New Delhi: MMTC Limited reported a strong improvement in profitability for the first quarter of FY27, with standalone net profit rising 155.6% year-on-year to ₹93.73 crore from ₹36.67 crore in Q1 FY26.
The company’s Board of Directors approved the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, at its 491st meeting held on August 11. The meeting commenced at 3:30 PM and concluded at 6:30 PM.
MMTC Standalone Q1 FY27 Financial Performance
MMTC’s total income increased 104.2% YoY to ₹146.12 crore in Q1 FY27 from ₹71.56 crore in the corresponding quarter last year.
The key standalone financial figures were:
- Revenue from operations: ₹0.68 crore, down 50% YoY from ₹1.36 crore
- Other income: ₹145.44 crore, up 107.2% from ₹70.20 crore
- Total expenses: ₹21.62 crore, down 15.8% from ₹25.69 crore
- Profit before tax: ₹124.55 crore, up 171.5% from ₹45.88 crore
- Net profit: ₹93.73 crore, up 155.6% from ₹36.67 crore
- Basic EPS: ₹0.62, compared with ₹0.24 in Q1 FY26
The sharp increase in profitability was primarily supported by higher other income, which rose substantially during the quarter on the back of interest income and investment returns.
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Consolidated Net Profit Rises 135.5%
On a consolidated basis, MMTC reported a net profit of ₹104.24 crore in Q1 FY27, compared with ₹44.26 crore in Q1 FY26, marking a 135.5% YoY increase.
Consolidated profit before tax stood at ₹135.06 crore, compared with ₹53.47 crore in the year-ago quarter, an increase of 152.6%.
Consolidated basic EPS rose to ₹0.69 from ₹0.30 in Q1 FY26.
Total consolidated income stood at ₹146.12 crore, compared with ₹71.56 crore a year earlier.
Other Income Drives MMTC’s Profit Growth
MMTC’s other income more than doubled during the quarter to ₹145.44 crore, compared with ₹70.20 crore in Q1 FY26.
The company said the increase was driven by interest income and returns from investments.
MMTC also reported exceptional items of ₹0.05 crore during Q1 FY27, compared with ₹96.06 crore in Q4 FY26.
The “Others” segment contributed ₹0.68 crore in revenue and reported a segment profit of ₹0.43 crore during the quarter.
Auditor Raises Qualification Over ₹1,088.62 Crore Anglo Coal Matter
A key issue highlighted in the auditors’ review relates to the Anglo Coal case, involving ₹1,088.62 crore deposited with the court.
The Delhi High Court, on November 10, 2025, ordered the release of ₹1,000 crore to Anglo Coal. The balance amount, relating to foreign exchange rate differences and withholding tax, is scheduled to be heard on September 22, 2026.
The statutory auditors, Dinesh Jain & Associates, issued a qualified conclusion concerning the accounting treatment of the matter.
According to the auditors, MMTC has recognised a provision of ₹87.76 crore against an estimated remaining liability of ₹170.58 crore. This results in a difference of ₹82.82 crore, which the auditors believe should have been recognised as a provision rather than a contingent liability.
MMTC Management Disagrees With Auditor’s Qualification
MMTC’s management has disagreed with the auditors’ qualification.
The company said interest of approximately ₹259.74 crore has accrued on the amount deposited with the court and that no probable outflow is expected in relation to the differential liability.
The management maintains that the matter remains subject to judicial adjudication and believes that the additional provision of ₹82.82 crore was not warranted as of the reporting date.
The company has instead disclosed the amount as a contingent liability.
Other Matters Highlighted by Auditors
The financial review also highlighted certain other matters involving MMTC’s financial arrangements and subsidiaries.
CPF Trust Advance
MMTC had extended an interest-bearing advance of ₹40 crore to CPF Trust on November 6, 2023, for VRS-related payments.
As of March 31, 2026:
- ₹35.50 crore had been repaid.
- ₹3.56 crore was adjusted against capital loss on April 28, 2026.
- The remaining amount is to be repaid when funds are received from the trust’s investments.
Chennai Port Authority Payment
MMTC paid ₹5.43 crore to Chennai Port Authority on July 17, 2026, towards shortfall charges related to land allotted for iron ore shipments in 2010.
The payment followed the AMRCD decision dated May 12, 2026.
Subsidiary and Joint Venture Financials
Certain subsidiaries and joint ventures were not included in the consolidated financial results due to non-availability of financial information or liquidation proceedings.
MMTC Transnational Pte Ltd (MTPL), Singapore, a wholly owned subsidiary, is under liquidation. Control has been transferred to the liquidators, and MMTC did not receive its financial results for the quarter. The company’s investment of ₹3.14 crore in MTPL has been fully provided for.
Financial results were also not received or consolidated for:
- MMTC Gitanjali Limited — 100% provision made
- Sical Iron Ore Terminal Ltd — 100% provision made
- Free Trade Warehousing Pvt. Ltd. — 100% provision made; financial statements have not been received since March 31, 2022
MMTC Shareholding Pattern
As of Q1 FY27, the company’s shareholding pattern showed:
- Promoter and promoter group: 89.93%
- Public shareholders: 10.07%
- Total shares: 150 crore
MMTC also stated that there were no investor complaints pending, received or disposed of during the quarter.
About MMTC
MMTC Limited is a Government of India enterprise engaged in international and domestic trading activities across commodities and other products. The company has historically played a significant role in India’s foreign trade and operates across multiple business segments, including metals, minerals and other commodities.
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