The Orissa Minerals Development Company Limited has announced the appointment of Shri GVN Prasad as Managing Director, effective February 22, 2026. The appointment comes with approval from the competent authority under the Ministry of Steel, Government of India, and represents a significant leadership transition for the government-owned minerals development company.

Leadership Transition Details

The appointment follows the completion of Shri Vasudha Chandra Suratkal's tenure, which concluded on February 21, 2026. Suratkal had served as Managing Director and Director (Production & Planning) for one year, from February 22, 2025, under order number 7/7/2015-BLA dated February 25, 2025.

Professional Background

Shri GVN Prasad brings extensive experience from his tenure at RINL, where he joined in 1987. A metallurgical engineer by qualification, he has also completed an Executive Post Graduate Program in Executive Management (EPGP) from IIM-Kozhikode.

Prior to his current role as Director (Commercial), Prasad served as General Manager (Marketing) and was in-charge of Marketing Operations at RINL. His career progression includes various marketing positions across India:

• Branch Manager (Marketing) across multiple locations in India
• Regional Manager (Marketing) in Eastern and Western Regions
• GM (Marketing) in-charge of Marketing Operations at Visakhapatnam

Recognition and Achievements

Prasad's professional excellence was recognized in 2015 when he received the prestigious Jawahar Nehru (JN) award from RINL management for outstanding performance on the official front. This recognition highlights his commitment to operational excellence and leadership capabilities.

Regulatory Compliance

The appointment disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed BSE, NSE, and Calcutta Stock Exchange about this key managerial personnel change on March 18, 2026.

Government Authorization

The appointment received formal authorization through Order No. 7/7/2015-BLA dated March 17, 2026, issued by the Ministry of Steel's Board Level Appointment Cell. This order specifically assigns additional charge of both Managing Director and Director (Production & Planning) positions to Prasad, demonstrating the government's confidence in his leadership capabilities for OMDC's operations.

The Orissa Minerals Development Company Limited announced its unaudited standalone financial results for the quarter ended December 31, 2025, showcasing a remarkable financial turnaround. The Government of India enterprise reported strong profitability after overcoming previous year's challenges, with iron ore operations driving the recovery.

Board Meeting Outcome

The Board of Directors approved the unaudited standalone financial results in their 90th meeting held on February 11, 2026. The meeting commenced at 4:30 PM and concluded at 8:15 PM, with results announced pursuant to Regulation 33 of the SEBI Listing Regulations.

Financial Performance Overview

The company delivered impressive results across key financial metrics during Q3 FY26:

The company achieved net profit of ₹434.41 lakh in Q3 FY26, marking a significant turnaround from the loss of ₹749.33 lakh reported in the corresponding quarter of the previous year. This represents a complete reversal of fortunes, demonstrating the company's operational efficiency improvements.

Nine-Month Performance Analysis

For the period ended December 31, 2025, the company's performance showed substantial improvement:

The nine-month results reflect strong operational performance with revenue growth of 12.45% and effective cost management leading to a 9.88% reduction in total expenses.

Segment-wise Business Performance

The company's business segments showed varied performance during the quarter:

Iron ore operations generated the entire operational revenue of ₹2,060.57 lakh with segment profit before finance costs reaching ₹1,019.21 lakh. Manganese Ore and Sponge Iron segments remained non-operational during the quarter.

Operational Highlights

The company's mining operations continue to face challenges with renewal processes for certain mines. The Bagiaburu Iron Mines, which started operations from December 14, 2023, remains the primary operational asset. The company is actively pursuing renewal of mining leases for Bellkundi and Bhadrasi Mines.

Key operational metrics include employee benefits expenses of ₹419.72 lakh, finance costs of ₹473.28 lakh, and depreciation expenses of ₹28.11 lakh for Q3 FY26.

Financial Position and Outlook

The company maintains a paid-up equity share capital of ₹60.00 lakh with face value of Re. 1 per share. Total assets stood at ₹50,796.59 lakh as of December 31, 2025, compared to ₹34,691.55 lakh in the previous year, indicating substantial asset base expansion.

The financial results have undergone limited review by statutory auditors SDR & Associates, Chartered Accountants, as required under SEBI Listing Regulations. The auditors noted the company's going concern basis preparation and ongoing efforts for mining lease renewals.