NSE: NMDC · BSE: 526371
NMDC LTD.
Mines and sells iron ore — lumps and fines — to Indian steel producers, with Iron Ore accounting for 78.6% of segment revenue in FY26. Also produces hot-rolled coils and sheets (12.4% of segment revenue) and pellets, other minerals and services (9.0%). Set an FY26 aspirational sales target of 55.4 MT, equal to 100% of available environmental clearance capacity, with a stated 4-5 year plan to scale volumes from about 50 MT toward 100 MT. Operates the Nagarnar steel plant (NSL), which turned monthly EBITDA-positive in March-April 2025 and is dispatching 230 KT a month, and is scaling pellet capacity from 0.5 MT toward 2.5-3 MT with a shift to higher-grade DRI pellets. Iron ore prices are reset every month based on market conditions. The cost shape is dominated by 'other operating expenses' at 45.3% of revenue, with materials at 6.8% and employees at 6.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron Ore (79%), HR Coil & Sheets (12%), Pellet, Other Minerals, Products & Services (9%). Cyclical, commodity-linked iron ore mining with downstream steel-making (HR coils/sheets) and pellet operations
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,370 | 25,882 | 17,667 | 21,308 | 32,071 |
| EBITDA (ex other income) | 8,789 | 12,583 | 7,290 | 7,009 | 9,260 |
| margin % | 57.2 | 48.6 | 41.3 | 32.9 | 28.9 |
| Owners' profit | 6,156 | 9,420 | 5,706 | 5,575 | 7,450 |
| EPS, as reported (₹) | 20.70 | 32.00 | 19.11 | 19.02 | 8.47 |
| ROE % · ROCE % | 21.0 · 28.4 | 26.8 · 34.3 | 24.7 · 32.1 | 21.7 · 29.5 | 21.9 · 28.4 |
| Debt / equity (x) | 0.07 | 0.10 | 0.02 | 0.13 | 0.17 |
| Cash from operations | 7,266 | 7,639 | 2,466 | 7,395 | 4,993 |
| Capex | 0 | 0 | (1,401) | (1,847) | (3,171) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,414 | 4,919 | 6,568 | 6,739 | 6,378 | 7,611 | 11,343 | 6,795 |
| Profit before tax | 2,608 | 1,614 | 2,584 | 2,643 | 2,259 | 2,375 | 2,873 | 2,691 |
| Net profit | 1,971 | 1,212 | 1,882 | 1,968 | 1,699 | 1,757 | 2,027 | 1,976 |
| EPS (₹) | 6.72 | 4.13 | 2.14 | 2.24 | 1.93 | 2.00 | 2.31 | 2.25 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Iron Ore | 25,015 | 77.3 |
| HR Coil & Sheets | 2,947 | 9.1 |
| Pellet ,Other Minerals, Products, Services & Others | 1,116 | 3.4 |
| Pellet ,Other Minerals, Products & Services | 3,285 | 10.1 |
| Total, before eliminations | 32,362 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. ◆ | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.0 | 14.5 | 2 of 9 | 88% |
| P/B | 1.7 | 1.7 | 7 of 13 | 50% |
| ROCE | 28.0 | 8.4 | 1 of 14 | 100% |
| ROE | 21.9 | 13.5 | 3 of 13 | 83% |
| Debt / Equity | 0.2 | 0.3 | 5 of 13 | 67% |
| EBITDA margin | 41.4 | 13.8 | 2 of 13 | 92% |
| Revenue growth | 0.8 | 19.2 | 9 of 13 | 33% |
| Profit growth | 0.4 | 9.8 | 9 of 14 | 39% |
| Market cap | 59345 | 1243 | 2 of 14 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Government Director Sarita Chauhan joins NMDC board | management changes | medium | — | — |
| 13 Oct 2026 · NMDC: Vinod Kumar Tripathi replaces Abhijit Narendra as Government Director | management changes | medium | — | — |
| 6 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · NMDC Sep 2026 Iron Ore: Sales Down 9.5% YoY, Production Up 7.7% | business updates | medium | — | — |
| 30 Sept 2026 · NMDC 68th AGM: all 9 resolutions passed, final dividend of Rs 1 cleared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 28 Sept 2026 · NMDC 68th AGM: Rs 3.50 total dividend for FY26, all resolutions passed | board shareholder meetings | low | — | — |
| 27 Sept 2026 · NMDC commissions Rs 5,427 cr pellet plant and slurry pipeline project | capex operations | high | — | — |
| 18 Sept 2026 · NMDC targets Net Zero operational emissions by 2047 | business updates | medium | — | — |
| 9 Sept 2026 · NMDC fixes iron ore prices effective Sept 9, 2026 | business updates | medium | — | — |
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.