MIDHANI Wins ₹306 Crore Defence Order; Shares Rise More Than 2% in Early Trade

Hyderabad, October 15, 2025 – Shares of Mishra Dhatu Nigam Ltd (MIDHANI) (NSE: MIDHANI, BSE: 541195) rose more than 2% in early trading on Wednesday, after a new ₹306 crore defence order was announced. The new order adds further fillip to the book of the company, now placed at around ₹2,212 crore.

New Order Bolsters Book

The Hyderabad-based strategic metals and alloys maker disclosed that the ₹306 crore award is domestically sourced and comes amid sustained demand across aerospace and defence segments. With this addition, MIDHANI’s total open order book stands at about ₹2,212 crore, reflecting continued booking momentum in its core sectors.

Market Response and Trading Trends

As of 11:03 AM IST on October 15, the stock was trading at ₹384.55, up ₹6.60 or 1.75% from the previous close of ₹377.95. It opened at ₹389, touched an intraday high of ₹389, and fluctuated between ₹385.00 and ₹389.00 before entering a consolidation phase. The total volume traded was around 1.55 lakh shares, generating a turnover of approximately ₹5.99 crore. The company’s market capitalisation stands at roughly ₹7,265 crore, with a 52-week trading range of ₹226.93 to ₹469.00.

Operational Profile and Strategic Position

MIDHANI, a Miniratna Category-I public sector enterprise under the Department of Defence Production, Ministry of Defence, is a specialist manufacturer of superalloys, titanium alloys, special steels, and niche metallic materials for aerospace, defence, space, and nuclear applications. It is a key supplier to DRDO, ISRO, and other strategic organizations and plays a major role in India’s indigenisation efforts in pursuance of the “Make in India” and self-reliance initiatives.

On 1 July 2025, the order book of the company was at ₹1,827 crore, with 80 percent of orders being associated with defence and aerospace projects. In its first quarter of FY26, MIDHANI registered a 150.5 percent increase in net profit, with revenue of ₹170.5 crore and an EBITDA margin of ~24.2 percent.

During the financial year 2024-25, MIDHANI recorded its best-ever quarterly turnover in Q4 of ₹410.56 crore; for the year, it recorded a turnover of ₹1,074.10 crore and an opening order book of ~₹1,832 crore.

Outlook & Challenges

The new order reinforces investor confidence in MIDHANI’s ability to secure and execute large-scale contracts in defence and allied sectors. The company aims to sustain margin levels near 23–25 percent and achieve full utilization across its titanium and alloy manufacturing facilities.

Main issues persist: reliance on imported raw materials, risks of execution over long project horizons, and maintaining new contract flows in a competitive market. However, with a strengthened order book and refreshed pipeline of contracts, MIDHANI seems well placed to navigate India’s growing demand for strategic materials.

REF: https://nsearchives.nseindia.com/corporate/MIDHANI_14102025164650_MDN_OrderReceipt_14102025_signed.pdf

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