Cochin Minerals and Rutile Limited disclosed on June 06, 2026, that the Hon'ble High Court of Kerala has dismissed its Writ Appeal challenging proceedings initiated by the Directorate of Enforcement (ED). The Division Bench upheld the order of the learned Single Judge, refusing to quash the Enforcement Case Information Report (ECIR) and related proceedings against the company and four others. The court ruled that the registration of a scheduled offence is not a prerequisite for civil action or enquiry under the Prevention of Money Laundering Act (PMLA).

The company and four other parties had filed the Writ Appeal to contest the Single Judge's refusal to set aside the ECIR. The judgement, dated June 05, 2026, stated that the prayer to quash the ECIR could not be granted. The legal challenge was directed against the ED's Kochi Zonal Office.

Despite the dismissal, Cochin Minerals and Rutile Limited stated that it does not anticipate any material impact on its financial, operational, or other activities. The disclosure was made to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table details the litigation update:

Cochin Minerals and Rutile Limited reported a 46.9% decline in net profit to ₹1,250.60 crore for the financial year ended March 31, 2026, compared to ₹2,355.91 crore in the previous year. The decline in annual profitability was primarily driven by an exceptional item of ₹505.20 crore. The company impaired capital work in progress amounting to ₹5.05 crores for a metallisation project that has been long suspended due to a short supply of ilmenite. The recoverable value of this project is considered negligible, and the impairment was recognized in compliance with Ind AS 36.

The board approved the audited standalone financial results for the quarter and year ended March 31, 2026, in a meeting held on May 28, 2026. The company's revenue from operations for the year stood at ₹28,718.59 crore, a decrease from ₹31,601.72 crore in FY25.

Financial Performance

For the quarter ended March 31, 2026, the company reported a profit of ₹330.75 crore, a significant drop from ₹552.18 crore in the same period of the previous year. Revenue for the quarter increased to ₹8,554.05 crore from ₹7,540.87 crore in the corresponding quarter of the previous year.

Dividend and Board Decisions

The board of directors recommended a final dividend of 80%, or ₹8 per equity share of ₹10 each, subject to the approval of shareholders at the ensuing Annual General Meeting. Additionally, the board appointed Mr. Rajesh Jacob as a Nominee Director with effect from May 28, 2026, and approved the continuation of Mr. Mathew M Cherian as a Non-Executive Director beyond the age of 75 years. Both appointments are subject to shareholder approval.

Auditor's Report

The statutory auditors, M/s. Saghesh Kumar & Associates, issued an audit report with an unmodified opinion for the financial year ended March 31, 2026. The auditors affirmed that the financial results give a true and fair view in conformity with the Indian Accounting Standards. The company confirmed that the newly appointed directors are not debarred from holding office by any order of SEBI or other authorities.