93% 12.33% 13.20% 13.88% 15.40% 16.13%
No. of Shareholders 87,55386,50585,59978,81381,20182,46378,58893,6311,01,8081,23,0071,42,5591,53,279

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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