NMDC Limited (NMDC) Financial Results — Revenue ₹31,000 Cr

Investor Takeaways

Reported record production of 5.3 million tons in Q1 2026, achieving 60 million ton annual target ahead of schedule.

INR3,300 crores capex deployed this year with plans for INR7,000-10,000 crores annually over next 2-3 years.

EBITDA margins stable at 42-43% with no immediate debt plans and secured demand from major steelmakers.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹31,000 Cr	N/A
Net Profit	₹6,990 Cr	N/A
EBITDA	N/A	N/A
EPS	N/A	N/A
OPM	N/A	N/A

What Changed

NMDC Limited achieved its 60 million ton annual production target ahead of schedule, reporting a record 5.3 million tons in Q1 2026. The company deployed INR3,300 crores in capex this year and outlined plans for INR7,000-10,000 crores annually over the next 2-3 years to expand capacity toward 100-110 million tons by decade-end. Key infrastructure projects including the Vizag pellet plant (pre-commissioning), slurry pipeline, and Deposit 5 conveyor upgrades targeting 12 million tons by July 2026 are progressing. KIOCL's 3.3 million ton pellet plant is scheduled for commissioning by mid-July 2026. Stable EBITDA margins of 42-43% were highlighted, supported by secured demand from major steelmakers requiring low-phosphorus ore. Current fundamentals show a market cap of ₹80,366 Cr and P/E ratio of 12.4.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
NMDC Limited	12.4	N/A	N/A	80,366
Adani Enterprises Limited (ADANIENT)	34.61	11.54%	9.63%	3,50,878.2
JSW Steel Limited (JSWSTEEL)	41.9	9.37%	10.23%	3,12,724.65
Tata Steel Limited (TATASTEEL)	29.46	10.06%	10.86%	2,70,692.8