Mishra Dhatu Nigam Limited (MIDHANI) has announced securing a new order worth ₹121.75 crores, as communicated through a regulatory filing dated December 18, 2025. The company informed both BSE Limited and National Stock Exchange of India Limited about this development under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Order Details and Financial Impact

The latest order represents a significant business win for the aerospace and defence company. The order value and its addition to the existing order book demonstrates MIDHANI's continued ability to secure substantial contracts in its operational sectors.

Enhanced Order Book Position

With this new order addition, MIDHANI's open order position has reached approximately ₹2,520.00 crores as of the filing date. This substantial order book provides visibility into the company's future revenue pipeline and reflects strong demand for its specialized products and services.

The company's order book growth indicates robust business momentum and strengthens its position in the aerospace and defence sector. The significant scale of the total order position demonstrates MIDHANI's established market presence and customer relationships.

Regulatory Compliance and Communication

MIDHANI filed this information with stock exchanges under the mandatory disclosure requirements of SEBI LODR Regulations. The company communicated the development to both BSE Limited and National Stock Exchange of India Limited to ensure transparency with market participants.

The filing was signed by Paul Antony, Company Secretary and Compliance Officer, emphasizing the company's commitment to regulatory compliance and timely disclosure of material information to stakeholders and the investment community.

Mishra Dhatu Nigam Limited (MIDHANI), a Government of India enterprise, has been fined Rs 1,18,000 (inclusive of GST) by the BSE Limited (BSE) for non-compliance with board composition regulations. The fine, imposed on November 28, 2025, pertains to the quarter ended September 30, 2025, and specifically relates to Regulation 17(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

Key Points

1. Fine Details:

   • Amount: Rs 1,18,000 (inclusive of GST)
   • Imposed by: BSE Limited
   • Date of Imposition: November 28, 2025
   • Non-compliance Period: Quarter ended September 30, 2025
   • Regulation Violated: Regulation 17(1) of SEBI LODR

2. MIDHANI's Response:

   • The company has not paid the fine
   • Reason: Authority for appointing Directors rests with the President of India through the Ministry of Defence
   • Action Plan: MIDHANI plans to submit a fine waiver request to BSE

3. Waiver Request Basis:

   • Citing impossibility of compliance
   • In line with NSE circular No: NSE/CML/51846 dated March 31, 2022

4. Impact on Company:

   • MIDHANI states the fine has no impact on its financial, operational, or other activities

Company's Stance

MIDHANI maintains that it has no role in the appointment of Directors to its Board. The company emphasizes that this authority lies solely with the President of India, acting through the Ministry of Defence. This unique governance structure for government enterprises presents challenges in complying with certain SEBI regulations designed for private sector companies.

Next Steps

The company plans to submit a fine waiver request to BSE, citing the impossibility of compliance due to its governance structure. This approach aligns with a similar circular issued by the National Stock Exchange (NSE) in 2022, which potentially provides a precedent for such situations.

Implications

This incident highlights the ongoing challenges faced by public sector enterprises in aligning with regulatory requirements designed primarily for private sector companies. It underscores the need for regulatory bodies to consider the unique governance structures of government-owned entities when enforcing compliance measures.

As the situation develops, investors and market watchers will be keen to see how regulatory bodies respond to MIDHANI's waiver request and whether this leads to any broader policy discussions on compliance requirements for public sector enterprises listed on stock exchanges.