Mishra Dhatu Nigam Limited (MIDHANI) manufactures superalloys, titanium, special purpose steel, and other special metals. It was incorporated in 1973 at Hyderabad as a Government of India Enterprise under the Ministry of Defence. The company was set up by the Govt. with a view to achieve self-reliance in the production and supply of various super alloys, special steels, and soft magnetic alloys to Defence and other Strategic Sectors such as Energy, Space, and Aeronautical applications. It is the only manufacturer of Titanium alloys in India.
The company plays a crucial role in India's defense infrastructure by providing specialized materials that are essential for strategic applications. GoI still owns ~74% stake in the company after its IPO in 2018. This substantial government ownership underscores the strategic importance of MIDHANI in India's defense manufacturing ecosystem.
Mishra Dhatu Nigam Limited manufactures and sells super alloys, titanium, special purpose steel, and other special metals in India and internationally. The company provides special steels, including martensitic, high strength special, austenitic, and precipitation hardening steels for use in aerospace, power generation, nuclear, defence, cryogenic, and other general engineering industries.
It also offers nickel, cobalt, and iron-based superalloys; titanium and titanium alloys, soft magnetic, controlled expansion alloys; special purpose steel and other special metals; equiaxed, vacuum melted, vacuum, and air cast; bars, bright bars, and wires/fine wires; and hot and cold rolled sheets, and strips, as well as open die forging products. In addition, the company offers welding consumables, fasteners, biomedical implants, and armour products.
The company's diverse product range serves multiple strategic sectors including defense, aerospace, nuclear energy, and space applications. MIDHANI's expertise in manufacturing high-grade materials makes it indispensable for India's self-reliance initiatives in defense production.
Mishra Dhatu Nigam Ltd has a market capitalization of ₹8,151 Crore. On a consolidated basis, Mishra Dhatu Nigam Ltd reported a profit of ₹56.20 Crore on a total income of ₹418.22 Crore for the quarter ended 2025. For the year ended 2024, Mishra Dhatu Nigam Ltd had posted a profit of ₹91.78 Crore on a total income of ₹1,072.67 Crore.
The company's Q1 FY2025 performance shows strong fundamentals with Mishra Dhatu Nigam Ltd's net profit jumped 21.28% since last year same period to ₹56.20 Crore in Q4 FY2024-2025. On a quarterly growth basis, Mishra Dhatu Nigam Ltd has generated 120.22% jump in its net profits since last 3-months.
Key financial metrics indicate robust business health:
- Market Cap: ₹8,151 Crore (as of June 2025)
- Q1 FY2025 Net Profit: ₹56.20 Crore
- Q1 FY2025 Revenue: ₹418.22 Crore
- FY2024 Annual Profit: ₹91.78 Crore
- FY2024 Annual Revenue: ₹1,072.67 Crore
With an order book of INR 1,740 Crore and pipeline orders of INR 1,100 Crore, MIDHANI is poised for a robust year. The management aims to keep raw material costs under control to sustain profitability improvements. Exports were a bright spot, contributing 10% of revenue, and are expected to continue this trend. The company projects a similar growth rate to last year's 23%, driven by defense and aerospace demands, including a significant focus on titanium and superalloys.
The company is well-positioned to benefit from India's growing defense sector and export opportunities. "Demand-wise, I see it is a very good opportunities because as you know, the defense sector is picking up. And last year also, we have crossed more than [ INR 1.27 lakhs crores ], our defense production. And also, we had the highest level of export in the defense of INR 21,000 crores."
Recent corporate developments include management changes and strategic initiatives. CMD assigned additional charge of Director (Production & Marketing) for three months from July 1, 2025. MIDHANI hosted the Customer Conclave 2025, focusing on the indigenization of strategic materials.
MIDHANI Makes Significant Impact at Aero India 2025, Reinforcing Leadership in Aerospace and Defence, demonstrating the company's active participation in key industry events and its commitment to strengthening its market position.
The Mishra Dhatu Nigam Ltd's 52-week high share price is ₹541.00 and 52-week low share price is ₹217.05. The P/E (price-to-earnings) ratio of Mishra Dhatu Nigam Ltd (MIDHANI) is 75.29. The P/B (price-to-book) ratio is 6.33.
The stock has shown significant volatility reflecting the dynamic nature of defense sector investments. Shares of public sector and private sector defence companies, including Mishra Dhatu Nigam Ltd (MIDHANI), fell by up to 6% on the NSE due to profit booking following the ceasefire announcement between Israel and Iran.
MIDHANI represents a unique investment opportunity in India's defense manufacturing sector, combining strategic importance with growth potential driven by government initiatives for self-reliance in defense production and expanding export opportunities in the global aerospace and defense markets.
