Orissa Minerals Development Company has delivered outstanding financial performance for Q2 FY26, demonstrating exceptional improvement in profitability and steady revenue growth. The mining company's results reflect robust operational execution and effective business management during the quarter.

Financial Performance Highlights

The company's financial metrics for Q2 show impressive year-on-year growth across key parameters:

Exceptional Profitability Growth

The most remarkable achievement in Q2 was the company's extraordinary profit performance. Net profit reached ₹314.11 million, representing a substantial increase of 296.8% compared to ₹79.16 million recorded in the same quarter of the previous year. This dramatic improvement in profitability indicates enhanced operational efficiency and superior cost management practices.

Revenue Performance and Business Segments

The company maintained strong revenue momentum during Q2, with total revenue from operations climbing to ₹2,512.75 million from ₹2,339.34 million in the corresponding quarter last year. The 7.4% year-on-year revenue growth demonstrates the company's ability to expand its business operations and capture market opportunities in the mining sector.

Operational Developments

The company's mining operations continue to evolve with the Baglaburu Iron Mines operational since December 2023. The company is actively pursuing renewal of mining leases for its remaining two mines - Belkundi and Bhadrassai Mines. Despite operational challenges, the company maintains its focus on iron ore mining as its primary business segment.

Business Outlook

With this exceptional Q2 performance, Orissa Minerals Development Company has demonstrated its ability to generate significant value for shareholders. The combination of strong profit growth and consistent revenue expansion positions the company favorably within the mining and mineral products sector for sustained growth.

Orissa Minerals Development Company Limited has achieved a decisive legal victory with the Calcutta High Court dismissing appeals filed by the company in a protracted dispute with Jai Balaji Industries Limited. The court's order confirms the validity of 2012 arbitration awards, bringing closure to a complex commercial litigation that has spanned over a decade.

Court Order Details

The Calcutta High Court, through a bench comprising Honourable Justice Sabyasachi Bhattacharyya and Honourable Justice Supratim Bhattacharya, delivered its judgment on December 9, 2025. The court dismissed both F.M.A. No. 939 of 2012 and F.M.A. No. 941 of 2012, thereby affirming the judgments passed by the Additional District Judge courts at Barasat in 2012.

Background of Commercial Disputes

The legal battle originated from two separate iron ore supply agreements between OMDC and Jai Balaji Industries. The first agreement, dated March 11, 2004, involved the supply of 7,000 metric tonnes per month of sponge grade calibrated iron ore. The second agreement, executed on August 13, 2003, covered the supply of 1,00,000 tonnes of iron ore annually.

Disputes arose when Jai Balaji Industries raised concerns about the quality of supplied products, while OMDC stopped supply citing non-payment of dues. These disagreements led to arbitration proceedings, resulting in awards favoring Jai Balaji Industries in 2012.

Arbitration Awards and Legal Proceedings

The original arbitration awards covered multiple components including excess amounts spent by Jai Balaji Industries in purchasing iron ore from alternative suppliers due to supply stoppage, loss of profits, and interest calculations. The Arbitral Tribunal had awarded simple interest at varying rates on both the excess amounts and loss of profits.

High Court's Comprehensive Analysis

The High Court conducted an exhaustive review of the contractual obligations, examining ten specific issues including pre-conditions for supply, waiver of advance payment requirements, and the validity of arbitration awards. The court found that OMDC had waived its right to 100% advance payment by continuing supply for substantial periods without insisting on such payments.

The judgment emphasized that both agreements contained mandatory supply obligations despite "subject to availability" clauses, and that OMDC failed to demonstrate non-availability of agreed quantities during the contract periods.

Final Resolution and Impact

This comprehensive legal victory eliminates all uncertainty surrounding OMDC's obligations in these historical commercial relationships. The court's detailed analysis and final dismissal of appeals provides complete closure to the decade-long litigation, confirming the binding nature of the original arbitration process and its outcomes for both parties.