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NMDC Ltd

NMDC NSE

Key Fundamentals

MidcapIndustrial MineralsMetals & Mining
Market Cap
₹73,614 Cr
Volatility
Moderate
P/E Ratio
9.95
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 2d ago
AI opinion · based on fundamentals
Risk medium

NMDC Ltd is India's largest iron ore producer with a market cap of ~₹74,062 crore, trading at a PE of 10x with a 3-year ROE of ~24% and dividend yield of 2.94%. The company achieved record production of 53.15 MT in FY26 with FY26 net profit of ₹7,421 crore (up 10% YoY) on revenue of ₹33,017 crore (up 31% YoY), while pursuing an ambitious capacity expansion to 100 MT by 2030.

Bull Case 8
  • Record iron ore production of 53.15 MT in FY26, up from 44.07 MT in FY25 — a 21% year-on-year volume growth demonstrating strong operational execution
  • Consistent 3-year ROE of ~24% and 5-year ROE of 26%, indicating efficient capital deployment well above cost of equity
  • Attractive valuation at PE of 10x compared to broader market multiples, with TTM sales growth of 27% and FY26 revenue up 31% YoY to ₹33,017 crore
  • Ambitious but credible capacity expansion plan to 100 MT by 2030 from current ~53 MT, backed by ₹2,200 crore capex for slurry pipelines, beneficiation and pellet plants
  • Healthy dividend payout ratio of 41.3% with current yield of 2.94%, providing income support; recent dividend of ₹3.50/share with annualized yield above 4%
  • FY26 PAT grew 10% to ₹7,421 crore while PBT before exceptional items rose 12% to ₹9,296 crore, showing sustained profitability improvement
  • India's steel production capacity targeted to reach 300 MTPA by 2030 under the National Steel Policy, driving structural demand for domestic iron ore
  • Government of India holds 60.79% stake, providing sovereign backing and strategic importance as a Navratna PSU with pricing power in domestic markets
Bear Case 8
  • Working capital days increased significantly from 43.8 days to 67.4 days, indicating deteriorating cash conversion efficiency and potential receivables buildup
  • Iron ore prices are inherently cyclical and subject to global demand fluctuations, particularly from China which consumes ~70% of global seaborne iron ore
  • 5-year compounded profit CAGR of only 4% versus 16% sales CAGR, suggesting margin compression over longer periods and limited pricing power in downturns
  • Government ownership of 60.79% creates overhang risk from potential disinvestment, which could pressure stock price if large stake sales are announced
  • Scaling from 53 MT to 100 MT by 2030 requires massive capital investment of potentially ₹40,000 crore over multiple years, creating execution and capex overrun risk
  • As a PSU, NMDC faces constraints on operational flexibility including government-mandated pricing interventions during periods of high iron ore prices
  • Q1 FY27 profit grew only 2% YoY to ₹2,007 crore despite 26% production surge, indicating volume growth not fully translating to bottom-line due to price or cost pressures
  • Environmental and mining regulatory clearances remain a perennial risk for expansion projects, potentially delaying the 100 MT target timeline

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 1
  • Iron ore production surges 31% Aug 1

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

Neutral 2
  • New iron ore prices effective 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 replacing Pravin Shekhar, effective July 30, 2026.

TL;DR: NMDC is delivering strong operational momentum with a 31% production surge in July 2026 and healthy cumulative output for FY27. No material headwinds are visible in recent news. The pricing revision is neutral without clear directional signal. The trend is improving on the volume front, and sustained production growth could support earnings if iron ore demand holds.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
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 ₹73613.89 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 9.95. 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 2.92%. 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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