The Orissa Minerals Development Company Approves FY26 Results; Reports Q4 Performance and Accounting Corrections

The Orissa Minerals Development Company Approves FY26 Results; Reports Q4 Performance and Accounting Corrections​

The Orissa Minerals Development Company Limited (OMDC), a Government of India Enterprise, has announced the approved Audited Standalone Financial Results for the financial year ended March 31, 2026. These results were reviewed by the Board of Directors, alongside segment-wise performance data and corporate balance sheet details.

The company's operations cover multiple segments including Iron Ore, Manganese Ore, Sponge Iron, and Un-allocated revenue streams. The detailed standalone audited financial statements reflect a period marked by significant operational expenditures and accounting adjustments concerning mining costs.

Financial Performance Summary (FY ended March 31, 2026)​

The consolidated figures for the company's total income from operations stood at 3,144.51 units in lakhs, while Total Income (including other income) was reported at 3,144.51 units. The overall result before tax showed a net loss of 1,174.99 units.

Key metrics for the financial year include:

• Total Comprehensive Income: (-754.33) units.
• Earnings per share (Basic): (-12.68).
• Pledged Equity Share Capital: 60.00 units.
• Reserves excluding revaluation reserves: (-5,523.75) units.

A breakdown of the standalone audited financial results for the quarter and the year ended March 31, 2026 is provided below:

Segment Revenue and Operational Highlights​

The company's business segments showed varied performance across the reviewed periods. A detailed segment analysis reveals the following operational metrics in units of Rs. in Lakh:

Accounting Adjustments and Risk Provisions​

During the audit process, management addressed several critical accounting matters:

Stripping Costs Correction: The company identified that it lacked a mechanism to determine if future economic benefits would be derived from stripping activities. Accordingly, the company retrospectively corrected stripping costs amounting to 91.32 lakh (comprising 13.46 lakh in FY 2023-24 and 77.86 lakh in FY 2024-25). These costs were reclassified from Capital Work-in-Progress / Mining Development Asset to production cost and inventory valuation.
* For FY 2024-25, the correction increased Other Expenses by 77.86 lakh and resulted in an increase of 23.17 lakh in Loss Before Tax, leading to a reduction of Basic and Diluted Earnings per Share by 0.36 units.

Litigation and Provisions: The company has assessed material risks related to ongoing litigation. Key provisions include:

• A provision of 1,740.99 lakh was recognized in FY 2025-26 concerning a liability reassessment following an order from the Hon'ble Supreme Court of India.
• A demand notice for OMDC Leases amounting to Rs. 702.18 Cr and for BPMEL Leases amounting to Rs. 861.57 Cr was noted.

Balance Sheet Snapshot (as at March 31, 2026)​

The company's balance sheet reported the following key figures:

• Total Assets: 63,417.16 units of lakhs.
• Total Equity and Liabilities: 57,953.41 units of lakhs.
• Cash and Cash Equivalents: 634.02 units of lakhs.

The financial statements included were independently audited by SDR & Associates, Chartered Accountants.

ORISSAMINE Stock Price Movement​

The stock of The Orissa Minerals Development Company Limited climbed today, closing up 2.23% to settle at ₹3747 after gaining ₹81.50. Shares traded within a tight intraday range, moving from a low of ₹3551 to a high of ₹3782, with 9,339 shares recorded in today's volume.