Summary of Key Information:
Reporting Period (Quarter/Year): Financial Year ended 31st March, 2026
Nature of Filing / Announcement: Audited Standalone Financial Results under Regulation 33 of SEBI Listing Regulations
Date of Board Meeting / Approval: 24th July, 2026 (Commenced at 11:00 AM, concluded at 6:40 PM)
Audit Opinion: Qualified Opinion
Auditor’s Comment: Auditors issued a qualified opinion highlighting material weaknesses in internal financial controls and a retrospective accounting restatement for stripping costs. Emphasis of Matter paragraphs address accounting correction for stripping costs and recognition of arbitration award liability.
Key Financial Highlights [Amounts in ₹ Lakhs]
Standalone Results:
| Metric | FY 2025-26 (Audited) | FY 2024-25 (Audited) |
| Revenue from Operations | 9,409.85 | 6,460.13 |
| Other Income | 590.35 | 638.58 |
| Total Income | 10,000.20 | 7,100.17 |
| Net Profit/(Loss) after tax | (290.77) | (4,043.91) |
| EPS (₹) (not annualized) | (4.85) | (67.40) |
| Paid-up Equity Share Capital | 60.00 | 60.00 |
| Reserves excluding revaluation reserves | (5,523.75) | (5,239.33) |
Performance Comparison: The company reduced its net loss significantly from ₹4,043.91 lakh in FY25 to ₹290.77 lakh in FY26, while revenue from operations increased from ₹6,460.13 lakh to ₹9,409.85 lakh.
Segment-wise Performance:
The company identified business segments as primary segments: Mining of Iron Ore, Manganese Ore and processing of Sponge Iron. Though mining operations of two mines (Belkundi & Bhadrasai) are yet to start operation, the company still considers mining operations as its primary segment.
Corporate Actions:
Not Specified
Other Significant Information:
Accounting Restatement: During FY26, the Company reviewed accounting treatment of stripping costs and retrospectively restated comparative figures under Ind AS 8. Stripping costs aggregating to ₹91.32 lakh (₹13.46 lakh in FY24 and ₹77.86 lakh in FY25) which were capitalized should have been recognized as production cost. This correction increased FY25 loss by ₹21.52 lakh.
Property Details: Total Free Hold Land of 180.824 Acres, with only 5.423 Acres in the name of OMDC. Significant encroachment of 41.766 Acres exists.
Internal Control Weaknesses: Auditors identified material weaknesses in:
- Inventory management and physical verification procedures
- Insurance coverage for high value assets and stores inventory
- Budgetary controls and authorization of expenditure
- Stripping cost identification and accounting controls
- Balance confirmation procedures for trade receivables/payables
Litigation Contingencies: Significant pending litigations include:
- MMDR Act, 1957 demand of ₹86,157.12 lakh penalty + ₹1,16,793.88 lakh interest pending before Supreme Court
- Various tax disputes totaling ₹2671.80 lakh across multiple assessment years
- Arbitration award provision of ₹1,740.99 lakh for Jai Balaji Industries matter