Opening Hook In a week when India was debating who makes better alloys—ISRO engineers or Jethalal’s “Gada Electronics”—MIDHANI quietly delivered a quarter that looked less like a PSU yawner and more like a Netflix thriller. Turnover hit ₹170.5 crore, up just 4% YoY, but EBITDA soared 33% and PAT leapt 150% (Q1FY26 transcript). For a company that supplies to missiles, fighter jets, and bulletproof jackets, that margin armor is no accident. Why now? Because defence indigenization isn’t just a slogan—it’s a purchase order. Stick around, the order book alone has plot twists worth binge-watching.
At a Glance • Revenue ₹170.5 Cr – growth slower than an LIC queue • EBITDA ₹41.3 Cr – jumped 33%, cost cuts finally landed • PAT ₹12.8 Cr – up 150%, PSU accountants smiling • Margins 24% – PSU behaving like a private sector brat • Order book ₹1,827 Cr – 80% defence, 20% space/exports • Guidance – eyeing ₹1,300–1,500 Cr FY26 revenue
Management’s Key Commentary “We achieved 24.22% EBITDA margin this quarter.” Translation: PSU discovered efficiency—alert the history books.
“Our order book stands at ₹1,827 Cr, with ₹700 Cr more expected in Q2.” Translation: Orders raining, now pray raw materials don’t vanish.
“80% of our business is defence, rest is space, energy, exports.” Translation: Army pays the bills, space adds the glamour.
