NMDC Steel Ltd
NSLNISP NSE
NMDC Steel Ltd
Metals & MiningNSE: NSLNISP BSE: 543768 Iron & Steel
Key Fundamentals
MicrocapIron & SteelMetals & MiningMarket Cap
₹13,021 Cr
Volatility
Moderate
P/E Ratio
208.76
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
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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 0.98 times its book value
- Company is expected to give good quarter
Weaknesses
2- Company has low interest coverage ratio.
- Company has a low return on equity of -8.86% over last 3 years.
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 2d agoAI opinion · based on fundamentals
Risk high
NMDC Steel Ltd trades at a market cap of ₹13,173 Cr with a P/E of 223.9x and P/B of 1.0x. The company has shown a sharp TTM sales growth of 60% and profit growth of 102%, but carries a negative 3-year average ROE of -8.86% indicating it is still in an early-stage ramp-up phase after commissioning its integrated steel plant.
Bull Case 8
- TTM revenue growth of 60% signals rapid production ramp-up at the Nagarnar steel plant
- TTM profit growth of 102% demonstrates improving operational leverage as capacity utilization increases
- Stock trades at 1.0x book value, offering no premium over tangible asset base of a greenfield steel plant
- Company has reduced debt levels, easing balance sheet pressure during the scale-up phase
- 1-year stock CAGR of 23% reflects improving market confidence in execution trajectory
- 5-year compounded profit CAGR of 467% shows the transition from pre-revenue stage to meaningful earnings generation
- Being a subsidiary of NMDC Ltd (India's largest iron ore miner) provides captive raw material access, a structural cost advantage over peers
- Company is expected to deliver a good upcoming quarter based on operational momentum
Bear Case 8
- P/E ratio of 223.9x is extremely elevated relative to integrated steel peers trading at 8-15x, pricing in years of future growth
- 3-year average ROE of -8.86% indicates the company has destroyed shareholder value over this period
- Low interest coverage ratio signals that current operating profits barely cover debt servicing costs
- Zero dividend yield offers no income cushion for investors during prolonged ramp-up uncertainty
- 3-year stock CAGR of -2% shows the stock has delivered negative returns over a medium-term horizon
- Last year ROE of just 0% means the company is only at breakeven profitability on an equity return basis
- 5-year average ROE of -5% demonstrates sustained inability to generate adequate returns on invested capital
- As a single-plant, single-product company with ₹13,173 Cr market cap, any operational disruption poses outsized concentration risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Neutral 2
- 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.
- New Director (Commercial) appointed Jul 15
Vivek Nishant Nath appointed Director (Commercial) for a 5-year term, with Ministry of Steel order issued on July 14, 2026.
TL;DR: Recent news flow for NMDC Steel is limited to routine management appointments with no operational or financial developments. No headwinds or positive catalysts are visible in the current news cycle. The leadership changes signal administrative continuity rather than strategic shifts. Investors should watch for upcoming quarterly results and operational updates for directional cues.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 277 | 926 | 1,846 | 2,023 | 1,522 | 2,120 | 2,838 | 3,365 | 3,390 | 3,008 | 3,879 |
| Expenses | 0 | 0 | 350 | 1,335 | 2,801 | 2,424 | 1,963 | 2,776 | 3,129 | 2,958 | 3,183 | 2,910 | 3,073 |
| Operating Profit | 0 | 0 | -72 | -409 | -956 | -401 | -441 | -656 | -291 | 408 | 207 | 98 | 806 |
| OPM % | — | — | -26% | -44% | -52% | -20% | -29% | -31% | -10% | 12% | 6% | 3.2% | 21% |
| Other Income | 0 | 0 | 13 | 16 | 90 | 21 | 13 | 18 | 19 | 20 | 21 | 19 | 26 |
| Interest | 0 | 0 | 41 | 134 | 155 | 153 | 161 | 165 | 172 | 134 | 128 | 128 | 96 |
| Depreciation | 0 | 0 | 75 | 226 | 252 | 239 | 240 | 253 | 221 | 258 | 283 | 252 | 249 |
| PBT | 0 | 0 | -175 | -753 | -1,273 | -772 | -829 | -1,056 | -664 | 36 | -183 | -264 | 486 |
| Tax % | — | — | -25% | -25% | -32% | -29% | -28% | -28% | -29% | 29% | -37% | -8% | 19% |
| Net Profit | 0 | 0 | -131 | -568 | -861 | -547 | -595 | -758 | -473 | 26 | -115 | -244 | 392 |
| EPS in Rs | 0 | 0 | -0.45 | -1.94 | -2.94 | -1.87 | -2.03 | -2.59 | -1.62 | 0.09 | -0.39 | -0.83 | 1.34 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 3,049 | 8,503 | 13,642 |
| Expenses | 0 | 0 | 0 | 0 | 4,485 | 10,291 | 12,124 |
| Operating Profit | 0 | 0 | 0 | 0 | -1,436 | -1,788 | 1,518 |
| OPM % | — | — | — | — | -47% | -21% | 11% |
| Other Income | 0 | 0 | 0 | 0 | 119 | 72 | 86 |
| Interest | 0 | 0 | 0 | 0 | 331 | 652 | 487 |
| Depreciation | 0 | 0 | 0 | 0 | 553 | 953 | 1,042 |
| PBT | 0 | 0 | 0 | 0 | -2,201 | -3,322 | 76 |
| Tax % | 0% | 0% | — | — | -29% | -29% | 23% |
| Net Profit | 0 | 0 | 0 | 0 | -1,560 | -2,374 | 59 |
| EPS in Rs | — | — | — | 0 | -5.32 | -8.1 | 0.2 |
| 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
Board Meeting Intimation for Unaudited Financial Results Of The Company For Quarter Ended 30Th June 2026.
8 Aug - Board meeting on 14 August 2026 to approve Q1 FY2027 unaudited results; trading window closed until 16 August. 8 Aug - Board meeting on 14 August 2026 to approve Q1 FY2027 unaudited results; trading window closed until 16 August.
2
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.
3
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.
4
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.
5
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.
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 ₹13020.68 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 208.76. 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]