He was awarded the Shanti Swarup Bhatnagar Prize for Science and Technology in 2001, the highest science award in India, in the mathematical sciences category. Misra found counter examples to a conjecture on similarity of operators in the Cowen and Douglas class. He gave an explicit description of the class of completely non-unitary contractions whose characteristic function is constant. He obtained a canonical model as well as complete invariants for a class of quotient Hilbert modules, and introduced the notion of quasi-free Hilbert modules to generalize parts of the Sz-Nagy-Foias model theory in the context of multi-variate operator theory. He obtained a classification of scalar homogeneous shifts and also calculated the joint Taylor spectrum of a class of multiplication operators on the "twisted" Bergman space. Misra described the holomorphic Hermitian vector bundles over the unit disc, which are homogeneous under the action of SL (2,R). He has carried out a complete classification of all irreducible homogeneous operators in the Cowen-Douglas class.