MIDHANI Partners with BARC and HWB to Recover Critical Nickel and Cobalt from Reverts

Key numbers

Market Cap	₹6,945.63 CrMid Cap
P/E TTM	51.46Sector: 50.75
Promoter Holding	74.00%No Pledge
RSI	27.75Oversold Zone

Key highlights

• Tripartite MoU signed on October 27, 2026, between MIDHANI, HWB, and BARC
• Targeted recovery of nickel and cobalt from secondary sources known as plant reverts
• Collaboration leverages combined expertise in metallurgical processes and industrial resources
• Focus on domestic supply chain resilience for batteries, electric vehicles, and superalloys
• Supports MIDHANI's long-term growth strategy following a ₹2,329 crore order book status

A Tripartite Alliance for Resource Efficiency

MIDHANI, operating under the Ministry of Defence, has teamed up with two Department of Atomic Energy entities—the Heavy Water Board and Bhabha Atomic Research Centre—to implement efficient recovery processes for strategic metals. Signed on October 27, 2026, the Memorandum of Understanding establishes a formal framework for the three organisations to leverage their technological capabilities. The partnership aims to extract high-value nickel and cobalt from plant reverts, which are secondary materials generated during manufacturing.

This move follows MIDHANI's recent financial performance for the quarter ended June 30, 2026, where it reported operating revenue of ₹239.49 crore and a net profit of ₹16.47 crore.

Strategic Importance of Nickel and Cobalt Recovery

• Critical metals essential for advanced battery technologies and electric vehicle manufacturing
• Key components in the production of stainless steels and high-performance superalloys
• Reduces dependence on primary mineral resources and foreign imports of critical raw materials
• Enhances domestic supply chain resilience for India's clean-energy and industrial sectors
• Aligns with the circular economy framework by unlocking value from under-utilised plant reverts

Strengthening the National Mineral Security

The signing of this MoU marks an important milestone in our efforts to promote the recovery of critical metals from secondary resources. Through this collaboration, we aim to combine our strengths and develop viable, sustainable, and commercially competitive solutions for the production of cobalt and nickel from plant reverts.

Scaling Operations Amidst Strong Order Backlog

The partnership arrives as MIDHANI manages an executable order book backlog of ₹2,329 crore as of July 1, 2026. This technology-led initiative complements the company's prior strategic moves, such as the November 2025 MoU with Hindustan Aeronautics Limited to establish a strategic Metal Bank. With management guiding for a revenue growth of 12% to 15% in FY27 and a targeted EBITDA margin of 23% to 25%, the recovery of metals from reverts could provide a cost-effective source of raw materials.

The company is currently executing a three-year capex plan of ₹1,000 crore to bolster its manufacturing and processing infrastructure.

What to watch next

• Declaration of Q2 FY27 financial results by the statutory deadline of November 14, 2026
• Updates on the execution of the ₹1,000 crore three-year capex plan announced in June 2026
• Operational milestones regarding the implementation of recovery processes at HWB and BARC facilities

Mishra Dhatu Nigam · financial snapshot

Share price	₹370.75
Market capitalisation	₹6,945.63 Cr
Revenue (annual)	₹1,208.63 Cr
Net profit (annual)	₹131.47 Cr
Revenue (latest quarter)	₹239.49 Cr-56.67% vs previous quarter
Net profit (latest quarter)	₹16.47 Cr-78.86% vs previous quarter
P/E (TTM)	51.46×Sector 50.75×
Promoter holding	74%0.00% QoQ
FII holding	2.09%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.