MMTC Limited announced that Non-Executive Independent Director Shri Srinivas Rao Maddi and Director (Finance) Ms. Anoopa S. Nair concluded their tenures on its Board on June 9, 2026. The disclosure was submitted to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations 2015 to update records regarding the directorial changes.

The intimation was submitted by Ajay Kumar Misra, Company Secretary of MMTC Limited, addressing the National Stock Exchange of India Ltd and the Bombay Stock Exchange Limited.

Directorship Details

MMTC Limited reported a standalone net profit before tax of ₹463.30 crore for the year ended March 31, 2026, a significant increase from ₹97.20 crore in the previous year. On a consolidated basis, the net profit before tax for FY26 stood at ₹638.61 crore, compared to ₹114.30 crore in FY25. For the quarter ended March 31, 2026, the standalone profit before tax was ₹15.55 crore, while the consolidated profit before tax was ₹109.89 crore. The Board of Directors approved the audited financial results at its meeting held on May 29, 2026, after review by the Audit Committee. The results are subject to review by the Comptroller and Auditor General (C&AG) of India under Section 143(6) of the Companies Act, 2013, and were filed pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The following table summarises the key financial metrics for the quarter and year ended March 31, 2026, on both standalone and consolidated bases:

On the consolidated basis, the share of profit from joint ventures amounted to ₹175.31 crore for FY26, compared to ₹17.10 crore in FY25, primarily reflecting the contribution from MMTC PAMP India Pvt. Ltd. The standalone cash and cash equivalents closed at ₹2.70 crore for the year ended March 31, 2026, compared to ₹29.77 crore at the end of the previous year.

Auditor's Qualified Opinion

Dinesh Jain & Associates, the statutory auditors, issued a qualified opinion on both the standalone and consolidated financial results. The qualification pertains to the Anglo Coal case, where an amount of ₹1088.62 crore (comprising ₹1087.76 crore deposited with the court and ₹0.86 crore attached from the company's bank account) had been deposited with the Hon'ble Delhi High Court. The Delhi High Court, vide its order dated May 9, 2025, directed that the decree holder (Anglo) shall be entitled to withdraw the said amount along with accrued interest. MMTC's Special Leave Petition (SLP) before the Supreme Court was dismissed on November 3, 2025, and a suit filed in the Delhi High Court was also dismissed on July 29, 2025. Subsequently, pursuant to a Delhi High Court order dated November 10, 2025, ₹1000 crore was released to Anglo on November 17, 2025. The CBI registered a case on July 21, 2025 based on MMTC's complaint regarding irregularities in the transaction. The matter on the balance amount is scheduled for hearing on July 9, 2026.

Based on management's calculations, the estimated remaining liability towards Anglo Coal as on November 17, 2025 amounts to ₹170.58 crore, including interest. Against this, the company recognised a provision of only ₹87.76 crore, resulting in non-recognition of provision to the extent of ₹82.82 crore, which was instead included in contingent liabilities. The auditors stated that this constitutes a departure from accounting standards prescribed under Section 133 of the Companies Act, 2013. Had the full amount been provided, the net profit and shareholders' funds would have been reduced by ₹82.82 crore.

Material Uncertainty and Emphasis of Matter

The auditors highlighted a material uncertainty related to going concern. MMTC has been directed by its administrative ministry to prepare a roadmap for scaling down manpower and exiting business operations, including various joint ventures. However, as no communication regarding closure has been received from the Ministry, the accounts have been prepared on a going concern basis. The auditors' opinion is not modified in respect of this matter.

Among the key matters emphasised, MMTC received ₹411.76 crore towards principal and ₹25.75 crore towards interest (net of TDS and bank charges) from an interest-bearing escrow account with SBI, Bhubaneswar, related to the divestment of Neelachal Ispat Nigam Ltd. (NINL), which matured on July 4, 2025 upon expiry of the three-year limitation period. The ₹411.76 crore has been booked as exceptional income. Additionally, the company booked ₹13.21 crore as exceptional income towards the value of 12503.700 gms of confiscated gold jewellery/dust/solder received from the Customs Department on January 19, 2026, pursuant to a Supreme Court order dated April 24, 2025. The valuation was based on rates published by the Indian Bullion and Jewellers Association (IBJA) and was not carried out by an independent registered valuer. Trade receivables of ₹75.49 crore were written off as bad debts by Camp Office Chennai, with corresponding provisions written back under exceptional items. The company also derecognised a Deferred Tax Asset of ₹163.79 crore during the year in accordance with Ind AS 12 – "Income Taxes."

Segment Performance and Balance Sheet

Revenue from operations on a standalone basis was entirely driven by the "Others" segment (₹2.63 crore for FY26) and marginal contributions from Precious Metals (₹0.73 crore) and Fertilizers (₹0.05 crore). Total standalone segment assets stood at ₹2,374.28 crore as at March 31, 2026, compared to ₹3,232.31 crore in the previous year, while total standalone segment liabilities declined to ₹675.15 crore from ₹1,776.26 crore. On the consolidated basis, total assets were ₹2,795.88 crore and total liabilities were ₹675.16 crore as at March 31, 2026. The consolidated balance sheet does not include the assets and liabilities of MMTC Transnational Pte. Ltd. (MTPL), Singapore, as its control has been taken over by a liquidator appointed by the Hon'ble High Court of Singapore. MMTC holds an investment of book value of ₹3.14 crore (USD 1 million) in MTPL, for which a full provision has been made. The financial results for the quarter ended March 31, 2026 represent the derived figures between the audited full-year figures and the published unaudited year-to-date figures up to the third quarter.