{"id":32445,"date":"2025-07-07T09:19:10","date_gmt":"2025-07-07T03:49:10","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=32445"},"modified":"2025-07-07T10:13:49","modified_gmt":"2025-07-07T04:43:49","slug":"alpha-mishra-dhatu-nigam-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445","title":{"rendered":"Alpha | Mishra Dhatu Nigam Ltd . &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1-1024x512.png\" alt=\"\" class=\"wp-image-32461\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Mishra Dhatu Nigam Ltd &#8211; Fostering Self-Reliance<\/span><\/strong><\/h2>\n\n\n\n<p>Incorporated in 1973 under the administrative control of Ministry of Defence, Mishra Dhatu Nigam Ltd. (MIDHANI) is an established player in the manufacture of special steels, superalloys, and titanium alloys. Headquartered in Hyderabad, the company was setup with an aim to achieve self-reliance in the supply of various alloys to defence and other strategic sectors such as energy, space and aeronautical applications. The company is the only manufacturer of Titanium alloys in India. Recognised as a National Centre for Excellence in advanced metallurgical production, the company has 2 manufacturing facilities located at Hyderabad and Rohtak.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-1.png\"><img loading=\"lazy\" width=\"751\" height=\"503\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-1.png\" alt=\"\" class=\"wp-image-32448\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-1.png 751w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-1-300x201.png 300w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/strong><\/h2>\n\n\n\n<p>The products offered by the company can be classified as under:<\/p>\n\n\n\n<ul><li>Superalloys &#8211; Nickel, cobalt and iron-based alloys.<\/li><li>Titanium and titanium alloys &#8211; Commercially pure grades, alpha and alpha-beta titanium alloys.<\/li><li>Special steel &#8211; Martensitic steels, high strength special steel, austennitic steels and percipitation hardening steels.<\/li><li>Other metals and alloys &#8211; Soft magnetic alloys and controlled expansion alloys.<\/li><li>Specialty products &#8211; Wires and bars, rolled sheets, open-die forgings, investment castings, armour products, biomedical implants, fasteners etc.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Revenue-Breakup-FY25-_-Total-Revenue-FY25-Rs.1074-crore.png\"><img loading=\"lazy\" width=\"783\" height=\"568\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Revenue-Breakup-FY25-_-Total-Revenue-FY25-Rs.1074-crore.png\" alt=\"\" class=\"wp-image-32449\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Revenue-Breakup-FY25-_-Total-Revenue-FY25-Rs.1074-crore.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Revenue-Breakup-FY25-_-Total-Revenue-FY25-Rs.1074-crore-300x218.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Revenue-Breakup-FY25-_-Total-Revenue-FY25-Rs.1074-crore-768x557.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong>: As of FY24, the company has 1 joint venture, and no other subsidiary\/associate company.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-2.png\"><img loading=\"lazy\" width=\"823\" height=\"309\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-2.png\" alt=\"\" class=\"wp-image-32450\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-2.png 823w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-2-300x113.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-2-768x288.png 768w\" sizes=\"(max-width: 823px) 100vw, 823px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Rationale<\/span><\/strong><\/h2>\n\n\n\n<ul><li><strong>Strategic position<\/strong> &#8211; The company plays a critical role in advancing self-reliance in defence manufacturing by producing specialized materials that are typically imported, supporting key programs involving missiles, submarines, naval platforms, combat aircraft, helicopters, and armoured vehicles. The company also supplies high-performance alloys to ISRO, supporting critical components of space missions, including launch vehicles, satellites, and cryogenic engine systems. MIDHANI serves as a key pillar of the &#8216;Make in India&#8217; initiative in high-technology metallurgy, backed by strong collaborations with DRDO, HAL, ISRO, BHEL, etc. The company also possesses robust capabilities to develop and scale advanced materials for aerospace and energy applications.<\/li><\/ul>\n\n\n\n<ul><li><strong>Growth strategies<\/strong> &#8211; MIDHANI is strategically focused on import substitution and capacity expansion through indigenous innovation, having developed three master alloys that were previously imported and actively advancing technologies to recycle high-value scrap materials in collaboration with government agencies and national labs. Efforts are underway to indigenous additional master alloys that are required to make advanced Titanium alloys for aerospace grade. The company recently commissioned new Titanium plant which is now at full-fledged operations at a capacity of 250-300 tons per month. It is also working on developing advanced materials for hypersonic applications and next-generation jet engines. Furthermore, the company has begun fulfilling export orders from major global players such as Boeing, Pratt &amp; Whitney, Airbus, and GE. In addition, it is working on the development of specialized alloys for high-megawatt thermal power plants for the government.<\/li><\/ul>\n\n\n\n<ul><li><strong>Q4FY25<\/strong> &#8211; During the quarter, the company\u2019s revenue was flat at Rs.411 crore. The production value increased by 17% during the period to Rs.329 crore. EBITDA improved by 16% from Rs.80 crore of Q4FY24 to Rs.93 crore of the current quarter. The company reported net profit of Rs.56 crore, a growth of 22% compared to the Rs.46 crore of the corresponding period in the previous year.&nbsp;<\/li><\/ul>\n\n\n\n<ul><li><strong>FY25<\/strong> &#8211; During FY25, the revenue was flat at Rs.1,074 crore. EBITDA was at Rs.218 crore, up by 12% YoY. The company reported net profit of Rs.111 crore, an increase of 21% YoY. Notably, company\u2019s exports have increased threefold during the year. During the period the company has undertaken a capital expenditure of Rs.50 crore for strengthening manufacturing infrastructure and commissioning new facilities.<\/li><li><strong>Financial Performance<\/strong> &#8211; Average 3-year ROE &amp; ROCE is around 9% and 12% for FY23-25 period. The company has a robust capital structure with a debt-to-equity ratio of 0.25.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-3.png\"><img loading=\"lazy\" width=\"752\" height=\"351\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-3.png\" alt=\"\" class=\"wp-image-32452\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-3.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-3-300x140.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-4.png\"><img loading=\"lazy\" width=\"752\" height=\"217\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-4.png\" alt=\"\" class=\"wp-image-32454\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-4.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-4-300x87.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry<\/span><\/strong><\/h2>\n\n\n\n<p>India\u2019s defence and aerospace industry is witnessing rapid growth, driven by government focus on self-reliance, rising exports, and increased R&amp;D investments under the \u2018Aatmanirbhar Bharat\u2019 initiative. With a target of achieving US$ 6.02 billion in annual defence exports by 2028 &#8211; 29, the sector is a strategic priority. Successes like Chandrayaan-3 and the expansion of indigenous satellite systems (IRNSS, GSAT) highlight technological progress, while the integration of space and defence capabilities is supporting growth across sectors such as infrastructure, agriculture, and telemedicine &#8211; creating long-term opportunities for advanced materials and alloy manufacturers.<\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/strong><\/h2>\n\n\n\n<ul><li>In 2025-26 the central government has allocated Rs.6,81,210 crore for the Ministry of Defence which is 6% higher than the previous year.<\/li><li>Provision for 100% Foreign Direct Investment (FDI) through Government route and 74% through Automatic route into the defence sector.<\/li><li>India Space Sector\u2019s aim to target exports worth $11 Bn by 2033.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Peer Analysis<\/span><\/strong><\/h2>\n\n\n\n<p><strong>Competitors:<\/strong> DCX Systems Ltd, Sunflag Iron &amp; Steel Company Ltd, etc.<\/p>\n\n\n\n<p>Compared to its peers, the company stands out as the largest alloy supplier to the defence sector. Its profitability metrics are satisfactory, reflecting a stable financial position and solid operational performance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5.png\"><img loading=\"lazy\" width=\"1024\" height=\"153\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5-1024x153.png\" alt=\"\" class=\"wp-image-32456\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5-1024x153.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5-300x45.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5-768x114.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-5.png 1443w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/strong><\/h2>\n\n\n\n<p>As of 1<sup> <\/sup>April 2025, MIDHANI holds a robust order book of Rs.1,832 crore, ensuring strong revenue visibility for the coming years. The company is targeting an annual growth rate of 20%, supported by its focus on self-reliance in raw materials through indigenous development and recycling of high-value scrap. It aims to sustain healthy EBITDA margins in the range of 20 &#8211; 25%. To support future growth and technological advancement, MIDHANI plans to invest Rs.75 &#8211; 100 crore annually in capital expenditure. It anticipates increased demand from key strategic sectors including aerospace, naval, missile, space, and power. With over 500 alloy grades indigenized, the company is also broadening its product portfolio to serve emerging sectors such as healthcare, oil &amp; gas, and energy &#8211; enhancing its long-term growth prospects while reducing dependency on traditional defence-led revenue streams.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6-1024x712.png\" alt=\"\" class=\"wp-image-32458\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-6.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/strong><\/h2>\n\n\n\n<p>We believe the company is well-positioned with a strong order pipeline, growing export presence, and ongoing development of next-generation alloys. We recommend a BUY rating in the stock with the target price (TP) of Rs.507, 51x FY27E EPS.<\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">SWOT Analysis<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-7.png\"><img loading=\"lazy\" width=\"587\" height=\"376\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-7.png\" alt=\"\" class=\"wp-image-32459\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-7.png 587w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-7-300x192.png 300w\" sizes=\"(max-width: 587px) 100vw, 587px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 04 July 2025)<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8.png\"><img loading=\"lazy\" width=\"1024\" height=\"232\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8-1024x232.png\" alt=\"\" class=\"wp-image-32460\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8-1024x232.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8-300x68.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8-768x174.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/image-8.png 1169w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-energy-exchange-ltd-equity-research-desk-2\/32362\">Indian Energy Exchange Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-brigade-enterprises-ltd-equity-research-desk\/32302\">Brigade Enterprises Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-navin-fluorine-international-ltd-equity-research-desk\/32277\">Navin Fluorine International Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-k-e-c-international-ltd-equity-research-desk\/32226\">K E C International Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/user\/equity?utm_source=clicks&amp;utm_medium=Blog&amp;utm_campaign=Alpha_Blog_Clicks&amp;utm_term=Blog_CTA\"><img loading=\"lazy\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXceS__GzRS05ubM2opGwf3LkP5BWGjd0wY0nxrnt_yWACJbd9vZEZc0CSi02xWxObbTrv9Xj4_J0fNjfyYBjCMDsCUCQ1VkTZNr6yPlKsknTTO0RAiMxDRumhCaY8KArzlK1m_VJYk1N6Pa1mSpegI?key=HdXWVtHJW8EEqiLEr-EHwsuq\" width=\"300\" height=\"43\"><\/a><\/p>\n\n\n\n<p><strong>Disclaimer<\/strong>: Investments in the securities market are subject to market risks, read all related documents carefully before investing. Securities quoted here are exemplary, not recommendatory. Please consult your financial advisor before investing. Please note that we do not guarantee any assured returns for the securities quoted here.<\/p>\n\n\n\n<p>Research disclaimer: Investment in the securities market is subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n\n\n\n<p>For more details, please read the <a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Disclaimer-final.pdf\">disclaimer.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mishra Dhatu Nigam Ltd &#8211; Fostering Self-Reliance Incorporated in 1973 under the administrative control of Ministry of Defence, Mishra Dhatu Nigam Ltd. (MIDHANI) is an established player in the manufacture of special steels, superalloys, and titanium alloys. Headquartered in Hyderabad, the company was setup with an aim to achieve self-reliance in the supply of various [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":32461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[1199,744,1026,1033,745,1063,892,903,1200,1197,1198,872,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MIDHANI Limited - Analysis, Target Price, BUY [July 25]<\/title>\n<meta name=\"description\" content=\"MIDHANI Ltd, our FundsIndia&#039;s Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MIDHANI Limited - Analysis, Target Price, BUY [July 25]\" \/>\n<meta property=\"og:description\" content=\"MIDHANI Ltd, our FundsIndia&#039;s Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445\" \/>\n<meta property=\"og:site_name\" content=\"Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fundsindia\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-07T03:49:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-07T04:43:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2048\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Equities Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#organization\",\"name\":\"Wealth India Financial Services\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/fundsindia\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg\",\"contentUrl\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg\",\"width\":189,\"height\":200,\"caption\":\"Wealth India Financial Services\"},\"image\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#website\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/\",\"name\":\"Insights\",\"description\":\"Official blog of FundsIndia.com\",\"publisher\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fundsindia.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png\",\"contentUrl\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png\",\"width\":2048,\"height\":1024},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage\",\"url\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445\",\"name\":\"MIDHANI Limited - Analysis, Target Price, BUY [July 25]\",\"isPartOf\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage\"},\"datePublished\":\"2025-07-07T03:49:10+00:00\",\"dateModified\":\"2025-07-07T04:43:49+00:00\",\"description\":\"MIDHANI Ltd, our FundsIndia's Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.\",\"breadcrumb\":{\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.fundsindia.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Alpha | Mishra Dhatu Nigam Ltd . &#8211; Equity Research Desk\"}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#article\",\"isPartOf\":{\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage\"},\"author\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#\/schema\/person\/78222a5d6aef66b1f386dfa767382656\"},\"headline\":\"Alpha | Mishra Dhatu Nigam Ltd . &#8211; Equity Research Desk\",\"datePublished\":\"2025-07-07T03:49:10+00:00\",\"dateModified\":\"2025-07-07T04:43:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage\"},\"wordCount\":1083,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png\",\"keywords\":[\"aerospace sector\",\"Alpha\",\"defence stock\",\"fundamental analysis\",\"FundsIndia Equity Research\",\"FundsIndia insights\",\"Industry Analysis\",\"Long term investing\",\"makeinnidnia\",\"MIDHANI\",\"Mishra Dhatu\",\"Target Price\",\"valuation\"],\"articleSection\":[\"Alpha\",\"Equity Research\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#respond\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#\/schema\/person\/78222a5d6aef66b1f386dfa767382656\",\"name\":\"Equities Desk\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2620d09063050fc426411ab6ea46fc72?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2620d09063050fc426411ab6ea46fc72?s=96&d=mm&r=g\",\"caption\":\"Equities Desk\"},\"sameAs\":[\"http:\/\/www.fundsindia.com\"],\"url\":\"https:\/\/www.fundsindia.com\/blog\/author\/equities-desk\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"MIDHANI Limited - Analysis, Target Price, BUY [July 25]","description":"MIDHANI Ltd, our FundsIndia's Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445","og_locale":"en_US","og_type":"article","og_title":"MIDHANI Limited - Analysis, Target Price, BUY [July 25]","og_description":"MIDHANI Ltd, our FundsIndia's Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.","og_url":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445","og_site_name":"Insights","article_publisher":"https:\/\/www.facebook.com\/fundsindia","article_published_time":"2025-07-07T03:49:10+00:00","article_modified_time":"2025-07-07T04:43:49+00:00","og_image":[{"width":2048,"height":1024,"url":"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png","type":"image\/png"}],"twitter_misc":{"Written by":"Equities Desk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Organization","@id":"https:\/\/www.fundsindia.com\/blog\/#organization","name":"Wealth India Financial Services","url":"https:\/\/www.fundsindia.com\/blog\/","sameAs":["https:\/\/www.facebook.com\/fundsindia"],"logo":{"@type":"ImageObject","@id":"https:\/\/www.fundsindia.com\/blog\/#logo","inLanguage":"en-US","url":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg","contentUrl":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg","width":189,"height":200,"caption":"Wealth India Financial Services"},"image":{"@id":"https:\/\/www.fundsindia.com\/blog\/#logo"}},{"@type":"WebSite","@id":"https:\/\/www.fundsindia.com\/blog\/#website","url":"https:\/\/www.fundsindia.com\/blog\/","name":"Insights","description":"Official blog of FundsIndia.com","publisher":{"@id":"https:\/\/www.fundsindia.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.fundsindia.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage","inLanguage":"en-US","url":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png","contentUrl":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png","width":2048,"height":1024},{"@type":"WebPage","@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage","url":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445","name":"MIDHANI Limited - Analysis, Target Price, BUY [July 25]","isPartOf":{"@id":"https:\/\/www.fundsindia.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage"},"datePublished":"2025-07-07T03:49:10+00:00","dateModified":"2025-07-07T04:43:49+00:00","description":"MIDHANI Ltd, our FundsIndia's Alpha Pick, is a manufacturer of special steels, superalloys, and titanium alloys for defence and other strategic sectors.","breadcrumb":{"@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fundsindia.com\/blog"},{"@type":"ListItem","position":2,"name":"Alpha | Mishra Dhatu Nigam Ltd . &#8211; Equity Research Desk"}]},{"@type":"Article","@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#article","isPartOf":{"@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage"},"author":{"@id":"https:\/\/www.fundsindia.com\/blog\/#\/schema\/person\/78222a5d6aef66b1f386dfa767382656"},"headline":"Alpha | Mishra Dhatu Nigam Ltd . &#8211; Equity Research Desk","datePublished":"2025-07-07T03:49:10+00:00","dateModified":"2025-07-07T04:43:49+00:00","mainEntityOfPage":{"@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#webpage"},"wordCount":1083,"commentCount":0,"publisher":{"@id":"https:\/\/www.fundsindia.com\/blog\/#organization"},"image":{"@id":"https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#primaryimage"},"thumbnailUrl":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png","keywords":["aerospace sector","Alpha","defence stock","fundamental analysis","FundsIndia Equity Research","FundsIndia insights","Industry Analysis","Long term investing","makeinnidnia","MIDHANI","Mishra Dhatu","Target Price","valuation"],"articleSection":["Alpha","Equity Research"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fundsindia.com\/blog\/equities\/alpha-mishra-dhatu-nigam-ltd-equity-research-desk\/32445#respond"]}]},{"@type":"Person","@id":"https:\/\/www.fundsindia.com\/blog\/#\/schema\/person\/78222a5d6aef66b1f386dfa767382656","name":"Equities Desk","image":{"@type":"ImageObject","@id":"https:\/\/www.fundsindia.com\/blog\/#personlogo","inLanguage":"en-US","url":"https:\/\/secure.gravatar.com\/avatar\/2620d09063050fc426411ab6ea46fc72?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2620d09063050fc426411ab6ea46fc72?s=96&d=mm&r=g","caption":"Equities Desk"},"sameAs":["http:\/\/www.fundsindia.com"],"url":"https:\/\/www.fundsindia.com\/blog\/author\/equities-desk"}]}},"jetpack_featured_media_url":"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2025\/07\/Midhani-1.png","_links":{"self":[{"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/posts\/32445"}],"collection":[{"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/comments?post=32445"}],"version-history":[{"count":4,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/posts\/32445\/revisions"}],"predecessor-version":[{"id":32462,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/posts\/32445\/revisions\/32462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/media\/32461"}],"wp:attachment":[{"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/media?parent=32445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/categories?post=32445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundsindia.com\/blog\/wp-json\/wp\/v2\/tags?post=32445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}