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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,08,660 | 12.5 | 2.93 | 7.5 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED | 2,28,494 | 20.7 | 2.20 | 9.0 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,14,044 | 41.9 | 2.20 | 14.7 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 73,936 | 17.3 | 1.23 | 8.7 | 5.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 28 Aug 2026 · Exchange seeks clarification from NMDC Steel on volume movement | regulatory legal | medium | — | — |
| 28 Aug 2026 · NMDC Steel clarifies volume spurt, cites Q1 results and Crisil upgrade | compliance | minimal | — | — |
| 27 Aug 2026 · Government Director Shri Ashish Chatterjee ceases to be on NMDC Steel board | management changes | medium | — | — |
| 25 Aug 2026 · Newspaper notice published for 11th AGM through video conferencing | compliance | minimal | — | — |
| 24 Aug 2026 · NMDC Steel schedules 11th AGM for 28 September 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Crisil upgrades NMDC Steel long-term rating to A/Stable from BBB+ | credit debt | high | — | — |
| 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 |
| 4.4 |
| 9.9 |
| 16.1 |
| JINDAL STAINLESS LIMITED | 62,273 | 19.2 | 3.13 | 11.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 18,448 | 16.3 | 2.47 | 10.3 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED ◆ | 12,824 | 141.2 | 0.97 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 9,255 | 12.9 | 2.83 | 8.2 | 20.1 | 20.9 | — | 26.1 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 141.2 | 16.3 | 11 of 11 | 0% |
| P/B | 1.0 | 2.2 | 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 | 12824 | 18448 | 7 of 11 | 40% |
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| 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 |
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