Mishra Dhatu Nigam reported a 27.42% year-on-year increase in net profit after tax (PAT) to ₹16.31 crore for the first quarter of FY27. The specialized metals manufacturer also saw its turnover surge by 40.46% to ₹239.49 crore, supported by strong demand in defense and space sectors.

Financial Performance

The company’s EBITDA grew by 12.89% to ₹46.6 crore, while profit before tax (PBT) rose by 25.89% to ₹23.92 crore. Production value for the quarter stood at ₹260.36 crore, marking a 7.9% increase compared to the corresponding period last year.

What the Numbers Show

Despite robust top-line growth, EBITDA margins contracted significantly. The company attributed this divergence to adverse price variances of approximately ₹13 crore due to raw material hikes and an additional ₹5 crore hit from doubled LPG prices caused by geopolitical tensions. Management indicated that margins are expected to normalize by Q3FY27 as input costs stabilize.

Order Book and Strategic Developments

As on July 1, 2026, the order book stood at ₹2,329 crore. The sector-wise breakdown reveals heavy reliance on strategic government clients:

• Defense: 66%
• Space (ISRO): 21%
• Energy: 9%
• Others: 4%

Management highlighted several key operational milestones:

• Secured S400 certification from General Electric USA for mechanical, chemical, and metallography testing, enabling domestic testing services previously outsourced abroad.
• Successfully isothermally forged nickel-based super alloys for fighter aircraft programs using its 6,000-ton press.
• Rolled 7000 series aluminum alloy for a PSU, marking the first commercial order for aluminum rolling using existing wide plate mill facilities.
• Initiated production of bulletproof jackets (ABHED) developed with DRDO and IIT Delhi, with testing expected to conclude by next quarter.

Outlook and Capex

The company plans to incur capital expenditure of approximately ₹50–60 crore in FY27, primarily for maintenance. A larger modernization proposal involving ₹1,000 crore over three years is under ministry evaluation to replace aging equipment and improve yield. Management expects full realization of these investments only after four to five years.

Export sales currently contribute around 10% of turnover, with current year exports reaching ₹33 crore and an open order book of ₹25 crore. The company aims to increase export contribution further through new certifications like Nadcap.

Mishra Dhatu Nigam appointed A. Pugazhenthithi and Sameer Mundra as non-executive independent directors on August 21, 2026. The Ministry of Defence confirmed the appointments for a term of three years or until further orders.

The Department of Defence Production conveyed the appointments via letter dated August 21, 2026. Both directors will serve in a part-time, non-official capacity. Their tenure is subject to earlier termination by the Ministry of Defence.

Director Profiles

A. Pugazhenthithi holds an M.Sc. and LL.B. He is currently engaged in legal practice and agriculture. His professional experience spans law, management, and agricultural activities. His appointment will become effective upon the allotment of his Director Identification Number (DIN).

Sameer Mundra brings nearly three decades of experience in business management and engineering. He holds a B.E. in Production Engineering from NIT Surat. Mundra has been associated with Hytech Engineers as Proprietor since 1997 and Precision Engineering as Proprietor since 2013.

Board Composition Updates

Mundra also serves as Director of MP JFC Industries Private Limited since 2020 and LUB E-Mart Advanced Platform Foundation since 2025. Neither director disclosed any relationships with existing board members.

Both appointees are not debarred from holding office under SEBI orders or other authorities. As Mishra Dhatu Nigam is a Government of India enterprise, Section 164(2) of the Companies Act, 2013 does not apply to their disqualification status.