Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Nmdc Steel Ltd.
NSE: NSLNISPBasic MaterialsSteel
- Last close
- ₹37.56
- Day change
- −₹1.52 (−3.89%)vs
- Market cap
- ₹11,793 crIndian rupees
- Research updated
- 1 report
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About Nmdc Steel
Nmdc Steel Ltd. is a prominent player in the steel manufacturing sector, serving as a crucial component within India's industrial framework. As a public sector enterprise, its primary function involves the production and distribution of a broad range of steel products, including long and flat steel. These materials are fundamental to numerous industries, including construction, automotive, and infrastructure development, thereby playing a pivotal role in national economic growth. Distinguished by its strategic positioning and integration with mining activities, Nmdc Steel Ltd. leverages India’s abundant iron ore resources to maintain competitive production costs and quality. The company contributes significantly to India's self-sufficiency in steel production, reducing dependence on imports. By focusing on sustainability, technological innovation, and efficient resource utilization, Nmdc Steel Ltd. upholds its role in advancing the Indian government's 'Make in India' initiative, fortifying its status as a key player in the domestic and international steel markets. The enterprise not only drives job creation and industrial development but also influences global steel supply chains through its operational excellence and industry leadership.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: NSLNISP
- Employees
- 1,045
- Headquarters
- Hyderabad, India
- ISIN
- INE0NNS01018
- Website
- nsltd.in
Public research · Report of
Business model & financial foundation
NMDC Steel (NSE: NSLNISP), Integrated steel manufacturing: revenue of ₹13,642 crore in FY26 (+60.4% on FY25), an EBITDA margin of 11.1%, net profit of ₹58.7 crore and net debt of ₹4,508 crore.
- Revenue, FY26 (₹ crore)
- 13,642
- standalone
- Revenue growth, FY26
- +60.4%
- on FY25
- EBITDA margin, FY26
- 11.1%
- EBITDA excluding other income (revenue less cogs, employee, other expenses) / revenue
- Net profit, FY26 (₹ crore)
- 58.7
- to owners
- Return on equity, FY26
- 0.4%
- on average equity
- Net debt, FY26 (₹ crore)
- 4,508
- Bank/NCD/lease net debt including liquid bank FDs
- Market capitalisation (₹ crore)
- 12,065
- at the close of 17 Oct 2026
Company profile
NMDC Steel operates the integrated Nagarnar steel plant in Chhattisgarh, producing hot-rolled coils and associated steel and by-products. Commercial HR coil production commenced on 31 August 2023 following demerger of the plant undertaking from NMDC Limited. The company is under administrative control of the Ministry of Steel and has no subsidiaries, associates or joint ventures. Peer selection and full business initiation are outside this governance/capital extraction scope.
| Item | Value |
|---|---|
| Legal name | NMDC Steel Limited |
| Exchange and ticker | NSE: NSLNISP; BSE: 543768 |
| ISIN | INE0NNS01018 |
| CIN | L27310CT2015GOI001618 |
| Sector | Metals and Mining |
| Industry | Integrated steel manufacturing |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Sharad & Associates, Hyderabad |
| Market capitalisation | ₹12,065 crore (17 Oct 2026) |
| Shares outstanding | 293.06 crore shares (FY26) |
| Price | ₹40.24 (close, 17 Oct 2026) |
| 52-week range | ₹33.01 - ₹53.75 (to 17 Oct 2026) |
| Website | https://www.nsltd.in/ |
Corporate structure and shareholding
Parent: Government of India (President of India).
No subsidiary is recorded.
No subsidiaries/JVs/associates at31Mar26 (p210). Government60.79% at31Mar26 (p81); NMDC common control and significant influence through common board, not a corporate parent. Nagarnar business demerged: appointed1Apr21, approved6Oct22, effective13Oct22. Proposed GoI sale50.79% plus offer10% to NMDC after buyer identified is not completed scope change (p214).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.79% | 60.79% | 60.79% | 60.79% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.81% | 4.85% | 5.48% | 4.93% |
| Domestic institutions | 15.67% | 15.85% | 15.78% | 15.78% |
| of which mutual funds | 0.71% | 0.83% | 0.85% | |
| Retail | 9.51% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
NMDC Steel (NSE: NSLNISP) owns one 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh (blast furnace of 4,506 m3, hot strip mill of 2.9 MTPA), in commercial operation since 31 Aug 2023. It sells hot-rolled coil (FY26: 11,608.6 cr of 13,641.8 cr revenue), pig iron (1,631.4 cr) and by-products (401.8 cr). Coking coal is imported. Iron ore comes from NMDC, its former parent, which is owed 4,508 cr for ore on deferred payment terms with no interest charged. The President of India holds 60.79%. A strategic sale of 50.79% with management control is pending through DIPAM, with no date set. The company reports standalone only: it has no subsidiaries.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Iron and Steel Products (single reportable segment) | 13,642 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 0.00 | 0.00 | 3,049 | 8,503 | 13,642 |
| Cost of revenue (vendor classification) * | 0.00 | 0.00 | 3,716 | 8,669 | 11,177 |
| Other operating costs (vendor classification) * | 706.4 | 1,491 | 1,769 | ||
| EBITDA (vendor classification) * | 0.00 | 35.6 | -1,289 | -1,717 | 1,604 |
| PBT plus finance cost (including other income) | 0.00 | 0.00 | -1,870 | -2,670 | 562.4 |
| Finance costs | 0.00 | 0.00 | 330.6 | 651.9 | 486.6 |
| Profit before tax | 0.00 | 0.00 | -2,201 | -3,322 | 75.8 |
| Total income tax expense / (benefit) | 0.00 | 0.00 | -640.7 | -947.9 | 17.1 |
| Standalone profit after tax | 0.00 | 0.00 | -1,560 | -2,374 | 58.7 |
| Diluted EPS (₹) | 0.00 | 0.00 | -5.32 | -8.10 | 0.20 |
| Cost of materials consumed | 3,842 | 7,256 | 8,594 | ||
| Changes in finished goods and work-in-progress | -626.4 | 280.6 | 298.2 | ||
| Employee benefit expense | 57.3 | 94.9 | 136.6 | ||
| Other expenses | 1,213 | 2,659 | 3,095 | ||
| EBITDA excluding other income (revenue less cogs, employee, other expenses) | -1,437 | -1,788 | 1,518 | ||
| Other income | 119.1 | 71.5 | 86.0 | ||
| Depreciation and amortisation | 552.8 | 953.0 | 1,042 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners (standalone) | -1,560 | -2,374 | 58.7 | ||
| Current-year tax | 0.00 | 0.00 | 0.00 | ||
| Earlier-year tax adjustment | 9.36 | 0.00 | 0.00 | ||
| Deferred tax expense / (benefit) | -650.1 | -947.9 | 17.1 | ||
| Coal consumed (within materials) | 4,399 | 4,583 | |||
| Iron ore consumed (within materials) | 2,120 | 2,946 | |||
| Limestone consumed (within materials) | 258.0 | 435.4 | |||
| Quartzite consumed (within materials) | 1.24 | 3.87 | |||
| Dolomite consumed (within materials) | 197.2 | 216.0 | |||
| Ferro alloys consumed (within materials) | 143.7 | 205.7 | |||
| Other materials consumed (within materials) | 137.8 | 204.4 | |||
| Power and electricity (within other expenses) | 411.9 | 809.0 | 787.8 | ||
| Water charges (within other expenses) | 10.8 | 19.9 | 21.5 | ||
| Stores and spares (within other expenses) | 303.1 | 434.0 | |||
| Repairs maintenance manpower and O&M subtotal | 1,052 | 899.4 | |||
| Manpower supply other than O&M (inside maintenance) | 179.5 | 276.3 | |||
| Other operation and maintenance (inside maintenance) | 863.4 | 608.5 | |||
| Railway selling freight (within other expenses) | 190.7 | 578.8 | |||
| Other selling expense | 43.3 | 84.0 | |||
| Net exchange variation loss (within other expenses) | 36.8 | 82.6 | |||
| Demurrages (within other expenses) | 39.1 | 7.08 | |||
| Inventory NRV write-down included in inventory changes | 173.9 | 18.8 | |||
| Liabilities no longer required written back | 2.31 | 0.00 | |||
| Gratuity expense within employee benefits | 0.00 | 18.0 | |||
| Materials consumed plus inventory change | 3,216 | 7,537 | 8,892 | ||
| Non-controlling interest not applicable standalone | n.a. | n.a. | n.a. | ||
| Share of associates not applicable standalone | n.a. | n.a. | n.a. | ||
| Purchases of traded goods not separately reported | n.d. | n.d. | n.d. | ||
| EBITDA as stated by issuer (includes other income) | -1,317 | -1,717 | 1,604 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 17,049 | 17,049 | 15,488 | 13,114 | 13,173 |
| Borrowings excluding leases incl accrued loan interest | 1,691 | 3,842 | 6,652 | 5,898 | 4,602 |
| Cash and cash equivalents | 0.82 | 621.1 | 6.65 | 7.04 | 8.87 |
| Trade receivables | 0.00 | 0.00 | 37.0 | 197.5 | 179.1 |
| Inventories | 39.7 | 859.5 | 3,703 | 3,057 | 3,897 |
| Trade payables including supplier financing | 302.8 | 390.1 | 2,503 | 4,832 | 6,044 |
| Net PPE excluding ROU and intangible assets | 1,132 | 193.8 | 20,230 | 20,083 | 19,406 |
| Capital work in progress | 17,038 | 19,785 | 1,215 | 717.2 | 570.2 |
| Total assets | 20,505 | 25,568 | 29,368 | 28,467 | 28,237 |
| Bank supplier financing inside trade payables | n.r. | 0.00 | 1,357 | ||
| Non-current borrowings | 4,261 | 3,289 | 2,842 | ||
| Current borrowings including current maturity | 2,391 | 2,608 | 1,760 | ||
| Term-loan current maturities already in current debt | 537.2 | 447.6 | 447.6 | ||
| Current leases | 0.11 | 0.06 | 0.06 | ||
| Non-current leases | 10.0 | 11.2 | 11.2 | ||
| Other bank balances including collateral deposits | 714.7 | 900.6 | 791.1 | ||
| Bank FDs over 3 and under 12 months (liquidity) | 175.4 | 363.8 | 96.3 | ||
| Deposits securing BG and LC (excluded from netting) | 539.3 | 536.8 | 694.9 | ||
| Issuer-defined net debt without cash netting | 5,898 | 4,602 | |||
| Net deferred tax asset | 1,598 | 1,581 | |||
| Bank/NCD/lease net debt including liquid bank FDs | 6,480 | 5,538 | 4,508 | ||
| Net debt including bank supplier financing | n.r. | 5,538 | 5,865 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations after income taxes | 440.2 | 1,419 | -2,825 | 1,966 | 1,796 |
| Cash capex as positive outflow net of asset sale proceeds | -1,891 | -2,155 | 583.9 | 427.6 | 270.6 |
| Free cash flow (vendor definition) * | -1,148 | -620.6 | -3,317 | 1,538 | 1,525 |
| Net current borrowing proceeds / (repayments) | 2,367 | 217.6 | -848.0 | ||
| Net non-current borrowing proceeds / (repayments) | 442.7 | -971.7 | -447.8 | ||
| Operating cash before working capital | -1,781 | 1,536 | |||
| Cash-flow change in trade payables | 2,329 | 1,212 | |||
| CFO less positive cash capex net of sale proceeds | -3,409 | 1,538 | 1,525 | ||
| Net bank/NCD borrowing repayment (negative = net drawdown) | -2,810 | 754.1 | 1,296 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end equity shares (crore) | 293.06 | 293.06 | 293.06 | 293.06 | 293.06 |
| Paid-up equity capital | 2,931 | 2,931 | 2,931 | ||
| Capital contracts remaining (not contingent claims) | 183.7 | 242.6 | |||
| Borrowings contractually due between 1 and 2 years | 447.6 | 615.5 | |||
| Contingent claims as share of audited equity (%) | 27.5% | 29.0% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,522 | 2,120 | 2,838 | 3,365 | 3,390 | 3,008 | 3,879 | 3,662 |
| Cost of revenue (vendor classification) * | 1,382 | 2,107 | 3,225 | 2,148 | 2,653 | 2,340 | 2,535 | 2,630 |
| Other operating costs (vendor classification) * | 565.3 | 637.4 | -159.8 | 787.7 | 789.9 | 770.3 | 746.6 | 843.0 |
| EBITDA (vendor classification) * | -427.5 | -637.7 | -271.5 | 427.7 | -54.2 | -135.7 | 582.5 | 200.3 |
| Operating EBIT excluding other income | -681.0 | -909.5 | -511.1 | 149.8 | -75.4 | -154.4 | 556.4 | 157.4 |
| Finance cost | 161.0 | 165.3 | 172.5 | 133.7 | 128.4 | 128.1 | 96.4 | 126.4 |
| Profit/(loss) before tax | -828.9 | -1,056 | -664.3 | 36.1 | -182.7 | -263.8 | 486.1 | 74.0 |
| Total tax expense/(credit) | -233.6 | -298.7 | -190.9 | 10.6 | -67.9 | -19.8 | 94.2 | 23.4 |
| Standalone profit/(loss) after tax | -595.4 | -757.8 | -473.4 | 25.6 | -114.8 | -244.0 | 391.9 | 50.5 |
| Diluted EPS as reported, not annualised (₹) | -2.03 | -2.59 | -1.62 | 0.09 | -0.39 | -0.83 | 1.34 | 0.19 |
| Cost of materials consumed | 1,701 | 1,831 | 1,865 | 2,046 | 2,014 | 2,237 | 2,298 | 2,509 |
| Changes in finished goods and work-in-progress | -425.6 | 214.6 | 440.3 | 102.4 | 356.7 | -149.2 | -11.7 | -121.4 |
| Materials plus signed inventory movement | 1,275 | 2,046 | 2,305 | 2,148 | 2,371 | 2,088 | 2,286 | 2,388 |
| Employee benefit expense | 15.6 | 30.9 | 27.1 | 21.9 | 22.0 | 52.0 | 40.7 | 31.2 |
| Other expenses | 672.1 | 699.1 | 796.4 | 787.7 | 789.9 | 770.3 | 746.6 | 843.0 |
| Operating EBITDA excluding other income | -440.6 | -656.0 | -290.5 | 407.7 | 207.3 | 97.5 | 805.8 | 399.6 |
| Other income | 13.1 | 18.3 | 19.2 | 20.0 | 21.1 | 18.7 | 26.1 | 42.9 |
| Depreciation and amortisation expense | 240.4 | 253.5 | 220.5 | 257.8 | 282.6 | 252.0 | 249.4 | 242.1 |
| Exceptional items, signed income/(expense) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Standalone PAT attributable to equity owners | -595.4 | -757.8 | -473.4 | 25.6 | -114.8 | -244.0 | 391.9 | 50.5 |
| Minority interest (standalone: not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Share of associate/JV profit (standalone: not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Standalone, 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 | 178.9% | 60.4% | |||
| EBITDA margin | -47.1% | -21.0% | 11.1% | ||
| Net margin | -51.2% | -27.9% | 0.4% | ||
| Return on equity | -9.6% | -16.6% | 0.4% | ||
| Return on capital employed | 0.0% | 0.0% | -8.7% | -13.0% | 3.1% |
| Return on assets | -5.7% | -8.2% | 0.2% | ||
| Net debt (₹ crore) | 6,480 | 5,538 | 4,508 | ||
| Net debt / EBITDA | -4.51x | -3.10x | 2.97x | ||
| Interest cover | -5.66x | -4.10x | 1.16x | ||
| Asset turnover | 0.00x | 0.00x | 0.11x | 0.29x | 0.48x |
| Receivable days | 4 | 8 | 5 | ||
| Inventory days (on revenue) | 443 | 131 | 104 | ||
| Payable days (on revenue) | 300 | 207 | 162 | ||
| Cash conversion | 1.81x | -0.83x | 30.6x | ||
| Capex intensity | 19.2% | 5.0% | 2.0% | ||
| Free cash flow (₹ crore) | -1,451 | -735.9 | -3,409 | 1,538 | 1,525 |
| EPS, diluted (₹) | 0.00 | 0.00 | -5.32 | -8.10 | 0.20 |
| Book value per share (₹) | 58.17 | 58.17 | 52.85 | 44.75 | 44.95 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income (revenue less cogs, employee, other expenses) / 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): Bank/NCD/lease net debt including liquid bank FDs; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income (revenue less cogs, employee, other expenses).
- 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.
- EPS, diluted (₹): as reported (Diluted EPS).
- 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 17 Oct 2026); market data at the close of 17 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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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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