Key Financial Figures (Standalone)

Income Statement (₹ crore):

  • Revenue from Operations: Q2 FY27: ₹1.27, Q1 FY27: ₹0.68, Q2 FY26: ₹1.10; H1 FY27: ₹1.95, H1 FY26: ₹2.46, FY26: ₹3.41
  • Other Income: Q2 FY27: ₹36.65, Q1 FY27: ₹145.44, Q2 FY26: ₹37.37; H1 FY27: ₹182.09, H1 FY26: ₹107.57, FY26: ₹177.17
  • Total Income: Q2 FY27: ₹37.92, Q1 FY27: ₹146.12, Q2 FY26: ₹38.47; H1 FY27: ₹184.04, H1 FY26: ₹110.03, FY26: ₹180.58
  • Employee Benefits Expense: Q2 FY27: ₹14.80, Q1 FY27: ₹14.70, Q2 FY26: ₹17.08; H1 FY27: ₹29.50, H1 FY26: ₹34.43, FY26: ₹78.18
  • Profit Before Exceptional Items & Tax: Q2 FY27: ₹16.29, Q1 FY27: ₹124.50, Q2 FY26: ₹14.33; H1 FY27: ₹140.79, H1 FY26: ₹60.20, FY26: (₹10.40)
  • Exceptional Items: Q2 FY27: ₹5.34 (expense), Q1 FY27: (₹0.05) (income), Q2 FY26: (₹376.00) (income); H1 FY27: ₹5.29, H1 FY26: (₹378.01), FY26: (₹473.70)
  • Profit Before Tax: Q2 FY27: ₹10.95, Q1 FY27: ₹124.55, Q2 FY26: ₹392.33; H1 FY27: ₹135.50, H1 FY26: ₹438.21, FY26: ₹463.30
  • Tax Expense: Q2 FY27: ₹1.48, Q1 FY27: ₹30.82, Q2 FY26: ₹258.74; H1 FY27: ₹32.30, H1 FY26: ₹267.95, FY26: ₹251.23
  • Net Profit: Q2 FY27: ₹9.47, Q1 FY27: ₹93.73, Q2 FY26: ₹133.59; H1 FY27: ₹103.20, H1 FY26: ₹170.26, FY26: ₹212.07
  • EPS (Basic/Diluted): Q2 FY27: ₹0.06, Q1 FY27: ₹0.62, Q2 FY26: ₹0.89; H1 FY27: ₹0.69, H1 FY26: ₹1.14, FY26: ₹1.41

Balance Sheet (₹ crore as of 30-Sep-2026):

  • Paid-up Equity Capital: ₹150.00
  • Other Equity: ₹1,666.72
  • Total Assets: ₹2,512.00
  • Total Liabilities: ₹2,512.00

Key Financial Figures (Consolidated)

  • Net Profit: Q2 FY27: ₹25.17, Q1 FY27: ₹104.24, Q2 FY26: ₹170.81; H1 FY27: ₹129.41, H1 FY26: ₹215.07, FY26: ₹387.38
  • EPS (Basic/Diluted): Q2 FY27: ₹0.17, Q1 FY27: ₹0.69, Q2 FY26: ₹1.14; H1 FY27: ₹0.86, H1 FY26: ₹1.43, FY26: ₹2.58
  • Other Equity: ₹2,114.52 (30-Sep-2026)

Anglo Coal Matter

The Anglo Coal legal matter has attained finality with the Hon'ble Delhi High Court order dated 09.05.2025 permitting withdrawal of ₹1,088.62 crore deposited by MMTC along with accrued interest. The Supreme Court dismissed MMTC's SLP on 03.11.2025.

Key Developments:

  • ₹1,000 crore released to Anglo Coal on 17.11.2025 as per Delhi High Court order dated 10.11.2025
  • Estimated remaining liability as on 17.11.2025: ₹170.58 crore (including interest)
  • Pending issues before Delhi High Court (order dated 09.01.2026):

(i) TDS applicability on awarded amount

(ii) Relevant date for exchange rate application

  • Provision in books: ₹87.76 crore against estimated obligation of ₹170.58 crore
  • Non-provisioned amount: ₹82.82 crore (disclosed as contingent liability)
  • Accrued interest on court deposit: approximately ₹259.73 crore up to 17.11.2025
  • Next hearing date: 03.12.2026

Vide order dated 07.10.2026, Delhi High Court permitted MMTC to lease properties at market rates to government/PSUs/credible entities, with proceeds (less TDS) to be deposited with court within 7 days of receipt.

Voluntary Retirement Scheme (VRS)

  • Introduced on 09.09.2026 for all employees irrespective of length of service
  • 38 employees accepted VRS, 23 relieved on 30th October 2026
  • Estimated expense: ₹20 crore (to be accounted in subsequent quarter)

Other Material Disclosures

1. CPF Trust Loan: ₹40 crore advanced on 06.11.2023 for VRS payments. ₹35.50 crore repaid by 31.03.2026, ₹3.56 crore adjusted against capital loss on 28.04.2026, ₹0.94 crore repaid on 10.09.2026. Interest of ₹0.01 crore accounted in Q2 FY27.

2. Exceptional Items: Include ₹5.43 crore paid to Chennai Port Authority on 17.07.2026 as shortfall charges for iron ore shipment land (as per AMRCD decision dated 12.05.2026).

3. Deferred Tax Assets: Not recognized for carry forward losses and timing differences due to uncertainties.

4. Governance: Audit Committee not constituted due to non-appointment of Independent Directors (appointed by Government of India). Financial results approved directly by Board.

5. Subsidiary/JV Consolidation:

  • MMTC Transnational Pte Ltd (Singapore) under liquidation since 27.10.2023 - not consolidated
  • Joint ventures MMTC Gitanjali Limited, Sical Iron Ore Terminal Ltd, Free Trade Warehousing Pvt Ltd not consolidated due to non-receipt of financials
  • Investments in above entities fully provided for

Auditor's Qualification

Auditors issued qualified opinion due to non-provision of ₹82.82 crore for Anglo Coal liability, constituting departure from Ind AS 37. Had this amount been provided, provisions would be higher and other equity lower by ₹82.82 crore.

Management's Response

Management disagrees with qualification, stating:

  • ₹1,088.62 crore already provided in books
  • Provisional calculations of ₹1,170 crore submitted without prejudice
  • Accrued interest of ~₹259.73 crore available for adjustment
  • No probable outflow of resources for the ₹82.82 crore differential
  • Matter subject to final judicial determination

Cash Flow (H1 FY27 Standalone)

  • Net cash from operating activities: (₹179.12) crore
  • Net cash from investing activities: ₹178.68 crore
  • Net cash from financing activities: (₹0.16) crore
  • Net change in cash: (₹0.60) crore
  • Closing cash balance: ₹2.10 crore

Impact of Audit Qualification

If ₹82.82 crore provision made:

  • H1 FY27 Net Profit would be ₹20.38 crore (vs ₹103.20 crore reported)
  • EPS would be ₹0.14 (vs ₹0.69 reported)
  • Net Worth would be ₹1,733.90 crore (vs ₹1,816.72 crore reported)