NSE:NMDCNSEBasic Materials
NMDC Limited
📊 Steel
Day ₹90
₹93 Neutral
52W ₹62
₹93 Overbought
₹91.58
▲ ₹0.68 (+0.75%)
Vol: 18,222,380 · Avg: 27,613,377
As of April 29, 2026 · 06:45 IST
COMPOSITE RISK SCORE
66 MODERATE
VAL:12/25 · FIN:22/25 · GRO:12/25 · TECH:20/25
📈 P/E RATIO
11.7x
Trailing
📖 P/B RATIO
2.5x
Price to Book
💰 EPS
₹7.85
TTM
🏛 MARKET CAP
₹80,515Cr
Large Cap
📊 ROE
22.0%
Return on Equity
📈 REV GROWTH
15.9%
YoY
🏢 Company Analysis · NMDC Limited
💼 BUSINESS MODEL
  • 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, rock phosphate, limestone, beach sand, coking and non-coking coal, magnesite, diamond, tungsten, nickel, gold, base metals, and rare earth metals..
  • In addition, it produces and sells hot rolled coil and pellets; and generates and distributes solar and wind power..
  • Operates in Steel within the Basic Materials sector.
  • Workforce of 5,677 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹80,515 Cr) — established player with meaningful market presence.
  • Profit margin of 24.9% suggests pricing power / cost moat.
  • Key competitors: Lloyds Metals, NMDC, NILE, 20 Microns.
🚀 CATALYSTS
  • Revenue growing at 16% — strong top-line momentum.
⚖️ ASYMMETRY CHECK
  • Analyst target range: ₹59 — ₹95 (mean ₹81, 18 analysts).
  • Unfavorable asymmetry — limited upside +4% vs downside -36% (0.1x).
  • P/E of 11.7x — low valuation floor, limited downside from de-rating.
  • ⚠ Debtor days have increased from 89.5 to 118 days.
🔭 FUTURE OUTLOOK
  • Analyst consensus: Hold (18 analysts).
  • Latest quarter earnings change: -7% YoY — relatively flat.
✅ PROS
  • Stock is providing a good dividend yield of 3.58%.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 23.6%
  • Company has been maintaining a healthy dividend payout of 39.0%
❌ CONS
  • Debtor days have increased from 89.5 to 118 days.
VALUATION
12/25
25% WEIGHT
  • P/E at 12x
  • P/B at 2.5x
  • Analyst target: ₹81 (-11.1%)
  • 1Y return: +45.9%
FINANCIAL HEALTH
22/25
25% WEIGHT
  • ROE: 22.0%
  • Profit margin: 24.9%
  • Revenue growth: 15.9%
  • Debt/Equity: 11%
GROWTH
12/25
25% WEIGHT
  • Revenue growth: 15.9%
  • Earnings growth: -6.5%
  • Beta: 0.63
  • Sector: Basic Materials
TECHNICAL
20/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
49.2 38.7 28.2 17.7 7.3 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 17.1 Mar 2015: 17.1 Mar 2016: 42.8 Mar 2017: 34.2 Mar 2018: 22.8 Mar 2019: 18.2 Mar 2020: 23.5 Mar 2021: 12.8 Mar 2022: 8.5 Mar 2023: 14.4 Mar 2024: 14.4 Mar 2025: 12.3 TTM: 11.7 11.7
💎 Valuation & Financial Metrics
P/E RATIO
11.7x
Trailing twelve months
P/B RATIO
2.5x
Price to Book value
ROE
22.0%
Return on Equity
PROFIT MARGIN
24.9%
Net profit margin
OPM
26.8%
Operating profit margin
ANALYST TARGET
₹81
Range: ₹59 - ₹95
Yahoo Finance ↗
PEG RATIO
N/A
Price/Earnings to Growth
EV/EBITDA
8.5x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
3.85%
Annual yield
ROA
16.2%
Return on Assets
GROSS MARGIN
52.3%
Gross profit margin
INDUSTRY AVERAGES — INDUSTRIAL MINERALS
P/E 16.2x (below avg)
P/B 2.5x (sector fair)
ROCE 19.2% (above avg)
ROE 18% (sector good)
OPM 15% (sector good)
Div Yield 0.68%
D/E <40 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 ₹4,919 Cr— ₹1,212 Cr— N/A 35.5%
Q3 FY25 ₹6,568 Cr+33.5% ₹1,882 Cr+55.3% N/A 41.8%
Q4 FY25 ₹7,000 Cr+6.6% ₹1,478 Cr-21.5% N/A 36.3%
Q1 FY26 ₹6,739 Cr-3.7% ₹1,968 Cr+33.2% N/A 41.2%
Q3 FY26 ₹7,611 Cr+12.9% ₹1,757 Cr-10.7% N/A 33.1%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹25,965 Cr— ₹9,429 Cr— ₹6,942 Cr—
FY23 ₹17,661 Cr-32.0% ₹5,601 Cr-40.6% ₹1,838 Cr-73.5%
FY24 ₹21,301 Cr+20.6% ₹5,575 Cr-0.5% ₹7,394 Cr+302.4%
FY25 ₹23,901 Cr+12.2% ₹6,542 Cr+17.3% ₹1,894 Cr-74.4%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How NMDC Limited Makes Its Money
Revenue ₹7.6K Cr Cost of Revenue ₹3.7K Cr Gross Profit ₹3.9K Cr SG&A ₹225 Cr Operating Inc. ₹2.0K Cr Tax ₹628 Cr Other ₹373 Cr Net Income ₹1.8K Cr (23.1% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of NMDC Limited's Balance Sheet
Total Assets ₹41.0K Cr Cash & Equiv.: ₹85 Cr (0.2%) Receivables: ₹7.7K Cr (18.9%) Inventory: ₹2.6K Cr (6.4%) Other Current: ₹12.9K Cr (31.5%) PP&E: ₹10.9K Cr (26.6%) Goodwill: ₹94 Cr (0.2%) Other Non-Curr.: ₹6.6K Cr (16.1%) Liab. + Equity ₹41.0K Cr Current Liab.: ₹9.7K Cr (23.6%) Other Liab.: ₹1.6K Cr (4.0%) Equity: ₹29.7K Cr (72.4%) As of Mar 2025 · All values in ₹ Crores
💸 Looking into NMDC Limited's Cash Flow
Operating CF ₹1.9K Cr Capital Exp. ₹3.2K Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +5,3954,0145,4106,4895,4144,9196,5687,0056,7396,3787,611
Expenses +3,4012,8243,4034,3883,0743,5334,1964,9534,2604,3855,467
Operating Profit1,9941,1902,0072,1022,3401,3862,3722,0512,4781,9932,144
OPM %37%30%37%32%43%28%36%29%37%31%28%
Other Income +29432184389365361375492300383372
Interest61932212329616527835
Depreciation69898211174103103141109110107
Profit before tax2,2121,4041,9772,3592,6081,6142,5842,3382,6432,2592,375
Tax %25%27%26%40%25%26%27%37%26%26%26%
Net Profit +1,6531,0261,4821,4101,9691,2051,8801,4771,9681,6981,757
EPS in Rs1.881.171.691.612.241.382.141.682.241.932.00
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +11,61512,15311,69915,37025,96517,66721,30823,90627,732
Expenses +5,8125,2285,6976,58013,33811,61314,01415,75519,065
Operating Profit5,8036,9256,0038,79012,6266,0547,2948,1508,667
OPM %50%57%51%57%49%34%34%34%31%
Other Income +6675884163517162,0041,0871,5911,548
Interest37401017397578178135
Depreciation257279295229288336351420466
Profit before tax6,1767,1946,1148,89613,0167,6467,9529,1439,614
Tax %38%36%41%30%27%28%30%28%
Net Profit +3,8084,6173,5736,2779,4295,6015,5676,5206,900
EPS in Rs4.015.033.897.1410.726.376.347.437.85
Dividend Payout %36%37%45%36%46%35%38%44%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital316306306293293293293879879
Reserves24,10125,73827,36729,59117,72522,32825,36328,81731,578
Borrowings +5003645662,0001,8002,1283,3594,2763,640
Other Liabilities +3,7743,4833,0565,0455,0945,2046,6467,0356,380
Total Liabilities28,69129,89131,29436,93024,91229,95335,66141,00742,477
Fixed Assets +3,4573,5123,8103,9333,6623,1993,3775,0385,074
CWIP12,54513,81915,53017,1581,3331,9983,2354,7375,309
Investments6738599108758959409569781,203
Other Assets +12,01611,70111,04514,96419,02223,81628,09430,25330,890
Total Assets28,69129,89131,29436,93024,91229,95335,66141,00742,477
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +2,1093,3764,0022,1267,2666,9421,8387,3941,894
Cash from Investing Activity +5,171-1,865-789-313-4,316-3,214202-6,076306
Cash from Financing Activity +-7,249-1,557-3,201-1,753-2,591-4,067-2,067-1,302-2,225
Net Cash Flow31-461160359-339-2816-25
Free Cash Flow-2111,3181,996-2785,6445,7435905,547-1,336
CFO/OP102%99%95%73%111%89%65%126%54%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days4346436951429060118
Inventory Days
Days Payable
Cash Conversion Cycle4346436951429060118
Working Capital Days3-4953-163094955
ROCE %16%25%28%23%30%50%29%31%30%
🏭 Industry Peers — Industrial Minerals
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Lloyds Metals ★₹1,76140.2₹99,11238.3%+169.1%85
2NMDC₹9211.7₹80,55129.6%-6.7%78
3NILE₹1,6689.8₹50019.9%+47.0%60
420 Microns₹1829.9₹64319.2%+11.3%58
5Gravita India₹1,66632.2₹12,29721.5%+25.3%58
6Ashapura Minech.₹64916.2₹6,20218.6%-16.2%57
7MOIL₹33423.4₹6,80018.8%-16.9%56
8G M D C₹73836.7₹23,46814.1%-9.9%55
9Asi Industries₹269.1₹2379.9%+1.0%54
★ Lloyds Metals ranks higher on combined P/E, ROCE, and growth metrics in Industrial Minerals
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.79%60.79%60.79%60.79%60.79%60.79%
FIIs12.12%11.72%12.21%13.04%13.48%13.60%
DIIs14.46%15.12%14.48%14.38%14.06%13.76%
Public12.62%12.35%12.51%11.76%11.66%11.84%
No. of Shareholders10,49,95911,20,68111,42,93811,20,44411,15,69711,30,914
🟢 CATALYSTS
🏆Revenue Growth 16%: Above sector norm of 15% — strong top-line momentum.
💹High ROE (22.0%): Above sector norm of 18% — efficient capital use.
🔀Healthy Margins (24.9%): Above sector norm of 15%.
🇮Low Beta (0.63): Less volatile than market — defensive play.
🔴 RISKS
📜Below Analyst Target: CMP above mean target — limited upside consensus.
💰Market Risk: Broader market correction or sentiment shift could impact stock.
🔓Sector Risk: Regulatory or competitive changes in Basic Materials space.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +20.1%, 6M +23.0%, RSI 71, MACD bullish, Above 200DMA Sentiment 3/10: Analyst upside -11.1%, Rec: hold Value 8/10: P/E 11.7, P/B 2.5, EV/EBITDA 8.5 Quality 7/10: Margin 24.9%, D/E 11 Low Volatility 8/10: Beta 0.63, Ann. vol 27% Momentum 8 Sentiment 3 Value 8 Quality 7 Low Vol 8
Momentum 8/10
1M +20.1%, 6M +23.0%, RSI 71, MACD bullish, Above 200DMA
Sentiment 3/10
Analyst upside -11.1%, Rec: hold
Value 8/10
P/E 11.7, P/B 2.5, EV/EBITDA 8.5
Quality 7/10
Margin 24.9%, D/E 11
Low Volatility 8/10
Beta 0.63, Ann. vol 27%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-rating; strong 30% ROCE compoundsOPM of 27% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake rising (+0.12%)Miss further upside if momentum continues; 1M return of +20.1% shows momentum
SELLLock in +45.9% 1Y returnAvoid further drawdown
REASONS TO BUY
  • ROCE at 30% indicates strong capital efficiency
  • FII stake rising (+0.12%) — signals institutional confidence
  • ROE of 22.0% above sector norm of 18%
  • Revenue growing at 15.9% YoY (sector norm: 5%)
REASONS TO SELL / AVOID
  • 1Y return of +45.9% — profit booking opportunity
  • Trading above analyst target — consensus sees -11.1% downside
📰 Latest News
India's top miner tests local iron ore pricing; shift from global index, source says
Reuters · 2025-06-02T08:02
RECOMMENDATION
HOLD
COMPOSITE SCORE
66/100
NMDC Limited trades at ₹91.58 with a composite risk score of 66/100. The stock scores 12/25 on valuation, 22/25 on financial health, 12/25 on growth, and 20/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 15.9% — a strong positive signal.

Within Industrial Minerals, Lloyds Metals (P/E 40.2, ROCE 38.3%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Basic Materials — wait for better entry or catalyst. The current recommendation is HOLD.
PROFITABLE HIGH ROE CHEAP
RISK SCORE REPORT · NSE:NMDC · GENERATED APR 29, 2026 06:45 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.