Mishra Dhatu Nigam Valuation Multiples

Palantir is an artificial intelligence, analytics, and automated decision-making company that leverages data to drive efficiency across its clients' organizations. The firm serves commercial and government clients via its Foundry and Gotham platforms, respectively. Palantir works only with entities in Western-allied nations and reserves the right not to work with anyone that is antithetical to Western values. The company was founded in 2003 and went public in 2020.

GE Aerospace is an American aircraft engine maker headquartered in Evendale, Ohio, a suburb of Cincinnati, that designs, builds and services engines for commercial and military aircraft. It is the sole remaining business of General Electric, founded in 1892, whose aircraft-engine operations date to 1917; after the spin-offs of GE HealthCare and, in April 2024, GE Vernova, the company took the GE Aerospace name and kept the NYSE ticker GE. Its products include the CFM LEAP, GE9X, GEnx and the T901 turboshaft, and it builds engines through 50/50 joint ventures including CFM International with Safran, Engine Alliance and GE Honda Aero Engines. CFM holds about 39% of the world commercial aircraft engine market and GE Aerospace a further 14%. With an installed base of close to 80,000 commercial and military engines, it earns most of its profit from services, spare parts and overhauls on engines that fly for decades, alongside sales of new engines to aircraft makers, airlines and defence customers. In 2025 it reported revenue of $45.86 billion and employed about 57,000 people. H. Lawrence Culp Jr. is chairman and chief executive.

RTX is an aerospace and defense manufacturer formed from the merger of United Technologies and Raytheon, with roughly equal exposure across three segments, mostly as a supplier to commercial aerospace and to the defense market: Collins Aerospace, a diversified aerospace supplier; Pratt & Whitney, a commercial and military aircraft engine manufacturer; and Raytheon, a defense prime contractor providing a mix of missiles, missile defense systems, sensors, hardware, and communications technology to the military.

BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore US oil and gas assets were sold in 2018, and the remaining petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and half of the Vicuña copper joint venture in fiscal 2025. It is entering the potash market through the development of its Jansen project in Canada. However, due to low prices, BHP placed its nickel business on care and maintenance in 2024.

Rio Tinto is a global diversified miner. Iron ore is its major commodity, with lesser contributions from copper and aluminum. Lithium, diamonds, gold, and industrial minerals are more minor contributors. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

Airbus is a global aerospace and defense firm that designs, develops, and manufactures commercial and military jets and helicopters, as well as space launch vehicles and satellites. The company operates three divisions: commercial, defense and space, and helicopters. Commercial offers multiple configurations of aircraft ranging from the narrow-body (120-200 seats) A220 and A320 series to the much larger A330 and A350 wide-body models. The defense and space segment supplies governments with military hardware, including transport aircraft, aerial tankers, and the Eurofighter Typhoon multirole jet. The helicopter division manufactures turbine helicopters for the civil and public markets.

Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico. Its production includes copper, molybdenum, zinc, and silver. The company operates through the following segments: Peruvian operations, Mexican open-pit operations, and Mexican underground mining operations. It generates the majority of its revenue from the sale of copper and the rest from the sale of non-copper products, such as molybdenum, silver, zinc, lead, and gold. The company's geographical segments are The Americas, Europe, and Asia.

Boeing is a major aerospace and defense firm operating in three segments: commercial airplanes; defense, space, and security; and global services. Boeing's commercial airplanes segment competes with Airbus in the production of aircraft that can carry more than 130 passengers. Boeing's defense, space, and security segment competes with defense contractors such as Lockheed Martin and Northrop Grumman to create military aircraft, satellites, and weaponry. Global services provides aftermarket support to airlines.

Safran is a Paris-listed aerospace and defence group formed in 2005 from the merger of Snecma and Sagem. Its propulsion division produces aircraft and helicopter engines and provides parts and maintenance over their operating lives. Other businesses supply landing gear, nacelles, electrical systems, avionics, defence equipment and aircraft interiors. Safran participates with GE Aerospace in CFM International, a major supplier of engines for narrow-body commercial aircraft. Airlines, airframers, armed forces and government customers buy the group’s products and services worldwide. Revenue comes from original equipment, aftermarket parts, maintenance and long-term service contracts. Safran acquired Indian test-systems specialist Captronic from Axon Partners in August 2022.

Rolls-Royce operates three core business segments: civil aerospace, power systems, and defense. The civil aerospace segment builds engines powering wide-body aircraft, regional and business jets, and offers aftermarket services. Twenty years ago, the firm pioneered full-service flight hour contracts with the TotalCare package. Power systems provides power solutions to multiple end markets (defense, agriculture, marine, and power generation) while the defense business provides military, ground vehicle and naval propulsion solutions.

Rio Tinto is a global diversified miner. Iron ore is its major commodity, with lesser contributions from copper and aluminum. Lithium, diamonds, gold, and industrial minerals are more minor contributors. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Aeronautics is Lockheed’s largest segment, which derives upward of two-thirds of its revenue from the F-35. Lockheed’s remaining segments are rotary and mission systems, mainly encompassing the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture.

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 11 mines and interests in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea. The company is expected to sell roughly 5.6 million ounces of gold in 2025 from its core mines after selling six higher-cost, smaller mines following the Newcrest acquisition. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves, along with significant byproduct reserves at the end of December 2024.

Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.

Zijin Mining Group Co Ltd is focusing on the exploration and development of gold and copper and other metal mineral resources. The company's operating segment includes mining products segment; refined products segment; trading; and others. It generates maximum revenue from the Refined products segment. The products of refined products segment are refined copper, refined, processed gold and silver, refined zinc bullion, and sulphuric acid. Geographically, the majority is derived from Mainland China.

Mitsubishi Corp. is Japan’s largest general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as non-resources businesses, both industrial ones like automotive and non-industrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsubishi also participates in upstream production businesses and downstream distribution businesses.

Grupo Mexico SAB de CV is a holding company that operates in the mining-metallurgic industry, the exploration, exploitation, and benefit of metallic and non-metallic ores, multimodal freight railroad service, and infrastructure development. The majority of the group's revenue is generated from mining.

Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.1 million metric tons of copper (its share) in 2025, making it one of the world’s largest copper miners by volume. It also sold about 530,000 ounces of gold, mostly from Grasberg, and 74 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2025. We expect it to sell about 1.3 million metric tons of copper and 610,000 ounces of gold midcycle in 2030.

Agnico Eagle is a gold miner with mines in Canada, Mexico, Finland, and Australia. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines online in rapid succession in the following years. It merged with Kirkland Lake Gold in 2022, acquiring the Detour Lake and Macassa mines in Canada along with the high-grade, low-cost Fosterville mine in Australia. It sold around 3.4 million gold ounces in 2025 and had about 15 years of gold reserves at end 2025. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions and bought the remaining 50% of its Canadian Malartic mine along with the Wasamac project and other assets from Yamana Gold in 2023.

General Dynamics is a defense contractor and business jet manufacturer. The firm’s segments are aerospace, marine, combat systems, and technologies. General Dynamics' aerospace segment manufactures Gulfstream business jets and operates a global aircraft servicing operation. Combat systems produces land-based combat vehicles such as the M1 Abrams tank and Stryker armored personnel carrier, as well as munitions. The marine segment builds and services nuclear-powered submarines, destroyers, and Navy support ships. The technologies segment contains two main units: an IT business that primarily serves the government market and a mission systems business focusing on electronics that provide command, control, computing, intelligence, surveillance, and reconnaissance capabilities to the military.

Glencore is one of the world’s largest commodities traders, active in markets for metals and minerals, and energy products. Its marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. Its mining or industrials business produces thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners who are generally reducing their exposure to coal, it plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. We agree. It also expanded its coking coal exposure via the purchase of 77% of Teck's metallurgical coal business in July 2024.

Howmet Aerospace Inc offers engineered solutions for the aerospace and transportation industries. The company's products and solutions include investment castings for jet engines and industrial gas turbines; seamless rolled rings for jet engines; fastening systems for aerospace, industrial and commercial transportation applications; forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts; and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors. It has four reportable segments: Engine Products, which derives key revenue, Fastening Systems, Engineered Structures, and Forged Wheels. Geographically, the company derives maximum revenue from the USA, followed by France, Japan, Germany, and other markets.

Mitsubishi Heavy Industries Ltd is engaged in the manufacturing and sale of ships, industrial machinery, and aircraft. The segments of the company are Energy; Plants and Infrastructure Systems; Logistics, Thermal and Drive Systems; and Aircraft, Defense, and Space. The company earns maximum revenue from the energy segment, which handles clean gas, steam power systems, nuclear power systems, compressors, and marine machinery. The Plants and Infrastructure Systems segment of the company deals with commercial ships, engineering, machine tools, and machinery systems; Logistics, Thermal, and Drive Systems provide material handling systems, engines, HVAC systems, and automotive air-conditioners; and the Aircraft, Defense, and Space cover commercial aircraft, defense aircraft, and others. The group also develops nuclear reactor technology and associated engineering capabilities. Its United States advanced pressurised water reactor design was selected for the proposed Comanche Peak expansion in Texas. A subsidiary participated in the development joint venture with Luminant, separately from the existing operating nuclear units.

Northrop Grumman is a diversified defense contractor providing aeronautics, defense, and space systems. The company’s aerospace segment produces autonomous and piloted aircraft such as Global Hawk drones and the B-21 bomber, creates the fuselage for the massive F-35 program, and maintains and upgrades numerous other military aircraft. Defense systems makes artillery and missile ammunition and guidance systems, long-range missiles, and missile defense systems. Mission systems creates and integrates a variety of radar, navigation, and communication systems for avionics, weapons control, and countermeasures on a range of platforms from helicopters to destroyers. Space systems produces satellites, sensors, space structures, and rocket motors.

BAE Systems is a British global defense, security, and aerospace company and Europe’s largest defense contractor. It is one of six prime contractors to the US Defense Department. It reports in five segments: Electronic systems provides electronic warfare, avionics, precision weapons, and space systems; cyber and intelligence supplies intelligence, cyber, and security services; platforms and services produces combat vehicles, artillery, munitions, and US ship repair services; air covers combat air production and support, Saudi operations, and interests in Eurofighter, MBDA, and GCAP; and maritime comprises UK warships, submarines, land activities, and the Australian business. From 2027, cyber and intelligence will be integrated into the other segments.

Merck KGaA operates in three main segments: life science, electronics, and healthcare. The life science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

TransDigm manufactures and services a broad set of specialized parts for commercial and military aircraft. The firm has three segments: power and control, airframes, and a small nonaviation segment, which serves mostly off-road vehicles and mining equipment. It is an acquisitive holding company focused on buying up smaller firms that make proprietary aerospace products with substantial aftermarket revenue. TransDigm regularly employs financial leverage to amplify its operating results.

Saudi Arabian Mining Co, along with its subsidiaries, is involved in the development of mineral resources in Saudi Arabia. Its activities include the mining of gold, phosphate rock, bauxite, low-grade bauxite, kaolin, and magnesite. It carries out its mining activities at Mahd Ad-Dahab, Bulghah, Al-Amar, Sukhaybarat, As Suq, Ad Duwayhi, Al-Jalamid, Al-Khabra, Az Zabirah, Al-Ghazallah, and Al-Ba'itha mines. It operates through various segments such as phosphate, aluminum, precious & Base Metals and New Minerals, and All other. Its geographical segments are Europe, Spain, and the Indian Subcontinent.

Nucor Corp manufactures steel and steel products. The company's reportable segments are steel mills, steel products, and raw materials. The majority of its revenue is derived from the steel mills segment, which is engaged in producing sheet steel (hot-rolled, cold-rolled, and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling, and sheet piling), and bar steel products. Nucor manufactures steel principally from scrap steel and scrap steel substitutes using electric arc furnaces (EAFs), along with continuous casting and automated rolling mills. The steel mills segment sells its products mainly to steel service centers, fabricators, and manufacturers located in the United States, Canada, and Mexico.

Wheaton Precious Metals Corp is a precious metal streaming company. Its reportable segment includes: Gold, Silver, Palladium, Platinum, Cobalt, and Other. It generates its revenue from the sale of precious metals (gold, silver and palladium) and cobalt.

Previously one of the more diversified major miners, in May 2024 Anglo American announced that it will restructure to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. It sold out of platinum group metals in September 2025, and will likely sell or demerge and spin off its majority-owned De Beers diamonds business, in most years the world's largest supplier and marketer of rough gem diamonds by value. It is again trying to sell its remaining metallurgical coal mines after Peabody pulled out of a deal to buy them. Anglo also plans to move back into the crop nutrients business via its Woodsmith polyhalite project in the UK. In September 2025, it also agreed to merge with Teck, with the deal likely to complete in late 2026 or early 2027.

Rheinmetall is an international defense group supplying military vehicles, weapons and ammunition, air-defense systems, digital military solutions and naval platforms. Following the classification of power systems as discontinued operations in December 2025, all continuing-operation sales are generated by defense activities. The group reports through five segments: vehicle systems; weapons and ammunition; air defense; digital systems; and naval systems. The portfolio spans combat, support and logistics vehicles; weapons, ammunition and propellants; ground-based air and drone defense; military communications, soldier systems, aviation and simulation; and military surface vessels, maintenance and autonomous maritime systems.

Vale is a large global miner and the world’s largest producer of iron ore and pellets. In recent years the company has sold noncore assets such as its fertilizer, coal, and steel operations to concentrate on iron ore, nickel, and copper. Earnings are dominated by its iron ore business. The base metals division is much smaller, consisting of nickel mines and smelters along with copper mines producing copper in concentrate. In 2024, Vale sold a minority 10% stake in its base metals business, likely the first step in separating base metals and iron ore.

Thales is a French aerospace and defense industrial and one of Europe’s largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards.

Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India.

ArcelorMittal SA is involved in the steel industry. The company's operating segments include North America, Brazil, Europe, India and JVs, Sustainable Solutions, Mining and Other . It generates maximum revenue from the Europe segment. Europe segment produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slab. These products are sold to customers in the automotive, general, and packaging sectors as well as also produce long products consisting of sections, wire rods, rebar, billets, blooms and wire drawing, and tubular products. Geographically, it derives a majority of its revenue from United States.

Franco-Nevada Corp is a precious-metals-focused royalty and investment company. The company owns a diversified portfolio of precious metals and royalty streams, which is actively managed to generate the bulk of its revenue from gold, silver, and platinum. The company does not operate mines, develop projects, or conduct exploration. The company's short-term financial performance is linked to the price of commodities and the amount of production from its portfolio of producing assets. Its long-term performance is affected by the availability of exploration and development capital. The company holds a portfolio of assets, diversified by commodity, revenue type, and stage of a project.

Anglogold Ashanti PLC is one of the gold miners. The company also produces silver and sulphuric acid as by-products. Its operating divisions are Africa, Australia, and the Americas. The firm generates a majority of its revenue from the Africa region which includes its operations of the Kibali, Iduapriem, Obuasi, Siguiri, and Geita mines.

In addition to its legacy software-defined radio franchise, L3Harris Technologies has through a series of acquisitions established franchises producing uncrewed aerial vehicles, sensors, avionics, space-based systems, missiles, and solid rocket motors. It also adapts civilian aircraft for military use and provides military and commercial training services, and maintains the US Federal Aviation Administration's communications infrastructure.

Zijin Gold International Co Ltd is an international gold mining and development company, principally engaged in the exploration, mining, processing, smelting, and sale of gold. Its principal products include gold bullion, gold dore, and gold concentrates, with key operations located outside Mainland China. The company holds interests in several gold mines across key mineralisation belts in South America, Oceania, Central Asia, and Africa, such as the Taldybulak Levoberezhny Gold Mine in Kyrgyzstan, Raygorodok Gold Mine in Kazakhstan, Jilau and Taror Gold Mines in Tajikistan, Porgera Gold Mine in Papua New Guinea, and Norton Gold Fields in Australia, among others. Geographically, it derives maximum revenue from Colombia, followed by Suriname, Australia, Tajikistan, and other countries.

CMOC Group Ltd is engaged in the mining and processing smelting, deep processing, trade, research and development of molybdenum, tungsten, copper, gold, and other precious and base metals. The company has both upstream and downstream operations including molybdenum mining, processing, roasting, molybdenum chemical products, and molybdenum metal processing. The company has operating segments, namely Molybdenum Tungsten related products, Niobium and Phosphorus related products, Copper and Cobalt related products, metal trading and others. It derives a majority of its revenue from China.

Antofagasta PLC is a Chilean copper mining company. The company operates four copper mines in Chile, two of which produce volumes of by-products. The company also has a portfolio of growth opportunities located mainly in Chile. In addition to mining, the company has a transport division providing rail and road cargo services in northern Chile to mining customers. Geographically, the company's operations are located in the Antofagasta Region of northern Chile except for its flagship operation, Los Pelambres, which is in the Coquimbo Region of central Chile. The operating business segments are Los Pelambres, Centinela, Antucoya, Zaldivar, Exploration and evaluation, Corporate and other items, and Transport division. The Los Pelambres segment drives maximum revenue.

Shaanxi Coal Industry Co Ltd is a China-based company, principally engaged in the mining, dressing by washing, transportation, and sales of coal. The company's coal products are mainly applied in power, chemical engineering, and metallurgy, among others. The company distributes its products mainly within domestic markets.

Disco is a Japan-based semiconductor production equipment manufacturer. Founded in 1937, the company manufactures diamond, water, and laser saws, as well as grinders and polishers, used mainly in back-end processes of semiconductor manufacturing, which involves treating processed silicon during the front-end process by thinning and dicing the wafers into bare dies for packaging.It is the world’s largest manufacturer of semiconductor-grade saws and grinders, with an estimated 60%-70% market share in the semiconductor dicing and grinding industry as of 2025. The company operates three main factories, all located in Hiroshima and Nagano, Japan.

Steel Dynamics Inc operates as a domestic steel producer and metal recycler in the United States. The company's product portfolio comprises hot rolled sheet, hot rolled plate, painted sheet products, cold rolled sheet, and others. Its reportable segments are steel operations, metals recycling operations, steel fabrication operations, and aluminum operations. Maximum revenue is generated from its steel operations segment, which consists of manufacturing various steel products and numerous coating operations. Its primary sources of revenue are currently from the manufacture and sale of steel products, the processing and sale of recycled ferrous and nonferrous metals, and the fabrication and sale of steel joists and deck products.

Saab supplies products and services for military, defense, and civil security. The company operates in four segments: aeronautics, dynamics, surveillance, and Kockums. Aeronautics involves the manufacturing and support of defense and commercial aerial systems. Dynamics produces combat weapons and defense training and management systems. Surveillance supplies security services, and creates traffic management technology and aviation parts. Kockums offers solutions for naval missions. Over three fourths of Saab’s sales are from the defense sector. The company sells to multiple geographic regions, but over half of its sales come from Europe.

Elbit Systems Ltd is a technology company involved in producing a portfolio of systems and products for aircraft, land, and naval applications. The company's products are used for defense, homeland security and commercial flight capabilities. Its systems and solutions may be installed on new platforms or it may perform a comprehensive modernization program to transform a platform. Elbit Systems gives instructions to its customers on the proper maintenance of its products and will provide support team specialists when the customer cannot fix a problem. The company operates in five segments: Aerospace; C4I and Cyber; ISTAR and EW; Land; and ESA. It derives maximum revenue from Land Segment. Geographically, it operates in Israel; North America; Europe; Asia-Pacific; Latin America; and Others.

Hindustan Aeronautics Ltd operates in the aerospace and defense sector. The company is engaged in the design, manufacturing, and development of products like aircraft, helicopters, systems and accessories, power plants, avionics, materials like castings, rolled rings, rubber products, and aerospace which include structures, tanks, and cryogenic engines. Geographically the company derives revenue from India and other countries, of which a majority of revenue is generated from India.