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NMDC Limited
(NMDC)
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Rating:75Outperform
Price Target:
₹95.00
▲(13.26% Upside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by solid financial fundamentals (strong profitability and low leverage) and an attractive valuation (low P/E and high dividend yield). These strengths are tempered by inconsistent cash-flow conversion and neutral technical momentum with the stock trading near key moving averages.
Positive Factors
Revenue Recovery
The FY2026 revenue rebound demonstrates renewed demand and pricing support after the prior-year slowdown. A stronger top line improves operating leverage, supports mine and infrastructure investment, and reinforces NMDC’s ability to benefit when India’s steel cycle improves over the coming quarters.
Negative Factors
Volatile Cash Conversion
Cash generation has not consistently matched reported earnings, creating uncertainty around how much profit converts into deployable cash. Negative free cash flow in FY2025 and only partial conversion in FY2026 could constrain investment flexibility when working-capital or operating cash needs rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
The FY2026 revenue rebound demonstrates renewed demand and pricing support after the prior-year slowdown. A stronger top line improves operating leverage, supports mine and infrastructure investment, and reinforces NMDC’s ability to benefit when India’s steel cycle improves over the coming quarters.
Read all positive factors
NMDC Limited (NMDC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹744.23B
Dividend Yield5.12%
Average Volume (3M)1.11M
Price to Earnings (P/E)10.0
Beta (1Y)1.12
Revenue Growth27.34%
EPS Growth14.13%
CountryIN
Employees5,419
SectorGeneral
Sector StrengthN/A
IndustrySteel
Share Statistics
EPS (TTM)6.48
Shares Outstanding8,791,817,000
10 Day Avg. Volume873,424
30 Day Avg. Volume1,107,493
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)1.97
Price to Sales (P/S)2.09
P/FCF Ratio25.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹86.50Price Target Upside3.12% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)9.51
Revenue Forecast (FY)₹312.02B
NMDC Limited Business Overview & Revenue Model
Company Description
NMDC Limited, together with its subsidiaries, explores for and produces iron ore in India and internationally. It operates through Iron Ore, and All Other Segments (Pellets, Other Minerals & Services). The company also explores for lithium, copper...
How the Company Makes Money
NMDC primarily makes money by mining and selling iron ore. Its core revenue stream is the sale of iron ore products—mainly lumps and fines—sold to domestic steel manufacturers and other industrial customers. Revenue is generated on a per-tonne bas...
NMDC Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
62
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 320.71B | 239.06B | 213.08B | 176.67B | 259.65B |
| Gross Profit | 122.21B | 127.49B | 110.99B | 94.57B | 163.19B |
| EBITDA | 107.83B | 81.19B | 72.87B | 60.52B | 126.25B |
| Net Income | 74.50B | 65.42B | 55.75B | 56.01B | 94.29B |
Balance Sheet | |||||
| Total Assets | 483.20B | 410.07B | 356.61B | 299.53B | 261.48B |
| Cash, Cash Equivalents and Short-Term Investments | 113.95B | 98.07B | 122.18B | 70.34B | 68.23B |
| Total Debt | 64.07B | 42.76B | 33.59B | 21.28B | 18.00B |
| Total Liabilities | 142.44B | 113.00B | 99.88B | 73.18B | 81.17B |
| Stockholders Equity | 340.62B | 296.96B | 256.56B | 226.21B | 180.18B |
Cash Flow | |||||
| Free Cash Flow | 25.83B | -13.36B | 55.48B | 5.90B | 57.43B |
| Operating Cash Flow | 57.53B | 18.94B | 73.95B | 18.38B | 69.42B |
| Investing Cash Flow | -47.20B | 3.06B | -60.76B | 2.02B | -32.14B |
| Financing Cash Flow | -9.71B | -22.25B | -13.02B | -20.67B | -40.67B |
NMDC Limited Technical Analysis
Negative
83.88
Price Trends
84.81
Negative
87.14
Negative
82.64
Positive
Market Momentum
0.09
Positive
46.90
Neutral
15.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NMDC, the sentiment is Negative. The current price of 83.88 is below the 20-day moving average (MA) of 85.27, below the 50-day MA of 84.81, and above the 200-day MA of 82.64, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 46.90 is Neutral, neither overbought nor oversold. The STOCH value of 15.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NMDC.
NMDC Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ₹744.23B | 9.98 | ― | 5.12% | 27.34% | 14.13% | |
70 Outperform | ₹96.18B | 13.39 | ― | 0.25% | 45.22% | 45.66% | |
63 Neutral | ₹179.34B | 15.85 | ― | 0.39% | 5.90% | 20.78% | |
62 Neutral | ₹1.02T | 20.66 | ― | 0.05% | 233.77% | 200.66% | |
62 Neutral | ₹297.57B | 26.38 | ― | 0.42% | 22.76% | 21.47% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹232.65B | 587.54 | ― | 0.86% | 27.42% | ― |
* General Sector Average
IN:NMDC
NMDC Limited
84.65
12.34
17.06%
IN:KIOCL
KIOCL Ltd
382.80
-90.05
-19.04%
IN:LLOYDSME
Lloyds Metals & Energy Ltd.
1,820.95
518.43
39.80%
IN:SANDUMA
Sandur Manganese & Iron Ores Ltd
197.85
45.54
29.90%
IN:SARDAEN
Sarda Energy & Minerals Limited
508.95
-65.00
-11.33%
IN:SHYAMMETL
Shyam Metalics & Energy Ltd.
1,066.05
125.24
13.31%
NMDC Limited Corporate Events
NMDC Forms Wholly Owned Subsidiary in GIFT City IFSC
Sep 2, 2026
NMDC Limited has incorporated a wholly owned subsidiary, NMDC Global IFSC Limited, in the International Financial Services Centre at GIFT City, Gujarat. The new entity, established with approvals from the Ministry of Steel and the Department of In...
NMDC Sets Virtual AGM Date and Record Date for FY 2025-26 Dividend
Aug 24, 2026
NMDC Limited has scheduled its 68th Annual General Meeting for September 28, 2026, to be conducted via video conferencing and other audio-visual means in line with Indian corporate governance and regulatory requirements. The AGM notice and the com...
NMDC Sets AGM Date and Record Date for FY 2025-26 Dividend
Aug 24, 2026
NMDC Limited has scheduled its 68th Annual General Meeting for 28 September 2026 at 11:30 a.m. IST, to be conducted via video conferencing and other audio-visual means in line with Companies Act and SEBI regulations. The AGM notice and the 2025-26...
NMDC names Odisha Mining Corp executive as new Director (Commercial)
Jul 15, 2026
NMDC Limited has announced that the Ministry of Steel, Government of India, has appointed Shri Vivek Nishant Nath as Director (Commercial) on its Board. Nath currently serves as Chief General Manager at Odisha Mining Corporation Limited, indicatin...
NMDC Revises Iron Ore Prices Effective 10 July 2026
Jul 10, 2026
NMDC Limited has announced revised prices for its iron ore products effective 10 July 2026, setting Baila Lump at ₹5,450 per ton and Baila Fines at ₹4,700 per ton. These prices are quoted on an FOR basis and exclude statutory charges s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.