MIDHANI Share Price: Revenue Bhaagi, Par Margins Ne Kiya Tang! Q3 FY26 Results Out

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AuthorIshaan Verma|Published at:
MIDHANI Share Price: Revenue Bhaagi, Par Margins Ne Kiya Tang! Q3 FY26 Results Out
Overview

MIDHANI ne Q3 FY26 mein revenue toh **15.8%** badha li, jo ki achhi baat hai! Lekin bhai, jeb thodi halki ho gayi kyunki EBITDA margins **222 basis points** gir gaye. Ye sab input costs badhne ki wajah se hua hai. Net profit **8.3%** badha, lekin asli challenge margins mein hai.

Bhai log, MIDHANI ka Q3 FY26 ka result aa gaya hai, aur scene thoda mixed hai. Revenue toh bhagya hai, par profit margins mein thoda dabaav dikh raha hai. Chalo, iska poora scene samajhte hain.

Q3 Performance: Revenue Badhi, Par Profit Margins Gire

Asal mein, Q3 FY26 ke liye company ne ₹275.66 crore ka revenue report kiya hai, jo pichhle saal se 15.8% zyada hai. Net profit bhi thoda 8.3% badhkar ₹27.46 crore ho gaya hai. Lekin asli picture dikhti hai EBITDA margins mein, jo 222 basis points kam hokar sirf 19.8% reh gaye hain. Management ne iska reason bataya hai ki input costs bahut high ho gaye hain, aur defense orders mein hum ye costs utne recover nahi kar paa rahe jitni ummeed thi. Is wajah se total kharch 19% tak badh gaya hai. Ye bhi note karna hoga ki defense contracts ke margins aksar aerospace wale contracts se kam hote hain.

Order Book Solid Hai, Future Plans Kya Hain?

Abhi jo hua so hua, lekin future ke liye company ke paas ek solid plan hai. Company ka order book ab ₹2,590 crore ka hai, jo lagbhag do saal ki revenue ke barabar hai. Ismein Ayodhya mein ban rahe project ke liye titanium alloy windows ka bhi order shamil hai. Management expect kar raha hai ki FY27 aur FY28 mein revenue 20% ke rate se badhegi, aur vo apna EBITDA margin 23% tak le jaane ki koshish karenge. Iske liye wo apni facilities upgrade kar rahe hain aur advanced super alloys bhi develop kar rahe hain. Plus, jo ₹8,000 crore ka super aur titanium alloys ka import market hai India mein, use target karne ka plan hai. Export orders bhi ₹90 crore tak pahunch gaye hain, jo pichhle saal ₹20 crore the.

Valuation Aur Peer Comparison

Ab baat karte hain stock ki valuation ki. Current market price ₹362 par, company ki market cap ₹6,758 crore hai. Agar FY28 ke earnings ke hisab se dekho, toh valuation lagbhag 26 times earnings aa raha hai. Ye valuation kai steel players jaise JSW Steel (P/E 36.73) aur Tata Steel (P/E 29.42) se kam hai, par defense sector ke peers jaise Bharat Electronics (P/E 54.41) aur HAL (P/E 31.55) se compare karein toh ye thoda 'premium' lag sakta hai, especially jab company ka historical profit growth kam raha hai aur ROE 8% hai. Technical charts par sentiment neutral se bearish hai, jahan 14-day RSI 45.24 hai. Lekin analysts ka kehna hai ki ye ek 'Strong Buy' hai aur price target acha upside dikha raha hai, phir bhi market mein volatility dikh rahi hai.

Future Outlook

Toh overall, MIDHANI growth dikha raha hai, par margins aur valuation manage karna ek bada challenge hoga future mein. Management ko 20% revenue growth aur 23% EBITDA margin ke target ko achieve karna hai, jo ki sahi execution par depend karta hai.

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