NMDC Ltd.

•

nmdc.co.inBSE: 526371NSE: NMDC

Market Cap₹ 72,489 Cr.

Current Price

High / Low₹ 97 / 72

Stock P/E9.7

Book Value₹ 41

Price to Book1.97

Dividend Yield4.25 %

ROCE28.0 %

ROE23.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Iron Ore: 77.1% • Trading of HR Coil: 12.4% • Other Minerals & Services: 10.6%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 29.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 23.3%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 15.8% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 41.3%

CONS

Total debt has risen sharply - up 55.8% year on year
Contingent liabilities are large at 72.0% of net worth
Operating margins have contracted to 28.9% from 38.6%
Company has delivered a poor profit growth of 3.5% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningMiningMining & Minerals

Part ofNIFTYM150MOMNTM50 NIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	COALINDIA	425.60	8.41	262285.72	6.23	8849.81	1.32	46254.80	45.09	35.43	26.61
2.	NMDC	82.45	9.72	72488.54	4.25	1976.23	0.43	6795.25	0.84	27.98	35.89
3.	KIOCL	355.85	556.25	21626.82	0.00	-15.48	59.04	158.01	73.79	-10.27	-16.83
4.	GMDCLTD	575.20	19.13	18291.36	1.65	163.43	-0.21	906.64	23.76	18.28	21.12
5.	SANDUMA	190.35	12.90	9253.01	0.26	2278.50	1263.64	13747.80	1110.85	23.78	24.91
6.	ASHAPURMIN	542.60	12.74	5183.25	0.37	108.31	-4.91	1616.12	19.22	20.64	11.63
7.	MOIL	245.15	67.35	4988.44	2.17	513.84	—	2677.04	—	12.64	28.40
8.	DECNGOLD	229.80	1331.69	4618.31	0.00	-87.26	-210.25	6.03	1462.18	-20.83	-826.53
9.	ORISSAMINE	3954.55	0.00	2372.73	0.00	-7.61	75.80	28.99	330.83	-44.94	-32.24
10.	20MICRONS	208.50	10.86	735.72	0.60	17.74	5.22	244.72	-0.99	17.83	13.13
11.	ASOCSTONE	25.01	8.98	225.28	1.60	7.97	2887.41	44.18	-25.13	13.63	27.86
12.	OSWALMIN	28.90	1.07	22.40	0.00	—	—	—	—	5.85	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5,395	4,014	5,410	6,489	5,414	4,919	6,568	7,005	6,739	6,378	7,611	11,343	6,795
	3,401	2,824	3,403	4,388	3,074	3,533	4,196	4,953	4,260	4,385	5,467	8,700	4,451
Operating Profit	1,994	1,190	2,007	2,102	2,340	1,386	2,372	2,051	2,478	1,993	2,144	2,644	2,344
OPM %	36.95%	29.66%	37.10%	32.39%	43.22%	28.17%	36.12%	29.28%	36.78%	31.25%	28.17%	23.31%	34.49%
	294	321	84	389	365	361	375	493	300	383	373	432	347
Interest	6	19	32	21	23	29	61	65	27	8	35	51	22
Depreciation	69	89	82	111	74	103	103	141	109	110	107	152	103
Profit before Tax	2,212	1,404	1,977	2,359	2,608	1,614	2,584	2,338	2,643	2,259	2,375	2,873	2,662
Tax %	24.91%	26.99%	25.66%	39.98%	24.71%	25.92%	26.58%	36.55%	25.55%	25.50%	26.43%	29.76%	25.75%
Net Profit	0	0	0	0	1,969	1,205	1,880	1,477	1,968	1,698	1,757	2,027	1,976
	5.64	3.50	1.69	1.61	2.24	1.38	2.14	1.68	2.24	1.93	2.00	2.31	2.25

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	8,828	11,615	12,153	11,699	15,370	25,965	17,667	21,308	23,906	32,071	32,127
	5,233	5,812	5,228	5,697	6,581	13,340	11,614	14,015	15,757	22,811	23,002
Operating Profit	3,595	5,803	6,924	6,002	8,789	12,624	6,053	7,293	8,149	9,260	9,125
OPM %	40.72%	49.96%	56.98%	51.30%	57.18%	48.62%	34.26%	34.23%	34.09%	28.87%	28.40%
	910	668	589	418	352	719	2,005	1,089	1,593	1,488	1,536
Interest	21	37	40	10	17	39	75	78	178	121	116
Depreciation	197	257	279	295	229	288	336	351	420	477	472
Profit before Tax	4,288	6,177	7,194	6,115	8,896	13,016	7,647	7,953	9,144	10,149	10,168
Tax %	39.74%	38.42%	35.54%	41.09%	29.77%	27.47%	27.57%	29.93%	28.48%	26.94%	26.99%
Net Profit	2,584	3,803	4,637	3,602	6,247	9,441	5,538	5,572	6,540	7,415	7,424
EPS	7.10	12.04	14.69	11.76	20.70	32.17	19.11	19.02	7.44	8.47	—
Dividend Payout %	64.05%	35.72%	36.59%	45.33%	36.23%	45.82%	34.53%	38.11%	44.35%	41.30%	—

COMPOUNDED SALES GROWTH

10 Years:: 17%
5 Years:: 16%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 3%
3 Years:: 10%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 10%
3 Years:: 22%
1 Year:: 9%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 27%
3 Years:: 23%
Last Year:: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	316	316	306	306	293	293	293	293	879	879
Minority Interest	15	15	14	8	14	13	14	17	11	14
	22,266	24,101	25,738	27,367	29,591	17,725	22,328	25,363	28,817	33,183
	0	500	364	571	2,149	1,949	2,276	3,509	3,923	6,051
Trade Payables	199	160	203	226	361	665	426	413	321	406
	9,397	9,000	9,483	8,714	8,301	11,602	12,576	12,689	14,599	18,287
Total Liabilities	32,193	34,092	36,108	37,193	40,709	32,247	37,913	42,283	48,551	58,820
	2,095	3,457	3,512	3,810	3,933	3,662	3,199	3,377	5,038	5,856
Capital Work in Progress	11,855	12,545	13,819	15,500	17,107	1,328	1,992	3,231	4,737	6,749
	612	673	859	910	878	901	940	956	978	1,372
	540	572	666	724	922	2,125	2,661	2,767	2,638	2,522
	0	0	0	0	0	0	0	3,509	7,745	9,206
Cash & Bank	5,321	5,461	4,619	2,437	5,862	7,977	7,098	12,364	10,089	11,387
	11,770	11,384	12,632	13,812	12,007	16,253	22,024	16,080	17,326	21,728
Total Assets	32,193	34,092	36,108	37,193	40,709	32,247	37,913	42,283	48,551	58,820

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,662	5,745	6,604	4,406	9,735	11,292	3,906	7,394	1,894	4,996
Cash from Investing	5,171	-1,865	-789	-313	-4,316	-3,214	202	-6,076	306	-3,842
Cash from Financing	-7,249	-1,557	-3,201	-1,753	-2,591	-4,067	-2,067	-1,302	-2,225	-1,092
	31	-46	11	60	359	-339	-28	16	-25	63

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.79	60.79	60.79	60.79	60.79	60.79	60.79	60.79	60.79
	12.76	12.60	12.12	11.72	12.21	13.04	13.48	13.60	13.59
	14.31	14.08	14.46	15.12	14.48	14.38	14.06	13.76	13.80
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	12.12	12.53	12.62	12.35	12.52	11.77	11.67	11.84	11.80

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

General Updates

2026-09-09 - NMDC Limited has informed the Exchange about General Updates

2026-09-08

Change in Auditors

2026-09-08 - NMDC Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-08

General Updates

2026-09-08 - Newspaper publication Notice to Shareholders regarding special window for transfer and dematerialization (Demat) of physical securities.

2026-09-07

General Updates

2026-09-07 - NMDC Limited has informed the Exchange about General Updates

2026-09-07

General Updates

2026-09-07 - NMDC Limited has informed the Exchange about General Updates

2026-09-02

General Updates

2026-09-02 - NMDC Limited has informed the Exchange about General Updates

2026-09-01

General Updates

2026-09-01 - NMDC Limited has informed the Exchange about General Updates

2026-08-27

Cessation

2026-08-27 - NMDC Limited has informed the Exchange regarding Cessation of Mr Ashish Chatterjee as Government Director of the company w.e.f. August 24, 2026.

2026-08-25

Copy of Newspaper Publication

2026-08-25 - NMDC Limited has informed the Exchange about Copy of Newspaper Publication

News

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