NMDC Q2 FY27: PAT ₹2,692 Cr & Rev ₹2,817 Cr

Investor Takeaways

Record Q1 production of 151.17 LT iron ore, up 26% YoY, driving operational momentum.

Revenue rose 2% YoY to ₹2,817 crores, reflecting sustained demand and pricing stability.

PAT increased 2% YoY to ₹2,692 crores, supported by higher sales volumes and domestic realization.

Average domestic realization improved 4% to ₹2,007 per tonne, enhancing margin resilience.

Strong operational performance underpins near-term earnings stability with no signs of margin erosion.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,817 Cr	2%
Net Profit	₹2,692 Cr	2%
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	Not available	N/A

What Changed

NMDC Limited reported its strongest quarterly performance in Q1 FY27, achieving record iron ore production of 151.17 LT — a 26% year-on-year increase — and revenue of ₹2,817 crores, up 2% YoY. Net profit stood at ₹2,692 crores, also up 2% YoY, indicating that operational gains translated into bottom-line growth without significant cost pressure. The improvement in average domestic realization by 4% to ₹2,007 per tonne suggests better pricing power or product mix, contributing to margin stability. Despite operating in a capital-intensive sector with cyclical demand, the company demonstrated consistent volume growth and pricing resilience in a single quarter. The financials reflect a maturing operational rhythm, with production and revenue growth aligned, reducing execution risk. No signs of margin compression or input cost stress were evident in the reported data.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
NMDC Limited	12.4	Not available	Not available	80,366
Adani Enterprises Limited	34.61	11.54%	9.63%	3,50,878.2
JSW Steel Limited	41.9	9.37%	10.23%	3,12,724.65
Tata Steel Limited	29.46	10.06%	10.86%	2,70,692.8

NMDC trades at a significant discount to peers on P/E ratio, suggesting lower market expectations or higher perceived risk despite strong operational metrics. While its peers show higher ROE and ROCE, they also operate in broader steel and diversified industrial models with different cost structures and growth levers. NMDC’s pure-play iron ore focus offers operational simplicity but may limit diversification benefits. The company’s lower valuation multiple could reflect investor caution on mining sector cyclicity or ESG-related headwinds, though current fundamentals remain robust.

Risks & Concerns

No specific risks identified in this filing.

Market volatility in iron ore prices or domestic steel demand could impact future realizations.

Regulatory or environmental compliance costs in mining operations may increase over time.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	6,567.83	1,881.96	36.12
Q2FY25	4,918.91	1,211.57	28.17
Q1FY25	5,414.19	1,970.77	43.22
Q4FY24	6,489.31	1,412.67	32.39

Note: The provided quarterly trend data appears to reflect full fiscal year figures or consolidated performance, not sequential quarterly data as implied. The most recent reported quarter (Q1 FY27) is not included in the trend table. Therefore, only the last four available quarters from the provided data are listed above. The current filing reports Q1 FY27 results separately and is not part of this historical trend.

Conclusion

NMDC delivered a strong operational quarter with record production and revenue growth, supported by improved domestic realization. While valuation remains attractive relative to peers, the company’s pure-play mining model offers less diversification than integrated steel majors. No red flags in the current results, but long-term sustainability depends on continued demand in infrastructure and steel sectors.

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About NMDC Limited (NMDC)

Metals & Mining · Mining & Mineral products · Listed on NSE

Market Cap: ₹76,049.22 Cr P/E: 10.2 ROE: 25.1% ROCE: 30.8% Div Yield: 4.05%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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