Company Update - Mishra Dhatu Nigam - ICICI Direct

The wide plate mill of Midhani is currently under trial runs. Revenue from wide plate mill is expected to improve in coming quarters. Once the wide plate mill is fully ramped up, it is expected to generate revenue to the tune of ~Rs. 500 crore. The Rs. 500 crore annual revenue run rate from the wide plate mill is expected to be reached in FY24E once the entire product range is established

- Midhani is targeting a topline of ~ Rs. 1000 crore for FY23

- The company is currently seeing good potential from the space segment

- Of the order book position of ~Rs. 1501 crore as on 1st Oct 2022, ~55% is from Defence, ~35% from space and balance ~10% is from others

Key triggers for future price performance

- As on October 1, 2022, Midhani's order book was at Rs. 1501 crore compared to Rs. 1359 crore as on July 1, 2022. In terms of order book break-up, ~55% is from the defence segment, ~35% is from the space segment while balance ~10% is from others

- Over FY22-24E, we expect the consolidated topline to grow at 18.8% CAGR while EBITDA and PAT are expected to grow at a CAGR of 16.8% and 17.3%, respectively

For details, click on the link below: Link to the report

Shares of Mishra Dhatu Nigam Limited was last trading in BSE at Rs. 246.45 as compared to the previous close of Rs. 242.15. The total number of shares traded during the day was 73442 in over 1579 trades.

The stock hit an intraday high of Rs. 248.30 and intraday low of 243.10. The net turnover during the day was Rs. 18017550.00.

Source : Equity Bulls

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MishraDhatuNigam INE099Z01011 MIDHANI CompanyUpdate ICICIDirect