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News: Mishra Dhatu Nigam (MIDHANI) has secured an order of Rs 285 crore. With this, the company's order book position as on date stands at Rs 2098 crore.
View: Order backlog of Rs 2098 crore (2x of TTM revenue) gives healthy revenue visibility as the execution cycle is about 1.5 years. The defence segment contributes ~80% of order backlog while balance is from other segments like space & exports. We believe Midhani has sizable orders inflow opportunity in the coming period considering the increasing usage of superalloys, special steel alloys & titanium alloys in defence and space platforms. For FY25, the management has guided for ~Rs 1100 crore of order inflows and 20%+ revenue growth
Impact: Positive