Revenue and Profit Trends
Over the past seven years, Mishra Dhatu Nig’s net sales have shown a commendable upward trend, rising from ₹710.85 crores in March 2019 to ₹1,074.11 crores in March 2025. This growth reflects a compound annual increase, with notable acceleration post-2021. The total operating income mirrors this pattern, indicating stable core business operations without reliance on other operating income.
Operating profit before depreciation and interest (PBDIT) excluding other income peaked in March 2022 at ₹262.31 crores but saw a decline to ₹218.05 crores by March 2025. Including other income, operating profit remained healthy, though it also experienced a downward adjustment from ₹295.29 crores in March 2023 to ₹248.97 crores in March 2025. This suggests some pressure on operational margins in recent years.
Profit before tax followed a similar trajectory, reaching a high of ₹239.12 crores in March 2022 before moderating to ₹156.04 crores in March 2025. Correspondingly, profit after tax declined from ₹176.31 crores in March 2022 to ₹110.07 crores in March 2025, reflecting increased interest expenses and depreciation charges over the period.
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Margins and Cost Structure
The company’s operating profit margin excluding other income has contracted from a peak of 31.34% in March 2022 to 20.71% in March 2025. Gross profit margin also declined from 32.51% to 20.85% over the same period. This margin compression can be attributed to rising raw material costs, which fluctuated significantly, peaking at ₹523.47 crores in March 2024 before easing to ₹422.22 crores in March 2025.
Employee costs have steadily increased from ₹108.41 crores in March 2019 to ₹142.34 crores in March 2025, reflecting wage inflation and possible workforce expansion. Other expenses remained substantial, hovering around ₹283 crores in the latest fiscal year. Despite these pressures, the company maintained a positive net profit margin of 10.53% in March 2025, down from 21.1% in March 2022 but still indicative of profitable operations.
Balance Sheet and Financial Position
Mishra Dhatu Nig’s shareholder funds have grown consistently, reaching ₹1,414.97 crores in March 2025 from ₹956.76 crores in March 2020. This increase is supported by rising reserves, which climbed from ₹769.42 crores to ₹1,227.63 crores over five years. The book value per share improved from ₹51.07 in March 2020 to ₹75.53 in March 2025, signalling enhanced net asset value for shareholders.
Total liabilities have increased moderately, with total debt peaking at ₹387.35 crores in March 2023 before reducing to ₹234.08 crores in March 2025. The company’s long-term borrowings have fluctuated but remain manageable relative to equity. Non-current liabilities, including other long-term obligations, have remained stable around ₹810 crores.
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Cash Flow and Liquidity
Cash flow from operating activities has shown resilience, with ₹216 crores generated in March 2025, closely matching ₹215 crores in the previous year. However, cash flow from investing activities has consistently been negative, reflecting ongoing capital expenditure and asset investments, with ₹96 crores spent in the latest fiscal year.
Financing activities have seen net outflows recently, indicating debt repayments or dividend distributions. The net cash inflow/outflow has been relatively stable, with a slight outflow of ₹5 crores in March 2025. Closing cash and cash equivalents stood at ₹10 crores, down from ₹16 crores the previous year, but still sufficient to meet short-term obligations.
Overall, Mishra Dhatu Nig’s historical performance reveals a company that has expanded its scale and strengthened its financial base while navigating margin pressures and capital investment demands. Investors should weigh the steady growth in shareholder value against the recent margin contractions and capital expenditure commitments when considering the company’s prospects.
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