NMDC Limited (IN:NMDC)
:NMDC
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NMDC Limited
(NMDC)
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Rating:74Outperform
Price Target:
₹98.00
▲(16.83% Upside)
Action:Reiterated
Date:05/31/26
Overall score reflects solid financial strength (profitability and low leverage) offset by inconsistent cash-flow conversion, with valuation support from a moderate P/E and high dividend yield. Technical indicators are neutral-to-mildly positive, suggesting limited near-term momentum despite a constructive longer-term trend.
Positive Factors
Conservative Balance Sheet
NMDC's low debt-to-equity (~0.19) and steady ~22% ROE indicate a conservatively financed business. This balance-sheet strength provides durable financial flexibility for capital investment, dividend support, and resilience through commodity cycles without reliance on high external borrowing.
Negative Factors
Volatile Cash Generation
Inconsistent cash conversion—negative FCF in FY2025 then a partial recovery in FY2026—signals working-capital swings or timing issues. Over the medium term this variability can constrain discretionary capex, dividend reliability, and increase sensitivity to funding needs during adverse market turns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
NMDC's low debt-to-equity (~0.19) and steady ~22% ROE indicate a conservatively financed business. This balance-sheet strength provides durable financial flexibility for capital investment, dividend support, and resilience through commodity cycles without reliance on high external borrowing.
Read all positive factors
NMDC Limited (NMDC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹777.99B
Dividend Yield4.05%
Average Volume (3M)1.27M
Price to Earnings (P/E)10.4
Beta (1Y)1.10
Revenue Growth34.16%
EPS Growth13.94%
CountryIN
Employees5,630
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)7.99
Shares Outstanding8,791,817,000
10 Day Avg. Volume1,096,731
30 Day Avg. Volume1,270,976
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
₹79.50Price Target Upside-5.22% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)9.69
Revenue Forecast (FY)₹317.23B
NMDC Limited Business Overview & Revenue Model
Company Description
NMDC Limited, an Indian mining enterprise, primarily focuses on the exploration and production of iron ore. Its extensive mineral portfolio extends to copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamonds, tin, tungst...
How the Company Makes Money
NMDC primarily makes money by producing and selling iron ore (including calibrated lump ore and iron ore fines) from its operating mines. Revenue is generated through: (1) Domestic sales of iron ore to steel manufacturers and other industrial buye...
NMDC Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 266.89B | 320.71B | 239.06B | 213.08B | 176.67B | 259.65B |
| Gross Profit | 136.92B | 122.21B | 127.49B | 110.99B | 94.57B | 163.19B |
| EBITDA | 92.10B | 107.83B | 81.19B | 72.87B | 60.52B | 126.25B |
| Net Income | 70.26B | 74.50B | 65.42B | 55.75B | 56.01B | 94.29B |
Balance Sheet | ||||||
| Total Assets | 424.77B | 483.20B | 410.07B | 356.61B | 299.53B | 261.48B |
| Cash, Cash Equivalents and Short-Term Investments | 105.36B | 113.95B | 98.07B | 122.18B | 70.34B | 68.23B |
| Total Debt | 36.40B | 64.07B | 42.76B | 33.59B | 21.28B | 18.00B |
| Total Liabilities | 100.09B | 142.44B | 113.00B | 99.88B | 73.18B | 81.17B |
| Stockholders Equity | 324.57B | 340.62B | 296.96B | 256.56B | 226.21B | 180.18B |
Cash Flow | ||||||
| Free Cash Flow | 17.42B | 25.83B | -13.36B | 55.48B | 5.90B | 57.43B |
| Operating Cash Flow | 30.39B | 57.53B | 18.94B | 73.95B | 18.38B | 69.42B |
| Investing Cash Flow | -14.37B | -47.20B | 3.06B | -60.76B | 2.02B | -32.14B |
| Financing Cash Flow | -15.50B | -9.71B | -22.25B | -13.02B | -20.67B | -40.67B |
NMDC Limited Technical Analysis
Neutral
83.88
Price Trends
89.37
Negative
84.42
Positive
79.43
Positive
Market Momentum
-0.23
Positive
46.76
Neutral
21.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NMDC, the sentiment is Neutral. The current price of 83.88 is below the 20-day moving average (MA) of 90.47, below the 50-day MA of 89.37, and above the 200-day MA of 79.43, indicating a neutral trend. The MACD of -0.23 indicates Positive momentum. The RSI at 46.76 is Neutral, neither overbought nor oversold. The STOCH value of 21.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:NMDC.
NMDC Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹777.99B | 10.43 | ― | 4.05% | 34.16% | 13.94% | |
67 Neutral | ₹104.27B | 15.88 | ― | 0.18% | 62.31% | 39.66% | |
65 Neutral | ₹986.06B | 25.30 | ― | 0.07% | 157.33% | 151.60% | |
64 Neutral | ₹272.17B | 25.96 | ― | 0.77% | 22.46% | 16.97% | |
63 Neutral | ₹183.08B | 16.57 | ― | 0.28% | 22.56% | 58.01% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | ₹248.51B | 1,500.67 | ― | ― | 3.88% | ― |
* Basic Materials Sector Average
IN:NMDC
NMDC Limited
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35.99%
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NMDC Limited Corporate Events
NMDC Publishes FY 2025-26 Investor Presentation on Annual Performance
May 30, 2026
NMDC Limited has released a corporate investors’ presentation detailing its financial and operational performance for the quarter and full year ended 31 March 2026, aligning with disclosure requirements under Indian securities regulations. T...
NMDC Revises Iron Ore Prices Effective 6 May 2026
May 6, 2026
NMDC Limited has announced revised prices for its iron ore products effective 6 May 2026, setting Baila Lump (65.5%, 10–40 mm) at ₹5,500 per ton and Baila Fines (64%, -10 mm) at ₹4,700 per ton. These ex-mine FOR prices, which exc...
NMDC starts FY2026-27 with higher iron ore output, steady sales in April
May 2, 2026
NMDC Limited is an Indian state-owned mining company and one of the country’s largest producers of iron ore, operating major mines in Chhattisgarh and Karnataka. The company supplies iron ore to domestic steelmakers and other industrial cons...
NMDC Resets Iron Ore Prices Effective 5 April 2026
Apr 5, 2026
NMDC Limited has revised its iron ore prices effective 5 April 2026, setting Baila Lump (65.5%, 10–40 mm) at ₹5,300 per ton and Baila Fines (64%, -10 mm) at ₹4,500 per ton. These are free-on-rail prices and exclude statutory levi...
NMDC posts strong rise in March 2026 iron ore output and sales
Apr 1, 2026
NMDC Limited reported provisional iron ore production and sales data for March 2026, showing significant year-on-year growth across its Chhattisgarh and Karnataka operations. Total iron ore production for March rose to 5.35 million tonnes from 3.5...
NMDC Names Anurag Kapil as Director (Finance) and CFO
Mar 31, 2026
NMDC Limited has announced a leadership change in its finance function, with the Ministry of Steel appointing Anurag Kapil as Director (Finance) for a five-year term effective 31 March 2026, during which he will also serve as Chief Financial Offic...
NMDC appoints Krishna Kumar Thakur as Director (Personnel) to strengthen HR leadership
Mar 19, 2026
NMDC Limited has announced the appointment of Shri Krishna Kumar Thakur as Director (Personnel) on its board, effective 19 March 2026, for a tenure of up to five years or until further orders from the Ministry of Steel. The company confirmed that ...
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.