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.

Orissa Minerals Development Company has clarified the timeline for its delayed disclosure of Arun Kanti Bagchi’s resignation as a non-executive director. The company informed the Bombay Stock Exchange that it received the resignation letter on September 4, 2026, and filed the disclosure on September 8, 2026.

The clarification follows a communication from the exchange seeking details on the delay in submitting the cessation notice under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In its response dated September 10, 2026, OMDC expressed regret for the lapse and reaffirmed its commitment to timely compliance with regulatory norms.

Resignation Timeline

Bagchi stepped down from the board effective August 31, 2026, following his superannuation from Rashtriya Ispat Nigam Limited (RINL), where he served as Director (Projects). His exit ended his dual role at both government enterprises.

Company Secretary Pintu Kumar Biswal confirmed the earlier cessation in a letter dated September 8, 2026. The subsequent clarification was also signed by Biswal, addressing the specific query raised by the BSE compliance department regarding the gap between the effective date and the filing date.

Board Composition Update

The resignation reduces the number of non-executive directors on the board. No immediate replacement was announced in the initial filing. The company noted that the change is due to resignation rather than appointment or removal for cause. Bagchi’s DIN (Director Identification Number) is 09835584.