Key Quantitative Figures

Associate Performance

  • Share of profit from associates: Rs. 66.44 million in Q1 FY27
  • Geomysore Services (India) Private Limited: Rs. 63.48 million
  • Kalevala Gold Oy, Finland: Rs. 2.97 million
  • Full Year FY 2025-26 associate profit: Rs. 74.51 million
  • Geomysore: Rs. 74.90 million
  • Kalevala: Rs. (0.39) million loss

Gold Production Metrics

  • Geomysore gold production: 10.60 kg
  • Dore bar production: 89.70 kg
  • Inventory: 59.00 kg
  • Gold sold: 41.30 kg

Financial Performance Comparison

Standalone Results (Rs. Mn):

| Metric | Q1 FY27 (Jun-26) | Q1 FY26 (Jun-25) | YoY Movement | Q4 FY26 |

| Total Income from Operations | 114.36 | 31.21 | +266% | 167.89 |

| Net Profit/(Loss) | 11.52 | (155.90) | Loss to Profit | 66.94 |

Consolidated Results (Rs. Mn):

| Metric | Q1 FY27 (Jun-26) | Q1 FY26 (Jun-25) | YoY Movement | Q4 FY26 |

| Total Income from Operations | 6.02 | 3.86 | +56% | 93.36 |

| Total Profit/(Loss) | (87.26) | (281.26) | Loss narrowed 69% | 57.35 |

| Share of Profit of Associates | 66.44 | (11.17) | Loss to Profit | N/A |

Finance Costs

  • Standalone finance costs: Increased from Rs. 1.56 million in Q4 FY26 to Rs. 6.31 million in Q1 FY27
  • Consolidated finance costs: Increased from Rs. 1.45 million in Q4 FY26 to Rs. 6.14 million in Q1 FY27

Other Operating Income

  • Standalone Other Operating Income: Rs. 80.52 million for Q1 FY27
  • Interest income from subsidiaries: Approximately Rs. 76.6 million

QoQ Performance Factors

The decline in Q1 FY27 performance compared to Q4 FY26 was attributed to:

  • Foreign exchange losses during current quarter versus favorable exchange gains in preceding quarter
  • Higher finance costs due to increased borrowings for project funding
  • Increased project evaluation, geological, technical, regulatory and development expenditure
  • Higher employee and administrative expenses from strengthening technical and operational teams
  • Increased development expenditure at Altyn Tor Gold Project, Kyrgyz Republic
  • Development-stage losses incurred by Avelum Partner LLC

Consolidation Accounting Explanation

The discrepancy between standalone (Rs. 114.36 Mn) and consolidated (Rs. 6.02 Mn) revenue is explained by consolidation accounting principles under Ind AS. Standalone Other Operating Income of Rs. 80.52 million substantially comprises interest income earned on funding extended to subsidiaries (approximately Rs. 76.6 million). During consolidation, all inter-company income and corresponding expenses are eliminated, resulting in consolidated revenue reflecting only income earned from external, third-party sources.

Outlook and Rationale

The Company remains optimistic about long-term value creation potential from:

  • Altyn Tor Gold Project in Kyrgyz Republic as it progresses toward production
  • Continued growth in production and profitability of Geomysore Services (India) Private Limited
  • Strengthening portfolio of operating and development-stage mineral assets

Geomysore's continued ramp-up in production and inventory is expected to support higher revenues and profitability in coming quarters. As the Company accounts for Geomysore under the equity method, improved performance is expected to contribute positively to Group's consolidated earnings.