Mishra Dhatu Nigam Limited (MIDHANI), a Mini-Ratna Defence PSU, has reported a decline in both revenue and profit for the second quarter of fiscal year 2025-26. The company's financial performance shows a mixed picture, with some areas of growth amid overall challenges.

Revenue and Profit Performance

MIDHANI recorded a turnover of Rs 209.73 crore in Q2 FY2025-26, marking a 20% decrease from Rs 262.12 crore in the same period last year. The company's profit after tax (PAT) saw a more significant drop, falling by 46% to Rs 12.77 crore from Rs 23.55 crore in the corresponding quarter of the previous year.

For a clearer picture of the company's financial performance, here's a breakdown of the key figures:

Half-Yearly Performance

The company's half-yearly results also reflect a downward trend:

• H1 FY2025-26 turnover: Rs 380.22 crore (down from Rs 425.57 crore in H1 FY2024-25)
• H1 FY2025-26 PAT: Rs 25.58 crore (compared to Rs 28.66 crore in H1 FY2024-25)
• H1 FY2025-26 PBT: Rs 38.12 crore (versus Rs 42.88 crore in H1 FY2024-25)

Production Value and Growth

Despite the decline in revenue and profit, MIDHANI has shown growth in its production value:

• Q2 FY2025-26 Value of Production (VoP): Rs 256.38 crore (compared to Rs 268.22 crore in Q2 FY2024-25)
• H1 FY2025-26 VoP: Rs 497.67 crore, representing a 3.90% growth from Rs 479.01 crore in H1 FY2024-25

Order Book Position

As of October 1, 2025, MIDHANI maintains a robust order book position of Rs 1,869 crore, indicating potential for future revenue generation.

Corporate Governance Update

The company's board meeting on November 13, 2025, resulted in several key decisions:

1. Appointment of Anjaneyulu & Co. Chartered Accountants as Statutory Auditors for FY 2025-26.
2. The same firm will conduct limited reviews of unaudited financial results and serve as Tax Auditor for the Assessment Year 2026-27.
3. Approval of unaudited financial results for Q2 and H1 FY2025-26.

While MIDHANI faces challenges in maintaining its revenue and profit levels, the growth in production value and a strong order book position suggest potential for recovery in the coming quarters.

Mishra Dhatu Nigam Limited (MIDHANI), a Government of India enterprise, has announced a significant boost to its order book with a new contract worth Rs. 306.00 crore. This development has strengthened the company's financial position, pushing its total open order position to approximately Rs. 2,212.00 crore.

Order Details and Financial Impact

MIDHANI, headquartered in Hyderabad, Telangana, has provided the following key information regarding its recent order acquisition:

This substantial order not only represents a significant business win for MIDHANI but also indicates a robust demand for the company's products and services.

Company Overview

Mishra Dhatu Nigam Limited, commonly known as MIDHANI, is a specialized metals and metal alloys manufacturer under the ownership of the Government of India. The company plays a crucial role in supporting various strategic sectors with its high-quality metallurgical products.

Market Implications

The securing of this large order by MIDHANI is likely to be viewed positively by investors and market analysts. It demonstrates the company's continued ability to attract significant contracts, potentially indicating strong industry demand and MIDHANI's competitive position in the market.

Compliance and Disclosure

In adherence to regulatory requirements, MIDHANI has promptly disclosed this material development to the stock exchanges. This transparency aligns with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, ensuring that all stakeholders are informed of significant business developments.

The timely securing of substantial orders, such as this Rs. 306.00 crore contract, plays a vital role in maintaining a healthy order book for manufacturing companies like MIDHANI. It provides visibility into future revenue streams and operational activity, which can be crucial for long-term business planning and investor confidence.