NMDC Limited has informed the Exchange about Transcript
NMDC · price
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NMDC reported FY25 PAT growth of ~19% YoY and PBT growth of ~16% despite losing 43-44 days of production to industrial issues. Highest-ever capex of INR 3,700 crores was incurred. Management has set an FY26 sales volume target of 55.4 million tons (full EC capacity), with plans to double output to ~100 million tons over 4-5 years. Capex of ~INR 4,200 crores is planned for FY26, with INR 40,000 crores of projects already sanctioned and another INR 31,000-32,000 crores on the drawing board. The Nagarnar steel plant became EBITDA-positive on a monthly basis in March-April 2025 and is targeting 2.6-2.7 million tons in FY26 (~98% utilization). Pellet volumes will scale from 0.5 million tons to 3 million tons in FY26, with a shift to DRI-grade pellets offering a $30-50/ton premium. NMDC is also exploring coking coal assets in Australia and Indonesia, and has acquired 1,167 acres near Gangavaram port for INR 1,500 crores. The Rohne coal block is expected to be operational by Q3-Q4 FY26.
Positive medium-term outlook with clear capacity doubling roadmap, improving unit economics at Nagarnar, and a margin-accretive shift to DRI-grade pellets. Heavy capex cycle (INR 70,000+ crores pipeline) may eventually require leverage, but near-term cash flows appear sufficient. Short-term overhang from elevated receivables (INR 7,800 crores from RINL/NSL) expected to ease by year-end.