Buy Mishra Dhatu Nigam; target of Rs 285: ICICI Direct

ICICI Direct's research report on Mishra Dhatu Nigam

Mishra Dhatu Nigam (Midhani) is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like space, defence, etc. Within the overall steel market, Midhani’s area of focus is specialty steel • Midhani’s product range includes super alloys, titanium and titanium alloys, special purpose steels and other special alloys.

Outlook

Aided by a healthy demand environment from both defence and space segment, we expect a healthy pick-up in the topline, going forward. Hence, we upgrade the stock from HOLD to BUY. We value Midhani at Rs 285, 22x FY24E EPS.

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