New Risk • Jun 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 30
Full year 2026 earnings released: EPS: ₹7.02 (vs ₹5.92 in FY 2025) Full year 2026 results: EPS: ₹7.02 (up from ₹5.92 in FY 2025). Revenue: ₹12.5b (up 16% from FY 2025). Net income: ₹1.31b (up 19% from FY 2025). Profit margin: 11% (in line with FY 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 29
Mishra Dhatu Nigam Limited Recommends Final Dividend for the Financial Year Ended March 31, 2026 Mishra Dhatu Nigam Limited Recommended for approval by members at their ensuing Annual General Meeting, payment of final dividend INR 1.25 per equity share (@12.5%) of INR 10/- each for the financial year ended on 31 March, 2026. Declared Dividend • Mar 16
Dividend of ₹0.85 announced Shareholders will receive a dividend of ₹0.85. Ex-date: 18th March 2026 Payment date: 12th April 2026 Dividend yield will be 0.3%, which is lower than the industry average of 6.1%. Sustainability & Growth The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: ₹1.48 (vs ₹1.36 in 3Q 2025) Third quarter 2026 results: EPS: ₹1.48 (up from ₹1.36 in 3Q 2025). Revenue: ₹2.83b (up 19% from 3Q 2025). Net income: ₹276.4m (up 8.3% from 3Q 2025). Profit margin: 9.8% (in line with 3Q 2025). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Price Target Changed • Nov 19
Price target increased by 19% to ₹445 Up from ₹375, the current price target is provided by 1 analyst. New target price is 27% above last closing price of ₹352. Stock is up 10% over the past year. The company is forecast to post earnings per share of ₹7.50 for next year compared to ₹5.92 last year. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹0.69 (vs ₹1.27 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.69 (down from ₹1.27 in 2Q 2025). Revenue: ₹2.19b (down 17% from 2Q 2025). Net income: ₹129.6m (down 46% from 2Q 2025). Profit margin: 5.9% (down from 9.1% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Sep 09
Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 30, 2025 Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 30, 2025, at 11:00 Indian Standard Time. Announcement • Sep 07
Mishra Dhatu Nigam Limited to Report Q2, 2026 Results on Nov 14, 2025 Mishra Dhatu Nigam Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 14, 2025 New Risk • Aug 28
New major risk - Revenue and earnings growth Earnings have declined by 9.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.9% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹0.69 (vs ₹0.28 in 1Q 2025) First quarter 2026 results: EPS: ₹0.69 (up from ₹0.28 in 1Q 2025). Revenue: ₹1.78b (up 8.7% from 1Q 2025). Net income: ₹129.7m (up 145% from 1Q 2025). Profit margin: 7.3% (up from 3.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Aug 02
Mishra Dhatu Nigam Limited to Report Q1, 2026 Results on Aug 13, 2025 Mishra Dhatu Nigam Limited announced that they will report Q1, 2026 results on Aug 13, 2025 Announcement • Jun 21
Mishra Dhatu Nigam Limited Assigns Additional Charge Dr. S.V.S. Narayana Murty as Director (Production & Marketing), Effective July 1, 2025 Mishra Dhatu Nigam Limited approval of competent authority for entrustment of additional charge arrangement of the post of Director (Production & Marketing) to Dr. S.V.S. Narayana Murty, Chairman & Managing Director for an initial period three months with effect from July 1, 2025 or till regular incumbent joins the post or until further orders, whichever is the earliest. New Risk • Jun 06
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 0.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • May 29
Full year 2025 earnings released: EPS: ₹5.92 (vs ₹4.90 in FY 2024) Full year 2025 results: EPS: ₹5.92 (up from ₹4.90 in FY 2024). Revenue: ₹11.1b (up 3.0% from FY 2024). Net income: ₹1.11b (up 21% from FY 2024). Profit margin: 10.0% (up from 8.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. New Risk • May 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹393, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 134% over the past three years. Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. MD, CFO, Director of Finance & Chairman Gowri Sankara Naramsetti is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 07
Mishra Dhatu Nigam Limited Announces Conclusion of Tenure of V.T. Rema as Part-Time Non-Official (Independent) Director, Effective April 5, 2025 Mishra Dhatu Nigam Limited informed that, the tenure of Smt. V.T. Rema, Part-time Non-official (Independent) Director, has concluded with effect from April 5, 2025. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹297, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 82% over the past three years. Announcement • Mar 22
Mishra Dhatu Nigam Limited Approves Declaration of Interim Dividend for the Financial Year 2024-25 Board of Directors of Mishra Dhatu Nigam Limited at its meeting held on 19th March, 2025, approved declaration of Interim Dividend INR 0.75 per equity share i.e. (@7.50%) of INR 10/- each for the financial year 2024-25. Record date for determining entitlement of aforementioned interim divided shall be 25th March, 2025. Declared Dividend • Mar 21
Dividend of ₹0.75 announced Shareholders will receive a dividend of ₹0.75. Ex-date: 25th March 2025 Payment date: 18th April 2025 Dividend yield will be 0.3%, which is lower than the industry average of 6.1%. Reported Earnings • Feb 05
Third quarter 2025 earnings released: EPS: ₹1.36 (vs ₹0.68 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.36 (up from ₹0.68 in 3Q 2024). Revenue: ₹2.45b (down 2.8% from 3Q 2024). Net income: ₹255.2m (up 100% from 3Q 2024). Profit margin: 10% (up from 5.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Dec 11
Mishra Dhatu Nigam Limited Announces Board Changes Mishra Dhatu Nigam Limited announced vide Office Memorandum No. 8(32)/20i9-D(Coord/DDP) dated December 10, 2024, (received at Company on December 11, 2024) Ministry of Defence has appointed Shri Amit Satija, JS (Defence Industrial Promotion), as Government Nominee of Director on the Board of Mishra Dhatu Nigam Limited effective from December 10, 2024 in place of Shri Shalabh Tyagi-- JS (P&C). In view of above, the tenure of Shri Shalabh Tyagi as Government Nominee Director of the Company has ceased. Cessation: With appointment of Shri Amit Satija as Government nominee Director, the tenure of Shri Shalabh Tyagi as Government Nominee Director on the Board of MIDHANI has ceased. Shri Amit Satija is an IAS officer of 2008 batch from AGMUT cadre and is currently posted as Joint Secretary in the Department of Industrial Promotion, Ministry of Defence. Shri Amit Satija is a graduate in Economics and has done Masters of Management Studies from Jamnalal Bajaj Institute of Management Studies, Mumbai. He has served at various positions in different States and UTs in the country including Delhi, Goa, Andaman Nicobar Islands and Lakshadweep Islands. He is Govt. Nominee Director on the Board of Bharat Dynamics Limited; Goa Shipyard Limited; Garden Reach Shipbuilders & Engineers Limited; and Munitions India Limited. Price Target Changed • Nov 30
Price target decreased by 18% to ₹393 Down from ₹478, the current price target is an average from 2 analysts. New target price is 13% above last closing price of ₹347. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ₹7.65 for next year compared to ₹4.90 last year. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: ₹1.27 (vs ₹0.74 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.27 (up from ₹0.74 in 2Q 2024). Revenue: ₹2.71b (up 19% from 2Q 2024). Net income: ₹238.2m (up 71% from 2Q 2024). Profit margin: 8.8% (up from 6.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Sep 13
Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 30, 2024 Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 30, 2024, at 11:00 Indian Standard Time. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: ₹0.28 (vs ₹1.00 in 1Q 2024) First quarter 2025 results: EPS: ₹0.28 (down from ₹1.00 in 1Q 2024). Revenue: ₹1.71b (down 8.8% from 1Q 2024). Net income: ₹52.9m (down 72% from 1Q 2024). Profit margin: 3.1% (down from 10.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Aug 02
Mishra Dhatu Nigam Limited to Report Q1, 2025 Results on Aug 09, 2024 Mishra Dhatu Nigam Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Price Target Changed • Jul 10
Price target increased by 25% to ₹480 Up from ₹383, the current price target is an average from 2 analysts. New target price is 6.4% below last closing price of ₹513. Stock is up 61% over the past year. The company is forecast to post earnings per share of ₹9.20 for next year compared to ₹4.90 last year. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹4.90 (vs ₹8.34 in FY 2023) Full year 2024 results: EPS: ₹4.90 (down from ₹8.34 in FY 2023). Revenue: ₹11.0b (up 27% from FY 2023). Net income: ₹917.8m (down 41% from FY 2023). Profit margin: 8.3% (down from 18% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹476, the stock trades at a forward P/E ratio of 72x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 148% over the past three years. Price Target Changed • Apr 12
Price target decreased by 8.5% to ₹350 Down from ₹383, the current price target is provided by 1 analyst. New target price is 17% below last closing price of ₹423. Stock is up 117% over the past year. The company is forecast to post earnings per share of ₹4.40 for next year compared to ₹8.34 last year. Declared Dividend • Mar 16
Dividend reduced to ₹1.41 Dividend of ₹1.41 is 16% lower than last year. Ex-date: 22nd March 2024 Payment date: 13th April 2024 Dividend yield will be 0.8%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.1% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Mishra Dhatu Nigam Limited Approves Declaration of Interim Dividend for the Financial Year 2023-24 Mishra Dhatu Nigam Limited announced that the board of directors of the Company at its meeting held on March 14, 2024, approved declaration of Interim Dividend INR 1.41 per equity share (@14.10%) of INR 10.00 each for the financial year 2023-24. The record date for aforementioned interim dividend shall be 22 March, 2024. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹352, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 99% over the past three years. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: ₹0.68 (vs ₹2.06 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.68 (down from ₹2.06 in 3Q 2023). Revenue: ₹2.58b (up 12% from 3Q 2023). Net income: ₹128.0m (down 67% from 3Q 2023). Profit margin: 5.0% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹472, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 159% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹207 per share. Announcement • Dec 08
Mishra Dhatu Nigam Limited Announces Board Changes Mishra Dhatu Nigam Limited announced appointment of Shri Shalabh Tyagi, JS (Personnel & Coordination), as Government Nominee of Director on the Board w.e.f. December 8, 2023 in place of Shri Surendra Prasad Yadav JS (LS). The tenure of Shri Surendra Prasad Yadav as Government Nominee Director of the Company has ceased. Shri Shalabh Tyagi is a distinguished member of the 1997 batch (1996 exam batch) of Indian Railway Services of Electrical Engineers (IRSEE) and a graduate in Electrical Engineering from IIT Kharagpur. He has served in various capacities across the Public sector, Railways, and other ministries in the areas for production, development and induction of new technologies, standardization of specifications, design, development and commissioning of rolling stock, Safety Certification and Audits of Railway Assets etc. He has international exposure of various manufacturing and testing facilities related to Railway infrastructure in Germany, China, Denmark and Belgium. While working with Railways, he was instrumental in successful designing and commissioning of first Air- Conditioned Metro Rake for Kolkata Metro. He also played crucial role in Hon'ble Prime Minister vision of "Mission 100% Electrification" of Indian Railways broad gauge network, where almost 400% increase in annual commissioning of new lines Electrification was achieved during his tenure. Currently he is serving as Joint Secretary (Personnel & Coordination) in the Department of Defense Production, Ministry of Defence. He is also a Government Nominee Director on the Boards of Hindustan Shipyard Limited, Armoured Vehicles Nigam Limited, and India Optel Limited. New Risk • Nov 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹0.74 (vs ₹1.79 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.74 (down from ₹1.79 in 2Q 2023). Revenue: ₹2.35b (up 30% from 2Q 2023). Net income: ₹139.3m (down 59% from 2Q 2023). Profit margin: 5.9% (down from 19% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Announcement • Oct 01
Mishra Dhatu Nigam Limited Approves Final Dividend for the Financial Year Ended on March 31, 2023 Mishra Dhatu Nigam Limited announced at annual general meeting held on September 29, 2023, the shareholders approved final dividend of INR 1.67 per equity share of INR 10 each (i.e. @ 16.70%) for the financial year ended on March 31, 2023. Price Target Changed • Sep 21
Price target increased by 37% to ₹340 Up from ₹248, the current price target is an average from 2 analysts. New target price is 16% below last closing price of ₹404. Stock is up 84% over the past year. The company is forecast to post earnings per share of ₹9.50 for next year compared to ₹8.34 last year. Upcoming Dividend • Sep 15
Upcoming dividend of ₹1.67 per share at 0.8% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 29 October 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (6.9%). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: ₹1.00 (vs ₹0.95 in 1Q 2023) First quarter 2024 results: EPS: ₹1.00 (up from ₹0.95 in 1Q 2023). Revenue: ₹1.96b (up 70% from 1Q 2023). Net income: ₹187.1m (up 5.3% from 1Q 2023). Profit margin: 9.6% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹379, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 12x in the Metals and Mining industry in India. Total returns to shareholders of 90% over the past three years. Announcement • Aug 03
Mishra Dhatu Nigam Limited to Report Q1, 2024 Results on Aug 08, 2023 Mishra Dhatu Nigam Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹299, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 11x in the Metals and Mining industry in India. Total returns to shareholders of 42% over the past three years. Reported Earnings • May 27
Full year 2023 earnings released: EPS: ₹8.34 (vs ₹9.43 in FY 2022) Full year 2023 results: EPS: ₹8.34 (down from ₹9.43 in FY 2022). Revenue: ₹9.10b (up 5.8% from FY 2022). Net income: ₹1.56b (down 12% from FY 2022). Profit margin: 17% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Announcement • May 26
Mishra Dhatu Nigam Limited Recommends Payment of Final Dividend for the Financial Year Ended on 31St March, 2023 Mishra Dhatu Nigam Limited recommended for approval by members at their upcoming Annual General Meeting (AGM), payment of final dividend INR 1.67 per equity share (@16.70%) of INR 10/each for the financial year ended on 31st March, 2023. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹237, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 25% over the past three years. Announcement • May 14
Mishra Dhatu Nigam Limited to Report Q4, 2023 Results on May 25, 2023 Mishra Dhatu Nigam Limited announced that they will report Q4, 2023 results on May 25, 2023 Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: ₹2.06 (vs ₹2.29 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.06 (down from ₹2.29 in 3Q 2022). Revenue: ₹2.31b (down 1.2% from 3Q 2022). Net income: ₹386.3m (down 10.0% from 3Q 2022). Profit margin: 17% (down from 18% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 01
Mishra Dhatu Nigam Limited to Report Q3, 2023 Results on Feb 08, 2023 Mishra Dhatu Nigam Limited announced that they will report Q3, 2023 results on Feb 08, 2023 Price Target Changed • Dec 06
Price target increased to ₹258 Up from ₹231, the current price target is an average from 2 analysts. New target price is 7.3% above last closing price of ₹240. Stock is up 29% over the past year. The company posted earnings per share of ₹9.43 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Chairman & MD Sanjay Jha is the most experienced director on the board, commencing their role in 2016. Part-Time Non-Official Independent Director V.T Rema was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Nov 12
Mishra Dhatu Nigam Limited Announces Board Changes Mishra Dhatu Nigam Limited announced that in reference to Office Memorandum No. 8(32)/2019-D(Coord/DDP) dated November 10, 2022, Ministry of Defence has appointed Shri Surendra Prasad Yadav, JS (Land Systems), (DIN: 02267582), as Government Nominee of Director on the Board of Mishra Dhatu Nigam Limited with effect from November 10, 2022 in place of Shri Anurag Bajpai JS (DIP/P&C) (DIN: 08948155). In view of above, the tenure of Shri Anurag Bajpai (DIN: 08948155) as Government Nominee Director of the Company ceases. Shri Surendra Prasad Yadav has completed his M.Tech and he is a 1996 batch Indian Forest Service (IFS) Officer of West Bengal cadre. He previously worked in Department of forest,Government of West Bengal in different capacities i.e. Divisional Forest Officer and Chief Conservator of Forest. He also worked as Executive Director in West Bengal Industrial Development Corporation Limited for more than 7 years. At present, he is Joint Secretary (Land Systems) in Department of Defence Production, Ministry of Defence,Govt. of India. He is also a Nominee Director on the Board of BEML Limited, Munitions India Limited, Advanced Weapons and Equipment India Limited and Yantra India Limited. Announcement • Nov 05
Mishra Dhatu Nigam Limited to Report Q2, 2023 Results on Nov 14, 2022 Mishra Dhatu Nigam Limited announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₹241, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 105% over the past three years. Upcoming Dividend • Sep 14
Upcoming dividend of ₹1.54 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 29 October 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (5.9%). Announcement • Aug 31
Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 29, 2022 Mishra Dhatu Nigam Limited, Annual General Meeting, Sep 29, 2022, at 11:00 Indian Standard Time. Reported Earnings • Jul 28
First quarter 2023 earnings released: EPS: ₹0.95 (vs ₹1.00 in 1Q 2022) First quarter 2023 results: EPS: ₹0.95 (down from ₹1.00 in 1Q 2022). Revenue: ₹1.22b (up 7.2% from 1Q 2022). Net income: ₹177.7m (down 5.0% from 1Q 2022). Profit margin: 14% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 20
Mishra Dhatu Nigam Limited to Report Q1, 2023 Results on Jul 27, 2022 Mishra Dhatu Nigam Limited announced that they will report Q1, 2023 results on Jul 27, 2022 Announcement • Jun 24
Mishra Dhatu Nigam Limited Appoints Shri Thulasiraman Muthukumar as Director (Production & Marketing) on the Board of Company Mishra Dhatu Nigam Limited announced appointment of Shri Thulasiraman Muthukumar as Director (Production & Marketing) on the Board of Company for a period commencing from date of assumption of the charge of the post till June 30, 2025 or until further orders whichever is earlier. Accordingly, Shri Thulasiraman Muthukumar has assumed charge as Director (Production & Marketing) w.e.f. June 23, 2022 and approval of shareholders for such appointment, pursuant to Regulation 17 (1C) of SEBI LODR shall be sought in due course. Shri T. Muthukumar, 57 years of age, has completed his Bachelor of Engineering (Metallurgy) from Bharathiar University, Coimbatore, Tamil Nadu in the year 1986. He has over 34 years of experience in the Steel industry. Shri T. Muthukumar joined Durgapur Steel Plant, one of the integrated steel plants of Steel Authority of India Limited (SAIL) as Management Trainee in the year 1987. He was promoted as Chief General Manager (I/c Works) at Salem Steel Plant SAIL in the year 2019. Before moving to MIDHANI, he was working as Chief General Manager (Prolects) at Durgapur Steel Plant from the year 2020 onwards. Price Target Changed • Jun 10
Price target increased to ₹251 Up from ₹231, the current price target is provided by 1 analyst. New target price is 48% above last closing price of ₹169. Stock is down 17% over the past year. The company posted earnings per share of ₹9.43 last year. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹9.43 (vs ₹8.88 in FY 2021) Full year 2022 results: EPS: ₹9.43 (up from ₹8.88 in FY 2021). Revenue: ₹8.59b (up 5.7% from FY 2021). Net income: ₹1.77b (up 6.1% from FY 2021). Profit margin: 21% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Announcement • May 27
Mishra Dhatu Nigam Limited Recommends Final Dividend for the Financial Year Ended on 31 March, 2022 Mishra Dhatu Nigam Limited, at its board meeting, held on May 26, 2022, recommended for approval by members at their ensuing Annual General Meeting payment of final dividend INR 1.54 per equity share (@15.40%) of INR 10 each for the financial year ended on 31st March, 2022. Announcement • May 19
Mishra Dhatu Nigam Limited to Report Q4, 2022 Results on May 26, 2022 Mishra Dhatu Nigam Limited announced that they will report Q4, 2022 results on May 26, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Part-Time Non-Official Independent Director V.T Rema was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 17% share price gain to ₹202, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 57% over the past three years. Announcement • Mar 29
Mishra Dhatu Nigam Limited Appoints V.T. Rema as Non Official Director Mishra Dhatu Nigam Limited appointed V.T. Rema as part time non official (independent director) of the company, effective from March 25, 2022 for a period of three years or until further orders. Reported Earnings • Feb 11
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹2.29 (down from ₹3.21 in 3Q 2021). Revenue: ₹2.40b (up 26% from 3Q 2021). Net income: ₹429.2m (down 29% from 3Q 2021). Profit margin: 18% (down from 32% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 03
Mishra Dhatu Nigam Limited to Report Q3, 2022 Results on Feb 10, 2022 Mishra Dhatu Nigam Limited announced that they will report Q3, 2022 results on Feb 10, 2022 Price Target Changed • Nov 26
Price target decreased to ₹242 Down from ₹280, the current price target is provided by 1 analyst. New target price is 28% above last closing price of ₹189. Stock is down 1.7% over the past year. The company posted earnings per share of ₹8.88 last year. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS ₹1.81 (vs ₹1.74 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹1.90b (up 16% from 2Q 2021). Net income: ₹339.4m (up 4.4% from 2Q 2021). Profit margin: 18% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 14
Upcoming dividend of ₹1.58 per share Eligible shareholders must have bought the stock before 21 September 2021. Payment date: 29 October 2021. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS ₹1.00 (vs ₹0.05 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹1.22b (up 7.7% from 1Q 2021). Net income: ₹186.9m (up ₹196.4m from 1Q 2021). Profit margin: 15% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS ₹8.88 (vs ₹8.44 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: ₹8.13b (up 14% from FY 2020). Net income: ₹1.66b (up 5.3% from FY 2020). Profit margin: 21% (down from 22% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 16
Mishra Dhatu Nigam Limited Declares an Interim Dividend for Fiscal 2021 Mishra Dhatu Nigam Limited announced that, the Board of Directors of the Company at its meeting held on Mar. 15, 2021 has declared, Interim Dividend INR 1.20 per equity share for the financial year 2020-21. Record date is Mar. 23, 2021. Is New 90 Day High Low • Feb 15
New 90-day low: ₹185 The company is down 3.0% from its price of ₹191 on 17 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 35% over the same period. Announcement • Feb 02
Mishra Dhatu Nigam Limited to Report Q3, 2021 Results on Feb 12, 2021 Mishra Dhatu Nigam Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Jan 13
New 90-day high: ₹209 The company is up 18% from its price of ₹177 on 15 October 2020. The Indian market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 53% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₹208 The company is up 1.0% from its price of ₹206 on 17 September 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. Announcement • Nov 26
Mishra Dhatu Nigam Limited Announces Executive Changes Mishra Dhatu Nigam Limited announced that Shri Anurag Bajpai, Joint Secretary (P&C) has been appointed as the Government Nominee Director (Part-time Official Director) on the Board of the
Company with effect from November 24, 2020 in place of Shri Sanjay Jaju, Additional Secretary (DP) pursuant to orders conveyed by Ministry of Defence vide their letter No. F. No. 08(i2)/2007-D(Coord)/DDP dated November 24, 2020. Shri Anurag Bajpai is a 1994 - batch Indian Forest Service (IFS) officer. Currently, he is posted as Joint Secretary (P&C) in the Department of Defence Production under the Ministry of Defence. He has served various important positions in the state government. Reported Earnings • Nov 13
Second quarter 2021 earnings released: EPS ₹1.74 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹1.68b (down 1.5% from 2Q 2020). Net income: ₹325.2m (down 9.3% from 2Q 2020). Profit margin: 19% (down from 21% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Announcement • Nov 05
Mishra Dhatu Nigam Limited to Report Q2, 2021 Results on Nov 11, 2020 Mishra Dhatu Nigam Limited announced that they will report Q2, 2021 results on Nov 11, 2020 
