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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Disinvestment by Selling Shareholder
To carry out the disinvestment of 48,708,400 equity shares by the Government of India as part of its public sector divestment initiative.
Listing Benefits
To achieve the benefits of listing equity shares on the stock exchanges, enhancing brand visibility and providing liquidity to shareholders.
(₹ in Crore)
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Mishra Dhatu Nigam Limited (MIDHANI) is a premier public sector undertaking owned by the Government of India under the administrative control of the Ministry of Defence. Established in 1973 in Hyderabad, Telangana, the company specializes in the indigenous development and commercial production of critical superalloys, titanium alloys, special-purpose steels, and strategic materials. Its advanced metallurgical products cater to high-technology industries including aerospace, defense, space research, nuclear power, and chemical processing. Operating a modern integrated manufacturing facility in Hyderabad, MIDHANI possesses advanced vacuum melting, forging, rolling, and heat treatment infrastructure capable of handling complex metallurgical compositions. Over five decades of operations, the company has developed capabilities to manufacture over 160 specialized grades of metals and alloys. Key institutional customers include Indian Space Research Organisation (ISRO), Defence Research and Development Organisation (DRDO), Hindustan Aeronautics Limited (HAL), Department of Atomic Energy (DAE), and ordnance factories across the country. Operating as a specialized materials manufacturer, MIDHANI occupies a strategic position in India's defense supply chain as the sole domestic producer of titanium alloys and specialized armor materials. Following its initial public offering in March 2018, the company has continued to expand its production capacity through modern wide-plate rolling mills and forging presses, supporting India's defense indigenization programs and strategic space missions.
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Source: RHP • Analysis provided for informational purposes
Last Updated: 30 July 2026, 11:26 AM
Strategic Monopoly in Special Metallurgical Products
MIDHANI is India's sole commercial manufacturer of titanium alloys and specialized superalloys required for critical defense, space, and nuclear applications.
Strong Institutional Relationships and Order Book
The company maintains long-standing relationships with key government defense entities like ISRO, DRDO, and HAL, providing reliable order pipeline visibility.
Advanced Technological Capabilities
Possesses specialized vacuum melting, forging, and research infrastructure capable of developing custom high-temperature alloys for strategic sectors.
High Customer Concentration
A dominant share of total revenue is derived from a limited set of government defense and space organizations, making performance vulnerable to program delays.
Raw Material Price Volatility
Manufacturing superalloys relies on imported raw materials like nickel, cobalt, and molybdenum, exposing profit margins to global commodity price swings.
Long Sales and Qualification Cycles
Developing and qualifying custom strategic materials requires extensive testing and multi-year validation cycles before reaching full commercial production.
Mishra Dhatu Nigam Limited
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