NMDC Steel logo

NMDC Steel

NSLNISP NSE

Key Fundamentals

MicrocapIron & SteelMetals & Mining
Market Cap
₹12,499 Cr
Volatility
Moderate
P/E Ratio
150.55
EBITDA
₹1,604 Cr
Return on Equity
0.45%
Debt to Equity
0.35
Book Value
₹44.95
EPS
₹0
52W High
₹53.75
52W Low
₹33.01

Tapetide Score

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

Key Insights

Strengths

3
  • Company has reduced debt.
  • Stock is trading at 0.97 times its book value
  • Company is expected to give good quarter

Weaknesses

2
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -8.86% over last 3 years.

Growth Rate

Revenue Growth
60.1% lower than 3Y
Net Income Growth
-102% higher than 3Y
Cash Flow Change
-8.67% lower than 3Y
ROE
-102% lower than 3Y
ROCE
-124% higher than 3Y
EBITDA Margin (Avg.)
-158% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 31d ago
AI opinion · based on fundamentals
Risk high

NMDC Steel Ltd operates a 3 MTPA integrated steel plant at Nagarnar, Chhattisgarh, currently in its early ramp-up phase with FY26 revenue of approximately ₹13,642 crore (60% YoY growth). The stock trades at a P/B of 0.98 and a PE of ~220x, reflecting minimal profitability so far despite rapid top-line expansion. The company is a government-backed entity with captive iron ore access through parent NMDC, but carries a 3-year average ROE of -8.86% and low interest coverage.

Bull Case 8
  • Revenue grew 60% YoY in FY26 to approximately ₹13,642 crore, indicating accelerating production ramp-up at the 3 MTPA Nagarnar plant
  • Stock trades at 0.98x book value, below replacement cost for a greenfield integrated steel plant of this scale
  • Company has reduced debt with debt-to-equity ratio declining to 0.35, improving balance sheet strength
  • Profit growth of 102% TTM signals the plant is moving toward operational breakeven and potential profitability inflection
  • Strategic location near NMDC's Bailadila iron ore mines provides captive raw material access and structural cost advantage
  • FY25 was the first full year of commercial operations — capacity utilization still has significant headroom to scale toward 3 MTPA rated capacity
  • Government-backed parentage (NMDC holds ~76.8% stake) provides financial support and reduces default risk during ramp-up phase
  • Expected to deliver a good upcoming quarter per market expectations, suggesting continued operational momentum
Bear Case 8
  • 3-year average ROE stands at -8.86%, indicating the plant has not yet generated meaningful returns on invested capital
  • PE ratio of ~220x reflects negligible earnings relative to market cap of ₹12,930 crore — profitability remains unproven at scale
  • Low interest coverage ratio suggests operating profits are barely sufficient to service debt obligations
  • Zero dividend yield with no history of shareholder payouts, offering no income cushion during the ramp-up period
  • 5-year compounded profit CAGR of 467% is misleading as it comes off a deeply negative base, masking continued operating losses in intervening years
  • Stock has delivered -2% CAGR over 3 years and only 2% over 1 year, underperforming broader market indices significantly
  • Current ratio of 0.53 indicates potential short-term liquidity stress, with current liabilities exceeding current assets
  • Steel sector is cyclical and subject to global price volatility — any downturn in steel prices during ramp-up could delay breakeven further

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

AI News Digest

Anthropic anthropic claude-opus-4.6 28d ago
Headwinds 1
  • EBITDA margin compression Aug 14

    EBITDA margin slipped to 10.89% in Q1 from 12.11% YoY, indicating operating profitability pressure despite revenue growth of 8.8%.

Positives 1
  • Net profit surges 116% YoY Aug 14

    Q1 net profit rose 116% YoY to ₹552 million on revenue of ₹36.6 billion, showing strong bottom-line improvement.

Neutral 1
  • New Company Secretary appointed Jul 30

    Paraj Kanti Saha appointed as Company Secretary and Compliance Officer effective July 30, 2026, replacing Aniket Kulshreshtha who resigned.

TL;DR: NMDC Steel is delivering strong profit growth with net profit more than doubling YoY, and revenue expanding at a healthy 8.8%. However, margin compression from 12.11% to 10.89% signals cost pressures that could weigh on earnings if not addressed. The leadership change at CS level is routine. The trend is cautiously positive, but investors should watch whether margin recovery materializes in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
0
277
926
1,846
2,023
1,522
2,120
2,838
3,365
3,390
3,008
3,879
3,662
Expenses
0
350
1,335
2,801
2,424
1,963
2,776
3,129
2,958
3,183
2,910
3,073
3,262
Operating Profit
0
-72
-409
-956
-401
-441
-656
-291
408
207
98
806
400
OPM %
—
-26%
-44%
-52%
-20%
-29%
-31%
-10%
12%
6%
3.2%
21%
11%
Other Income
0
13
16
90
21
13
18
19
20
21
19
26
43
Interest
0
41
134
155
153
161
165
172
134
128
128
96
126
Depreciation
0
75
226
252
239
240
253
221
258
283
252
249
242
PBT
0
-175
-753
-1,273
-772
-829
-1,056
-664
36
-183
-264
486
74
Tax %
—
-25%
-25%
-32%
-29%
-28%
-28%
-29%
29%
-37%
-8%
19%
32%
Net Profit
0
-131
-568
-861
-547
-595
-758
-473
26
-115
-244
392
51
EPS in Rs
0
-0.45
-1.94
-2.94
-1.87
-2.03
-2.59
-1.62
0.09
-0.39
-0.83
1.34
0.17
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
0
0
0
0
3,049
8,503
13,642
13,938
Expenses
0
0
0
0
4,485
10,291
12,123
12,428
Operating Profit
0
0
0
0
-1,436
-1,788
1,518
1,510
OPM %
—
—
—
—
-47%
-21%
11%
11%
Other Income
0
0
0
0
119
72
86
109
Interest
0
0
0
0
331
652
487
479
Depreciation
0
0
0
0
553
953
1,042
1,026
PBT
0
0
0
0
-2,201
-3,322
76
114
Tax %
0%
0%
—
—
-29%
-29%
23%
—
Net Profit
0
0
0
0
-1,560
-2,374
59
84
EPS in Rs
—
—
—
0
-5.32
-8.1
0.2
0.29
Div. Payout %
0%
0%
—
—
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
0.06
0.06
0
2,931
2,931
2,931
2,931
Reserves
0
0
17,049
14,118
12,558
10,184
10,243
Borrowings
0
0
1,691
3,842
6,662
5,909
4,613
Other Liabilities
0
0
1,765
4,678
7,218
9,444
10,451
Total Liabilities
0
0
20,504
25,568
29,368
28,467
28,237
Fixed Assets
0
0
1,132
1,118
20,273
20,131
19,452
CWIP
0
0
17,038
19,545
1,215
717
570
Investments
0
0
0
0
0
0
0
Other Assets
0
0
2,334
4,904
7,881
7,619
8,215
Total Assets
0
0
20,504
25,568
29,368
28,467
28,237
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
0
0
743
1,516
-2,825
1,966
1,796
Investing
0
0
-1,891
-2,189
-228
-506
109
Financing
0
0
1,144
1,293
2,439
-1,460
-1,902
Net Cash Flow
0
0
-4
620
-614
0
2
Free Cash Flow
0
0
-1,148
-639
-3,409
1,538
1,525
CFO/OP
100
100
—
—
196
-110
118
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
—
—
—
—
4
8
5
Inventory Days
—
—
—
—
420
148
160
Days Payable
—
—
—
—
284
234
248
Cash Conversion Cycle
—
—
—
—
141
-77
-83
Working Capital Days
—
—
—
—
-92
-213
-175
ROCE %
—
-200%
0%
0%
-9%
-13%
3%

Insights

Beta

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

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Shareholding Pattern

Others2.54%Promot.60.79%FIIs5.49%Public15.40%DIIs15.78%As ofJun 2026

Documents

Frequently Asked Questions about NMDC Steel

What does NMDC Steel Ltd do?
National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India is the single largest producer of iron ore in India. It owns and operates iron ore mines in Chhattisgarh and Karnataka and has its registered office at Hyderabad, ...
Where is NMDC Steel Ltd (NSLNISP) listed?
NMDC Steel Ltd trades as NSLNISP on the NSE and under code 543768 on the BSE.
Which sector does NMDC Steel Ltd belong to?
NMDC Steel Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of NMDC Steel Ltd?
NMDC Steel Ltd has a market capitalisation of ₹12,499 Cr, which places it in the Mid Cap band.
What is the PE ratio of NMDC Steel Ltd?
NMDC Steel Ltd trades at a PE ratio of 150.55, on earnings per share of ₹0, against a book value of ₹44.95 per share.
What is the 52-week high and low of NMDC Steel Ltd?
Over the last 52 weeks NMDC Steel Ltd has traded between ₹33.01 and ₹53.75.
What is the Return on Equity (ROE) of NMDC Steel Ltd?
NMDC Steel Ltd reported a return on equity of 0.45%. Its debt-to-equity ratio is 0.35.

Company Information

National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India is the single largest producer of iron ore in India. It owns and operates iron ore mines in Chhattisgarh and Karnataka and has its registered office at Hyderabad, Telangana.[1]

Website nmdcsteel.nmdc.co.in
Listed 2023-02-20
Face Value ₹ 10
Issued Size 2,93,06,05,850

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