Mishra Dhatu now says ₹2,000 cr revenue will take three years. In February, it said ten.
The defence materials maker also cut its near-term growth guidance to 12-15% from 20%, citing raw material and energy constraints.
What's new
- Q4 FY26 revenue rose 34.6% to ₹552.75 cr; full-year revenue grew 12.5% to ₹1,208.63 cr.
- FY27 growth guidance cut to 12-15% from a prior 20% target, contingent on raw material and energy supply.
- Titanium production nearly doubled to 700 tons in FY26, with 660 crore orders in hand.
Themes from the call
Growth
Near-term growth guidance was cut from 20% to 12-15% due to raw material sourcing and energy constraints, while the long-term ₹2,000 crore target was re-timed from ten years to three.
Capabilities
Titanium output doubled and a Nadcap certification was secured, unlocking direct OEM procurement and providing a structural advantage in high-margin products.
Capital allocation
A ₹1,000 crore, three-year capex plan for downstream modernisation was outlined, alongside a Metal Bank MOU to stockpile six critical raw materials.
Guidance watch
- FY27 revenue growth guided at 12-15%, down from a prior 20% target; 20% growth is now framed as an aspiration contingent on supply chain resolution.
- FY27 EBITDA margin target is 24-25% at 15% growth, potentially 23-25% if 20% growth is achieved.
- New order additions targeted at ₹1,500 crore in FY27, with exports minimum ₹100 crore versus ₹85 crore in FY26.
Risk flags
- The conflicting statements on the ₹2,000 crore revenue timeline raise questions about the reliability of management's long-term guidance.
- Near-term growth is explicitly capped by raw material and energy constraints; the Metal Bank initiative is still four months from completion.
- The ₹1,000 crore capex plan requires board approval, introducing an execution and funding variable.
Key quotes
-
"About 8,000 crores worth of titanium alloys, superalloys, and steels are being imported... reaching higher revenue at a growth rate of 15-20% year-on-year is not far from reality."
— Dr. S. K. Jha, Chairman and Managing Director -
"So slowly, we want to move towards a INR2,000 crores company in maybe coming 10 years."
— Mishra Dhatu management, Feb 2026 call -
"Even to reach 2,000 crores, which we indicated might take another three years, the idea is to improve our efficiency."
— Mishra Dhatu management, Jun 2026 call
The brief
Mishra Dhatu Nigam's earnings call contained two credibility questions within 30 minutes. The first concerned its own history. In February, management described a "slow" ten-year path to ₹2,000 crore in revenue. In June, CMD S. K. Jha referenced a prior "three-year" target. No explanation was offered for the discrepancy. The second was a clear walk-back of near-term growth ambitions. A February guidance of 20% revenue growth under existing capacity was revised to a 12-15% baseline, with the 20% mark now labelled an aspiration contingent on resolving raw material and energy supply chains. The operational news is strong. Q4 revenue surged 34.6% to ₹552.75 crore, titanium production nearly doubled to 700 tons, and a Nadcap heat treatment certification was secured, unlocking direct procurement by global OEMs. The ₹2,290 crore order book, 79% defence, provides multi-year visibility. Management also identified an ₹8,000 crore import substitution opportunity. But the guidance pivot is material. It suggests the production and sales surge of the last year has not yet solved the structural input constraints. A Metal Bank initiative to stockpile six critical materials is four months from operationalisation. A ₹1,000 crore, three-year capex plan for downstream modernisation is awaiting board approval. The gap between the record revenue and the downgraded guidance tells the real story. Mishra Dhatu has proven it can make advanced materials at scale. It hasn't yet proven it can source them reliably.
Mishra Dhatu's capabilities are advancing faster than its ability to guide on them.