NMDC Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
NMDC · price
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NMDC reported standalone revenue from operations of ₹6,634.16 crore in Q1 FY26, up ~23% YoY from ₹5,377.80 crore, driven by the Iron Ore segment (₹6,199 crore). However, profit after tax was largely flat at ₹1,968.62 crore versus ₹1,983.97 crore in Q1 FY25 (a marginal decline of ~0.8%), as royalty, other levies and other expenses surged. EBITDA margins compressed notably (from ~47% to ~40%) due to higher operating costs. The Pellet & Other Minerals segment turned profitable at ₹14.63 crore versus a ₹36 crore loss YoY. The auditor issued an Emphasis of Matter flagging large contingent liabilities, including ₹14,373.71 crore related to the Karnataka Mineral Rights Tax Bill (pending Presidential assent), ₹1,623.44 crore from the Common Cause judgment, ₹1,620.50 crore from an RTP-related penalty, ₹3,995.33 crore recoverable from RINL, and ₹1,901.39 crore receivable from NMDC Steel Limited.
Strong top-line growth reflects healthy iron ore volumes and pricing, but margin compression and flat bottom-line may disappoint investors expecting earnings growth. The massive ₹14,374 crore Karnataka tax contingent liability is a key overhang; favourable resolution of the Bill and recovery of dues from RINL/NSL could be significant positive triggers, while adverse outcomes pose downside risk to the stock.