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

₹ 498 3.52%
22 Jul 4:01 p.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 ₹ 9,336 Cr.
  • Current Price ₹ 498
  • High / Low ₹ 548 / 301
  • Stock P/E 102
  • Book Value ₹ 70.4
  • Dividend Yield 0.67 %
  • ROCE 9.42 %
  • ROE 7.05 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 33.9%

Cons

  • Stock is trading at 7.07 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 11.6% over last 3 years.
  • Company might be capitalizing the interest cost

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
346 114 188 234 323 115 181 231 345 188 227 252 406
243 89 136 171 201 82 122 166 244 146 191 216 325
Operating Profit 103 25 52 63 122 33 59 66 100 42 36 36 80
OPM % 30% 22% 28% 27% 38% 29% 32% 28% 29% 22% 16% 14% 20%
8 8 2 5 16 7 9 9 12 8 8 7 8
Interest 3 2 2 3 15 5 6 7 8 9 9 9 8
Depreciation 7 7 7 7 12 12 13 14 14 14 14 14 15
Profit before tax 102 25 46 58 111 23 49 54 91 27 21 19 65
Tax % 26% 25% 26% 26% 27% 24% 31% 28% 27% 30% 33% 33% 28%
75 19 34 43 81 18 34 39 66 19 14 13 46
EPS in Rs 3.99 1.00 1.81 2.29 4.33 0.95 1.79 2.06 3.54 1.00 0.74 0.68 2.47
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
711 713 813 859 872 1,073
526 515 567 596 613 879
Operating Profit 185 197 246 263 259 194
OPM % 26% 28% 30% 31% 30% 18%
37 36 20 32 38 30
Interest 7 7 13 23 27 35
Depreciation 23 26 27 33 53 59
Profit before tax 191 200 226 239 217 131
Tax % 32% 21% 26% 26% 28% 30%
131 158 166 177 156 92
EPS in Rs 6.97 8.44 8.88 9.43 8.34 4.90
Dividend Payout % 31% 30% 31% 33% 40% 29%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 10%
TTM: 23%
Compounded Profit Growth
10 Years: %
5 Years: -7%
3 Years: -18%
TTM: -41%
Stock Price CAGR
10 Years: %
5 Years: 33%
3 Years: 35%
1 Year: 61%
Return on Equity
10 Years: %
5 Years: 13%
3 Years: 12%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 187 187 187 187 187 187
Reserves 647 769 884 1,002 1,098 1,132
107 134 160 360 489 433
883 1,306 1,228 1,230 1,089 1,154
Total Liabilities 1,825 2,396 2,459 2,779 2,863 2,905
425 441 429 938 1,016 1,032
CWIP 175 405 549 132 80 83
Investments 2 20 21 21 21 22
1,223 1,530 1,461 1,688 1,746 1,769
Total Assets 1,825 2,396 2,459 2,779 2,863 2,905

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
296 204 176 5 -35 216
-205 -195 -115 -68 -3 -65
-78 -13 -37 39 43 -148
Net Cash Flow 13 -4 24 -24 4 2

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 181 152 173 130 132 110
Inventory Days 984 2,784 1,381 2,088 2,745 1,066
Days Payable 248 394 148 336 357 98
Cash Conversion Cycle 916 2,542 1,407 1,882 2,520 1,078
Working Capital Days 277 430 393 453 531 431
ROCE % 20% 21% 19% 15% 9%

Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 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%
0.20% 0.25% 0.31% 0.51% 0.52% 0.52% 0.58% 0.95% 1.19% 0.96% 1.07% 1.27%
13.66% 14.27% 14.74% 14.59% 15.57% 13.76% 13.82% 13.11% 12.48% 11.84% 11.04% 9.33%
12.14% 11.48% 10.95% 10.91% 9.90% 11.71% 11.61% 11.93% 12.33% 13.20% 13.88% 15.40%
No. of Shareholders 93,75487,55386,50585,59978,81381,20182,46378,58893,6311,01,8081,23,0071,42,559

* 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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