Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Melts and forms the special metals defence needs: nickel superalloys and titanium for engines and missiles, armour and maraging steel, and the forgings and castings made from them (gun barrels, shell bodies, engine casings, airframe fittings).
Why it matters
Most import-ban list items eventually need a domestic material or part. MIDHANI is the state's special-alloy maker; PTC Industries is building titanium and superalloy capacity and has won BrahMos airframe and Gun Factory Kanpur artillery orders (2026). Without this tier, indigenous content stays on paper.
Where the value pool sits
A small, specialised pool with high entry barriers (qualification, metallurgy know-how). Growth comes from engines, missiles and exports to global aerospace makers.