Mishra Dhatu Nigam Limited (MIDHANI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-80.5%

₹73.19

vs ₹375.00 price

Levered DCF

₹38.55

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.53×	48.05×	85.4×	22.14×	17.57×	19.92×	21.19×	20.57×
P/B	3.31×	3.77×	5.94×	2.69×	2.61×	3.09×	3.5×	3.22×
P/S	4.19×	4.96×	7.31×	3.97×	3.61×	4.07×	4.7×	3.78×
EV / EBITDA	19.11×	22.6×	36.69×	13.27×	11.54×	12.72×	14.67×	11.98×
Gross margin	39.5%	40.7%	56.5%	30.5%	74.0%	69.6%	31.7%	29.4%
Operating margin	14.2%	15.0%	43.7%	24.2%	27.3%	27.5%	63.6%	53.8%
Net margin	10.9%	10.3%	8.6%	17.9%	20.5%	20.5%	22.2%	18.4%
Current ratio	2.52×	2.61×	2.28×	2.18×	2.09×	2.26×	2.17×	2.19×
Debt / equity	0.27×	0.25×	0.33×	0.38×	0.3×	0.15×	0.14×	0.13×
Interest coverage	6.83×	5.47×	13.56×	7.84×	10.38×	17.6×	62.28×	53.12×
Dividend yield	0.3%	0.3%	0.7%	1.7%	1.9%	1.6%	1.0%	3.2%
Payout ratio	12.1%	12.7%	62.9%	38.6%	33.3%	31.1%	21.6%	65.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	7.8%	7.0%	12.2%	14.8%	15.5%	16.5%	15.6%
Return on invested capital	4.5%	4.6%	13.5%	6.3%	7.8%	8.3%	19.5%	18.7%
Return on assets	4.1%	3.8%	3.2%	5.5%	6.4%	6.8%	6.6%	7.2%
Free cash flow yield	1.9%	2.5%	1.7%	-3.1%	-2.8%	0.5%	-2.0%	3.1%
Earnings yield	2.6%	2.1%	1.2%	4.5%	5.7%	5.0%	4.7%	4.9%
Enterprise value	₹52.8B	₹56.3B	₹82.5B	₹39.3B	₹34B	₹33.8B	₹34.1B	₹26.5B
Net debt / EBITDA	0.78×	1.2×	1.85×	1.6×	1.01×	0.25×	0.26×	-0.15×
Cash conversion cycle (days)	775	821	1,040	782	1,628	1,228	738	481