Mishra Dhatu Nigam Ltd. share price target

Mishra Dhatu Nigam (MIDHANI) reported an impressive Q3FY25 performance. Lower cost and higher recycling resulted in EBITDA growth of 46% YoY despite 6% YoY decline in revenue.

Key highlights from MIDHANI’s concall, Q1FY25 performance was impacted by inventory adjustments, annual maintenance shutdown for certain equipments.

The Govt of India has been emphasizing on and mandating the indigenization of Indian defence systems, components and the supply chains to achieve 100% self-sufficiency and reduce the dependence on imports. Metals such as nickel, titanium and other super-alloys are critical raw materials for various defence systems such as armoured vehicles, artillery guns, fighter aircraft engines and naval ships.

Mishra Dhatu Nigam’s (Midhani) Q4FY23 performance was impacted by higher raw
material costs. Key takeaways: 1) EBITDA margin rose 70bps QoQ to 29.1% despite firm raw material and power costs, owing to higher scrap utilisation; 2) orderbook at Mar’23-end was at Rs13.3 bn, aided by an inflow of Rs9bn during the quarter Q4FY23

Mishra Dhatu Nigam’s (Midhani) Q3FY23 performance was steady – led by higher scrap utilisation. Key takeaways: 1) EBITDA margin came in at 28.4% despite firm raw material and power costs, owing to higher scrap utilisation; 2) orderbook remained broadly static compared to Q2FY23 at Rs14.72bn.

Mishra Dhatu Nigam’s (Midhani) Q2FY23 performance was steady led by higher scrap utilisation. Key takeaways: 1) EBITDA margin came in at 32.4%, despite firm raw material and power costs, owing to higher scrap utilisation.

For Q2FY22, Midhani's consolidated operations posted a topline of | 188 crore, up 15% YoY & 65% QoQ. Consolidated EBITDA for the quarter was at | 52 crore, up 4% YoY and 103% QoQ Midhani's consolidated EBITDA margin for Q2FY22 was at 27.6% compared to 22.4% in Q1FY22 and 30.5% in Q2FY21. Ensuing consolidated PAT for...

FY21 order intake likely to be ~| 700-750 crore.. During FY21, the management expects order intake to the tune of ~| 700750 crore. In the current fiscal year, majority of order intake would be from the defence segment. Of the cumulative order intake of ~ | 700-750 crore in FY21, ~70% is likely from the defence segment (including the aerospace). During FY20, Midhani booked orders (order intake) to the tune of | 786 crore. Of the orders booked during FY20, ~| 506 crore was from the space segment, | 229 crore was from the defence segment, | 28 crore was from...

IPO NOTE

Most advanced and unique facilities: The Company is the only facility in India to carry out vacuum based melting and refining through world class vacuum melting furnace such as vacuum induction melting, vacuum arc remelting, vacuum degassing/ vacuum oxygen decarburisation, electro slag remelting and electron- beam melting. It enables the...

IPO Note - Mishra Dhatu Nigam Limited Issue Open: Mar 21 - Mar 23, 2018, Price Band: Rs 87 - 90 (A discount of Rs 3 per eq sh offered to retail and employees.) Issue Size: 48,708,400 Equity Shares (Entirely Offer for sale - including Employee reservation of 1,873,400 eq sh), Offer Size: Rs 423.76cr - 438.37cr

Strong technological capabilities with advanced, unique facilities... Midhani is the only company in India to carry out vacuum based melting and refining through a world class vacuum melting furnace. This enables the company to venture into new markets with innovative and advanced products. The advanced melting facility also aids in terms of flexibility to...