Mishra Dhatu Nigam Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Mishra Dhatu Nigam Ltd filed with BSE on 22 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MIDHANI reported Q1 FY27 turnover of Rs 239.49 crore, up 40.46% year-on-year, with EBITDA of Rs 46.6 crore, up 12.89%, and PAT of Rs 16.31 crore, up 27.42%. Management attributed gross margin compression during the quarter to a spike in LPG fuel prices and higher raw material costs for nickel, molybdenum and tungsten. The company also described several operational developments including S400 testing certification from General Electric, progress on a metal bank for raw material procurement, and updates on titanium capacity, order book composition and export plans.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Turnover: Rs. 239.49 crore (Q1 FY27)
p. 3
“We have achieved a turnover of Rs. 239.49 crore during the quarter, registering a growth of 40.46% over the same quarter last year.”
S.V.S. Narayana Murty, page 3 of the filed PDF · View the filing
Value of production: Rs. 260.36 crore (Q1 FY27)
p. 3
“the value of production during the quarter stood at Rs. 260.36 crore with a growth of 7.9% against the corresponding quarter of previous year.”
S.V.S. Narayana Murty, page 3 of the filed PDF · View the filing
PBT: Rs. 23.92 crore (Q1 FY27)
p. 3
“PBT rose by 25.89% to Rs. 23.92 crore, while profit after tax increased by 27.42% to Rs. 16.31 crore over the corresponding quarter of the previous year.”
S.V.S. Narayana Murty, page 3 of the filed PDF · View the filing
Profit after tax: Rs. 16.31 crore (Q1 FY27)
p. 3
“PBT rose by 25.89% to Rs. 23.92 crore, while profit after tax increased by 27.42% to Rs. 16.31 crore over the corresponding quarter of the previous year.”
S.V.S. Narayana Murty, page 3 of the filed PDF · View the filing
EBITDA: Rs. 46.6 crore (Q1 FY27)
p. 4
“The EBITDA for the quarter stood at Rs. 46.6 crore, showing a healthy growth of 12.89%”
S.V.S. Narayana Murty, page 4 of the filed PDF · View the filing
Order book: Rs. 2,329 crore (as on 1st July 2026)
p. 4
“Our order book position as on 1st July 2026 stood at Rs. 2,329 crore, providing good visibility for the coming quarter.”
S.V.S. Narayana Murty, page 4 of the filed PDF · View the filing
Scrap inventory reduction: Rs. 17 crores (Q1 FY27)
p. 6
“Around Rs. 17 crores we reduced inventory, scrap inventory.”
Madhubala Kalluri, page 6 of the filed PDF · View the filing
Titanium melting volume: around 750 tons (FY26)
p. 8
“last year we made around 750 tons of melting and we expect it to grow.”
S.V.S. Narayana Murty, page 8 of the filed PDF · View the filing
Titanium order book: Rs. 600 crores
p. 8
“lot of orders are there currently also maybe worth about Rs. 600 crores worth of orders are there, and we expect it to increase only.”
S.V.S. Narayana Murty, page 8 of the filed PDF · View the filing
Export sales: Rs. 33 crores (current year to date)
p. 16
“Current year sales is Rs. 33 crores till now, and we have an open order book of about Rs. 25 crores”
S.V.S. Narayana Murty, page 16 of the filed PDF · View the filing
Defense share of order book: 66%
p. 9
“Around defense 66%.”
Padavittan Babu, page 9 of the filed PDF · View the filing
Space (ISRO) share of order book: 21%
p. 9
“Then space, ISRO, that is 21%. And the energy is 9%. And others 4%.”
Padavittan Babu, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 20%-21% · Q3 FY27
stated conditionally by S.V.S. Narayana Murty
p. 9
“Yes, we can expect. Only because of these little raw material and LPG issues only that was little lower bottom line. Otherwise, from Q3 we will get stabilized, and we hope that we will be achieving the same margin.”
S.V.S. Narayana Murty, page 9 of the filed PDF · View the filing
Margin normalization — Q3 FY27
stated conditionally by Madhubala Kalluri
p. 6
“Q2 may be little bit hit will be there, but Q3 we have hope that we will be coming to normal state.”
Madhubala Kalluri, page 6 of the filed PDF · View the filing
Revenue growth — FY27
stated as an aspiration by S.V.S. Narayana Murty
p. 7
“So, we will be maintaining the FY '25-'26 growth and we'll be looking for higher only.”
S.V.S. Narayana Murty, page 7 of the filed PDF · View the filing
Revenue growth rate — less than 40% · FY27
stated firmly by Padavittan Babu
p. 7
“40% like what we achieved in Q1 level at the year level, that is not practicable. But however, definitely as CMD sir has said that we are working out and definitely it will be better than the last year.”
Padavittan Babu, page 7 of the filed PDF · View the filing
Metal bank implementation — next quarter
stated firmly by S.V.S. Narayana Murty
p. 11
“By next quarter we will be implementing the metal bank and soon we should get back to you with some news about this one which needs proper approval.”
S.V.S. Narayana Murty, page 11 of the filed PDF · View the filing
Export share of turnover — 10%
stated as an aspiration by S.V.S. Narayana Murty
p. 16
“We plan to export about 10% of total turnovers.”
S.V.S. Narayana Murty, page 16 of the filed PDF · View the filing
Export growth rate — Rs. 100 crore-Rs. 120 crore · next three to four years
stated as an aspiration by S.V.S. Narayana Murty
p. 17
“We can increase at least 15% to 20% on 10%, yes, that Rs. 100 crore, Rs. 100 crore-Rs. 120 crore.”
S.V.S. Narayana Murty, page 17 of the filed PDF · View the filing
CapEx spend — Rs. 50 crores to Rs. 60 crores · FY27
stated firmly by Madhubala Kalluri
p. 10
“We may be around, we may incur CapEx like last year amount only around Rs. 50 crores to Rs. 60 crores normal CapEx only because this process [Inaudible 00:24:56].”
Madhubala Kalluri, page 10 of the filed PDF · View the filing
CapEx timeline — Rs. 1,000 crores · 2 to 3 years
stated firmly by Padavittan Babu
p. 10
“CapEx is expected around 2 to 3 years, and after that it takes any plant like the stabilization period.”
Padavittan Babu, page 10 of the filed PDF · View the filing
Bulletproof jacket testing — next quarter
stated firmly by S.V.S. Narayana Murty
p. 4
“the technology was taken and we already fabricated jackets and jackets are under testing and hope we will be ready with all the test certificates by next quarter.”
S.V.S. Narayana Murty, page 4 of the filed PDF · View the filing
Global OEM export approvals — a year or so
stated as an aspiration by S.V.S. Narayana Murty
p. 19
“No, within that, we should get before that. Maybe a year or so we should be able to get some approvals from exports.”
S.V.S. Narayana Murty, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the compression to raw material and LPG fuel price increases.
Answered by Madhubala Kalluri
Asked by Ajinkya Jadhav: Why did gross margin compress despite strong top-line growth?
p. 6
“Apart from raw material prices, this quarter we were hit by fuel prices. LPG because of crisis of war, war crisis, LPG prices were increased almost doubled.”
Madhubala Kalluri, page 6 of the filed PDF · View the filing
Management said import substitution depends on obtaining aerospace certifications so domestic customers can source from MIDHANI instead of importing.
Answered by S.V.S. Narayana Murty
Asked by Abhishek Jain: How much titanium alloy, super alloy and steel imports remain that MIDHANI could displace, and what are the barriers?
p. 17
“So, almost all these grades whatever I mentioned that Rs. 8,000 crore are in the portfolio of MIDHANI. And MIDHANI is capable of making all these materials with the resources”
S.V.S. Narayana Murty, page 17 of the filed PDF · View the filing
Management said the company is no longer getting nomination-based orders and is now winning business only through competition.
Answered by S.V.S. Narayana Murty
Asked by Ajinkya Jadhav: What proportion of the current order book is nomination-based versus competitive?
p. 19
“I think to answer your question, we are not getting anything on nomination. The earlier way it used to be the trend. Now everything is competition only.”
S.V.S. Narayana Murty, page 19 of the filed PDF · View the filing
Management confirmed the Nellore aluminium plant proposal has been recommended for closure by both boards.
Answered by S.V.S. Narayana Murty
Asked by Ajinkya Jadhav: Is the aluminium plant JV with NALCO still active?
p. 20
“that particular proposal has been recommended to be closed by both MIDHANI and NALCO boards.”
S.V.S. Narayana Murty, page 20 of the filed PDF · View the filing
Management clarified the metal bank material is customer-owned and does not appear on MIDHANI's books, so it will not affect working capital.
Answered by S.V.S. Narayana Murty
Asked by Renjith Sivaram: How much working capital could be released through the metal bank arrangement?
p. 13
“Now this is not, there is no, it is not in MIDHANI books. Actually, it is a MIDHANI operated, customer owned. So, it doesn't come into our books at all.”
S.V.S. Narayana Murty, page 13 of the filed PDF · View the filing
Management quantified the hit from raw materials and LPG and said absolute EBITDA still grew despite the percentage margin decline.
Answered by Padavittan Babu
Asked by Abhishek Jain: What was the EBITDA margin impact from raw material and LPG cost increases in Q1?
p. 19
“even despite the hit from the raw materials at Rs. 14 crore and the LPG at around Rs. 5 crore also on absolute terms the EBITDA is increased.”
Padavittan Babu, page 19 of the filed PDF · View the filing
Risks flagged
LPG fuel price spike due to geopolitical crisis increasing furnace operating costs
p. 6
“LPG because of crisis of war, war crisis, LPG prices were increased almost doubled. That is one major factor for the reduction in percentage of profit.”
Madhubala Kalluri, page 6 of the filed PDF · View the filing
Abnormal increase in raw material prices for nickel, moly and tungsten
p. 7
“This raw material prices like nickel, moly and tungsten, majority items increased very abnormally.”
Madhubala Kalluri, page 7 of the filed PDF · View the filing
Delays and high cost in raw material procurement
p. 7
“metal bank will certainly help in taking care of these delayed supplies as well as abnormally high cost.”
S.V.S. Narayana Murty, page 7 of the filed PDF · View the filing
Long lead time for capex projects delaying revenue realization
p. 9
“The CapEx immediately may not turn into reality because the project what we are expecting is having a little bit long lead time of supply as well as installation.”
Madhubala Kalluri, page 9 of the filed PDF · View the filing
Freight cost increases that cannot always be passed to customers under fixed contracts
p. 18
“But these things being fixed contract prices, we cannot expect my, I mean, customer to pay. But sometimes we are forced to absorb.”
S.V.S. Narayana Murty, page 18 of the filed PDF · View the filing
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