NMDC Ltd logo

NMDC Ltd

NMDC NSE

Key Fundamentals

MidcapIndustrial MineralsMetals & Mining
Market Cap
₹75,091 Cr
Volatility
Moderate
P/E Ratio
10.02
EBITDA
₹9,259 Cr
Return on Equity
22.01%
Debt to Equity
0.19
Book Value
₹38.74
EPS
₹20.82
52W High
₹97.49
52W Low
₹68.19

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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47 extracted metrics + investor summaries across FY14–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.6%
  • Company has been maintaining a healthy dividend payout of 41.3%

Weaknesses

1
  • Working capital days have increased from 43.8 days to 67.4 days

Growth Rate

Revenue Growth
25.77% ↘
Net Income Growth
14.50% ↘
Cash Flow Change
-74.38% ↘
ROE
1.43% ↘
ROCE
0.95% ↘
EBITDA Margin (Avg.)
-27.79% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

NMDC Ltd is India's largest iron ore producer with a market cap of ₹74,810 crore, trading at a PE of 10.1x. The company delivered record production of 53.15 MT in FY26, reported FY25 PAT of ₹6,693 crore (up 19% YoY) on revenue of ₹23,668 crore, and maintains a consistent dividend payout of 41.3% with a yield of approximately 3.9%.

Bull Case 8
  • Record iron ore production of 53.15 MT in FY26, up from 45 MT in FY24, demonstrating strong volume growth trajectory
  • FY25 standalone PAT grew 19% YoY to ₹6,693 crore with revenue up 11% to ₹23,668 crore, showing healthy profitability
  • Attractive valuation at PE of 10.1x compared to broader market multiples, with consistent 3-year ROE of 23-24%
  • Dividend yield of approximately 3.9% with a sustained payout ratio of 41.3% and ₹2,901 crore paid in FY25 dividends
  • Ambitious capacity expansion target from 50 MT to 100 MT by 2030, with new mines in Jharkhand and Bailadila already commissioned
  • Compounded sales growth of 22% over 3 years and 34% TTM indicates strong revenue momentum driven by both volume and pricing
  • Near-zero leverage with debt-to-equity of around 11-17%, providing financial flexibility for capex-heavy expansion phase
  • Government of India holds 60.79% stake, providing sovereign backing and strategic importance as the sole large-scale public sector iron ore miner
Bear Case 8
  • Iron ore prices have been cut consecutively — lump ore reduced to ₹5,250/tonne and fines to ₹4,500/tonne in August 2026, down ₹450 and ₹350 respectively over two months
  • Working capital days have deteriorated significantly from 43.8 days to 67.4 days, with over ₹10,000 crore reportedly stuck in receivables
  • Karnataka government retrospective levy flagged by auditors poses a material contingent liability risk to profitability
  • Compounded profit growth of only 4% over 5 years lags sales growth of 16% over the same period, indicating margin compression in certain cycles
  • Single commodity concentration — almost entirely dependent on iron ore pricing and steel sector demand, with limited diversification
  • FY25 iron ore production of 44.07 MT was marginally lower than FY24's 45.02 MT (down 2.1%), showing volume can fluctuate despite long-term targets
  • Being a government-controlled PSU, pricing decisions are often influenced by policy considerations rather than pure profit maximization, as evidenced by frequent price cuts to support domestic steel makers
  • Capex reached an all-time high of ₹3,700 crore in FY24 with plans for further increases, which may pressure free cash flows in the medium term

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Positives 1
  • Iron ore production surges 31% Aug 1

    NMDC reported a 31% jump in iron ore production to 4.06 million MT in July 2026. Cumulative FY27 production reached 19.16 million MT, driven by strong Chhattisgarh output.

Neutral 3
  • New iron ore prices set Aug 8

    NMDC fixed lump ore at ₹5,250/ton and fines at ₹4,500/ton effective August 8, 2026.

  • New Company Secretary appointed Jul 30

    Aniket Kulshreshtha (FCS-7795) appointed as Company Secretary & Compliance Officer effective July 30, 2026, replacing Pravin Shekhar.

  • New Commercial Director appointed Jul 15

    Vivek Nishant Nath appointed as Director (Commercial) for five years per Ministry of Steel order.

TL;DR: NMDC is delivering strong operational momentum with a 31% production surge in July 2026 and cumulative FY27 output tracking well at 19.16 million MT. No material headwinds are visible in recent news flow. Management changes appear routine with no disruption signals. The production trend is clearly improving, and stable pricing supports near-term earnings visibility.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
5,851
5,395
4,014
5,410
6,489
5,414
4,919
6,568
7,005
6,739
6,378
7,611
11,343
Expenses
3,689
3,401
2,824
3,403
4,388
3,074
3,533
4,196
4,953
4,260
4,385
5,467
8,700
Operating Profit
2,162
1,994
1,190
2,007
2,102
2,340
1,386
2,372
2,051
2,478
1,993
2,144
2,644
OPM %
37%
37%
30%
37%
32%
43%
28%
36%
29%
37%
31%
28%
23%
Other Income
1,228
294
321
84
389
365
361
375
492
300
383
372
432
Interest
12
6
19
32
21
23
29
61
65
27
8
35
51
Depreciation
93
69
89
82
111
74
103
103
141
109
110
107
152
PBT
3,285
2,212
1,404
1,977
2,359
2,608
1,614
2,584
2,338
2,643
2,259
2,375
2,873
Tax %
31%
25%
27%
26%
40%
25%
26%
27%
37%
26%
26%
26%
30%
Net Profit
2,272
1,653
1,026
1,482
1,410
1,969
1,205
1,880
1,477
1,968
1,698
1,757
2,027
EPS in Rs
2.58
1.88
1.17
1.69
1.61
2.24
1.38
2.14
1.68
2.24
1.93
2
2.31
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
12,356
6,456
8,828
11,615
12,153
11,699
15,370
25,965
17,667
21,308
23,906
32,071
Expenses
4,591
3,771
5,233
5,812
5,228
5,697
6,580
13,338
11,613
14,014
15,755
22,811
Operating Profit
7,765
2,685
3,595
5,803
6,925
6,003
8,790
12,626
6,054
7,294
8,150
9,260
OPM %
63%
42%
41%
50%
57%
51%
57%
49%
34%
34%
34%
29%
Other Income
2,155
1,682
910
667
588
416
351
716
2,004
1,087
1,591
1,488
Interest
0
66
21
37
40
10
17
39
75
78
178
121
Depreciation
173
218
197
257
279
295
229
288
336
351
420
477
PBT
9,747
4,084
4,287
6,176
7,194
6,114
8,896
13,016
7,646
7,952
9,143
10,149
Tax %
34%
34%
40%
38%
36%
41%
30%
27%
28%
30%
28%
27%
Net Profit
6,351
2,544
2,543
3,808
4,617
3,573
6,276
9,429
5,601
5,567
6,520
7,450
EPS in Rs
5.34
2.14
2.68
4.01
5.03
3.89
7.14
10.72
6.37
6.34
7.43
8.47
Div. Payout %
53%
171%
64%
36%
37%
45%
36%
46%
35%
38%
44%
41%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
396
396
316
316
306
306
293
293
293
293
879
879
Reserves
31,870
28,784
22,266
24,101
25,738
27,367
29,591
17,725
22,328
25,363
28,817
33,183
Borrowings
0
1,497
0
500
364
566
1,994
1,800
2,128
3,359
4,276
6,407
Other Liabilities
2,197
2,079
3,201
3,774
3,483
3,056
5,051
5,094
5,204
6,646
7,035
7,851
Total Liabilities
34,464
32,756
25,784
28,691
29,891
31,294
36,930
24,912
29,953
35,661
41,007
48,320
Fixed Assets
1,468
2,058
2,095
3,457
3,512
3,810
3,933
3,662
3,199
3,377
5,038
5,856
CWIP
7,801
9,747
11,855
12,545
13,819
15,530
17,158
1,333
1,998
3,235
4,737
6,749
Investments
319
592
612
673
859
910
875
895
940
956
978
1,372
Other Assets
24,876
20,359
11,221
12,016
11,701
11,045
14,964
19,022
23,816
28,094
30,253
34,344
Total Assets
34,464
32,756
25,784
28,691
29,891
31,294
36,930
24,912
29,953
35,661
41,007
48,320
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,999
2,502
2,109
3,376
4,002
2,126
7,266
6,942
1,838
7,394
1,894
4,996
Investing
-517
3,645
5,171
-1,865
-789
-313
-4,316
-3,214
202
-6,076
306
-3,842
Financing
-3,449
-6,290
-7,249
-1,557
-3,201
-1,753
-2,591
-4,067
-2,067
-1,302
-2,225
-1,092
Net Cash Flow
33
-144
31
-46
11
60
359
-339
-28
16
-25
63
Free Cash Flow
1,185
-1,073
-211
1,318
1,996
-278
5,644
5,743
590
5,547
-1,336
1,826
CFO/OP
91
157
102
99
95
73
111
89
65
126
54
85
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
52
45
43
46
43
69
51
42
90
60
118
105
Inventory Days
—
—
—
—
—
—
—
—
—
—
—
170
Days Payable
—
—
—
—
—
—
—
—
—
—
—
27
Cash Conversion Cycle
52
45
43
46
43
69
51
42
90
60
118
247
Working Capital Days
101
7
3
-4
9
53
-19
30
94
9
55
67
ROCE %
32%
14%
16%
25%
28%
23%
30%
50%
29%
31%
30%
28%

Shareholding Pattern

As of Jun 2026
Promoters 60.79%
DIIs 13.81%
FIIs 13.59%
Public 9.99%
Others 1.81%
Total 99.99%
  Jan 2021Mar 2021Jun 2021Jul 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
68.29%
68.29%
68.29%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
60.79%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.32%
0.00%
12.60%
12.76%
12.60%
12.12%
11.72%
12.21%
13.04%
13.47%
13.60%
13.59%
DIIs
21.36%
20.65%
19.98%
20.83%
21.83%
21.73%
21.81%
22.11%
20.58%
20.25%
19.08%
17.75%
17.73%
17.09%
14.11%
14.32%
14.08%
14.47%
15.13%
14.48%
14.39%
14.07%
13.76%
13.81%
Government
0.10%
0.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.33%
4.79%
5.36%
7.42%
8.26%
9.59%
8.27%
8.88%
9.81%
9.75%
10.09%
11.57%
10.60%
9.63%
10.10%
10.02%
10.68%
10.55%
10.46%
10.55%
10.01%
9.98%
10.09%
9.99%
Others
5.91%
6.17%
6.37%
10.96%
9.12%
7.88%
9.13%
8.21%
8.81%
9.21%
10.03%
9.89%
2.55%
12.49%
2.40%
2.10%
1.84%
2.07%
1.89%
1.97%
1.76%
1.68%
1.75%
1.81%
No. of Shareholders
2,75,337
3,15,659
3,91,199
4,69,018
5,20,388
6,33,043
6,12,387
6,55,658
6,96,901
7,07,706
7,13,832
7,37,733
7,39,395
7,49,330
8,57,003
8,93,897
9,68,552
10,16,040
11,20,680
11,42,940
11,20,440
11,15,700
11,30,910
11,29,200

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Nov 2017 Nov 2017
4
Concall - Feb 2018 Feb 2018
5
Concall - May 2018 May 2018

Frequently Asked Questions about NMDC Ltd

What does NMDC Ltd do?
NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.(Source : 202003 Annual Report Page No:119)
Where is NMDC Ltd (NMDC) listed?
NMDC Ltd is listed on the Indian stock exchanges. It is listed on NSE: NMDC and BSE: 526371. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NMDC Ltd belong to?
NMDC Ltd operates in the Metals & Mining sector within the Industrial Minerals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NMDC Ltd?
NMDC Ltd has a market capitalisation of approximately ₹75090.91 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of NMDC Ltd?
The Price-to-Earnings (PE) ratio of NMDC Ltd is 10.02. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of NMDC Ltd?
Over the past 52 weeks, NMDC Ltd has traded between a low of ₹68.19 and a high of ₹97.49. This range helps investors understand the stock's price volatility and recent trading levels.
Does NMDC Ltd pay dividends?
Yes, NMDC Ltd has a dividend yield of 2.91%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of NMDC Ltd?
NMDC Ltd has a Return on Equity (ROE) of 22.01%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research NMDC Ltd on Tapetide?
On Tapetide, you can view NMDC Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.(Source : 202003 Annual Report Page No:119)

Website nmdc.co.in
CEO Mr. Amitava Mukherjee
Employees 5,677
Listed 2008-03-03
Face Value ₹ 1
Issued Size 8,79,18,17,550

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