Mishra Dhatu Nigam (MIDHANI), a key player in the metallurgical sector, has unveiled its strategic financial goals for the fiscal year 2026, demonstrating a blend of ambition and resilience in the face of recent headwinds.

Revenue and Margin Targets

MIDHANI has set forth a robust financial roadmap for FY26:

These targets reflect the company's confidence in its long-term growth prospects, despite experiencing a degrowth in the first half of the current fiscal year.

Growth Projections and Order Book

MIDHANI's management has outlined a positive outlook for the company's future:

• Annual Growth Rate: The company expects to achieve at least a 10.00% year-on-year growth in the long term.
• Order Book Target: MIDHANI aims to maintain a minimum order book of ₹2,000.00 crores by April 2026.

Strategic Outlook

The company's ambitious targets, set against the backdrop of recent challenges, underscore MIDHANI's strategic approach to growth. By maintaining a strong order book and focusing on margin improvement, MIDHANI appears to be positioning itself for sustained expansion in the metallurgical sector.

While the recent H1 degrowth presents a near-term challenge, MIDHANI's management seems confident in the company's ability to overcome these hurdles and achieve its long-term objectives. The focus on maintaining a robust order book suggests a proactive approach to ensuring a steady pipeline of projects and revenue streams.

As MIDHANI navigates through the current market dynamics, investors and industry observers will likely keep a close watch on the company's performance metrics and its progress towards these ambitious FY26 targets.

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.