💰 Financial Performance

Revenue Growth by Segment

Total sales from operations declined by 21.47% YoY, falling from INR 82.28 Cr in FY 2023-24 to INR 64.62 Cr in FY 2024-25. Other income also decreased by 10.08% from INR 7.10 Cr to INR 6.39 Cr.

Geographic Revenue Split

100% of operations and revenue are concentrated in Odisha, India, where the company's primary mining assets (Belkundi and Bagiaburu) are located.

Profitability Margins

Net Profit Margin plummeted from 3.43% in FY 2023-24 to -62.25% in FY 2024-25. The company swung from a profit of INR 2.82 Cr to a net loss of INR 40.22 Cr.

EBITDA Margin

Core profitability deteriorated significantly as Profit Before Tax (PBT) margin fell from -6.45% (INR 5.31 Cr loss) to -74.91% (INR 48.40 Cr loss) in FY 2024-25.

Capital Expenditure

Not disclosed in absolute INR Cr, but the company is investing in technological upgradation for the Belkundi mines and exploration work at the Bagiaburu Mine to access minable reserves.

⚙️ Operational Drivers

Raw Materials

Iron ore and Manganese ore reserves (primary mineral assets) represent the core of the company's operational value.

Import Sources

Domestic sourcing within Odisha, India, specifically from the company's own leasehold areas.

Capacity Expansion

Planned expansion through the operationalization of Belkundi mines via a Mine Developer and Operator (MDO) contract and ongoing exploration at Bagiaburu Mine to enhance minable capacity.

Raw Material Costs

Total expenses rose 26.1% YoY to INR 119.41 Cr in FY 2024-25, despite a 21.47% drop in sales, indicating high fixed costs and operational inefficiencies during the pre-production phase of major mines.

Manufacturing Efficiency

Labor productivity is currently low; employee count increased by 19.1% (from 178 to 212) while sales fell by 21.47%, reflecting a mismatch during the mine preparation phase.

📈 Strategic Growth

Growth Strategy

The company aims to reverse its INR 40.22 Cr loss by operationalizing the Belkundi mines through an MDO contract that includes technological upgrades. Additionally, exploration at Bagiaburu Mine is focused on accessing new minable reserves to scale production capacity.

Products & Services

Iron ore and Manganese ore.

Brand Portfolio

OMDC (The Orissa Minerals Development Company Limited).

Strategic Alliances

Strategic MDO contract for the operationalization and technological upgradation of the Belkundi mines.

🌍 External Factors

Industry Trends

The industry is shifting toward MDO (Mine Developer and Operator) models to leverage external technological expertise for mine operationalization, a strategy OMDC has adopted for Belkundi.

Competitive Moat

The company's moat consists of its long-term mining leases and mineral reserves in Odisha. However, this moat is currently underutilized due to operational delays and legal challenges, making its sustainability dependent on successful mine restarts.

Macro Economic Sensitivity

Highly sensitive to economic conditions affecting the mining and metals sector in India, which directly impacts demand and pricing for iron and manganese ore.

Consumer Behavior

Not applicable as the company operates in the B2B mining sector.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Mines and Minerals (Development and Regulation) Act, pollution control norms, and safety standards. Compliance with Schedule VII of the Companies Act 2013 is required for CSR, though OMDC was exempt in FY 2024-25 due to negative average profits.

Environmental Compliance

The company monitors material effluent and pollution problems as part of its Board-level oversight, though specific compliance costs were not provided.

Legal Contingencies

Significant pending litigation in the High Court at Calcutta: F.M.A. No. 939 of 2012 and F.M.A. No. 941 of 2012 (The Orissa Minerals Development Company Limited vs. Jai Balaji Industries Limited). An order was passed on 09.12.2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timeline for mine operationalization and the company's ability to recover from a net loss of INR 40.22 Cr and accumulated losses that have prevented dividend payments.

Geographic Concentration Risk

100% of mining assets and operations are located in Odisha, India, creating high regional regulatory and operational risk.

Third Party Dependencies

Critical dependency on the MDO partner for the operationalization of the Belkundi mines.

Technology Obsolescence Risk

Addressed through technological upgradation clauses within the MDO contract for Belkundi mines.