Mishra Dhatu Nigam Limited has reported its highest ever annual turnover of ₹1,208.63 crores in FY26, a growth of 12.52% compared to ₹1,074.10 crores in FY25. The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, on May 29, 2026, and recommended a final dividend of ₹1.25 per equity share. The company achieved a Profit After Tax (PAT) of ₹130.79 crores for the full year, growing by 18.82% against ₹110.07 crores in the previous year.

Financial Performance

The company recorded its highest ever quarterly turnover of ₹552.75 crores in Q4FY26, a growth of 34.63% against ₹410.56 crores in the corresponding quarter of the previous year. The Profit Before Tax (PBT) for Q4FY26 stood at ₹107 crores, a growth of 38.67%, while the PAT for the quarter was ₹77.75 crores, up 38.49% year-on-year. The EBITDA for FY26 stood at ₹275.59 crores, registering a growth of 10.69% against ₹248.97 crores in FY25.

Operational Highlights

The value of production during Q4FY26 stood at ₹392.19 crores, registering a growth of 19.15% against ₹329.16 crores in the corresponding quarter of the previous year. For the full year FY26, the value of production reached ₹1,193.92 crores, a growth of 12.04% against ₹1,065.62 crores in FY25. The company produced 700 tons of Titanium, almost doubling from previous years. The order book position as on April 1, 2026, was ₹2,290 crores.

Strategic Initiatives and Outlook

The company has signed a memorandum of understanding (MOU) for the creation of a metal bank to ensure an uninterrupted supply of critical raw materials. MIDHANI plans a capital expenditure of around ₹1,000 crores over the coming 3 years, focusing on replacing aging equipment with state-of-the-art facilities in downstream operations. The company expects to book orders worth ₹1,500 crores in FY27 and targets a top-line growth of 15% year-on-year with EBITDA margins between 23% and 25%.

Key Achievements

MIDHANI received airworthiness certificates for 10 critical aerospace grade superalloys and steels from CEMILAC. It obtained NADCAP certification for heat treatment, enabling direct procurement by OEMs. The company inaugurated a world-class aerospace fastener manufacturing facility worth ₹40 crores and supplied 90 tons of armor-grade steel for the presidential dais. Additionally, 31 architectural Titanium windows were delivered to the Shri Ram Janmabhoomi temple at Ayodhya.

Mishra Dhatu Nigam (Midhani) is charting a course toward rare earth independence, with the company focusing on the development of advanced alloys and the build-out of supporting infrastructure. The initiative underscores Midhani's strategic intent to reduce reliance on imported rare earth materials, leveraging its established expertise in specialty metals and alloys.

Strategic Focus on Rare Earth Self-Reliance

mishra dhatu nigam has identified rare earth materials as a critical area for domestic capability development. By advancing its alloy research and manufacturing infrastructure, the company aims to address supply chain vulnerabilities associated with rare earth imports. This aligns with broader national priorities around self-sufficiency in strategic and defence-grade materials.

Advanced Alloys and Infrastructure as Key Pillars

The company's approach centres on two primary pillars:

• Advanced Alloy Development: Midhani is working on engineering alloys that incorporate or substitute rare earth elements, targeting applications in defence, aerospace, and high-technology sectors.
• Infrastructure Development: Investments in production and processing infrastructure are being pursued to support scaled-up domestic manufacturing of these materials.

These efforts are intended to strengthen Midhani's position as a vertically integrated supplier of critical materials within India.

Significance for India's Materials Ecosystem

Rare earth elements are essential inputs for a wide range of advanced technologies, including defence systems, electronics, and clean energy applications. Midhani's focus on building indigenous capabilities in this domain is consistent with India's push to develop domestic supply chains for strategically sensitive materials. The company's metallurgical heritage and government backing provide a foundation for pursuing these objectives at scale.

Midhani's initiative to achieve rare earth independence through advanced alloys and infrastructure development represents a significant step in India's broader materials self-reliance agenda, with the company positioning itself at the forefront of this critical sector.