Mishra Dhatu Nigam Limited reported a Profit After Tax (PAT) of ₹130.79 Cr for the financial year ended March 31, 2026, registering a growth of 18.82% compared to the previous year. The company achieved its highest ever annual turnover of ₹1,208.63 Cr, a 12.52% increase over the prior year. The Board of Directors has recommended a final dividend of ₹1.25 per equity share, or 12.5%, subject to shareholder approval at the upcoming Annual General Meeting.

The Board, in its meeting held on May 29, 2026, approved the audited financial results for the quarter and year ended March 31, 2026. Madhubala Kalluri, Director (Finance) & Chief Financial Officer, declared that the statutory auditors, M/S ANJANEYULU & CO., Chartered Accountants, issued an audit report with an unmodified opinion on the standalone and consolidated financial results.

Operational performance for the fourth quarter of FY26 showed significant momentum, with quarterly turnover reaching a record ₹552.75 Cr, a growth of 34.63% year-on-year. Profit After Tax for the quarter stood at ₹77.75 Cr, up 38.49% from the corresponding quarter of the previous year. The Value of Production for the full year also hit a record high of ₹1,193.92 Cr, growing by 12.04%.

Financial Performance for FY26

The company’s EBITDA for FY26 stood at ₹275.59 Cr, a growth of 10.69% compared to the previous year. Profit Before Tax (PBT) increased by 17.98% to ₹184.09 Cr. The order book position as of April 1, 2026, stood strong at ₹2,290.00 Cr, providing visibility for future revenue.

Strategic Achievements

During the year, MIDHANI achieved its highest ever titanium alloy production of 700T, nearly doubling from the previous year. The company signed an MoU with major stakeholders to create a Metal Bank to ensure the availability of critical raw materials for Defence projects. Additionally, MIDHANI received Airworthiness Certificates for 10 alloys from CEMILAC, authorizing production for advanced aero engines, and was awarded the prestigious NADCAP certification for Heat Treatment.

Mishra Dhatu Nigam Limited was fined a total of Rs 9,91,200 by BSE Limited and National Stock Exchange of India Limited for non-compliance with board composition norms during the quarter ended March 31, 2026. The stock exchanges imposed a penalty of Rs 4,95,600 each on May 27, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. The company stated that the fines have no material impact on its financial, operational, or other activities.

The non-compliance pertains to Regulation 17(1) of SEBI LODR. MIDHANI has not paid the fines to the exchanges, arguing that the authority for appointing directors rests with the President of India, acting through the Ministry of Defence. Consequently, the Board of MIDHANI stated it has no role in the appointment of directors, which led to the regulatory lapse.

Fine Waiver Request

MIDHANI plans to submit a request for a waiver of the fines to both NSE and BSE. The company cited NSE circular No: NSE/CML/51846 dated March 31, 2022, and the impossibility of compliance as the basis for seeking exemption. The company maintains that the delay in board composition was beyond its control due to the government-led appointment process.

Penalty Details