Board Meeting Details

The 490th Meeting of Board of Directors was held on May 29, 2026, commencing at 12:00 hrs and concluding at 23:00 hrs. The board approved:

  • Audited Standalone Financial Results for quarter and year ended March 31, 2026
  • Audited Consolidated Financial Results for quarter and year ended March 31, 2026
  • Auditors' Report on both standalone and consolidated financial results

Auditor's Qualified Opinion

The auditors, Dinesh Jain & Associates, issued a qualified opinion primarily due to:

Anglo Coal Case Provision Issue

  • An amount of ₹1088.62 crore (₹1087.76 crore deposited with court + ₹0.86 crore attached from bank) was deposited with Delhi High Court regarding Anglo Coal case
  • Delhi High Court order dated May 9, 2025 directed decree holder (Anglo) to withdraw amount with accrued interest after 2 weeks (by May 23, 2025)
  • Company's SLP in Supreme Court dismissed on November 3, 2025
  • Company filed application before Delhi High Court on November 3, 2025 admitting total liability of ₹1169.14 crore including interest up to November 1, 2025
  • Pursuant to Delhi High Court order dated November 10, 2025, ₹1000 crore released to Anglo on November 17, 2025
  • Management estimates remaining liability of ₹170.58 crore as of November 17, 2025 including interest
  • Company recognized provision of only ₹87.76 crore, resulting in non-provision of ₹82.82 crore
  • This non-provision constitutes departure from accounting standards
  • Had full provision been made, net profit and shareholders' funds would reduce by ₹82.82 crore
  • Next hearing on withholding tax and final amount calculation scheduled for July 9, 2026

Material Uncertainty Regarding Going Concern

  • MMTC directed by administrative ministry to prepare roadmap for scaling down manpower including exit from various JVs
  • Direction given for exit from business operations (wind mill business still operational)
  • Government yet to decide exit route for MMTC
  • Accounts prepared on going concern basis as no communication received from Ministry regarding closure

Emphasis of Matter Points

1. NINL Divestment Completion (July 4, 2022)

  • Amount of ₹774.95 crore (MMTC's share: ₹411.76 crore) kept in interest-bearing escrow account with SBI Bhubaneswar matured on July 4, 2025
  • As 3-year limitation period concluded, amount with accrued interest distributed among NINL promoters
  • MMTC received ₹411.76 crore (principal) and ₹25.75 crore (interest net of TDS and bank charges) on July 4, 2025
  • ₹411.76 crore booked as income under exceptional items for the year
  • Maximum liability under warranty clause was ₹1067 crore (20% of amount received by sellers)
  • No liability accrued during the 3-year period ending July 4, 2025
  • Nothing payable/receivable from NINL as of date

2. Gold Confiscation Income

  • Booked income of ₹13.21 crore under exceptional items for 12,503.700 gms of confiscated gold jewellery/dust/solder
  • Received from Customs Department on January 19, 2026 per Supreme Court order dated April 24, 2025
  • Pertains to legal case against gold supply to associate for export under Exim Policy during FY 1991-92
  • Valued by management based on IBJA rates as of January 19, 2026, using certified quantity and purity from BIS-approved hallmarking centre
  • No independent registered valuer used

3. CPF Trust Loan

  • ₹40 crores extended as interest-bearing advance/loan to CPF Trust for VRS employees on November 6, 2023
  • Repayment of ₹31.50 crores (PY: ₹4.00 crores) made by CPF Trust during the year
  • Balance amount to be repaid by trust upon receipt of funds from investments
  • Interest of ₹2.25 crores (PY: ₹2.94 crores) accounted for FY 2025-26

4. Bad Debt Write-off

  • Trade receivables of ₹75.49 crore written off as bad debts by Camp Office Chennai
  • Corresponding provisions written back under exceptional items

5. Deferred Tax Asset Adjustment

  • Company did not recognize Deferred Tax Assets for carry forward losses and timing differences due to uncertainties
  • Existing Deferred Tax Asset balance of ₹163.79 crore adjusted/derecognized during year in accordance with Ind AS 12

Financial Highlights (Standalone)

Quarterly Performance (₹ crores)

  • Total Income: Q4 FY26 ₹36.03 vs Q4 FY25 ₹44.14
  • Profit Before Tax (after exceptional items): Q4 FY26 ₹15.55 vs Q4 FY25 ₹12.57
  • Net Profit: Q4 FY26 ₹31.70 vs Q4 FY25 ₹0.32
  • EPS: Q4 FY26 ₹0.21 vs Q4 FY25 ₹0.00

Annual Performance (₹ crores)

  • Total Income: FY26 ₹180.58 vs FY25 ₹262.78
  • Profit Before Tax (after exceptional items): FY26 ₹463.30 vs FY25 ₹97.20
  • Net Profit: FY26 ₹212.07 vs FY25 ₹69.53
  • EPS: FY26 ₹1.41 vs FY25 ₹0.46
  • Other Equity: ₹1549.13 crores (excluding Revaluation Reserve)

Segment-wise Performance

Revenue primarily from 'Others' segment: ₹3.41 crores for FY26

Major assets in Coal & Hydrocarbon segment: ₹192.29 crores

Cash Flow Statement (Standalone)

  • Net cash from operating activities: ₹(605.27) crores
  • Net cash from investing activities: ₹578.98 crores
  • Net cash from financing activities: ₹(0.78) crores
  • Closing cash equivalents: ₹2.70 crores

Consolidated Financial Results

  • Net Profit after tax: ₹387.38 crores for FY26
  • Total Comprehensive Income: ₹418.53 crores for FY26
  • EPS: ₹2.58 for FY26

Additional Notes

  • Previous periods' figures regrouped/rearranged for comparability
  • Q4 FY26 results are balancing figures between audited full year and published YTD figures up to Q3
  • Financial results include subsidiary MMTC Transnational Pte Ltd (under liquidation in Singapore)
  • Investment of ₹3.14 crores in MTPL, Singapore provided for in books
  • Joint ventures MMTC Gitanjali Ltd, Free Trade Warehousing Pvt Ltd, and Sical Iron Ore Terminal Limited not consolidated due to accumulated losses exceeding investment carrying value