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Mishra Dhatu Nigam (MIDHANI) shares surged over 8% on Thursday, 12 November, following a strong set of Q2 FY27 results. The defence PSU reported a sharp improvement in profitability, driven by higher revenue and expansion in operating margins.
MIDHANI's net profit more than doubled to ₹28 crore in the July-September quarter of FY27, compared with ₹13 crore in the corresponding period last year.
The company recorded a 41.1% year-on-year (YoY) increase in revenue from operations to ₹296 crore, against ₹210 crore in Q2 FY26, according to its stock exchange filing.
Operating performance remained strong during the quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 51.6% to ₹50 crore from ₹33 crore a year ago. The EBITDA margin improved by 120 basis points to 16.8%, compared with 15.6% in the year-ago quarter.
The company's order book, which reflects its outstanding orders, stood at ₹2,164 crore as of 1 October 2026.
MIDHANI also delivered robust growth during the first six months of FY27, with improvements across turnover, production and profitability.
The company's turnover increased 40.81% to ₹535.40 crore in the first half of FY27, compared with ₹380.22 crore in the corresponding period of the previous financial year.
Value of Production (VoP) rose 14.76% year-on-year to ₹571.15 crore from ₹497.67 crore in H1 FY26.
Profitability recorded an even stronger improvement. Profit before tax (PBT) climbed 64.40% to ₹62.67 crore, compared with ₹38.12 crore in the year-ago period.
Profit after tax (PAT) jumped 72.05% to ₹44.01 crore in H1 FY27, against ₹25.58 crore in the corresponding period last year.
The strong quarterly and half-yearly performance, along with an order book of ₹2,164 crore, puts the company's execution and order conversion in focus as investors assess its growth outlook.
MIDHANI share price today opened at ₹422 apiece on the BSE; the stock touched an intraday high of ₹428.60 per share and an intraday low of ₹401 per share.
MIDHANI shares have gained 4.44% over the past week and 6.86% in the last two weeks. However, the stock remains under pressure over a slightly longer period, declining 7.80% in one month and 0.88% over three months. On a positive note, the defence PSU stock has advanced 4.28% over the past six months and delivered a year-to-date (YTD) gain of 18.73%.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said MIDHANI has witnessed a strong rebound from the ₹365–355 zone, which had acted as a key resistance during January–February 2026. The RSI has started trending higher, indicating a gradual improvement in bullish momentum. The DI lines have also registered a bullish crossover, with DI+ moving above DI− on the ADX indicator, suggesting that buyers are gradually gaining control.
Further, the stock is trading above its key moving averages, reinforcing the positive technical setup. Shah said the ₹365–370 zone is likely to act as immediate support, and the ongoing pullback could extend as long as the stock remains above this range.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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