NSE: NSLNISP · BSE: 543768
NMDC STEEL LIMITED
Manufactures iron and steel products and is classified under the Ferrous Metals industry. It is a subsidiary of state-owned NMDC Limited, which operates under India's Ministry of Steel, with the President of India (Government of India) holding 60.79% of the company as on 31 March 2026. In FY26, revenue from operations was ₹13,641.81 crore, up 60.4% from ₹8,503.05 crore in FY25, and the company swung from a net loss of ₹2,373.78 crore to a net profit of ₹58.72 crore. Q4 FY26 alone delivered revenue of ₹3,879 crore and net profit of ₹391.91 crore. The cost structure is raw-materials-heavy, with materials at 63% of revenue, other operating expenses at 22.7%, depreciation at 7.6%, and employee cost at 1% of revenue. Total assets stood at ₹28,237.28 crore and borrowings were brought down from ₹5,897.64 crore to ₹4,601.94 crore over the year, with operating cash flow of ₹1,795.50 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron and steel manufacturing. Capital-intensive, recently turned profitable steel manufacturer with a heavy raw-material cost structure and significant asset base
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 0 | 3,049 | 8,503 | 13,642 |
| EBITDA (ex other income) | 0 | (1,437) | (1,788) | 1,518 |
| margin % | — | (47.1) | (21.0) | 11.1 |
| Owners' profit | 0 | (1,560) | (2,374) | 59 |
| EPS, as reported (₹) | 0.00 | (5.32) | (8.10) | 0.20 |
| ROE % · ROCE % | 0.0 · 0.0 | (10.1) · (8.4) | (18.1) · (14.4) | 0.4 · 3.5 |
| Debt / equity (x) | 0.23 | 0.43 | 0.45 | 0.35 |
| Cash from operations | 1,516 | (2,733) | 1,966 | 1,796 |
| Capex | (2,155) | 0 | (428) | (271) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,522 | 2,120 | 2,838 | 3,365 | 3,390 | 3,008 | 3,879 | 3,662 |
| Profit before tax | (829) | (1,056) | (664) | 36 | (183) | (264) | 486 | 74 |
| Net profit | (595) | (758) | (473) | 26 | (115) | (244) | 392 | 51 |
| EPS (₹) | (2.03) | (2.59) | (1.62) | 0.09 | (0.39) | (0.83) | 1.34 | 0.19 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED ◆ | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 126.0 | 14.2 | 11 of 11 | 0% |
| P/B | 0.9 | 2.0 | 4 of 11 | 70% |
| ROCE | 0.5 | 8.1 | 11 of 11 | 0% |
| ROE | 0.5 | 10.5 | 11 of 11 | 0% |
| Debt / Equity | 0.3 | 0.4 | 5 of 11 | 60% |
| EBITDA margin | 12.1 | 15.1 | 9 of 11 | 20% |
| Revenue growth | 8.8 | 9.8 | 7 of 11 | 40% |
| Profit growth | 97.6 | 18.8 | 3 of 11 | 80% |
| Market cap | 11444 | 16029 | 7 of 11 | 40% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Govt appoints Ms. Sarita Chauhan as Government Director on board | management changes | medium | — | — |
| 13 Oct 2026 · New Government Director appointed at NMDC Steel, replacing Abhijit Narendra | management changes | medium | — | — |
| 6 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 30 Sept 2026 · NMDC Steel 11th AGM: All 8 resolutions passed | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Trading window closed for insiders from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 28 Sept 2026 · NMDC Steel 11th AGM held via video conferencing on Sept 28, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Newspaper clippings of 11th AGM notice and e-voting info filed | compliance | minimal | — | — |
| 6 Sept 2026 · NMDC Steel files BRSR for FY 2025-26 with reasonable assurance | general | medium | — | — |
| 6 Sept 2026 · NMDC Steel 11th AGM on Sep 28, 2026; Annual Report FY25-26 filed | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Clarification on volume spurt, Q1 profit and Crisil rating upgrade | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.