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NMDC

NMDC NSE
₹69.90 No trade today
P/E
8.23
View as Markdown
MCP
Close 4 Nov 2026 ₹69.90 −3.22 −4.40% 1Y
Start ₹73.12

Key Fundamentals

MidcapMinerals & MiningMetals & Mining

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
27.60%
Debt to Equity
0.19
EPS (TTM)
₹8.49
Book Value
₹38.74
Market Cap
—
P/E (TTM)
8.23
P/B
1.80
ROE
23.40%
Dividend Yield
5.13%
EBITDA
₹10,748 Cr
52W High
₹97.49
52W Low
₹65.15
Volume
0

Peer Comparison

Commodities › Metals & Mining › Industrial Minerals

NMDC peer comparison
Lloyds Metals & Energy
₹1,799.6020.93₹1,00,186 Cr7.310.06%36.60%27.30%₹22,084 Cr₹4,921 Cr
NMDC (this company)
₹69.908.23₹60,373 Cr1.805.13%23.40%27.60%₹32,127 Cr₹7,458 Cr
Gujarat Mineral Development Corporation
₹469.2015.60₹13,992 Cr2.102.23%4.22%10.80%₹2,827 Cr₹956 Cr
Gravita India
₹1,474.6027.77₹10,397 Cr4.110.55%15.50%16.20%₹4,700 Cr₹391 Cr
MOIL
₹217.9014.60₹4,267 Cr1.661.08%9.77%12.40%₹1,511 Cr₹304 Cr
Ashapura Minechem
₹431.3010.13₹4,078 Cr2.500.48%28.00%20.90%₹5,498 Cr₹411 Cr
Orissa Minerals Development Comp
₹3,355.50606.78₹1,955 Cr—0.00%—9.64%₹103 Cr₹3 Cr
Median 7 companies₹469.2015.60₹10,397 Cr2.300.55%19.45%16.20%₹4,700 Cr₹411 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

65 Good

Data confidence 100/100

Category scores

Quality
66
Strong
Returns, margins, earnings quality 22% weight
Valuation
86
Strong
Cheap vs sector & own history 24% weight
Growth
93
Strong
Sales & profit trajectory 9% weight
Financial Health
72
Strong
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Stock is providing a good dividend yield of 4.97%.
  • Company is expected to give good quarter
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.6%
  • Company has been maintaining a healthy dividend payout of 41.3%

Weaknesses

2
  • Contingent liabilities of Rs.24,037 Cr.
  • Working capital days have increased from 43.7 days to 67.3 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish955
OscillatorsNeutral252
Moving AveragesStrong Bearish703

Key readings

RSI (14)
43.92
Neutral
MACD (12,26,9)
−2.41
Bullish
SMA (50)
77.00
Bearish
SMA (200)
82.73
Bearish

As of

Analyst Rating

Based on 23 analysts
SELL43%

9 of 23 analysts rate Buy, 4 Hold, 10 Sell.

As of

BUY
9
39%
HOLD
4
17%
SELL
10
43%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+17.39%
5Y+15.85%
3Y+21.99%
1Y+34.15%
TTM+27.33%

Net profit

Net profit growth by window
10Y+11.34%
5Y+3.49%
3Y+9.98%
1Y+14.26%
TTM+14.21%

Operating cash flow

Operating cash flow growth by window
10Y+7.16%
5Y−7.22%
3Y+39.56%
1Y+163.78%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−12.72 pp
5Y−28.32 pp
3Y−5.40 pp
1Y−5.22 pp
TTM−4.05 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹8,828 Cr
Mar 2018₹11,615 Cr
Mar 2019₹12,153 Cr
Mar 2020₹11,699 Cr
Mar 2021₹15,370 Cr
Mar 2022₹25,965 Cr
Mar 2023₹17,667 Cr
Mar 2024₹21,308 Cr
Mar 2025₹23,906 Cr
Mar 2026₹32,071 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹2,543 Cr
Mar 2018₹3,808 Cr
Mar 2019₹4,617 Cr
Mar 2020₹3,573 Cr
Mar 2021₹6,276 Cr
Mar 2022₹9,429 Cr
Mar 2023₹5,601 Cr
Mar 2024₹5,567 Cr
Mar 2025₹6,520 Cr
Mar 2026₹7,450 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹2,016 Cr −28.4% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

NMDC Ltd trades at ₹67.34 as of 2026-10-30 with a market cap of ₹59,204 Cr, near the bottom of its 52-week range of ₹65.15–₹97.49. The stock offers a PE of 7.93x with an ROE of 21.76% and a dividend yield of 5.18%, while carrying contingent liabilities of ₹24,037 Cr against a low debt-to-equity ratio of 0.19x.

Bull Case 7
  • Deeply discounted valuation with a trailing PE of 7.93x, well below broader market averages, reflecting limited earnings growth priced into the stock.
  • High dividend yield of 5.18% as of 2026-10-30, supported by a consistent payout ratio of 41.3%, offering meaningful income to shareholders.
  • Strong return on equity track record with a 3-year average ROE of 24% and last reported ROE of 21.76%, indicating efficient capital deployment.
  • ROCE stands at 28.36%, suggesting the company generates robust returns on total capital employed, including debt.
  • Near-negligible leverage with a debt-to-equity ratio of just 0.19x, providing a strong balance sheet buffer during commodity downturns.
  • Compounded sales growth of 27% on a TTM basis and 22% over 3 years demonstrates strong top-line momentum.
  • TTM profit growth of 14% and 3-year compounded profit growth of 17% show earnings are expanding at a healthy pace.
Bear Case 7
  • Contingent liabilities of ₹24,037 Cr are substantial relative to the market cap of ₹59,204 Cr, representing roughly 40% of market cap and posing a material risk if crystallized.
  • Working capital days have deteriorated from 43.7 days to 67.3 days, a 54% increase that signals potential inefficiency in cash conversion.
  • The stock has delivered a negative 1-year return of -7%, underperforming during a period when broader markets have been relatively resilient.
  • 10-year compounded profit growth of 11% lags the 10-year compounded sales growth of 17%, indicating margin compression or rising costs over the longer term.
  • 5-year compounded profit growth of only 4% versus 16% sales growth over the same period highlights a period of significant profit underperformance relative to revenue.
  • As a mining company dependent on iron ore prices, NMDC's earnings are inherently cyclical and tied to global steel demand and commodity pricing, which are outside management control.
  • Price-to-book ratio of 1.74x, while not expensive in absolute terms, reflects the market's tempered expectations for a capital-intensive mining business trading at a low PE.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: NMDC is signaling a strategic pivot from a near-pure iron ore miner toward a broader minerals company, scouting assets across South America, Australia, Africa, and Asia. The ambition aligns with government policy to reduce raw material imports, but execution risk is real since no deals have been announced and the company remains 99.9% dependent on iron ore. A new Ministry of Steel representative on the board reinforces government oversight. The trend is cautiously positive on strategy, though tangible progress on diversification will be the key catalyst to watch.

Positives 2
  • Global mining diversification push Oct 25

    NMDC is scouting mining assets across four continents for lithium, copper, cobalt, rare earths, limestone, coking coal, and tungsten. The company targets at least 20% of revenues from non-iron-ore minerals, up from near zero today.

  • Aligned with govt raw material policy Oct 25

    Diversification supports the draft Steel Policy Vision 2047, which notes raw materials account for 65-70% of steelmaking costs and aims to cut import dependence through domestic mining and overseas asset acquisition.

Neutral 2
  • New Govt Director appointed Oct 13

    Vinod Kumar Tripathi, Joint Secretary at the Ministry of Steel, was appointed Government Director on NMDC's Board effective October 12, 2026.

  • 99.9% iron ore concentration persists Oct 25

    NMDC currently operates as a 99.9% iron ore company supplying one-fourth of India's iron ore demand; the diversification target is aspirational with no acquisitions closed yet.

Quarterly Results

₹ Cr
NMDC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
3,401
2,824
3,403
4,388
3,074
3,533
4,196
4,953
4,260
4,385
5,467
8,700
4,327
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
2,468
OPM %
37%
30%
37%
32%
43%
28%
36%
29%
37%
31%
28%
23%
36%
Other Income
294
321
84
389
365
361
375
492
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
PBT
2,212
1,404
1,977
2,359
2,608
1,614
2,584
2,338
2,643
2,259
2,375
2,873
2,691
Tax %
25%
27%
26%
40%
25%
26%
27%
37%
26%
26%
26%
30%
25%
Net Profit
1,652
1,026
1,482
1,413
1,969
1,205
1,882
1,477
1,968
1,698
1,757
2,027
1,976
EPS (₹)
1.88
1.17
1.69
1.61
2.24
1.38
2.14
1.68
2.24
1.93
2
2.31
2.25

Profit & Loss

₹ Cr
NMDC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
12,356
6,456
8,828
11,615
12,153
11,699
15,370
25,965
17,667
21,308
23,906
32,071
32,127
Expenses
4,591
3,771
5,233
5,812
5,228
5,697
6,580
13,338
11,613
14,014
15,755
22,811
22,878
Operating Profit
7,765
2,685
3,595
5,803
6,925
6,003
8,790
12,626
6,054
7,294
8,150
9,260
9,249
OPM %
63%
42%
41%
50%
57%
51%
57%
49%
34%
34%
34%
29%
29%
Other Income
2,155
1,682
910
667
588
416
351
716
2,004
1,087
1,591
1,488
1,535
Interest
0
66
21
37
40
10
17
39
75
78
178
121
116
Depreciation
173
218
197
257
279
295
229
288
336
351
420
477
472
PBT
9,747
4,084
4,287
6,176
7,194
6,114
8,896
13,016
7,646
7,952
9,143
10,149
10,197
Tax %
34%
34%
40%
38%
36%
41%
30%
27%
28%
30%
28%
27%
—
Net Profit
6,351
2,544
2,543
3,808
4,617
3,573
6,276
9,429
5,601
5,567
6,520
7,450
7,459
EPS (₹)
5.34
2.14
2.68
4.01
5.03
3.89
7.14
10.72
6.37
6.34
7.43
8.47
8.49
Div. Payout %
53%
171%
64%
36%
37%
45%
36%
46%
35%
38%
44%
41%
—

Balance Sheet

₹ Cr
NMDC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
396
396
316
316
306
306
293
293
293
293
879
879
Reserves
31,870
28,784
22,266
24,101
25,738
27,367
29,591
17,725
22,328
25,363
28,817
33,183
Borrowings
0
1,497
0
500
364
566
1,994
1,800
2,128
3,359
4,276
6,407
Other Liabilities
2,197
2,079
3,201
3,774
3,483
3,056
5,051
5,094
5,204
6,646
7,035
7,851
Total Liabilities
34,464
32,756
25,784
28,691
29,891
31,294
36,930
24,912
29,953
35,661
41,007
48,320
Fixed Assets
1,468
2,058
2,095
3,457
3,512
3,810
3,933
3,662
3,199
3,377
5,038
5,856
CWIP
7,801
9,747
11,855
12,545
13,819
15,530
17,158
1,333
1,998
3,235
4,737
6,749
Investments
319
592
612
673
859
910
875
895
940
956
978
1,372
Other Assets
24,876
20,359
11,221
12,016
11,701
11,045
14,964
19,022
23,816
28,094
30,253
34,344
Total Assets
34,464
32,756
25,784
28,691
29,891
31,294
36,930
24,912
29,953
35,661
41,007
48,320

Cash Flow

₹ Cr
NMDC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3,999
2,502
2,109
3,376
4,002
2,126
7,266
6,942
1,838
7,394
1,894
4,996
Investing
−517
3,645
5,171
−1,865
−789
−313
−4,316
−3,214
202
−6,076
306
−3,842
Financing
−3,449
−6,290
−7,249
−1,557
−3,201
−1,753
−2,591
−4,067
−2,067
−1,302
−2,225
−1,092
Net Cash Flow
33
−144
31
−46
11
60
359
−339
−28
16
−25
63
Free Cash Flow
1,185
−1,073
−211
1,318
1,996
−278
5,644
5,743
590
5,547
−1,336
1,826
CFO/EBITDA
91
157
102
99
95
73
111
89
65
126
54
85

Ratios

NMDC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
52
45
43
46
43
69
51
42
90
60
118
105
Inventory Days
—
—
—
—
—
—
—
—
—
—
—
170
Days Payable
—
—
—
—
—
—
—
—
—
—
—
27
Cash Conversion Cycle
52
45
43
46
43
69
51
42
90
60
118
247
Working Capital Days
101
7
3
−4
9
53
−19
30
94
9
55
67
ROCE %
32%
14%
16%
25%
28%
23%
30%
50%
29%
31%
30%
28%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view NMDC insights

65 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.79%
  • FIIs 14.91%
  • DIIs 12.51%
  • Public 10.01%
  • Others 1.77%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about NMDC

What does NMDC Ltd do?
NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.
Where is NMDC Ltd (NMDC) listed?
NMDC Ltd trades as NMDC on the NSE and under code 526371 on the BSE.
Which sector does NMDC Ltd belong to?
NMDC Ltd is classified under the Metals & Mining sector, in the Industrial Minerals industry.
What is the PE ratio of NMDC Ltd?
NMDC Ltd trades at a PE ratio of 8.23 as of 4 Nov 2026, on earnings per share of ₹8.49, against a book value of ₹38.74 per share.
What is the 52-week high and low of NMDC Ltd?
Over the last 52 weeks NMDC Ltd has traded between ₹65.15 and ₹97.49 as of 4 Nov 2026.
Does NMDC Ltd pay dividends?
NMDC Ltd has a dividend yield of 5.13%.
What is the Return on Equity (ROE) of NMDC Ltd?
NMDC Ltd reported a return on equity of 23.40%. Its debt-to-equity ratio is 0.19.

Company Information

NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power.

Website nmdc.co.in
CEO Mr. Amitava Mukherjee
Employees 5,677
Listed 3 Mar 2008
Face Value ₹1

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