NMDC Limited (NMDC)

Metals & Mining · Minerals & Mining · NSE · Updated 15 July 2026

₹84.89 ↑ 24.87% (1Y)

🎯 Key Takeaways

NMDC Limited is transitioning from a mature mining entity into a growth-oriented expansion phase, leveraging early achievement of its 60 million ton production target to accelerate capacity expansion toward 100-110 million tons by decade-end. Management is actively investing in infrastructure and value-added projects to enhance margins and secure long-term demand, signaling a strategic shift toward operational scaling and product differentiation.
Revenue grew 33.5% QoQ to ₹6,568 in Q3FY25.
⚠️ 1) Execution risk in scaling up new infrastructure projects like the Vizag blending yard and pellet plant, which are critical to margin expansion but

Market Cap

₹80,366

P/E Ratio

12.4

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

NMDC Limited is transitioning from a mature mining entity into a growth-oriented expansion phase, leveraging early achievement of its 60 million ton production target to accelerate capacity expansion toward 100-110 million tons by decade-end. Management is actively investing in infrastructure and value-added projects to enhance margins and secure long-term demand, signaling a strategic shift toward operational scaling and product differentiation.

📰 What's Happening

In Q1 2026, NMDC achieved record production of 5.3 million tons and reached its 60 million ton annual target ahead of schedule, as confirmed in the June 3, 2026 filing. The company emphasized progress on key growth initiatives including the INR3,000 crore blending yard at Vizag, Deposit 5 conveyor upgrades targeting 12 million tons by July 2026, and commissioning of KIOCL's 3.3 million ton pellet plant by mid-July 2026. Capex reached INR3,300 crores this year with plans for INR7,000-10,000 crores annually over the next 2-3 years to expand capacity. Management highlighted stable EBITDA margins of 42-43%, no immediate debt plans, and secured demand from major steelmakers requiring low-phosphorus ore, underscoring strong market positioning.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	5,851	5,395	4,014	5,410	6,489	5,414	4,919	6,568
Operating Profit	3,391	2,288	1,511	2,091	2,491	2,705	1,746	2,747
OPM %	37.0%	37.0%	29.7%	37.1%	32.4%	43.2%	28.2%	36.1%
Net Profit	2,272	1,652	1,026	1,484	1,413	1,971	1,212	1,882
EPS	₹7.75	₹5.64	₹3.50	₹5.06	₹4.82	₹6.72	₹4.13	₹2.14

Revenue and operating profit show clear upward momentum, with Q1 2026 revenue of ₹6,568 crores and operating profit of ₹2,747 crores (OPM 36.1%) marking significant improvement from Q2 2026 revenue of ₹4,919 crores and OP ₹1,746 crores (OPM 28.2%). This growth is consistent with management's disclosed expansion in production capacity and infrastructure investments, including the Vizag blending yard and pellet plant, which are directly contributing to higher utilization and margins. The sequential rise in OPM from 28.2% in Q2 to 36.1% in Q1 reflects operational efficiencies from scaling up announced projects.

🔮 Management Outlook & What's Next

Management expressed a positive outlook, emphasizing that the 60 million ton target was achieved ahead of schedule and outlining a clear roadmap for capacity expansion to 100-110 million tons by decade-end. In the June 3, 2026 filing, they highlighted ongoing infrastructure development including the Vizag pellet plant and slurry pipeline in pre-commissioning, as well as coal mine ramp-ups at Tokisud and Rohne to support coking coal strategy. They also noted secured demand from major steelmakers for low-phosphorus ore, reinforcing confidence in future revenue visibility and pricing power.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Minerals & Mining

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Lloyds Metals And Energy Limited	94,532	57.8	—	—	—
NMDC Limited	80,366	12.4	—	—	—
Gujarat Mineral Development Corporation Limited	20,753	31.1	—	—	—
Gravita India Limited	12,460	40.4	—	—	—
MOIL Limited	6,246	98.4	—	—	—
Ashapura Minechem Limited	6,103	21.4	—	—	—
The Orissa Minerals Development Company Limited	2,451	—	—	—	—
20 Microns Limited	614	9.5	17.8%	15.0%	0.35
Nile Limited	502	—	—	—	—
Goa Carbon Limited	367	—	—	—	—

🔗 Peer Stock Analyses

LLOYDSME GMDCLTD GRAVITA MOIL ASHAPURMIN

⚠️ Risk Factors

1) Execution risk in scaling up new infrastructure projects like the Vizag blending yard and pellet plant, which are critical to margin expansion but still in pre-commissioning or mid-implementation phases. 2) Commodity price volatility and demand sensitivity in the steel sector, despite management's claim of secured demand, which could pressure realizations if steel production slows. 3) Regulatory and environmental risks associated with mining operations and expansion into new areas like coking coal, which may delay project timelines.

📋 Recent Filings

🧠 Analyst's Read

NMDC is transitioning into a growth phase with clear capital deployment plans and early success in meeting production targets, supported by stable margins and strong demand visibility. Investors should monitor progress on capital projects, pellet plant commissioning, and coking coal ramp-ups to assess execution momentum and long-term margin sustainability.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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