MISHRA DHATU NIGAM LTD

Manufactures special metals and alloys — titanium, super-alloys and special steels, plus value-added parts such as springs, fasteners, castings and electrodes — for India's defence, aerospace, space and rail programmes. FY26 turnover was ₹1,208.63 crore and the order book stood at ₹2,440 crore as of January 1, 2026. Defence accounts for 72% of the order book and 28% of 9M revenue, with the rest spread across indigenous aero-engine work tied to the Kaveri and AMCA programmes, space programmes (Gaganyaan, LVM3, Chandrayaan), railways (Vande Bharat, LHB coaches, metro), and energy/architectural uses. The Hyderabad facility holds CEMILAC certification for 10 super-alloys and is completing a NADCAP heat-treatment audit; recent deliveries include 31 titanium windows for the Ram Janmabhoomi temple at Ayodhya and ~90 tons of titanium for the Republic Day Presidential Dais. Raw materials are the biggest cost at 41.8% of revenue, with employee costs at 12.0% and other operating expenses at 25.3% of revenue. As a Mini-Ratna PSU under the Ministry of Defence, the order pipeline is anchored by indigenous defence and aerospace programmes, with management targeting a scale-up toward ₹2,000 crore of revenue over roughly 10 years.