Mishra Dhatu Nig Q1 FY27 Results (NSE: MIDHANI)
Signal: Margin pressure
The read
The quarter marks a sharp revenue inflection to ₹23949.08 lakh, +40.46% YoY after Q2FY26's -19.9% and Q3FY26's +16.0%, but EBITDA grew only 12.89% to ₹4660 lakh and margin fell to 19.46%; the apparent gross-margin expansion of 1751bps, alongside only 7.90% YoY growth in value of production, needs confirmation before being treated as structural.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹239.49 Cr | 40.46% | -56.65% |
| Net profit | ₹16.47 Cr | 27.00% | |
| EPS | ₹0.88 | 27.54% | |
| EBIT margin | 19.46% |
P&L walk
Consolidated revenue increased to ₹23949.08 lakh, +40.46% YoY but -56.65% QoQ, while EBITDA rose only 12.89% to ₹4660 lakh and EBITDA margin contracted to 19.46%; PAT grew 27.00% to ₹1646.76 lakh, helped by the operating recovery and a ₹998.27 lakh other-income contribution.
Segments
No segment table is provided because defence-production companies are exempt from segment reporting; consolidated PAT exceeded standalone PAT by ₹15.76 lakh, including a ₹15.47 lakh share of profit from the Utkarsha Aluminium Dhatu Nigam joint venture.
Key positives
- Revenue from operations reached ₹23949.08 lakh, up 40.46% YoY, reversing Q2FY26's 19.9% YoY decline and exceeding Q3FY26's 16.0% growth.
- Order book stood at ₹2329 crore as of 1 July 2026, providing material visibility against Q1FY27 revenue of ₹239.49 crore.
- Employee benefits plus other expenses grew 14.70% YoY versus 40.46% revenue growth, while finance costs declined 1.51% to ₹607.79 lakh.
- Gross margin expanded 1751bps YoY as raw-material cost fell to 46.83% of revenue from 64.34%, although the filing does not disclose the driver.
Key concerns
- EBITDA grew 12.89% YoY to ₹4660 lakh versus revenue growth of 40.46%, and EBITDA margin contracted 475bps to 19.46%.
- Value of production grew only 7.90% YoY to ₹260.36 crore, substantially below revenue growth of 40.46%, creating a conversion-quality question.
- Revenue fell 56.65% QoQ from ₹55274.57 lakh in Q4FY26 and PAT fell 79.04% from ₹7859.15 lakh, highlighting high quarterly volatility.
Research and educational content only. Not investment advice.