What Mishra Dhatu Nigam Limited does

Mishra Dhatu Nigam Limited (MIDHANI) is a Central Public Sector Undertaking under India's Ministry of Defence, established in 1973 and headquartered in Hyderabad. The company manufactures specialty metals and alloys, including superalloys, titanium and titanium alloys, special steels, and refractory metals, serving as India's only domestic producer of titanium alloys for rockets and jet engines. Its integrated metallurgical complex deploys vacuum induction melting, electron beam melting, electroslag remelting (ESR), forge pressing, ring rolling, and heat treatment, with NADCAP and CEMILAC certifications enabling it to supply flight-certified materials for aerospace and defence platforms. Approximately 75% of revenue is derived from defence and aerospace customers, including the Indian Air Force, Navy, Army, DRDO, HAL, ISRO, and the Department of Atomic Energy, with the remaining 25% from exports, nuclear energy, and emerging commercial verticals such as biomedical implants, armour products, and architecture.

MIDHANI generates revenue through direct enterprise sales to government defence establishments and strategic sector customers, with pricing determined via government procurement processes and long-term negotiated contracts rather than market pricing. It supplies approved materials for India's flagship defence platforms including Tejas Mk1A, Tejas Mk2, AMCA, Su-30MKI, TEDBF, BrahMos, and Chandrayaan-3. The company has tripled its export revenue to Rs 94 crore in FY25 by securing contracts with Boeing, Pratt & Whitney, GE Aviation, and Airbus. Its order book stood at Rs 2,290 crore as of April 2026, providing approximately 18 months of revenue visibility. The Government of India retains approximately 74% ownership post the April 2018 IPO, and the company is listed on BSE and NSE under the ticker MIDHANI.

In FY26, MIDHANI achieved record revenue of Rs 1,208.63 crore (12.52% YoY growth), net profit of Rs 130.79 crore (18.82% YoY growth), and EBITDA margins of approximately 21%. It is currently implementing a Rs 500 crore capex programme targeting rare earth element independence and a 30% reduction in high-end alloy imports by 2027, alongside new manufacturing facilities at Rohtak (Haryana) and Nellore (Andhra Pradesh), a new Titanium Melting Plant (250-300 tonnes/month), and an Aerospace Fasteners Facility launched in May 2025. The company operates a joint venture with NALCO (Utkarsha Aluminum Dhatu Nigam Limited) and has executed strategic MoUs with HAL for carbon fiber development and DRDO for joint development of MDN100 aerospace-grade steel.

Name

Mishra Dhatu Nigam Limited

Legal name

Mishra Dhatu Nigam Limited

Website

https://midhani-india.in

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mishra Dhatu Nigam Limited (MIDHANI) is an Indian Defence PSU that manufactures specialty alloys, superalloys, and titanium alloys for aerospace, defence, nuclear, and space applications, supplying DRDO, HAL, ISRO, and the Indian Armed Forces.

Ownership category

akta.pro rank

Headquarters

HQ city

Hyderabad

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure

Revenue model

1. Defence and Aerospace Alloys and Components: MIDHANI generates the majority of its revenue (approximately 75%) from defence and aerospace sectors by supplying special steels, superalloys, titanium alloys, and fabricated components to Indian Defence PSUs, DRDO, HAL, and the Indian Armed Forces. Revenue is project-based with long procurement cycles tied to government defence budgets.
2. ISRO and Space Sector Materials: Supply of critical metals and alloys to ISRO for over 40 years, including maraging steel components for Chandrayaan-3 moon mission. Constitutes a significant portion of the space and strategic sector revenue stream.
3. Exports to Global Aerospace OEMs: MIDHANI has tripled its export revenue to Rs 94 crore in FY25 by securing contracts with Boeing, Pratt & Whitney, GE, and Airbus following years of quality audits. Export revenues are growing and represent an increasing share of total revenue.
4. Non-Aerospace Special Products: Revenue from non-aerospace applications including architecture (titanium architectural elements), nuclear energy sector, railways, coal, and biomedical implants. Expansion into new sectors diversifying the revenue base.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Mishra Dhatu Nigam Limited (MIDHANI) is an Indian Defence Public Sector Undertaking that manufactures specialty metallurgical products including superalloys, titanium alloys, special steels, and other advanced metal alloys for aerospace, defence, nuclear, and space applications. The company operates an integrated manufacturing facility in Hyderabad and produces finished forms including long products, flat products, open die forgings, investment castings, fasteners, armour products, and biomedical implants. MIDHANI is India's only domestic manufacturer of titanium alloys for rockets and jet engines.

Product overview

MIDHANI operates as a single integrated product portfolio focused on advanced metallurgical manufacturing. The company produces a comprehensive range of special metals and alloys organized into three main categories: Alloys (Superalloys, Titanium & Titanium Alloys, Special Steel, Other Metals and Alloys), Finished Products (Long Products, Flat Products, Open Die Forgings, Investment Castings), and Special Products (Biomedical Implants, Fasteners, Welding Consumables, Armour Products at Rohtak Unit). These products serve as critical raw materials and components for defense, aerospace, nuclear, and strategic sectors, with the company recently expanding into value-added fabricated titanium products and non-aerospace applications including architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Superalloys High-performance metallic materials designed to withstand extreme temperatures and stress conditions, used in aerospace engines, gas turbines, and nuclear applications.
• Titanium and Titanium Alloys Lightweight, high-strength metallic alloys used in aerospace structures, jet engines, rockets, and missiles for defence and space applications.
• Special Steel Specialty steels with enhanced mechanical properties for armament, nuclear, and strategic applications requiring high strength and corrosion resistance.
• Other Metals and Alloys Various metallic materials including rare earth magnets, refractory metals, and other specialized alloys for strategic applications.
• Long Products Finished metallic bars and rods produced through forging or other forming processes for subsequent machining into aerospace and defence components.
• Flat Products Flat metallic plates and sheets used in armour, structural, and pressure vessel applications for defence and industrial use.
• Open Die Forgings Large custom-shaped metal forgings produced using open-die forging processes for critical applications in aerospace and defence.
• Investment Castings Precision metal castings created using investment casting processes for complex geometries in aerospace and defence components.
• Biomedical Implants Medical-grade titanium implants including orthopaedic implants, surgical instruments, and biomedical devices manufactured at the Rohtak facility.
• Fasteners High-performance aerospace-grade fasteners manufactured from steel, titanium, and superalloys using fully automated forging, thread rolling, and fillet rolling systems for defence and civil aerospace platforms.
• Welding Consumables Specialized welding electrodes and consumables for joining high-performance alloys used in aerospace and defence manufacturing.
• Armour Products Ballistic protection products including bulletproof vests, helmets, and armoured vehicle components manufactured at the Rohtak Unit for military applications.

Quantifiable outcome

• 30-40% reduction in material acquisition costs for Su-30MKI engine components by sourcing domestically instead of importing from Russia
• +3 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature14 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GTRE (Gas Turbine Research Establishment)coreStrategic or Co-development Partner · 1 January 2026Partnership with GTRE for supplying superalloys for the Kaveri Engine Derivative (KDE) indigenous jet engine project. MIDHANI supplies over 13,300 kg of advanced materials for the programme estimated at over Rs 10,000 crore.
• DRDO (Defence Research and Development Organisation)coreStrategic or Co-development Partner · 1 January 2025Joint development of MDN100 aerospace-grade steel through an MoU at Aero India 2025 for high-stress structural components in the TEDBF fighter programme, including tail-hook, landing gear joints, and fuselage reinforcements.
• HAL (Hindustan Aeronautics Limited)coreStrategic or Co-development Partner · 1 January 2021MoU signed in 2021 between HAL and MIDHANI to develop domestic carbon fiber production capabilities for aerospace applications, supporting India's self-reliance in advanced composite materials.
• National Aluminium Company Limited (NALCO)minorStrategic or Co-development PartnerJoint venture Utkarsha Aluminum Dhatu Nigam Limited established with National Aluminium Co. Ltd for aluminium-based metal products.
• CEMILAC (Centre for Military Airworthiness and Certification)coreTechnology or IntegrationCEMILAC certified MIDHANI's domestically manufactured aerospace superalloys (BZL1, BZL14H, ZS 6Y) for use in AL-31FP turbofan engines, enabling HAL to source these critical materials domestically for Su-30MKI fleet support.
• Ministry of SteelminorStrategic or Co-development PartnerMIDHANI has signed an MoU with the Ministry of Steel for strategic cooperation in specialty steel development and promotion.
• DRDO Ecosystem (DMRL, DLRL, DRDL, BDL)coreStrategic or Co-development PartnerMIDHANI works closely with the DRDO ecosystem including DMRL (Defence Metallurgical Research Laboratory), DLRL, DRDL, and BDL, having supplied materials since the company's founding under Dr. R.V. Tamhankar who was also founder of DMRL.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Allegheny Technologies (ATI): Specialty materials producer with significant aerospace and defense exposure in nickel-based superalloys, titanium alloys, and specialty stainless steels—directly comparable to MIDHANI's core business of high-performance alloys for jet engines and aerospace structures.
• Haynes International: Manufacturer of high-performance nickel- and cobalt-based alloys designed for extreme environments including jet engine components—directly comparable to MIDHANI's superalloy products (BZL1, BZL14H, ZS 6Y) used in AL-31FP engines.
• Aubert & Duval: French producer of high-performance alloys, superalloys, titanium, and specialty steels for aerospace, defense, energy, and nuclear applications—directly comparable to MIDHANI's specialty alloys serving European aerospace OEMs.
• Carpenter Technology Corporation: US-based producer of specialty alloys including high-temperature superalloys, titanium alloys, and specialty stainless steels serving aerospace, defense, medical, and energy markets—directly comparable to MIDHANI's product portfolio and customer base.
• Special Metals (PCC): World leader in nickel-based superalloys and high-performance alloys for jet engines, gas turbines, and rocket propulsion—directly comparable to MIDHANI's superalloy portfolio certified by CEMILAC for Su-30MKI engines.
• Howmet Aerospace: Leading supplier of aerospace engine components, investment castings, and engineered products from nickel and titanium-based superalloys—directly comparable to MIDHANI's investment castings and aerospace engine alloy products.
• Titanium Metals Corporation (TIMET): Major US titanium producer (part of Precision Castparts) supplying aerospace, defense, and industrial markets with titanium sponge, ingots, and mill products—directly comparable to MIDHANI's titanium alloy production for aerospace and defense.

Broad incumbents

• VSMPO-AVISMA: World's largest titanium producer supplying titanium for Boeing, Airbus, and Embraer aircraft; established incumbent in aerospace titanium comparable to MIDHANI's monopoly position in Indian titanium for rockets and jet engines.

Regional players

• Steel Authority of India Limited (SAIL): Indian public sector steel producer with specialty steel product lines serving defence and strategic sectors; comparable as a domestic Indian PSU peer in primary metal manufacturing with overlapping defence customer base.
• Baoji Titanium Industry Co. China's leading titanium producer based in Baoji serving aerospace, chemical, and defense markets; regional peer in titanium alloy manufacturing comparable to MIDHANI's domestic titanium monopoly but operating primarily in the Chinese market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mishra-dhatu-nigam

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mishra Dhatu Nigam Limited