NMDC Steel Limited (NSLNISP) AI Stock Analysis

• Market Cap: ₹107.82B
• Dividend Yield: N/A
• Average Volume (3M): 555.78K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: 85.42%
• EPS Growth: 48.66%
• Country: IN
• Employees: 1,026
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): -0.83
• Shares Outstanding: 2,930,606,000
• 10 Day Avg. Volume: 328,435
• 30 Day Avg. Volume: 555,778
• PEG Ratio: -0.08
• Price to Book (P/B): 0.76
• Price to Sales (P/S): 1.18
• P/FCF Ratio: 6.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: ₹37.00 ▼(-19.04% Downside)
• Action: Reiterated Date: 10/31/25
• Date: Action: Reiterated 10/31/25

NMDC Steel Limited's overall stock score is primarily impacted by its financial performance, which highlights significant profitability challenges despite some cash flow improvements. Technical analysis provides a neutral outlook, while valuation concerns due to negative earnings further weigh down the score. The absence of earnings call insights and corporate events means these factors do not influence the score.

Positive Factors

Integrated steelmaking asset

Owning and operating the integrated Nagarnar plant gives NMDC Steel structural control over production, product mix and cost levers. Long term, an integrated asset supports steady throughput scaling, downstream product flexibility and margin improvement if utilization and efficiency rise.

Strong recent revenue growth

A ~68% reported revenue increase indicates substantial top-line expansion likely from ramping plant output or higher volumes. Durable revenue growth over months supports market share gains and the opportunity to spread fixed costs, improving long-term operating leverage if sustained.

Positive free cash flow

Material positive free cash flow in 2025 signals improved cash generation despite accounting losses. Sustained FCF allows the company to service debt, fund maintenance and efficiency projects, and provide resilience versus cyclical downturns, strengthening long-run financial flexibility.

Negative Factors

Sustained unprofitability

Large negative net margin and losses reflect structural profitability challenges. Persistent unprofitability erodes equity, limits retained-capital for reinvestment, and can constrain long-term R&D, capex and commercial investment unless operational margins are materially improved.

High operational costs / weak margins

Negative gross and EBITDA margins point to core cost inefficiencies or unfavorable input/energy/logistics cost structure. These structural cost pressures hinder competitiveness against peers and require multi-quarter operational fixes to restore durable margin sustainability.

Single-plant concentration risk

Business concentrated on one integrated Nagarnar facility increases operational and ramp-up risk: outages, maintenance or regional logistics issues could sharply reduce output or sales. Lack of geographic or asset diversification weakens resilience to supply disruptions.

NMDC Steel Limited Business Overview & Revenue Model

Company Description

NMDC Iron & Steel Plant in Nagarnar explores for and produces iron ore. The plant is located in India.

How the Company Makes Money

NMDC Steel Limited primarily makes money by producing steel at the Nagarnar Steel Plant and selling the resulting steel products to customers. Its revenue model is centered on: (1) sale of finished steel products manufactured at its integrated plant (the main operating revenue stream), with realized revenue driven by volumes sold and prevailing steel prices; and (2) other operating income related to its steel operations, if any (not publicly specified here). Key factors that typically influence its earnings include plant utilization and ramp-up levels, product mix and realizations, input/raw-material and energy costs, logistics costs, and overall demand-supply conditions in the steel market. Specific long-term offtake partnerships, customer concentration details, or segment-wise revenue breakdown are not available here and are therefore null.

NMDC Steel Limited Financial Statement Overview

Summary

NMDC Steel Limited faces significant financial challenges, particularly in terms of profitability and income statement health. Despite revenue growth, the company struggles with high operational costs leading to sustained losses. The balance sheet shows moderate leverage, which is manageable, although negative shareholder returns are a concern. Cash flow improvements provide a silver lining, highlighting better cash management. Continued focus on operational efficiency and cost reduction is crucial for returning to profitability and enhancing shareholder value.

Income Statement

The income statement reveals significant challenges for NMDC Steel Limited, with a negative net income and EBIT. The net profit margin stands at -27.91% for 2025, indicating substantial losses relative to revenue. Although revenue showed growth from 2024 to 2025, the company is still struggling with profitability, as seen in the negative gross and EBITDA margins. This suggests operational inefficiencies and high costs relative to income.

Balance Sheet

The balance sheet reflects a moderate position with a debt-to-equity ratio of 0.45 for 2025, indicating a fair balance between debt and equity. However, the return on equity is negative due to losses, which is a concern for shareholders. The equity ratio stands at 46.06%, suggesting a reasonable proportion of equity in financing assets, but the company must manage its liabilities to enhance financial stability.

Cash Flow

The cash flow statement shows improvement with a positive free cash flow of 15,384 million for 2025, a significant turnaround from previous years. The operating cash flow to net income ratio is strong, indicating good cash generation relative to net income. The company has improved its cash flow management, but must continue this trend to ensure sustainable financial health.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2021	Mar 2020
Income Statement
Total Revenue	117.13B	85.03B	30.49B	0.00	0.00	0.00
Gross Profit	26.90B	9.66B	-12.77B	0.00	0.00	0.00
EBITDA	-2.53B	-17.17B	-13.18B	0.00	-71.67K	7.36K
Net Income	-13.20B	-23.74B	-15.60B	0.00	-72.32K	-73.86K
Balance Sheet
Total Assets	278.81B	284.70B	293.68B	255.68B	39.02K	116.05K
Cash, Cash Equivalents and Short-Term Investments	8.15B	9.62B	1.82B	6.55B	39.02K	115.86K
Total Debt	53.10B	59.09B	66.62B	38.42B	0.00	0.00
Total Liabilities	148.55B	153.55B	138.80B	85.20B	30.85K	35.57K
Stockholders Equity	130.25B	131.14B	154.88B	170.49B	8.16K	80.48K
Cash Flow
Free Cash Flow	6.91B	15.38B	-33.17B	-6.39B	-78.76K	-76.50K
Operating Cash Flow	8.21B	19.66B	-27.33B	15.16B	-78.76K	-76.50K
Investing Cash Flow	1.26B	-5.06B	-6.90B	-22.07B	1.92K	8.47K
Financing Cash Flow	-9.31B	-14.60B	28.08B	12.93B	0.00	0.00

NMDC Steel Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 45.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:NSLNISP, the sentiment is Negative. The current price of 45.7 is above the 20-day moving average (MA) of 38.11, above the 50-day MA of 40.17, and above the 200-day MA of 41.20, indicating a bearish trend. The MACD of -1.09 indicates Positive momentum. The RSI at 39.81 is Neutral, neither overbought nor oversold. The STOCH value of 35.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:NSLNISP.

NMDC Steel Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MAHASTEEL	61 Neutral	₹15.66B	215.61	―	―	11.83%	124.74%
SALSTEEL	57 Neutral	₹3.81B	15.95	―	―	0.19%	-2962.74%
NSLNISP	53 Neutral	₹107.82B	-13.29	―	―	85.42%	48.66%
SHYAMCENT	45 Neutral	₹954.78M	-5.31	―	―	-41.73%	-37.19%
VISASTEEL	41 Neutral	₹4.01B	-9.53	―	―	-0.58%	-1076.68%

NMDC Steel Limited Corporate Events

NMDC Steel Names Krishna Kumar Thakur as Director (Personnel) and Executive Director

NMDC Steel Limited has appointed Krishna Kumar Thakur as Director (Personnel) and Executive Director on its board, effective March 19, 2026, for a tenure of up to five years or until further orders. The company confirmed that Thakur has no familial ties with existing directors and is not barred by any regulatory authority from holding a directorship.

Thakur brings 25 years of experience in human resources and administration across Indian Railways and central public sector undertakings, most recently serving as Director (HR) at BHEL, where he led restructuring, policy revamps and efficiency initiatives. His appointment is expected to strengthen NMDC Steel’s HR and governance capabilities at a time when robust talent management and operational optimization are critical for competitiveness in the capital-intensive steel industry.

NMDC Steel to Share New Finance Director with Parent NMDC

NMDC Steel Limited has announced that the Ministry of Steel, Government of India, has appointed Anurag Kapil, an Indian Railway Accounts Service officer currently serving as Executive Director (Finance)–Expenditure on the Railway Board, as Director (Finance) on the board of NMDC Limited for a five-year term or until further orders. Under an existing government directive that key NMDC Limited executives also hold corresponding positions at NMDC Steel Limited on a co-terminus basis, Kapil will additionally serve as Director (Finance) on NMDC Steel’s board once he formally assumes charge, reinforcing governance continuity and financial oversight across both entities.

NMDC Steel to Add Krishna Kumar Thakur as Director (Personnel) Under Government Mandate

NMDC Steel Limited announced that the Ministry of Steel has appointed Krishna Kumar Thakur as Director (Personnel) on the board of NMDC Limited for a five-year term from the date he assumes charge, or until further orders. Under an existing government directive that makes NMDC Limited’s top management co-terminous with NMDC Steel’s, Thakur will also serve as Director (Personnel) on NMDC Steel’s board once he takes charge, reinforcing continuity in human resources leadership across both companies’ boards.

NMDC Steel Announces Board Change as Director (Personnel) Retires

NMDC Steel Limited has announced that Priyadarshini Gaddam has ceased to be Director (Personnel) and Executive Director of the company with effect from January 31, 2026, upon attaining the age of superannuation. Following her retirement, the company has updated its board composition, with existing functional directors taking on additional charges for key roles, signalling continuity in management and governance while the Ministry of Steel oversees further board-level arrangements.

NMDC Steel CMD Amitava Mukherjee Given Additional Charge as Director (Finance)

NMDC Steel Limited has announced that its Chairman and Managing Director, Shri Amitava Mukherjee, has been given additional charge of the post of Director (Finance) for a three-month period from 6 December 2025 to 5 March 2026, or until a regular appointee takes over, whichever is earlier. The move, effected through an order from India’s Ministry of Steel, concentrates key executive and financial oversight responsibilities in Mukherjee’s hands on an interim basis, signaling a temporary consolidation of leadership while the company and government finalize a permanent finance director, with potential implications for continuity in financial management and governance during the transition.