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Nmdc Limited
NSE: NMDCBasic MaterialsSteel
- Last close
- ₹66.35
- Day change
- −₹2.53 (−3.67%)vs
- Market cap
- ₹61,842 crIndian rupees
- Research updated
- 1 report
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About Nmdc
Nmdc Limited is a premier mining company in India, primarily engaged in the exploration and production of a variety of minerals. Its principal focus is on iron ore, which plays a critical role in steel manufacturing and serves as a foundation for numerous industries worldwide. As one of India's largest producers of iron ore, Nmdc Limited ensures a steady supply of this essential raw material to support the nation’s infrastructure development and industrial growth. Additional activities include the exploration of other minerals like copper, limestone, and rock phosphate. Established with the aim of enhancing India's mineral resource capabilities, Nmdc Limited has made significant contributions to the mining sector, leveraging cutting-edge technology and sustainable practices. Headquartered in Hyderabad, the company operates several mines across the country, notably in Chhattisgarh and Karnataka, regions rich in high-grade ore deposits. Its strong logistic network ensures efficient distribution to both domestic and international markets. In the financial market, Nmdc Limited is recognized for its robust production capacity and strategic investments in mining projects, both within and outside India, making it a key player in the global mining landscape.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: NMDC
- Employees
- 5,730
- Headquarters
- Hyderabad, India
- ISIN
- INE584A01023
- Website
- nmdc.co.in
Public research · Report of
Business model & financial foundation
NMDC (NSE: NMDC), Iron ore mining: revenue of ₹32,071 crore in FY26 (+34.2% on FY25), an EBITDA margin of 28.9%, net profit of ₹7,450 crore and net cash of ₹5,521 crore.
- Revenue, FY26 (₹ crore)
- 32,071
- consolidated
- Revenue growth, FY26
- +34.2%
- on FY25
- EBITDA margin, FY26
- 28.9%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 7,450
- to owners
- Return on equity, FY26
- 23.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -5,521
- Net debt including current liquid investments
- Market capitalisation (₹ crore)
- 70,510
- at the close of 13 Oct 2026
Company profile
NMDC is India's largest iron ore miner (~17% of national output in FY26), majority owned by the Government of India. It mines lump and fines from the Bailadila complex in Chhattisgarh (Kirandul, Bacheli) and Donimalai/Kumaraswamy in Karnataka, selling at monthly list prices it sets to domestic steelmakers. It is expanding toward 100 MTPA by FY30 through new deposits, the Kirandul-Kottavalasa rail doubling and a 15 MTPA slurry pipeline to a pellet plant at Nagarnar.
| Item | Value |
|---|---|
| Legal name | NMDC Limited (formerly National Mineral Development Corporation Limited) |
| Exchange and ticker | NSE: NMDC; BSE: 526371 |
| ISIN | INE584A01023 |
| CIN | L13100TG1958GOI001674 |
| Sector | Metals & Mining |
| Industry | Iron ore mining |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Varma & Varma, Chartered Accountants |
| Market capitalisation | ₹70,510 crore (13 Oct 2026) |
| Shares outstanding | 879.18 crore shares (FY26) |
| Price | ₹70.34 (close, 13 Oct 2026) |
| 52-week range | ₹70.10 - ₹97.49 (to 13 Oct 2026) |
| Website | https://www.nmdc.co.in |
Corporate structure and shareholding
Parent: President of India (Government of India, Ministry of Steel) 60.79%.
| Entity | Holding | Business |
|---|---|---|
| Legacy Iron Ore Ltd (Australia) | 92.84% | Iron ore / gold exploration, Australia |
| J&K Mineral Development Corporation Ltd | 95.86% | Minerals, Jammu & Kashmir |
| Karnataka Vijayanagar Steel Ltd | 100% | Proposed 3 MTPA integrated steel plant, Karnataka (land allotted) |
| NMDC-SARL, Madagascar | 100% | Exploration |
| NMDC CSR Foundation | 100% | CSR vehicle |
| NMDC-CMDC Ltd (JV) | 51% | Bailadila Deposit 4 / 13 mining JV with Chhattisgarh Mineral Development Corp |
| Bastar Railway Pvt Ltd (JV) | 52% | Rail line Dalli Rajhara-Rowghat-Jagdalpur |
| Jharkhand National Mineral Development Corporation Ltd (JV) | 60% | Mining JV, Jharkhand |
| Kopano-NMDC Minerals (Pty) Ltd (JV) | 50% | South Africa minerals |
| International Coal Ventures Pvt Ltd (associate) | 25.94% | Overseas coking coal assets |
| Chhattisgarh Mega Steel Ltd (associate) | 26% | Steel project |
| Krishnapatnam Railway Company Ltd (associate) | 6.4% | Rail infrastructure |
| Romelt-SAIL (India) Ltd (associate) | 25% | Dormant technology venture |
NMDC Steel Ltd (3 MTPA Nagarnar plant) was demerged in Oct 2022 and is a separately listed government company, a related party through common control and dues.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.79% | 60.79% | 60.79% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 13.47% | 13.60% | 13.59% | |
| Domestic institutions | 14.07% | 13.76% | 13.81% | |
| of which mutual funds | 7.07% | 6.71% | 6.91% | |
| Retail | 8.44% | 8.59% | 8.51% | |
| Other | 3.23% | 3.26% | 3.30% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NMDC mines iron ore (lump and fines) at Bailadila in Chhattisgarh (Kirandul, Bacheli) and at Donimalai/Kumaraswamy in Karnataka, and sells it to Indian steelmakers at list prices it announces itself, roughly monthly. The Government of India owns 60.79%. It controls its reserves, its price-setting and much of its logistics (slurry pipeline, part of the rail); it does not control the seaborne benchmark that caps domestic prices, the statutory levies (royalty 15% of the IBM average sale price, a 150% premium, DMF and NMET), or rail capacity on the Kirandul-Kottavalasa line. FY26 consolidated revenue was 32,071 cr, of which ~24,700 cr was iron ore and ~7,350 cr other sales including 3,961 cr of near-zero-margin HR coil trading for NMDC Steel. FY26 production 53.16 mt, sales 50.24 mt.
| Peer | Why the dossier compares them |
|---|---|
| Coal India (COALINDIA) | State-owned bulk mining monopoly-like PSU with administered/announced pricing and high payout |
| MOIL (MOIL) | State-owned ferrous-input miner (manganese ore) selling to Indian steelmakers |
| Sandur Manganese & Iron Ores (SANDUMA) | Listed Karnataka iron ore and manganese miner exposed to the same royalty and tax regime |
| Lloyds Metals & Energy (LLOYDSME) | Listed merchant iron ore miner (Surjagarh) expanding with slurry pipeline and pellets |
| Vedanta (VEDL) | |
| Rio Tinto | |
| Vale |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 25,965 | 17,661 | 21,308 | 23,906 | 32,071 |
| Cost of revenue (vendor classification) * | 9,331 | 7,856 | 9,794 | 10,990 | 17,432 |
| Other operating costs (vendor classification) * | 3,169 | 2,652 | 2,573 | 2,972 | 3,424 |
| EBITDA (vendor classification) * | 13,329 | 6,819 | 8,671 | 9,742 | 10,751 |
| EBIT * | 13,055 | 7,722 | 8,031 | 9,322 | 10,271 |
| Finance costs | 39.1 | 75.2 | 78.2 | 177.7 | 121.2 |
| Profit before tax, continuing operations | 13,016 | 7,647 | 7,953 | 9,144 | 10,149 |
| Total tax expense, continuing operations | 3,575 | 2,108 | 2,380 | 2,604 | 2,734 |
| Profit for period, before associates and NCI | 9,428 | 5,603 | 5,571 | 6,539 | 7,415 |
| Diluted EPS, post December 2024 bonus (₹) | 32.17 | 19.11 | 6.34 | 7.44 | 8.47 |
| Other income | 1,371 | 1,593 | 1,488 | ||
| Materials, traded purchases and inventory changes | -72.4 | 308.8 | 4,550 | ||
| Employee benefits expense | 1,626 | 1,795 | 1,940 | ||
| Royalty and all statutory levies | 9,214 | 9,709 | 11,082 | ||
| Other operating expenses, excluding D&A and finance | 3,248 | 3,944 | 5,239 | ||
| EBITDA excluding other income | 7,293 | 8,149 | 9,260 | ||
| Depreciation, amortisation and impairment expense | 350.7 | 420.4 | 477.2 | ||
| Exceptional income/(expenditure), signed | -282.2 | 0.00 | 0.00 | ||
| Share of profit/(loss) of associates and JVs | -0.38 | -7.79 | 35.5 | ||
| Non-controlling interest profit/(loss), signed | -4.19 | -11.0 | -0.23 | ||
| Profit attributable to owners of parent | 5,575 | 6,542 | 7,450 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of parent | 18,032 | 22,635 | 25,673 | 29,696 | 34,062 |
| Borrowings, excluding lease liabilities | 3,036 | 2,128 | 3,359 | 3,770 | 5,874 |
| Cash equivalents plus other bank balances | 120.6 | 93.0 | 109.4 | 10,089 | 11,387 |
| Trade receivables | 4,190 | 4,361 | 3,509 | 7,745 | 9,206 |
| Inventories | 2,125 | 2,661 | 2,767 | 2,638 | 2,522 |
| Trade payables * | 664.8 | 425.9 | 412.6 | 321.5 | 406.2 |
| Net property, plant and equipment * | 3,033 | 1,123 | 1,232 | 2,365 | 2,702 |
| Capital work in progress * | 1,681 | 3,118 | 4,458 | 6,007 | 7,958 |
| Total assets * | 26,148 | 29,953 | 35,661 | 41,007 | 48,320 |
| Current investments | 3.60 | 7.44 | |||
| Net debt including current liquid investments | -6,322 | -5,521 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 10,034 | 3,414 | 7,394 | 1,894 | 4,996 |
| Free cash flow (vendor definition) * | 5,743 | 590.4 | 5,548 | -1,336 | 1,826 |
| Cash dividends paid, signed outflow | -4,320 | -1,099 | -2,521 | -2,460 | -3,077 |
| Net tangible, ROU, intangible and CWIP acquisition cash flow | -1,198 | -1,247 | -1,847 | -3,230 | -3,171 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 293.09 | 293.06 | 879.18 | 879.30 | 879.18 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,919 | 6,568 | 7,005 | 6,739 | 6,378 | 7,611 | 11,343 | 6,795 |
| Cost of revenue (vendor classification) * | 2,427 | 2,997 | 3,391 | 3,146 | 3,734 | 6,953 | 2,865 | |
| Other operating costs (vendor classification) * | 687.7 | 758.7 | 1,016 | 702.6 | 1,288 | 1,067 | 973.7 | |
| EBITDA (vendor classification) * | 1,746 | 2,747 | 2,544 | 2,779 | 2,517 | 3,076 | 2,816 | |
| EBIT * | 1,643 | 2,644 | 2,403 | 2,670 | 2,410 | 2,924 | 2,713 | |
| Finance costs | 29.1 | 60.6 | 64.9 | 27.2 | 7.68 | 35.0 | 51.4 | 21.6 |
| Profit before tax, continuing operations | 1,614 | 2,584 | 2,338 | 2,643 | 2,259 | 2,375 | 2,873 | 2,691 |
| Total tax expense, continuing operations | 418.4 | 686.9 | 854.5 | 675.3 | 576.0 | 627.7 | 855.1 | 685.3 |
| Profit for period, before associates and NCI | 1,196 | 1,897 | 1,483 | 1,967 | 1,683 | 1,747 | 2,018 | 2,006 |
| Diluted EPS, post December 2024 bonus (₹) | 1.38 | 2.14 | 1.68 | 2.24 | 1.93 | 2.00 | 2.31 | 2.25 |
| Other income | 360.8 | 375.1 | 492.6 | 300.1 | 383.3 | 372.6 | 432.4 | 347.3 |
| Materials, traded purchases and inventory changes | 493.5 | -223.5 | 76.1 | 64.7 | 539.1 | 529.4 | 3,417 | -793.7 |
| Employee benefits expense | 418.8 | 439.9 | 547.3 | 411.7 | 402.8 | 445.2 | 680.4 | 488.1 |
| Royalty and all statutory levies | 1,750 | 3,032 | 2,904 | 2,680 | 2,177 | 2,990 | 3,235 | 3,495 |
| Other operating expenses, excluding D&A and finance | 870.5 | 947.5 | 1,426 | 1,104 | 1,266 | 1,502 | 1,367 | 1,137 |
| EBITDA excluding other income | 1,386 | 2,372 | 2,051 | 2,478 | 1,993 | 2,144 | 2,644 | 2,468 |
| Depreciation, amortisation and impairment expense | 103.1 | 102.7 | 140.9 | 108.6 | 110.0 | 107.0 | 151.6 | 103.0 |
| Exceptional income/(expenditure), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of associates and JVs | 9.67 | -16.7 | -6.47 | 0.23 | 15.4 | 10.3 | 9.60 | -29.5 |
| Non-controlling interest profit/(loss), signed | -6.27 | -1.96 | -0.97 | -0.05 | -0.82 | 0.70 | -0.06 | -0.10 |
| Profit attributable to owners of parent | 1,212 | 1,882 | 1,478 | 1,968 | 1,699 | 1,757 | 2,027 | 1,976 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 68.9% | -32.0% | 20.6% | 12.2% | 34.2% |
| EBITDA margin | 34.2% | 34.1% | 28.9% | ||
| Net margin | 26.2% | 27.4% | 23.2% | ||
| Return on equity | 23.1% | 23.6% | 23.4% | ||
| Return on capital employed | 49.0% | 33.7% | 29.9% | 29.8% | 28.0% |
| Return on assets | 17.0% | 17.1% | 16.7% | ||
| Net debt (₹ crore) | -6,322 | -5,521 | |||
| Net debt / EBITDA | -0.78x | -0.60x | |||
| Interest cover | 334.2x | 102.6x | 102.6x | 52.5x | 84.7x |
| Asset turnover | 0.82x | 0.63x | 0.65x | 0.62x | 0.72x |
| Receivable days | 59 | 90 | 60 | 118 | 105 |
| Inventory days (on revenue) | 30 | 55 | 47 | 40 | 29 |
| Payable days (on revenue) | 9 | 9 | 7 | 5 | 5 |
| Cash conversion | 1.33x | 0.29x | 0.67x | ||
| Capex intensity | 4.6% | 7.1% | 8.7% | 13.5% | 9.9% |
| Free cash flow (₹ crore) | 8,835 | 2,166 | 5,547 | -1,336 | 1,826 |
| Dividend payout | 45.2% | 37.6% | 41.3% | ||
| EPS, diluted (₹) | 32.17 | 19.11 | 6.34 | 7.44 | 8.47 |
| Book value per share (₹) | 61.52 | 77.24 | 29.20 | 33.77 | 38.74 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including current liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, post December 2024 bonus).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Nmdc includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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