Orissa Minerals Development Company Ltd appointed GVN Prasad as Non-Executive Director on its board effective September 16, 2026. The appointment follows a nomination by the company's ultimate holding company, Rashtriya Ispat Nigam Limited (RINL).

Prasad replaces Arun Kanti Bagchi, who stepped down from the position. The disclosure was made under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Profile of the new director

GVN Prasad is a Metallurgical Engineer and holds an Executive Post Graduate Program in Executive Management (EPGP) from IIM-Kozhikode. He joined RINL in 1987 and has held various roles across marketing operations.

Prior to this elevation, Prasad served as General Manager (Marketing) and was in charge of Marketing Operations at RINL. He has experience as Branch Manager and Regional Manager (Marketing) in Eastern and Western regions.

In 2015, he received the Jawahar Nehru award for outstanding performance from RINL management.

The Orissa Minerals Development Company posted a standalone net profit of ₹345.3 lakh for the quarter ended June 30, 2026, marking a turnaround from a net loss of ₹278.6 lakh in the same period last year. Revenue from operations rose 48% year-on-year to ₹2,864.7 lakh.

The Board of Directors approved the unaudited standalone financial results on September 17, 2026. The figures were reviewed by SDR & Associates, the company’s statutory auditors, pursuant to Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Financial Performance

Revenue from operations stood at ₹2,864.7 lakh for Q1FY27, compared to ₹1,937.0 lakh in Q1FY26. This growth was driven primarily by the iron ore segment, which accounted for the entirety of operational sales. Other income contributed ₹84.1 lakh, bringing total income to ₹2,948.8 lakh.

Profit before tax and exceptional items reached ₹478.9 lakh, up significantly from a loss of ₹278.6 lakh in the prior year quarter. Tax expenses totaled ₹133.6 lakh, comprising current tax of ₹124.5 lakh and deferred tax of ₹9.1 lakh.

Segment Results

The iron ore segment generated a pre-tax profit of ₹932.7 lakh, compared to ₹220.7 lakh in Q1FY26. The sponge iron segment also turned profitable, reporting a segment result of ₹27.4 lakh versus ₹19.0 lakh previously. Manganese ore operations remained inactive with no revenue or segment results reported.

What the Numbers Show

A significant divergence exists between operating profitability and net results due to high finance costs. While the company achieved a robust segment profit before finance costs of ₹960.0 lakh, finance costs consumed ₹481.2 lakh. This indicates that nearly half of the operating profit is utilized to service debt obligations, highlighting the capital-intensive nature of the mining assets and the ongoing burden of interest expenses on bottom-line retention.

Operational Updates

The auditor’s report included an emphasis of matter regarding the suspension of mining operations at the Belkundi and Bhadrashahi mines due to non-availability of statutory clearances. Mining leases for these sites are under renewal. Conversely, the Bagiaburu Iron Mines have been operational since December 14, 2023. The financial results have been prepared on a going concern basis.