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Midhani reported revenue of ₹239.5 crore

ICICIdirect Research 13 Aug 2026 DISCLAIMER

News: Midhani reported revenue of ₹239.5 crore, up 40.5% YoY (-56.7% QoQ), driven by improved execution. EBITDA increased 7.1% YoY (-68.4% QoQ) to ₹36.6 crore, with EBITDA margin at 15.3% (-475 bps YoY, -570 bps QoQ), primarily due to elevated raw material costs, which impacted operating profitability. PAT increased 27.0% YoY (-78.9% QoQ) to ₹16.5 crore

View: Q1FY27 execution remained healthy across superalloys, titanium alloys and other critical materials for aerospace, defence, naval and space applications. However, the higher costs of critical raw materials which resulted in lower EBITDA margin, is expected to normalise over the coming quarters, supporting margin recovery. Moreover, increasing share of value-added products and increased recycling of raw materials, should support structural improvement in margin trajectory. With an order book of ~₹2,329 crore (~1.8x TTM revenue), medium term revenue visibility remains healthy. Robust order pipeline, led by increasing demand for super-alloys, titanium alloys gives healthy visibility for steady order inflows in the coming years. Management had guided ~20% YoY revenue growth for FY27E and FY28E with EBITDA margin at 23-25% (as compared to 18-20% over the last 3 years)

Impact: Neutral

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