Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Orissa Minerals:
₹4.34 Cr PAT. Zero Operating Revenue.
The Company That Mines Hopes and Court Cases.
A 1918-founded mining company that hasn’t mined anything in years, pays ₹876 crore in penalties, faces ₹6,061 crore in contingent liabilities, and somehow still has a market cap of ₹2,058 crores. This is not mining. This is an expensive legal simulator.
Market Cap₹2,058 Cr
CMP₹3,430
Book Value-₹85.4
ROCE-38.5%
1-Year Return-39%
01 — At a Glance
A 107-Year-Old Company That’s Somehow Still Digging (Itself Into Deeper Holes)
- 52-Week High / Low₹6,139 / ₹3,262
- Q3 FY26 Revenue₹20.61 Cr
- Q3 FY26 PAT₹4.34 Cr
- EPS (₹)₹7.23
- FY25 Annual PAT-₹40 Cr (LOSS)
- Book Value / Share-₹85.4
- Price to BookNEGATIVE
- Contingent Liabilities₹6,061 Cr
- Debt Outstanding₹145 Cr
- Interest Coverage-0.64x
Reality Check: OMDC posted Q3 FY26 PAT of ₹4.34 crore — congratulations on making money from… absolutely nothing operational. The company’s book value is now negative ₹85.4 per share. You are literally worth LESS than zero on paper. Contingent liabilities stand at ₹6,061 crore — that’s roughly 295% of your entire market cap. The stock has lost 39% in one year. And yet it trades at ₹3,430 per share like someone’s actively buying hope futures.
02 — Introduction
The Company That Lost Its Way And Its Mines In 2006
Let’s be brutally honest: Orissa Minerals Development Company Limited is what happens when you incorporate a mining company in 1918, run it competently for about 88 years, and then — around 2006 onwards — progressively lose the plot until your mines stop operating entirely.
The company operates iron ore and manganese ore deposits across Odisha. Or rather, it used to operate them. For the past several years, the company’s mines have remained shut due to a combination of environmental violations, government penalty disputes, legal battles at the High Court of Calcutta, and more recently, alleged encroachment issues where 41.766 acres of their own mining leases are being occupied by someone else. Yes. You read that right. Your own land is being mined by trespassers while you’re paying legal fees to figure out what happened.
The Q3 FY26 results are a masterclass in financial tragedy. Revenue of ₹20.61 crore with PAT of ₹4.34 crore — which sounds okay until you realize that ₹20.61 crore barely covers operating costs, depreciation, and interest. The company is alive mostly because it has accumulated reserves from the era when it actually produced iron ore. Those reserves are now depleting. Book value has gone negative. And yet the stock somehow trades at ₹3,430. This is not an investment. This is a speculation bet on a legal miracle.
Timeline That Explains Everything: 1918: Company incorporated. 2006 onwards: Government imposes penalties for environmental violations. 2010s: Lease disputes escalate. 2024: CFO suspended for misconduct. 2025: Multiple directors replaced. 2026: Supreme Court upholds lease rejection for multiple mines. Present day: Investors are confused why they still own shares.
03 — Business Model: WTF Are They Pretending To Do?
Mining Iron Ore, Manganese, And Court Case Documents. Mostly The Last One.
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