NMDC Steel Ltd
NSLNISP NSE
NMDC Steel Ltd
CommoditiesNSE: NSLNISP BSE: 543768 Ferrous Metals
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]
AI Verdict: HOLD Confidence: 4%
NMDC Steel is in early-stage ramp-up with TTM sales growth of 60% and profit growth of 102%, but a PE of 235.3x and negative 3-year ROE of -9% signal that sustained profitability is unproven. At 1.05x book value the stock is not expensive on an asset basis, but high execution risk warrants caution.
Key Fundamentals
MicrocapIron & SteelMetals & MiningMarket Cap
₹12,962 Cr
Volatility
Moderate
P/E Ratio
208
EBITDA
₹1,518 Cr
Return on Equity
0%
Debt to Equity
0.44
Book Value
₹44.95
EPS
₹0
52W High
₹53.75
52W Low
₹33.01
Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Stock is trading at 0.99 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 3d agoHOLD
Risk high
NMDC Steel is in early-stage ramp-up with TTM sales growth of 60% and profit growth of 102%, but a PE of 235.3x and negative 3-year ROE of -9% signal that sustained profitability is unproven. At 1.05x book value the stock is not expensive on an asset basis, but high execution risk warrants caution.
Bull Case 8
- TTM revenue growth of 60% indicates successful production ramp-up at the Nagarnar steel plant
- TTM profit growth of 102% shows operating leverage is kicking in as volumes scale
- Stock trades at just 1.05x price-to-book, offering asset-backed downside protection for a greenfield steel plant
- Stock CAGR of 25% over the past 1 year reflects improving market confidence in execution
- Company has reduced debt levels, lowering financial risk during the ramp-up phase
- Market cap of Rs 13,695 crore is modest for a 3 MTPA integrated steel plant, implying upside if utilization improves
- Company is expected to deliver a good upcoming quarter per management guidance and channel checks
- 5-year compounded profit CAGR of 467% shows trajectory from losses toward breakeven and profitability
Bear Case 8
- PE ratio of 235.3x is extremely elevated, pricing in years of flawless execution with no margin of safety
- 3-year average ROE of -9% indicates the plant has destroyed shareholder value through its commissioning phase
- Zero dividend yield offers no income cushion while investors wait for profitability to normalize
- Low interest coverage ratio signals that debt servicing remains a strain on current cash flows
- No analyst coverage whatsoever — zero buy, hold, or sell ratings — implies institutional uncertainty about the business
- Last year ROE of 0% means the company is only barely breaking even on equity deployed
- 3-year stock CAGR of just 2% versus 25% in the last year suggests most gains are sentiment-driven and fragile
- As a single-plant company with no diversification, any operational disruption directly impacts 100% of revenue
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Neutral 1
- Board meet for Q4 results May 25
NMDC Steel will hold a board meeting on May 29, 2026 to consider audited financial results for Q4 and full year ended March 31, 2026.
TL;DR: Limited recent news flow for NMDC Steel with only a routine board meeting announcement for Q4/FY26 results scheduled on May 29. No material headwinds or positive catalysts in the current news cycle. The upcoming results disclosure could set the near-term direction depending on operational ramp-up progress at the Nagarnar steel plant.
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% | 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
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 Commodities sector within the Ferrous Metals 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 ₹12962.07 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 208.00. 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 0.00%. 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]