Orissa Minerals Q4 FY26 Results (NSE: ORISSAMINE)

24 Jul 2026 · Analysis by Alpha Inflection

Signal: Loss reversed

The read

The headline recovery is not yet earnings-quality recovery: revenue reached 2,899.50 lakh, +331.5% YoY, but Iron Ore swung from a 1,019.21 lakh segment profit to a 686.82 lakh loss QoQ, other expenses rose to 3,184.55 lakh, and standalone PAT remained a 760.69 lakh loss.

P&L walk

Standalone revenue accelerated to 2,899.50 lakh, +331.5% YoY and +40.7% QoQ, but other expenses of 3,184.55 lakh and finance cost of 464.55 lakh kept PBT negative at 1,174.99 lakh; the PAT loss narrowed YoY mainly from the much lower operating loss base and deferred-tax movement.

Segments

Iron Ore is the only revenue-generating operating segment at 2,899.50 lakh, +331.5% YoY, but it dragged the quarter with a 686.82 lakh loss versus a 1,019.21 lakh profit in Q3FY26; unallocated activities also recorded a 23.61 lakh loss.

Key positives

• Operating revenue reached 2,899.50 lakh, +331.5% YoY and +40.7% QoQ, showing a sharp volume or dispatch recovery in Iron Ore.
• Finance cost declined 10.5% YoY to 464.55 lakh, reducing the burden on the operating result.
• FY26 cash generated from operations was positive at 3,581.78 lakh versus a 16,960.98 lakh inflow in FY25, despite the reported annual PAT loss.

Key concerns

• Iron Ore segment result deteriorated to a 686.82 lakh loss from a 1,019.21 lakh profit in the prior quarter despite segment revenue of 2,899.50 lakh.
• Other expenses rose 147.3% QoQ to 3,184.55 lakh and employee costs rose 116.7% QoQ to 909.33 lakh, causing poor conversion of revenue into profit.
• PAT remained negative at 760.69 lakh and the sequential result deteriorated from a 434.41 lakh profit.
• The filing contains an EPS inconsistency: printed quarterly EPS is (12.68) INR while the authoritative XBRL EPS is 4.85 INR.

View original filing

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