FY26 loss narrows to ₹2.9 Cr on 46% revenue jump; underlying profit ex one-off provision

OMDC's FY26 audited standalone accounts show revenue from operations of ₹94.10 Cr, up ~46% from ₹64.62 Cr in FY25, with total income at ₹100.00 Cr. The reported net loss shrank to ₹2.91 Cr from ₹40.44 Cr a year earlier — a ~93% narrowing — as net margin improved from roughly -62.6% to -2.9%. The improvement is driven almost entirely by the revenue rebound against a broadly stable cost base (total expenses eased to ₹105.40 Cr from ₹119.64 Cr, helped by lower depreciation of ₹0.97 Cr vs ₹3.87 Cr); the company continues to book iron-ore sales even though its Belkundi and Bhadrasai leases remain non-operational and pending renewal.

The headline loss is misleading on the downside: FY26 absorbs a one-off ₹8.64 Cr provision for the Jai Balaji Industries arbitration, recognised after the Supreme Court dismissed OMDC's SLPs (14 May 2026 event). Stripping that out, FY26 was underlying profitable (~₹3.2 Cr pre-tax) — an adjusted turnaround from FY25's deep loss, not merely a smaller loss. Note that Q4 FY26 alone was a ₹7.61 Cr net loss on ₹28.99 Cr revenue, as year-end provisions and adjustments concentrated in the final quarter.

The stock went into the print at ₹3,747, down 5.6% over the past month of trading.

For context: PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

There is no brokerage consensus or company guidance on record for this micro-float PSU, so the print can't be scored against street or management targets — a web check surfaced only stale/mismatched figures. The result lands amid a governance reset (new non-exec chairman MNVS Prabhakar, LIC nominee director, and Smt. Geeta Balmuchu's appointment) and against a qualified internal-financial-controls opinion citing inventory, insurance, budgeting and stripping-cost weaknesses, plus multiple SEBI Reg 33/17 non-compliances (delayed filings, insufficient independent directors). Large contingent liabilities remain unresolved: a ₹861.57 Cr MMDR excess-mining penalty plus ₹1,167.94 Cr interest pending before the Supreme Court, and a Jai Balaji provision now aggregating ₹17.41 Cr.