Mishra Dhatu Nigam share price today
Mishra Dhatu Nigam (Midhani) share price moved higher by 14 per cent to ₹363 on the BSE in Monday’s intraday trade amid heavy volumes.
The stock price of the public sector company recorded its sharpest intraday rally in the past five months. Earlier, on July 15, 2025, the market price of Midhani surged 14.01 per cent, while, on May 14, 2025, it had zoomed 17.14 per cent in the intraday deal.
At 11:35 AM, Midhani shares were quoting 12 per cent higher at ₹357.40 as against a 0.3 per cent decline in the BSE Sensex. Average trading volume on the counter jumped multiple-fold, with a combined 13.02 million equity shares, representing 6.94 per cent of total equity of the company, changing hands on the NSE and BSE.
Midhani business overview, order book position
Midhani is one of the key manufacturers of critical metals such as special steels, super alloys (nickel base, iron base and cobalt base), titanium alloys etc. The company primarily caters to the requirements of sectors like aerospace, defence, space, and energy.
As on September 30, 2025, the company’s order book position stood at ₹1,869 crore, of which 70 per cent was, together, contributed by aerospace and defence segments, and the balance 30-per cent by space, exports, and other segments. The healthy order book position gives a very good visibility for FY25-26 and beyond, according to the management.
The company’s management has maintained its revenue guidance of ₹1,300 crore in FY26E, which implies growth of 40 per cent plus Y-o-Y in H2FY26. Order backlog stands at ₹2,220 crore (2.1x of TTM revenues), giving healthy revenue growth visibility given the short execution cycle (of 1-1.5 years) for this order book.
“Orders inflow prospects remain robust for company’s products considering the strong pipeline in defence, space and other segments (like energy, railways, civil aviation etc). Aerospace and defence remain the key sector for company’s future orders considering the significant capex underway for various platforms (across air force, navy and army) like aircrafts, engines, missiles, tanks,” the management said. It expects a total order intake of ₹500 crore in H2FY26.
The global speciality alloy market is expected to grow at a compound annual growth rate (CAGR) of 6.4 per cent from CY 2024 to CY 2030 to reach a market size of $572 million by FY 2030. In addition to their wide-scale utilisation in the aerospace industry, specialty alloys are witnessing heightened utilisation in the power generation sector. These alloys are being used in heat exchangers.
Overall, the rising demand from various sectors present a positive outlook for the specialty alloys market in the years ahead, Midhani said in its FY25 annual report.
ICICI Securities maintains ‘Buy’ rating on Midhani with a target price of ₹460
According to analysts at ICICI Securities, Midhani is expected to benefit substantially from robust order prospects, new product developments with increasing indigenisation. Pick-up in execution with recovery in margins will be the key factors to watch-out for in coming quarters.
During the period FY25-28E, the brokerage firm estimates revenue to compound at an annual growth rate (CAGR) at 17 per cent while Ebitda and PAT CAGR are seen at 24 per cent and 30 per cent, respectively, as the margins are expected to improve in the coming periods. The brokerage maintained a ‘Buy’ on Midhani with a revised target price of ₹460 (based on 35x P/E on FY28E).
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