Shareholders meeting

Table of Content Notice 2 - 23 Corporate Overview 24 - 68 Statutory Report 69 - 212 Theme Introduction Boards Report 69 Who We Are 24 Corporate Governance Report 92 Our Journey 28 Management Discussion & Analysis Report 115 Our Geographical Footprint 32 Business Responsibility & Sustainability Report 151 Delivering All Round Performance 34 Message From the Chairman’s Desk 36 Financial Statements 213 - 360 Our Products 40 Certifications & Accreditation 43 Auditors Report on Standalone Financial Statements 214 Industries We Service 46 Comments of C&AG on Standalone Financial Statements 230 Financial Performance 52 Standalone Financial Statement 231 Risk Management & Mitigation 54 Auditors Report on Consolidated Financial Statements 287 The People Behind Our Progress 56 Comments of C&AG on Consolidated Financial Statements 299 Environment 60 Consolidated Financial Statement 300 Social 62 Governance 64 Corporate Information 361 Board of Directors 66 10 Years at a Glance 68 Aligning Strategy, Accelerating Growth, Delivering Excellence India’s defence production journey over the last five years has been remarkable and is a matter of immense national pride. In FY 2025–26, annual defence production reached an all-time high of ₹1.78 lakh crore, registering a significant 110% increase over ₹84,643 crore in FY 2020–21. This transformation is even more pronounced over the longer term, with indigenous defence production increasing nearly four-fold from ₹43,746 crore in FY 2013–14. This sustained momentum reflects India’s growing capabilities, technological advancement and steadfast commitment to self-reliance in defence. Against this backdrop, FY 2025–26 was a landmark year for MIDHANI, marked by significant achievements in both scale and capability. The Company recorded its highest-ever Revenue from Operations, registering a year-on-year growth of 12.56%. At the same time, MIDHANI continued to strengthen its technological leadership through the development of critical alloy grades for aero-engine and naval applications, while achieving the significant milestone of pouring the biggest Titanium casting in India. As the nation advances towards greater self-reliance in critical materials and advanced manufacturing, MIDHANI continues to align its capabilities, investments and strategic priorities with evolving national and customer requirements. This alignment is enabling the Company to unlock new opportunities, expand its manufacturing and technological capabilities, enhance operational performance and accelerate sustainable growth. At the heart of this journey is MIDHANI’s unwavering commitment to excellence, across technology, manufacturing, quality, delivery and customer engagement. By combining strategic intent with execution excellence, MIDHANI is strengthening its role as a trusted partner in India’s strategic sectors, contributing to the nation’s goals of self-reliance and technological advancement, while creating enduring value for its stakeholders. Mishra Dhatu Nigam Limited MISHRA DHATU NIGAM LIMITED Corporate Identity Number (CIN): L14292TG1973GOI001660 Registered Office: PO – Kanchanbagh Hyderabad - 500058, Telangana, Tel. No: 040-2418 4515 Fax No: 040-2956 8502 Email Address: company.secretary@midhani-india.in Website: www.midhani-india.in NOTICE is hereby given that the fifty-second (52nd) Annual To consider and, if thought fit, to pass, the following General Meeting of the Members of MISHRA DHATU resolutions as an ORDINARY RESOLUTIONS: NIGAM LIMITED (MIDHANI) will be held on Wednesday “RESOLVED THAT Shri Padavittan Babu (DIN: 11233808) the 30th day of September 2026 at 11:00 A.M. (IST) through appointed as Director (Production and Marketing) with Video Conferencing (VC)/Other Audio-Visual Means effect from October 7, 2025 (assumption of charge (OAVM) to transact the following businesses: date) for a period of five years or until further orders, ORDINARY BUSINESS whichever is earlier pursuant to letter No. F. No. 5/1 (2)/ 2024/ D (NS) dated October 3, 2025 issued by Ministry of ITEM NO.1 Defence, Department of Defence Production; be and is To receive, consider and adopt: hereby appointed as Director (Production and Marketing) (Executive – Whole-time Director) of MIDHANI (liable to a) the audited standalone financial statements of the retire by rotation), with effect from October 7, 2025 for Company for the financial year ended March 31, 2026, a period of five years or until further orders issued by the reports of the Board of Directors and Auditors Ministry of Defence, whichever is the earliest, pursuant to thereon; and the applicable provisions of Regulation 17 of the Securities b) the audited consolidated financial statements of the and Exchange Board of India (Listing Obligations and Company for the financial year ended March 31, 2026 Disclosure Requirements) Regulations, 2015, and and report of the Auditors thereon. applicable provisions of the Companies Act, 2013. ITEM NO. 2 RESOLVED FURTHER THAT the Board of Directors of the Company (including its committee thereof) and/or To confirm payment of interim dividend i.e. Re. 0.85 per Company Secretary of the Company, be and are hereby equity share of Rs.10 each (i.e. @8.50%) and declare final authorised to do all such acts, deeds, matters and things dividend of Rs. 1.25 per equity Share of Rs. 10/- each (i.e. as may be considered necessary, desirable, or expedient @12.50%) for the financial year ended on March 31, 2026. to give effect to this resolution.” ITEM NO.3 ITEM NO. 5 To appoint a Director in place of Smt. Madhubala Kalluri Appointment of Shri Prakash Rajpurohit (DIN: 11202794), who retires by rotation and being eligible, (DIN:06895578) as Government Nominee Director of offers herself for re-appointment. Company. SPECIAL BUSINESS To consider and, if thought fit, to pass, the following ITEM NO. 4 resolutions as an ORDINARY RESOLUTIONS: Appointment of Shri Padavittan Babu (DIN: 11233808) “RESOLVED THAT Shri Prakash Rajpurohit (DIN: as Director (Production & Marketing) w.e.f October 7, 06895578) appointed as Government Nominee Director 2025. of Mishra Dhatu Nigam Limited (MIDHANI) pursuant Annual Report 2025-26 NOTICE to the Office Memorandum No. 8(29)/2026-D (Coord/ as may be considered necessary, desirable, or expedient DDP) dated June 5, 2026 issued by Ministry of Defence, to give effect to this resolution.” Department of Defence Production; be and is hereby ITEM NO. 7 appointed as Nominee Director (Non-Executive) on the Board MIDHANI, with effect from June 5, 2026, not liable Appointment of Shri Pugazhendhy Arumugam (DIN: to retire by rotation, till further orders issued by Ministry 11912614) as Independent Director of the Company of Defence, pursuant to the provisions of Regulation 17 To consider and, if thought fit, to pass, the following of the Securities and Exchange Board of India (Listing resolutions as SPECIAL RESOLUTIONS: Obligations and Disclosure Requirements) Regulations, “RESOLVED THAT pursuant to the Ministry of Defence 2015, and applicable provisions of the Companies Act, (MoD) letter No. 11(70)/2021/Misc. D(NS) dated August 2013. 21, 2026, issued by the Ministry of Defence, Department RESOLVED FURTHER THAT the Board of Directors of of Defence Production, and pursuant to the applicable the Company (including its committee thereof) and/or provisions of Regulation 17 and Regulation 25(2A) of the Company Secretary of the Company, be and are hereby Securities and Exchange Board of India (Listing Obligations authorised to do all such acts, deeds, matters and things and Disclosure Requirements) Regulations, 2015, and as may be considered necessary, desirable, or expedient the applicable provisions of the Companies Act, 2013, to give effect to this resolution.” Shri Pugazhendhy Arumugam (DIN: 11912614), appointed ITEM NO. 6 as Independent Director of Mishra Dhatu Nigam Limited (MIDHANI) for a period of three (3) years commencing from Appointment of Shri Sameer Mundra (DIN: 0007872 [Showing first 8,000 characters — download PDF for full document]