NMDC Steel Ltd
NSLNISP NSE
NMDC Steel Ltd
Metals & MiningNSE: NSLNISP BSE: 543768 Iron & Steel
Key Fundamentals
MicrocapIron & SteelMetals & MiningMarket Cap
₹12,007 Cr
Volatility
Moderate
P/E Ratio
139.62
EBITDA
₹1,518 Cr
Return on Equity
-18.1%
Debt to Equity
0.35
Book Value
₹44.95
EPS
₹0
52W High
₹53.75
52W Low
₹33.01
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view NMDC Steel Ltd insights
29 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Stock is trading at 0.90 times its book value
- Company is expected to give good quarter
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of -8.86% over last 3 years.
- Contingent liabilities of Rs.3,603 Cr.
Growth Rate
Revenue Growth
59.10% ↗
Net Income Growth
-103.19% ↘
Cash Flow Change
169.59% ↗
ROE
79.74% ↗
ROCE
71.19% ↗
EBITDA Margin (Avg.)
-155.24% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk high
NMDC Steel Ltd operates a 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh, currently in its early ramp-up phase with FY26 revenue of approximately ₹13,642 crore (60% YoY growth). The stock trades at a P/B of 0.98 and a PE of ~220x, reflecting minimal profitability so far despite rapid top-line expansion. The company is a government-backed entity with captive iron ore access through parent NMDC, but carries a 3-year average ROE of -8.86% and low interest coverage.
Bull Case 8
- Revenue grew 60% YoY in FY26 to approximately ₹13,642 crore, indicating accelerating production ramp-up at the 3 MTPA Nagarnar plant
- Stock trades at 0.98x book value, below replacement cost for a greenfield integrated steel plant of this scale
- Company has reduced debt with debt-to-equity ratio declining to 0.35, improving balance sheet strength
- Profit growth of 102% TTM signals the plant is moving toward operational breakeven and potential profitability inflection
- Strategic location near NMDC's Bailadila iron ore mines provides captive raw material access and structural cost advantage
- FY25 was the first full year of commercial operations — capacity utilization still has significant headroom to scale toward 3 MTPA rated capacity
- Government-backed parentage (NMDC holds ~76.8% stake) provides financial support and reduces default risk during ramp-up phase
- Expected to deliver a good upcoming quarter per market expectations, suggesting continued operational momentum
Bear Case 8
- 3-year average ROE stands at -8.86%, indicating the plant has not yet generated meaningful returns on invested capital
- PE ratio of ~220x reflects negligible earnings relative to market cap of ₹12,930 crore — profitability remains unproven at scale
- Low interest coverage ratio suggests operating profits are barely sufficient to service debt obligations
- Zero dividend yield with no history of shareholder payouts, offering no income cushion during the ramp-up period
- 5-year compounded profit CAGR of 467% is misleading as it comes off a deeply negative base, masking continued operating losses in intervening years
- Stock has delivered -2% CAGR over 3 years and only 2% over 1 year, underperforming broader market indices significantly
- Current ratio of 0.53 indicates potential short-term liquidity stress, with current liabilities exceeding current assets
- Steel sector is cyclical and subject to global price volatility — any downturn in steel prices during ramp-up could delay breakeven further
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2d ago Headwinds 1
- EBITDA margin compression Aug 14
EBITDA margin slipped to 10.89% in Q1 from 12.11% YoY, indicating operating profitability pressure despite revenue growth of 8.8%.
Positives 1
- Net profit surges 116% YoY Aug 14
Q1 net profit rose 116% YoY to ₹552 million on revenue of ₹36.6 billion, showing strong bottom-line improvement.
Neutral 1
- New Company Secretary appointed Jul 30
Paraj Kanti Saha appointed as Company Secretary and Compliance Officer effective July 30, 2026, replacing Aniket Kulshreshtha who resigned.
TL;DR: NMDC Steel is delivering strong profit growth with net profit more than doubling YoY, and revenue expanding at a healthy 8.8%. However, margin compression from 12.11% to 10.89% signals cost pressures that could weigh on earnings if not addressed. The leadership change at CS level is routine. The trend is cautiously positive, but investors should watch whether margin recovery materializes in coming quarters.
Quarterly Results
| 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 | 0 | 277 | 926 | 1,846 | 2,023 | 1,522 | 2,120 | 2,838 | 3,365 | 3,390 | 3,008 | 3,879 | 3,662 |
| Expenses | 0 | 350 | 1,335 | 2,801 | 2,424 | 1,963 | 2,776 | 3,129 | 2,958 | 3,183 | 2,910 | 3,073 | 3,262 |
| Operating Profit | 0 | -72 | -409 | -956 | -401 | -441 | -656 | -291 | 408 | 207 | 98 | 806 | 400 |
| OPM % | — | -26% | -44% | -52% | -20% | -29% | -31% | -10% | 12% | 6% | 3.2% | 21% | 11% |
| Other Income | 0 | 13 | 16 | 90 | 21 | 13 | 18 | 19 | 20 | 21 | 19 | 26 | 43 |
| Interest | 0 | 41 | 134 | 155 | 153 | 161 | 165 | 172 | 134 | 128 | 128 | 96 | 126 |
| Depreciation | 0 | 75 | 226 | 252 | 239 | 240 | 253 | 221 | 258 | 283 | 252 | 249 | 242 |
| PBT | 0 | -175 | -753 | -1,273 | -772 | -829 | -1,056 | -664 | 36 | -183 | -264 | 486 | 74 |
| Tax % | — | -25% | -25% | -32% | -29% | -28% | -28% | -29% | 29% | -37% | -8% | 19% | 32% |
| Net Profit | 0 | -131 | -568 | -861 | -547 | -595 | -758 | -473 | 26 | -115 | -244 | 392 | 51 |
| EPS in Rs | 0 | -0.45 | -1.94 | -2.94 | -1.87 | -2.03 | -2.59 | -1.62 | 0.09 | -0.39 | -0.83 | 1.34 | 0.17 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 3,049 | 8,503 | 13,642 | 13,938 |
| Expenses | 0 | 0 | 0 | 0 | 4,485 | 10,291 | 12,124 | 12,428 |
| Operating Profit | 0 | 0 | 0 | 0 | -1,436 | -1,788 | 1,518 | 1,510 |
| OPM % | — | — | — | — | -47% | -21% | 11% | 11% |
| Other Income | 0 | 0 | 0 | 0 | 119 | 72 | 86 | 109 |
| Interest | 0 | 0 | 0 | 0 | 331 | 652 | 487 | 479 |
| Depreciation | 0 | 0 | 0 | 0 | 553 | 953 | 1,042 | 1,026 |
| PBT | 0 | 0 | 0 | 0 | -2,201 | -3,322 | 76 | 114 |
| Tax % | 0% | 0% | — | — | -29% | -29% | 23% | — |
| Net Profit | 0 | 0 | 0 | 0 | -1,560 | -2,374 | 59 | 84 |
| EPS in Rs | — | — | — | 0 | -5.32 | -8.1 | 0.2 | 0.29 |
| Div. Payout % | 0% | 0% | — | — | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.06 | 0.06 | 0 | 2,931 | 2,931 | 2,931 | 2,931 |
| Reserves | 0 | 0 | 17,049 | 14,118 | 12,558 | 10,184 | 10,243 |
| Borrowings | 0 | 0 | 1,691 | 3,842 | 6,662 | 5,909 | 4,613 |
| Other Liabilities | 0 | 0 | 1,765 | 4,678 | 7,218 | 9,446 | 10,451 |
| Total Liabilities | 0 | 0 | 20,504 | 25,568 | 29,368 | 28,470 | 28,237 |
| Fixed Assets | 0 | 0 | 1,132 | 1,118 | 20,273 | 20,131 | 19,452 |
| CWIP | 0 | 0 | 17,038 | 19,545 | 1,215 | 717 | 570 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 2,334 | 4,904 | 7,881 | 7,621 | 8,215 |
| Total Assets | 0 | 0 | 20,504 | 25,568 | 29,368 | 28,470 | 28,237 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 0 | 0 | 743 | 1,516 | -2,825 | 1,966 | 1,796 |
| Investing | 0 | 0 | -1,891 | -2,189 | -228 | -506 | 109 |
| Financing | 0 | 0 | 1,144 | 1,293 | 2,439 | -1,460 | -1,902 |
| Net Cash Flow | 0 | 0 | -4 | 620 | -614 | 0 | 2 |
| Free Cash Flow | 0 | 0 | -1,148 | -639 | -3,409 | 1,538 | 1,525 |
| CFO/OP | 100 | 100 | — | — | 196 | -110 | 118 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | — | — | — | — | 4 | 8 | 5 |
| Inventory Days | — | — | — | — | 420 | 148 | 160 |
| Days Payable | — | — | — | — | 284 | 234 | 248 |
| Cash Conversion Cycle | — | — | — | — | 141 | -77 | -83 |
| Working Capital Days | — | — | — | — | -92 | -213 | -175 |
| ROCE % | — | -200% | 0% | 0% | -9% | -13% | 3% |
Documents
1
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Apr - Compliance certificate under Regulation 74(5) for quarter ended 31 March 2026. 7 Apr - Compliance certificate under Regulation 74(5) for quarter ended 31 March 2026.
2
Disclosure Under Regulation 31(4) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011.
6 Apr - Promoter disclosed 60.79% stake as of 31 March 2026; no share encumbrance. 6 Apr - Promoter disclosed 60.79% stake as of 31 March 2026; no share encumbrance.
3
Extension Of Additional Charge Of The Post Of Director (Commercial), NMDC Steel Ltd. To Shri Vinay Kumar, Director (Technical).
31 Mar - Extension of Director (Commercial) additional charge to Vinay Kumar for one year from 07.04.2026. 31 Mar - Extension of Director (Commercial) additional charge to Vinay Kumar for one year from 07.04.2026.
4
Announcement under Regulation 30 (LODR)-Change in Directorate
31 Mar - Shri Anurag Kapil appointed Director (Finance) of NMDC Steel effective 31-Mar-2026 for five years. 31 Mar - Shri Anurag Kapil appointed Director (Finance) of NMDC Steel effective 31-Mar-2026 for five years.
5
Announcement under Regulation 30 (LODR)-Change in Management
31 Mar - Anurag Kapil appointed Director (Finance)/CFO w.e.f. 31.03.2026; K. Raj Shekhar ceased. 31 Mar - Anurag Kapil appointed Director (Finance)/CFO w.e.f. 31.03.2026; K. Raj Shekhar ceased.
Frequently Asked Questions about NMDC Steel Ltd
What does NMDC Steel Ltd do?
National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India is the single largest producer of iron ore in India. It owns and operates iron ore mines in Chhattisgarh and Karnataka and has its registered office at Hyderabad, ...
Where is NMDC Steel Ltd (NSLNISP) listed?
NMDC Steel Ltd is listed on the Indian stock exchanges. It is listed on NSE: NSLNISP and BSE: 543768. You can view its live share price, financials, and ratios on Tapetide.
Which sector does NMDC Steel Ltd belong to?
NMDC Steel Ltd operates in the Metals & Mining sector within the Iron & Steel industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of NMDC Steel Ltd?
NMDC Steel Ltd has a market capitalisation of approximately ₹12006.69 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of NMDC Steel Ltd?
The Price-to-Earnings (PE) ratio of NMDC Steel Ltd is 139.62. 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 Steel Ltd?
Over the past 52 weeks, NMDC Steel Ltd has traded between a low of ₹33.01 and a high of ₹53.75. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of NMDC Steel Ltd?
NMDC Steel Ltd has a Return on Equity (ROE) of -18.10%. 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 Steel Ltd on Tapetide?
On Tapetide, you can view NMDC Steel 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
National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India is the single largest producer of iron ore in India. It owns and operates iron ore mines in Chhattisgarh and Karnataka and has its registered office at Hyderabad, Telangana.[1]