Financial Performance - Standalone (₹ in Millions)

Quarterly Performance:

  • Q2 September 2026: Net loss of ₹111.60 crore
  • Q2 September 2025: Net loss of ₹127.53 crore
  • Q1 June 2026: Net loss of ₹120.96 crore

Half-Yearly Performance (H1 FY27):

  • Total income: ₹9.76 crore
  • Total expenses: ₹242.33 crore
  • Net loss before tax: ₹232.56 crore
  • Net loss after tax: ₹232.56 crore
  • Basic EPS: ₹(1.69)
  • Diluted EPS: ₹(1.69)

Annual Comparison (FY26):

  • Year ended March 2026: Net loss of ₹662.79 crore

Balance Sheet Position - Standalone (₹ in Millions)

Assets as of September 30, 2026:

  • Property, plant and equipment: ₹7,242.68
  • Capital work-in-progress: ₹181.52
  • Non-current investments: ₹1,918.92
  • Total current assets: ₹1,873.90 (including inventories ₹397.37, trade receivables ₹1,139.51, cash ₹148.54)
  • Total assets: ₹13,295.45

Liabilities and Equity as of September 30, 2026:

  • Equity share capital: ₹1,378.75
  • Retained earnings: ₹2,308.24 (reduced from ₹2,540.80 as of March 2026)
  • Total equity: ₹6,007.30
  • Borrowings: ₹423.26 (non-current)
  • Other financial liabilities: ₹3,224.05 (non-current)
  • Trade payables: ₹735.55 (current)

Cash Flow Statement - Standalone (H1 FY27, ₹ in Millions)

  • Net cash from operating activities: ₹92.35
  • Net cash from investing activities: ₹7.56
  • Net cash used in financing activities: ₹(31.81)
  • Net increase in cash: ₹68.11
  • Cash at end of period: ₹91.12

Legal Proceedings - Supreme Court Matter

Background:

Pursuant to Supreme Court judgment dated August 2, 2017, in Common Cause v. Union of India (WP(C) No. 114 of 2014), the State of Odisha issued Demand Notice No. 4070/Mines dated September 2, 2017, raising a demand of ₹924.75 crore against the company for excess iron ore production during 2000-01 to 2010-11.

Current Status:

  • Mining operations at Roida-I Iron Ore Mines halted since January 1, 2018
  • Company's curative petition dismissed by Supreme Court
  • Liability remains disputed and not provided for in books
  • Company deposited approximately ₹415.80 crore (including GST) under protest
  • OMC recovered approximately ₹53.86 crore (including GST) up to March 2025

Stock Disposal:

  • Supreme Court permitted sale of 23,51,027.835 MT of iron ore (order dated January 15, 2020)
  • Company sold and dispatched 12,56,825.973 MT by July 5, 2023
  • Balance stock taken over by State/OMC: approximately 3,33,910.482 MT
  • OMC dispatched only approximately 2,33,585 MT through e-auctions
  • Approximately 8,60,616.102 MT remains unsold
  • Roida-I mining lease auctioned to Jindal Steel Limited (lease deed executed July 16, 2025)

Pending Applications:

  • IA No. 36466 of 2025 (arising out of M.A. No. 292 of 2025)
  • IA No. 6432 of 2026
  • Seeking directions for expeditious sale of balance iron ore
  • Challenging State Government's diversion of sale proceeds to State Revenue Account instead of OMBADC

Auditor's Qualified Review Report

Basis for Qualified Opinion:

1. Fixed Assets Risk: Company carrying fixed assets worth ₹1,561.42 crore with no insurance cover

2. Receivables Concern: Total receivables of ₹113.95 crore as of September 30, 2026, including ₹98.02 crore from OMC for stock sales. No provision for non-moving debtors

3. Mining Liability: ₹924.75 crore compensation liability not provided for despite being crystallized. Going concern uncertainty exists

4. Advances Treatment: Advances received from customers of ₹318.07 crore not appropriated within 365 days, should be treated as deposits under Companies Act

5. Bank Confirmations: Not received for 7 out of 22 bank accounts

Emphasis of Matter:

  • Capital work-in-progress of ₹18.15 crore pending for over 6 years
  • MSME creditor details not available
  • Related party transactions: Net inter-company receivables of ₹204.49 crore with no impairment assessment
  • TDS of ₹58,803 not claimable due to non-submission of PAN
  • Government deposits of ₹14.02 crore without supporting documents
  • Unpaid dividend of ₹2.5 crore (2013-14) not transferred to IEPF
  • Tax and regulatory dues of ₹70.14 crore outstanding, mostly disputed
  • GST returns not filed since November 2020 for Odisha state

Consolidated Financial Results (₹ in Millions)

H1 FY27 Performance:

  • Revenue from operations: ₹275.25 crore
  • Total income: ₹276.61 crore
  • Net loss after tax: ₹572.83 crore
  • Basic EPS: ₹(4.15)
  • Diluted EPS: ₹(4.15)

Consolidated Balance Sheet (September 30, 2026):

  • Total assets: ₹19,040.43 crore
  • Equity attributable to shareholders: ₹2,261.08 crore
  • Retained earnings: negative ₹1,437.98 crore
  • Non-controlling interest: ₹1,307.85 crore
  • Total borrowings: ₹5,444.81 crore

Subsidiary Matters:

  • De-Maithan Ispat Limited financials not reviewed/audited by the auditor
  • Qualification noted: Finance cost expense of ₹1.14 crore not created based on fair valuation of 10% Cumulative Redeemable Preference Shares

Signatories and Authentication

  • Approved by Board of Directors on November 12, 2026
  • Signed by Rita Singh, Director
  • UDIN: 26089858BTCJIX5684 (standalone), 26089858YTPSRF2451 (consolidated)
  • Auditor: Ashok Shyam & Associates (FRN: 011223N)
  • Auditor UDIN: 26089858BMMULJ3283 (standalone), 26089858ATJMREY338 (consolidated)