MIDHANI Q1 FY27 Turnover ₹239.49 Crore, Up 40.46%; Secures GE S400 Certification
MIDHANI reported Q1 FY27 turnover of ₹239.49 crore, up 40.46% YoY. PAT grew 27.42% to ₹16.31 crore. The company secured GE S400 certification for testing and has an order book of ₹2,329 crore. Challenges from LPG price hikes are expected to normalize by Q3. A ₹1,000 crore CapEx plan is underway.
The strong financial performance, acquisition of a significant international certification (GE S400), and robust order book indicate a positive trajectory. Strategic initiatives like AI seminars, isothermal forging, and new material development for defense programs point to future growth drivers. The planned CapEx also signals expansion. These factors collectively have a high impact on the company's outlook.
The company reported significant year-on-year growth in turnover and profits, secured a key international certification, and highlighted several strategic advancements and future growth opportunities. While acknowledging margin pressures from LPG prices, the outlook for normalization and continued growth remains positive.
Mishra Dhatu Nigam Limited (MIDHANI) reported a strong Q1 FY27 performance with a turnover of ₹239.49 crore, marking a significant 40.46% year-on-year growth. The value of production also increased by 7.9% to ₹260.36 crore. Profit Before Tax (PBT) saw a rise of 25.89% to ₹23.92 crore, and Profit After Tax (PAT) grew by 27.42% to ₹16.31 crore.
EBITDA for the quarter stood at ₹46.6 crore, an increase of 12.89%. The order book as of July 1, 2026, was ₹2,329 crore. A key highlight was receiving the S400 certification from General Electric USA for testing mechanical, chemical, and metallography of test specimens, positioning MIDHANI as an authorized lab for such services.
The company also advanced in qualifying its non-destructive testing personnel for NAS410 and aims to obtain Nadcap certification by the financial year-end. MIDHANI is pursuing ISO 27001 (Information Security Management) and ISO 50001 (Energy Management System) certifications.
Strategically, MIDHANI conducted a seminar on artificial intelligence in metallurgical processing. It successfully performed isothermal forging for a fighter aircraft program using a nickel-based super alloy. The company also rolled a 7000 series aluminum alloy for a PSU, marking its first commercial order for aluminum rolling. Technology has been acquired from DRDO and IIT Delhi for a bulletproof jacket named 'ABHED', with fabrication completed and testing underway.
Additionally, the spring plant on campus has become operational with a sample order from BEML. Preliminary licenses from BAFA for metal powder equipment have been obtained, with expected installation by next year. The company is also working on developing new materials for the AMCA program and continues to be a key supplier for nuclear power plants, expecting further orders.
Challenges faced included increased LPG prices, which impacted margins, with normalization expected from Q3. Raw material price volatility for items like titanium, nickel, and cobalt also affected margins, with efforts underway to establish a 'metal bank' to mitigate these issues. MIDHANI plans a CapEx of approximately ₹1,000 crore over the next 2-3 years, with results expected from year four.
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