NMDC
NMDC
Metals & Mining F&OKey Fundamentals
MidcapIndustrial MineralsMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Stock is providing a good dividend yield of 4.69%.
- 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
2- Contingent liabilities of Rs.24,037 Cr.
- Working capital days have increased from 43.7 days to 67.3 days
Growth Rate
AI Analysis — Bull vs Bear
NMDC Ltd has a market capitalisation of about Rs.70,932 Cr and trades at a P/E of 9.5x and a P/B of 2.09x, with a dividend yield of 3.09%. Over three years, sales grew at a 22% CAGR and profit at 17%, and ROE averaged 24%. Five-year profit growth of 4% trails sales growth of 16%. Contingent liabilities stand at Rs.24,037 Cr, and working capital days rose from 43.7 to 67.3.
- The P/E of 9.5x is in single digits. With last-year ROE at 23%, the market is paying relatively little for each rupee of earnings from a high-return business.
- ROE has been consistently high: 21% over 10 years, 26% over 5 years, 24% over 3 years and 23% last year. That points to strong returns on capital through several commodity cycles.
- The dividend yield of 3.09% (3.13% on the screener figure) is backed by a payout ratio of 41.3%. Shareholders get meaningful cash returns, and more than half of earnings are still retained for reinvestment.
- Top-line growth is picking up. TTM sales growth of 27% is ahead of the 3-year CAGR of 22%, the 5-year of 16% and the 10-year of 17%.
- Profit compounded at 17% over 3 years and 14% on a TTM basis, well above the 5-year rate of 4%. This suggests earnings have recovered from an earlier weak patch.
- The stock has returned a 19% CAGR over 3 years and 17% over 5 years, and shareholders also received dividends on top of that.
- The company is flagged as expected to post a good quarter, which could support near-term earnings momentum on top of the 27% TTM sales growth.
- Contingent liabilities of Rs.24,037 Cr equal about 34% of the Rs.70,932 Cr market cap. If a meaningful share of these turns into actual liabilities, they could hit earnings and the balance sheet.
- Working capital days rose sharply from 43.7 to 67.3, an increase of about 54%. More cash is being tied up in receivables or inventory, which could weigh on cash flow from operations.
- Profit is not keeping pace with sales. Over 5 years, profit grew at a 4% CAGR against 16% for sales. On a TTM basis, profit grew 14% against 27% for sales, which points to margin compression.
- ROE has slipped from a 26% 5-year average to 24% over 3 years and 23% last year. That is a gradual erosion in capital efficiency, though returns remain high.
- Stock returns have slowed to 7% over the last year, against a 19% CAGR over 3 years. The 10-year CAGR of 11% is modest for a company with a 21% 10-year ROE.
- A P/B of 2.09x is a premium to book for a cyclical commodity producer. If iron ore prices and earnings fall together, the low 9.5x P/E could expand quickly.
- The 41.3% dividend payout and 3.09% yield depend on commodity-linked earnings. The 5-year profit CAGR of just 4% shows how uneven the earnings base behind dividends can be.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Production outpacing sales growth Sep 2
For Apr–Aug FY27, cumulative production rose 26% YoY to 23.23 MT, but sales grew only 2% to 18.72 MT, which points to inventory build-up. Karnataka sales fell 4% YoY to 1.07 MT in August even as production there rose 23%.
- Stock slides despite operational wins Sep 27
Shares fell 1.66% to ₹78.24 on Sep 27 even with the project commissioning. They are down nearly 10% over the past month and 6.43% YTD, underperforming the Nifty Midcap 50, after closing at ₹85.69 on Sep 1 and ₹84.50 around Sep 8.
- Weak sequential Q1 FY27 numbers Sep 6
Q1 FY27 revenue of ₹6,795 crore rose just 0.8% YoY and fell 19% QoQ, with sales volume down 23% QoQ to 11.8 MT. EBITDA of ₹2,468 crore was flat YoY and down 3% QoQ.
- Soft pricing environment persists Sep 9
Fines prices stayed unchanged at ₹4,500/t after consecutive price cuts in July and August. The article cites high domestic ore availability and sluggish international prices as ongoing pressures on realisations.
- Rising capex burden ahead Sep 6
Capex is expected to rise from about ₹6,000 crore in FY27 to ₹7,000–10,000 crore over the medium term. There is also ₹2,000 crore of planned FY27 investment in critical minerals, which could weigh on free cash flow.
- ₹5,427 cr pellet-slurry project commissioned Sep 27
NMDC commissioned its integrated Bastar project: a Bacheli processing plant, a 135-km, 15 MTPA slurry pipeline and a 2 MTPA pellet plant at Nagarnar. It adds a value-added product and lets NMDC use fines and slimes from Bailadila.
- Record August output, up 21% Sep 2
August 2026 production rose about 21% YoY to 4.07 MT (vs 3.37 MT), the highest August output on record. Sales rose 6% to 3.58 MT.
- 60 MT FY27 target on track Sep 18
After a record 53 MT in FY26 (up 20% YoY) and FY26 revenue up 33% to an all-time high of ₹31,554 crore, management is targeting 60 MT in FY27. The long-term goal is 100 MT by FY30–31.
- Coal diversification nearing production Sep 6
Commercial thermal coal production from Tokisud North (52 MT reserves) starts in Oct–Dec, with about 1 MT of sales targeted in FY27. Rohne coking coal (191 MT reserves) could produce from FY28, and coal is expected to add ₹5,000 crore of revenue over three years.
- Lump ore price hiked ₹150/t Sep 9
Lump ore was raised to ₹5,400/t from ₹5,250/t, effective Sep 9, 2026. This reverses the July–August price cuts and supports Q2 FY27 margins.
- Healthy margin guidance maintained Sep 6
The Q1 FY27 EBITDA margin expanded to 36.3% as iron ore ASP rose 8% YoY to ₹5,790/t. Management guides 35–40% EBITDA margins and pellet sales of 3.3 MT in FY27, up from 2.4 MT.
- Net Zero 2047 roadmap announced Sep 18
NMDC is targeting Net Zero Scope 1 and 2 emissions by 2047 through at least a 90% emissions cut across three phases. The stock rose up to 2% to ₹80.85 on the announcement.
- 68th AGM approves ₹1 dividend Sep 28
The 68th AGM, held by video conference on Sep 28, 2026 with e-voting from Sep 24–27, approved a final dividend of ₹1.00 per share and adopted the FY26 financial statements.
- Non-executive wage revision from 2022 Sep 8
A tripartite settlement gives workmen 100% DA neutralisation, a 15% Minimum Guaranteed Benefit and 30% of basic pay in cafeteria perks, backdated to Jan 1, 2022. Retroactive arrears could raise employee costs, but the articles don't put a number on it.
- GIFT City subsidiary incorporated Sep 3
NMDC Global IFSC Limited was incorporated in GIFT City around Sep 2–3, 2026, to expand international and treasury operations.
- M C Bhandari named statutory auditor Sep 8
M/s M C Bhandari & Co. was appointed statutory auditor for standalone and consolidated accounts, along with three branch audit firms, effective Sep 8, 2026.
- FY26 BRSR released Sep 6
The FY26 sustainability report shows a carbon footprint of 198,372 tCO2e, 53 MTPA of iron ore production and zero employee fatalities.
- Conflicting Q1 FY27 profit data Sep 2
Reports disagree on Q1 FY27 results. Standalone PAT is quoted as ₹2,007 crore (vs ₹1,969 crore) and adjusted PAT as ₹1,980 crore, but one article cites net profit of ₹50.51 crore on ₹3,661.84 crore revenue. August growth is also quoted as both 21% and 13.7% (the volumes imply about 21%), so check the exchange filings.
TL;DR: NMDC is executing well on operations: record FY26 output of 53 MT, 21% production growth in August, the ₹5,427 crore pellet-slurry project now running, and coal diversification starting in Q3 FY27. The main risks are that sales are not keeping up with production (Apr–Aug output +26% vs sales +2%), soft fines pricing, flat EBITDA and rising capex. The stock is down nearly 10% in a month to about ₹78 at a trailing P/E of about 9.4. Near-term direction depends on whether sales volumes and realisations catch up with production in Q2 FY27, which would support the 60 MT target and 35–40% margin guidance.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,395 | 4,014 | 5,410 | 6,489 | 5,414 | 4,919 | 6,568 | 7,005 | 6,739 | 6,378 | 7,611 | 11,343 | 6,795 |
| Expenses | 3,401 | 2,824 | 3,403 | 4,388 | 3,074 | 3,533 | 4,196 | 4,953 | 4,260 | 4,385 | 5,467 | 8,700 | 4,327 |
| Operating Profit | 1,994 | 1,190 | 2,007 | 2,102 | 2,340 | 1,386 | 2,372 | 2,051 | 2,478 | 1,993 | 2,144 | 2,644 | 2,468 |
| OPM % | 37% | 30% | 37% | 32% | 43% | 28% | 36% | 29% | 37% | 31% | 28% | 23% | 36% |
| Other Income | 294 | 321 | 84 | 389 | 365 | 361 | 375 | 492 | 300 | 383 | 372 | 432 | 347 |
| Interest | 6 | 19 | 32 | 21 | 23 | 29 | 61 | 65 | 27 | 8 | 35 | 51 | 22 |
| Depreciation | 69 | 89 | 82 | 111 | 74 | 103 | 103 | 141 | 109 | 110 | 107 | 152 | 103 |
| PBT | 2,212 | 1,404 | 1,977 | 2,359 | 2,608 | 1,614 | 2,584 | 2,338 | 2,643 | 2,259 | 2,375 | 2,873 | 2,691 |
| Tax % | 25% | 27% | 26% | 40% | 25% | 26% | 27% | 37% | 26% | 26% | 26% | 30% | 25% |
| Net Profit | 1,653 | 1,026 | 1,482 | 1,410 | 1,969 | 1,205 | 1,880 | 1,477 | 1,968 | 1,698 | 1,757 | 2,027 | 1,976 |
| EPS in Rs | 1.88 | 1.17 | 1.69 | 1.61 | 2.24 | 1.38 | 2.14 | 1.68 | 2.24 | 1.93 | 2 | 2.31 | 2.25 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 32,127 |
| 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 | 22,878 |
| 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 | 9,249 |
| OPM % | 63% | 42% | 41% | 50% | 57% | 51% | 57% | 49% | 34% | 34% | 34% | 29% | 29% |
| Other Income | 2,155 | 1,682 | 910 | 667 | 588 | 416 | 351 | 716 | 2,004 | 1,087 | 1,591 | 1,488 | 1,535 |
| Interest | 0 | 66 | 21 | 37 | 40 | 10 | 17 | 39 | 75 | 78 | 178 | 121 | 116 |
| Depreciation | 173 | 218 | 197 | 257 | 279 | 295 | 229 | 288 | 336 | 351 | 420 | 477 | 472 |
| 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 | 10,197 |
| 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 | 7,459 |
| 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 | 8.49 |
| Div. Payout % | 53% | 171% | 64% | 36% | 37% | 45% | 36% | 46% | 35% | 38% | 44% | 41% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY06–FY27.
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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)
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