Mishra Dhatu Nigam Ltd(MIDHANI)

NSE: MIDHANIBSE: 541195

₹ 362-5.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,782 crWebsite: midhani-india.in/Updated: 24 Oct 2026

About

Mishra Dhatu Nigam Limited (MIDHANI) is a Mini-Ratna Category-1 Defence PSU established in 1973 that makes special steels, superalloys and titanium alloys for the aerospace, defence, space and energy sectors. It is India's only manufacturer of titanium alloys and maraging steels and the largest domestic producer of nickel-based superalloys, with a portfolio of more than 500 alloy grades. Revenue was 1208.63 in FY26, and the order book stood at ₹2,329 crore as of 1 July 2026.^[1][2][3][4]

Products and portfolio

As of FY26, the portfolio spans more than 500 alloy grades, including about 100 aeronautical grades for aero-engines.^[2]
Core products are high-value speciality steels, superalloys and titanium alloys. Special products include armour, fasteners, welding electrodes and springs.^[2]
Special alloys cover ferritic, austenitic, martensitic, maraging and armour steels. Superalloys include iron-, cobalt- and nickel-based grades.^[1]
Armour brands are Bhabha Kavach (technology from BARC) and ABHED bullet-proof jackets (DRDO/IIT Delhi technology, acquired in FY26). An initial ABHED supply went to OCTOPUS.^[2]
A ₹40 crore superalloy and titanium fastener facility opened in FY26. It is expected to bring in ₹20 - 30 crore a year from the missile and space sectors.^[5]
In FY26, MIDHANI developed cast single-crystal superalloy material for aero-engine blades for the first time.^[2]
MIDHANI developed IHTA, a nickel-based superalloy for steam generator tubes in thermal power plants. It can operate at up to 760°C and 350 bars.^[1]

Manufacturing operations

MIDHANI has two plants: Hyderabad (Kanchanbagh), which runs the full chain from melting to downstream processing, and Rohtak, which makes armour and specialised products (FY26).^[2]
The Hyderabad plant has 1,500-tonne and 6,000-tonne hydraulic forge presses, a 330/220T ring rolling mill and a 1,250T extrusion press.^[2]
A titanium melting facility at Hyderabad has capacity of 250 - 300 tonnes per month and a 10-ton Vacuum Arc Re-melting furnace.^[1]
The Armour Unit at Rohtak is a 10-acre facility that makes armour for personnel and vehicles.^[2]
The Rohtak spring unit can make more than 60,000 RDSO-approved railway helical springs a year.^[2]
The alloys depend on more than 20 critical inputs. Titanium sponge comes mostly from Eastern Europe, and cobalt and nickel are bought internationally (FY26).^[2]

Order book and operating numbers

The order book was ₹2,329 crore as of 1 July 2026: defence 66%, space/ISRO 21%, energy 9% and others 4%.^[4]
Titanium alloys made up about ₹600 crore of the order book as of 1 July 2026.^[4]
The opening order book on 1 April 2026 was ₹2,290 crore, with defence at 79%. The FY27 order inflow target is about ₹1,500 crore.^[5]
Titanium production in FY26 was 700 tons, almost double the prior year.^[5]
Value of production in Q1 FY27 was ₹260.36 crore, up 7.9% from a year earlier.^[4]
Revenue mix in 9M FY26: special steel 37%, superalloys 20%. All orders now come through competitive bidding.^[6]

Customers and exports

Most customers are in strategic sectors (defence, space, aerospace and energy). Government-linked customers are a concentration risk (FY26).^[2]
MIDHANI's materials are used in every stage of PSLV, GSLV, LVM-3 and Chandrayaan-3.^[2]
In FY26, MIDHANI added 30 new customers and received orders for more than 18 new grades.^[2]
Export revenue was ₹85 crore in FY26 and ₹33 crore in Q1 FY27 YTD.^[5]
MIDHANI serves customers in 14 Indian states and 10 countries. Exports were 8.76% of turnover in FY25.^[1]
MIDHANI is in talks with Mazagon Dock and Hindustan Shipyard to make, in India, special steel grades now imported for shipbuilding.^[7]
The helical spring plant has started production and received a sample order from BEML in Q1 FY27.^[4]

Certifications and approvals

MIDHANI is the first company in India to receive GE Aerospace's S400 metallic material laboratory approval (13 August 2026), which lets it offer commercial testing services worldwide.^[2][4]
NADCAP heat-treatment certification was obtained in FY26. NADCAP accreditation for the NDT section is targeted in FY 2026-27.^[5][2]
CEMILAC airworthiness certificates were received for 10 critical aerospace-grade superalloys and steels.^[5]

Expansion and capex

Routine capex for FY27 is guided at about ₹50 - 60 crore. A ₹1,000 crore modernisation plan is awaiting Board/Ministry approval.^[4]
A Metal Bank holding a strategic reserve of six critical raw materials is being set up at Hyderabad. It is targeted to be operational by end of Q2 FY27.^[2][4]
Equipment to make additive-manufacturing metal powder received a preliminary German BAFA export licence. It is expected on campus by about FY28.^[4]
Advanced Materials (Defence) Testing Foundation is a joint venture with HAL, BDL, Yantra and PTC, each holding 20%. It will build a testing facility at the Lucknow defence corridor node.^[2]

Recent developments

The Utkarsha Aluminium Dhatu Nigam joint venture with NALCO, planned as a 60,000 TPA aluminium facility, was found commercially non-viable and recommended for removal from the Register of Companies (FY26).^[2]
Fire and certification testing of the ABHED jacket is targeted for completion in Q2 FY27, ahead of CRPF, BSF and state police tenders.^[4]
In Q1 FY27, MIDHANI received orders for four superalloy grades and three titanium alloy grades for isothermal forging.^[4]

Market Cap

₹6,782 Cr

High / Low

₹482 / 267

Stock P/E

57.9

Price / Book

5.1

Book Value

₹82

EPS

₹7.0

No. of Shares

18.73 Cr

ROCE

11.6%

ROE

8.9%

OPM

16.8%

Debt / Equity

0.19

Sales

₹1,209 Cr

Net Profit

₹131 Cr

Promoter holding

74.0%

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