Mishra Dhatu Nigam Ltd

AGM Details

• Date: 30 September 2026; Time: 11:00 AM; Mode: VC/OAVM; Cut-off: 23 September 2026.

Ordinary resolutions

• Item 1: Adoption of standalone and consolidated financial statements; passed with 97.15% in favour.
• Item 2: Interim dividend Rs 0.85 and final dividend Rs 1.25; passed with 99.33%.
• Item 3: Re-appointment of Madhubala Kalluri as Director; passed with 98.09%.
• Item 4: Appointment of Padavittan Babu as Director (Production & Marketing); passed with 98.07%.
• Item 5: Government Nominee Director appointment withdrawn; not placed.
• Item 8: Ratify remuneration to Zanwar & Associates as Cost Auditor; passed with 99.76%.
• Item 9: Appointment of Meera Mohanty as Government Nominee Director; passed with 96.15%.

Special resolutions

• Item 6: Appointment of Sameer Mundra as Independent Director; passed with 97.14%.
• Item 7: Appointment of Pugazhendhy Arumugam as Independent Director; passed with 96.17%.

• Event: Analyst / Investor Meet.

Mishra Dhatu Nigam Ltd - Closure of Trading Window

AGM details

• AGM on 30 Sep 2026 at 11:00 IST via VC/OAVM.

Resolutions to vote

• Withdrawal of Item 5; no vote.
• Item 9: Appointment of Meera Mohanty as Government Nominee Director (Ordinary).

Director changes

• Ms. Meera Mohanty appointed Government Nominee Director; effective 17 Sep 2026; not liable to retire by rotation.

Governance notes

• Ms. Meera Mohanty will not draw sitting fees; tenure until further orders.

Board changes

• Appointment: Ms. Meera Mohanty appointed Government Nominee Director on MIDHANI Board, effective 17 Sep 2026.
• Cessation: Shri Prakash Rajpurohit’s Government Nominee Director tenure ceases from 17 Sep 2026.
• Term: Meera Mohanty appointed till further order of Administrative Ministry.
• Profile: Meera Mohanty, IAS, 2005 batch, Joint Secretary (P&C), MoD.
• Profile: Previously Joint Secretary in PMO; also Government Nominee Director on BEL.
• Relationships: No inter-director relationships disclosed.
• Compliance: Meera Mohanty not debarred or disqualified by SEBI or other authorities.

Statutory Auditor Re-appointment

• Re-appointment of Anjaneyulu & Co. (Firm Reg. No. 000180S) as Statutory Auditor for FY 2026-27 by the C&AG.

Overview

• Standalone BRSR FY2025-26; Mishra Dhatu Nigam manufactures special metals and alloys.
• Reporting boundary: standalone; operations in India with 2 plants and 3 offices.

Key ESG Risks & Opportunities

• GHG emissions from fuels and grid electricity; mitigated via solar PV, hydrogen, LPG.
• Energy management relies on solar, APFC/DPFC, BLDC fans, high PF motors.
• Waste management under ISO 14001; disposal costs and third-party handling.
• Water management via STP; treated water reused for gardening.
• OHS: ISO 45001; LTIFR improvement; safety training.
• Supply chain risks: material delays; MSME, SC/ST and women suppliers.
• Cyber security: board policy; regular audits; data privacy controls.
• Governance/compliance: vigilance, integrity pact; potential penalties for non-compliance.

Governance & Policy Highlights

• Board oversight via CSR and Sustainable Development Committee.
• CVC-appointed Chief Vigilance Officer; Integrity Pacts with suppliers.
• Whistle Blower Policy; Anti-bribery policy; Code of Conduct.
• Regulatory oversight: CAG supplementary audit; no FY25-26 fines.
• No fines or penalties in FY25-26.

Social Responsibility & Workforce

• Total workforce: 264 employees and 602 workers.
• LTIFR: employees 1.04; workers 6.54 per million hours.
• Board female representation: 3 of 7.
• 100% inpatient CGHS medical costs borne by the company.
• CSR: six projects; health care, education, nutrition, livelihoods.
• MPHCC beneficiaries: 7,193; education: 60; cancer patients: 1,500; sewing machines: 174; burns: 3; mid-day meals: 7,090.

Environmental Performance

• Total energy: 5,16,746.79 GJ; renewable share: 2,596.22 GJ.
• Scope 1: 17,260.33 tCO2e; Scope 2: 49,448.23 tCO2e.
• Emission intensity: 55.19 tCO2e per crore revenue; PPP 1122.56.
• Water withdrawal: 367,651 KL; consumption: 257,264 KL; STP used for gardening.
• Waste generated: 896.39 MT; C&D dominates; scrap utilization 18.07%.
• E-waste recycled: 26.33 MT; no end-of-life product reclamation.
• ISO 14001:2015; ISO 45001:2018; RESCO 850 kW; energy efficiency initiatives.
• Energy savings expected: ~17 lakh units/year.

Stakeholder Engagement & Complaints

• Key groups: government, customers (govt/PSUs), suppliers, employees, regulators, shareholders, communities.
• Engagement: government monthly; vendor meets; CSR site visits; staff intranet.
• FY25-26 complaints: communities 5; investors 0; shareholders 2; employees 9; value chain partners 4.
• Grievance mechanisms: CPGRAMS; MIDHANI contacts; Whistle Blower; women-at-workplace committees.

Other Notable Metrics

• Procurement: 25.64% from MSMEs; 48.11% domestic.
• SC/ST MSEs: 0.77%; women-owned MSEs: 6.85%.
• Board female representation: 42.85%.
• Median remuneration: KMP 13,04,691; employees male 12,93,258; female 12,79,903; workers male 4,98,365; female 5,29,187.
• POSH complaints: FY25-26 0% of female employees; FY24-25 1.18%.
• CSR beneficiaries: MPHCC 7,193; education 60; cancer patients 1,500; sewing 174; burns 3; mid-day meals 7,090.

Financial performance

• Revenue from operations rose to ₹1,208.6 crore; up 12.5% YoY.
• EBITDA ₹275.6 crore, up 10.7% YoY.
• PBT ₹184.1 crore; up 18.0% YoY.
• PAT ₹130.8 crore; up 18.8% YoY.
• VoP at ₹1,193.9 crore; up 12.0% YoY.
• Highest Titanium production; ~700 MT in FY2025-26.
• Interim dividend ₹0.85 and final ₹1.25 per share; total ₹2.10.
• Record date for final dividend: 23 Sep 2026.
• Net worth stands at ₹1,53,081.51 lakh; strong balance sheet.

Operational highlights

• Titanium production nearly doubled to about 700 MT.
• Developed cast single-crystal superalloy blade material for aero engines.
• NADCAP accreditation secured for Heat Treatment.
• Airworthiness certifications for 10 alloys received from CEMILAC.
• Delivered 31 Titanium windows for Shri Ram Janmabhoomi Ayodhya project.
• Inaugurated aerospace fasteners facility; end-to-end titanium and superalloy capability.
• Order book ₹2,290 crore; Defence ~69%, Space ~21%, Energy ~6%.

Strategic certifications & approvals

• NADCAP Heat Treatment accreditation achieved.
• 10 CEMILAC airworthiness certifications obtained.
• GE Aerospace Independent Metallic Material Laboratory (S400) approval for testing.
• NAS 410 Level II certification in UT, MPT, and FPT in process.

Capital allocation & investments

• Capex program: ~₹1,000 crore planned in coming years.
• Metal Bank established with NFTDC MoU to secure critical materials.
• JVs: 50% in Utkarsha Aluminium Dhatu Nigam; 20% in Advanced Materials (Defence) Testing Foundation.

Dividends & shareholder value

• Total dividend for FY25-26: ₹2.10 per equity share.
• Interim ₹0.85 and final ₹1.25 per share.
• Record date for final dividend: 23 Sep 2026.

Governance & board

• 52nd AGM planned via VC on 30 Sep 2026.
• New directors appointed: Padavittan Babu, Prakash Rajpurohit, Sameer Mundra, Pugazhendhy Arumugam.
• Board attendance averaged 100% over FY2025-26.
• Government Nominee Directors on the Board; governance aligned with MoD oversight.

Outlook & risks

• Defence/Space revenue concentration remains a risk; diversification ongoing.
• Raw material import reliance for Titanium; Metal Bank mitigates supply risk.
• Regulatory changes and cybersecurity remain important risk factors.
• Growth opportunities from exports, AMCA programme, indigenisation and advanced materials.

CSR & sustainability

• CSR spend ₹3.32 crore; MPHCC Gold Award for healthcare.
• Free education for 60 SC/ST/OBC children; 174 sewing machines provided.
• Mid-day meals benefiting 7,090 people; health and education initiatives continue.

Environmental & ESG metrics

• Total Scope 1+2 emissions: 66,708.56 tCO2e; intensity 55.19 tCO2e per ₹Cr revenue.
• Energy efficiency projects and renewable energy: 850 kW RESCO; 3 MVAR APFC; XLPE cabling.
• Energy savings target ~17 lakh units annually; renewables and efficiency investments ongoing.
• STP for wastewater; water conservation and recycling initiatives in place.