Mini-Ratna Defence PSU Mishra Dhatu Nigam reports steady Q3 growth as profit rises 8% but margins soften

Mishra Dhatu Nigam Limited (MIDHANI), a Government of India enterprise, reported a steady performance in the third quarter, with net profit rising 8.2% year-on-year to ₹27.6 crore from ₹25.5 crore in the same period last year.

The company’s revenue for the quarter increased 15.8% to ₹275.6 crore, compared with ₹238 crore a year ago, reflecting healthy top-line growth.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose 4% to ₹54.3 crore from ₹52.2 crore last year. However, EBITDA margins declined to 19.7% from 22% in the corresponding quarter.

The Mini-Ratna defence PSU said the value of production (VoP) during the third quarter stood at ₹304.05 crore, registering an 18.1% increase over ₹257.45 crore in the year-ago period.

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Profit before tax (PBT) for the quarter came in at ₹38.97 crore, up 8.25% from ₹36 crore in the corresponding period last year.

For the nine-month period ended December 31, 2025, the company reported turnover of ₹655.88 crore, compared with ₹663.54 crore in the same period of the previous year.

The company added that its order book as of January 1, 2026 stood at approximately ₹2,440 crore.

On November 21, 2025, the government notified key labour codes consolidating 29 laws into a single framework. MIDHANI assessed the impact and recorded an additional liability of about ₹18.23 lakh, adding that it will continue to monitor further developments.

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MIDHANI shares ended lower on February 12, closing at ₹367.80 on the NSE, down ₹2.15 or 0.58% for the day.