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.

Regulatory Compliance and Transparency

The company has maintained full regulatory compliance by publishing its unaudited financial results for the quarter ended September 30, 2025, in both English and regional newspapers as required under Regulation 47 of SEBI regulations. The Board of Directors approved these results on December 19, 2025, demonstrating the company's commitment to transparency and timely disclosure.

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 filed appeals at the Supreme Court of India following an adverse judgment from the Calcutta High Court in its decade-long legal dispute with Jai Balaji Industries Limited. The company filed two separate Special Leave Petitions (SLPs) on December 19, 2025, challenging the High Court's December 9 decision that dismissed its appeals.

Supreme Court Appeals Filed

OMDC has approached the Supreme Court through an Advocate on Record (AOR) to challenge the Calcutta High Court's judgment. The company filed the appeals within ten days of the adverse ruling, demonstrating its commitment to pursuing all available legal remedies.

Background of High Court Judgment

The Calcutta High Court, through a bench comprising Honourable Justice Sabyasachi Bhattacharyya and Honourable Justice Supratim Bhattacharya, had dismissed both F.M.A. No. 939 of 2012 and F.M.A. No. 941 of 2012 on December 9, 2025. The court affirmed the judgments passed by the Additional District Judge courts at Barasat and upheld the original arbitration awards from 2012.

Original 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.

Arbitration Awards and Court Findings

Disputes arose when Jai Balaji Industries raised concerns about the quality of supplied products, while OMDC stopped supply citing non-payment of dues. The arbitration proceedings resulted in awards favoring Jai Balaji Industries in 2012, covering excess amounts spent in purchasing iron ore from alternative suppliers, loss of profits, and interest calculations.

The High Court found that OMDC had waived its right to 100% advance payment by continuing supply for substantial periods without insisting on such payments. The court emphasized that both agreements contained mandatory supply obligations despite "subject to availability" clauses.

Legal Strategy and Next Steps

By filing these Supreme Court appeals, OMDC is exercising its constitutional right to challenge the High Court's interpretation of the contractual obligations and arbitration awards. The company's prompt action in filing the SLPs within the prescribed time limit indicates its determination to seek judicial review of the adverse findings at the highest court level.