Mishra Dhatu Nig Q4 FY26 Results (NSE: MIDHANI)
Signal: Margin expansion
The read
Q4FY26 capped a strong year with record quarterly revenue and PAT, driven by higher titanium alloy production and improved product mix; full-year EBITDA margin contracted slightly to 22.8% from 23.2% in FY25 due to higher other expenses, but operating profit grew 10.7%. Order book remains robust at ₹2,290 Cr, providing visibility. Earnings quality is flagged due to other income constituting 20.6% of PBT for the full year.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹552.75 Cr | 34.63% | 100.3% |
| Net profit | ₹77.75 Cr | 38.49% | |
| EPS | ₹4.16 | 68.4% | |
| EBIT margin | 23% |
P&L walk
Q4FY26 revenue at ₹552.75 Cr (+34.6% YoY) drove record PAT of ₹77.75 Cr; EBITDA margin expanded to ~23% (+300bps YoY) on volume leverage and product mix, despite other income being a material 20.6% of PBT for the full year.
Key positives
- Highest ever quarterly revenue of ₹552.75 Cr (+34.6% YoY).
- PAT grew 38.5% YoY to ₹77.75 Cr.
- Order book of ₹2,290 Cr as on 1st April 2026.
- Titanium alloy production nearly doubled to 700T YoY.
- Strong demand from defence and space sectors; new product developments (single crystal blades, titanium windows for Ram Mandir).
Key concerns
- FY26 EBITDA margin slipped to 22.8% from 23.2% in FY25 due to higher other expenses.
- Other income contributed 20.6% of PBT for the full year, reducing earnings quality.
- Quarterly revenue volatility (Q2FY26 declined 19.9% YoY) persists.
Earnings quality: includes non-operating other income
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